Morpho Gauntlet USDC Core is a MetaMorpho V1 lending vault on Ethereum curated by Gauntlet. It allocates USDC deposits across Morpho Blue markets under a higher-risk "Core" mandate, lending against wrapped BTC, restaked ETH, and synthetic/RWA-credit stablecoin collateral. Yield is generated from borrower interest, net of a 5% performance fee.
AUM
$6m
Net APY
4.26%
Active Users
330
Type
Vault
Network
Ethereum
B-
Elevated RiskCeiling BBB+
AAAAAABBBBBBCCCCCCD
CurrentPotential
This rating is based solely on publicly available information. DeFi protocol risk assessed across Security, Strategy and Operations on the AAA–D scale. The range from B- to BBB+ reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.
SCSSmart Contract Security78
KMPKey Management Permissions92
MMarket47
LLiquidity56
CCollateral28
PMProtocol Mechanics68
ICEInfra Counterparty Exposures70
PCEProtocol Counterparty Exposures60
GGovernance100
FRFinancial Resilience56
TLCTeam Legal Compliance78
DTDocumentation Transparency100
Performance
Assets Under Management · 30D▼ 25.04%
$6m
Over the last 30 days, the total value of Morpho Gauntlet USDC Core has dropped 25.04% with $2.14M in outflows.
Net APY · 30D▼ 2.07%
4.26%
Over the last 30 days, the APY has decreased from 4.35% to 4.26%.
Active Users · 30D▼ 3.23%
330
Over the last 30 days, active users have decreased by 3.23%, reaching 330 wallets.
Market Details
ChainEthereum
Treasury$24.80M
Asset ManagerGauntlet
Stated Withdrawal TimeInstant
Infrastructure ProviderMorpho
Component Ratings
Contract Addresses
Smart Contract0x8eB6...f3d458
Guardian0x7084...3584cD
MorphoBlue0xBBBB...EEFFCb
OwnerMultisig0xC684...05fAec
CuratorMultisig0x9E33...410585
Key Strengths
S1Built on Morpho's industry-leading smart-contract infrastructure: extensive audit coverage from top firms, an immutable Morpho Blue core, formal verification, and large dual bug bounties.
S2Robust on-chain key management with a multisig owner, separate guardian and curator multisigs, a multi-day timelock, and permissionless ERC4626 redemption so no single key can move user funds.
S3Deployed on Ethereum, a top-tier chain with no material halt over the past year, scoring higher on chain infrastructure than equivalent L2 vaults.
S4Credible, fully-identified curator and team (Gauntlet and Morpho) with strong funding, a multi-year operational runway, and a documented risk-curation framework.
Key Risks
R1Directly hit by the March 2026 Resolv USR exploit: a wstUSR/USDC market priced by a hardcoded oracle crystallized socialized bad debt when USR collapsed, producing a realized loss above the material threshold; compensation is flowing but full coverage is not yet verifiable and no detailed post-mortem was published within 30 days.
R2A large share of TVL sits in high-LLTV synthetic and RWA-credit stablecoin collateral, materially riskier than the blue-chip mandate of the Prime vault. (Morpho allocation data)
R3Immutable per-market oracles with no fallback cannot be corrected under abnormal conditions, the exact failure mode that produced this vault's loss, with depeg-capable synthetic collateral still held.
R4Automated allocation has no on-chain circuit breaker and monitoring is not wired to protective action, demonstrated when funds were routed into the broken market after the exploit.
Institutional-Grade Research
Delivered to Your Inbox
In-Depth Research ReportsIn-depth analysis on staking protocols and yield strategies
Risk Assessment ReportsComprehensive risk evaluations for capital allocators
Exclusive Events & Market IntelligenceEarly access to Digital Asset Yield Summit, and more
Join 12,000 institutional allocators worldwide. No spam, unsubscribe anytime.
