morpho
Morpho Gauntlet USDC Frontier V2DeFiB
Morpho · Vault · Ethereum

Morpho Gauntlet USDC Frontier V2 DeFi Yield & Risk Rating

Morpho Gauntlet USDC Frontier V2 is a lending vault on Ethereum curated by Gauntlet that allocates USDC deposits across Morpho Blue markets targeting higher-risk collateral for maximum yield. It uses the newer Morpho Vault V2 infrastructure with an adapter system, sentinel role, and multi-dimensional cap controls.

AUM
$24m
Net APY
5.71%
Active Users
184
Type
Vault
Network
Ethereum
B
Elevated RiskCeiling BB+
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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 BB+ reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.

SCSSmart Contract Security88
KMPKey Management Permissions92
MMarket73
LLiquidity58
CCollateral18
PMProtocol Mechanics46
ICEInfra Counterparty Exposures63
PCEProtocol Counterparty Exposures73
GGovernance100
FRFinancial Resilience51
TLCTeam Legal Compliance78
DTDocumentation Transparency100
Updated Sep 8, 2026Framework v0.1-betaDetailed scoring breakdown ↗Challenge this rating ↗Learn about our ratings ↗
Performance
Assets Under Management · 30D▲ 2.44%
$24m
Over the last 30 days, the total value of Morpho Gauntlet USDC Frontier V2 has grown 2.44% with $568.22K in inflows.
Net APY · 30D▼ 3.87%
5.71%
Over the last 30 days, the APY has decreased from 5.94% to 5.71%.
Active Users · 30D▼ 4.17%
184
Over the last 30 days, active users have decreased by 4.17%, reaching 184 wallets.
Vault StrategySource: vaults.fyi · Updated Nov 3, 2026
Deployed100%
Markets10
Wtd APY5.91%
BTC collateral64.0%Other collateral35.8%ETH collateral0.3%+5 smaller: PT-sUSDS-26NOV2026 1.45%, reUSD 1.19%, PRIME 0.28%, weETH 0.23%, weETH 0.03%
TapClick a tile for market details
Deployed100%
Active markets10
Largest marketcbBTC / USDC · 57.1%
Top 3 markets88.5%
LLTV range77% – 91.5%
Market utilization86.8% – 91%
Weighted supply APY5.91%

Weighted supply APY is the live lending rate across the vault's markets, before the vault fee, so it can differ from the Net APY above.

cbBTC
cbBTC / USDC
57.10%$13.62m of vault deposits
Supply APY5.36%
APY contribution3.06%
Utilization90.6%
LLTV86%
Liq. penalty4.38%
Market size$333.37m
Market ID0x64d6...cc64
Market Details
ChainEthereum
Treasury$33.80M
Code AuditsChainSecurity ↗Spearbit ↗OpenZeppelin ↗Zellic ↗Certora ↗Blackthorn ↗
Oracles UsedChainlink ↗
Asset ManagerGauntlet
Stated Withdrawal TimeInstant
Infrastructure ProviderMorpho
Component Ratings
Contract Addresses (5)
Smart Contract0x9a1D...176F3e
Curator0x9E33...410585
Sentinel0x7084...3584cD
MorphoBlue0xBBBB...EEFFCb
GovernanceMultisig0xC684...05fAec
Key Strengths
S1Extensive independent audit coverage from top security firms with formal verification of the compact, immutable Morpho Blue core
S2Immutable Vault V2 contracts and a multisig owner with per-function timelocks, verified on-chain, permanently preserve non-custodial guarantees
S3Comprehensive protocol and curator documentation covering vault mechanics, roles, and allocation policy
S4Two large active bug bounty programs with explicit coverage of the V2 vault contracts
Key Risks
R1An earlier variant of this vault suffered uncompensated bad debt in a March 2026 stablecoin exploit, sharing the same curator, codebase, and deposited asset
R2Each market relies on a single immutable oracle with no fallback, and exotic collateral with prior depeg history cannot be repriced if a feed fails
R3Collateral is entirely wrapped and synthetic assets with no blue-chip diversification, held at very high loan-to-value ratios that leave a thin buffer
R4The Vault V2 infrastructure is recent and its adapter, sentinel, and gate mechanisms are untested under production stress

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