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
$18m
Net APY
5.41%
Active Users
119
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
Performance
Assets Under Management · 30D▲ 9.67%
$18m
Over the last 30 days, the total value of Morpho Gauntlet USDC Frontier V2 has grown 9.67% with $1.59M in inflows.
Net APY · 30D▲ 5.25%
5.41%
Over the last 30 days, the APY has increased from 5.14% to 5.41%.
Active Users · 30D▲ 0.85%
119
Over the last 30 days, active users have increased by 0.85%, reaching 119 wallets.
Market Details
ChainEthereum
Treasury$33.80M
Oracles UsedChainlink ↗
Asset ManagerGauntlet
Stated Withdrawal TimeInstant
Infrastructure ProviderMorpho
Component Ratings
Contract Addresses
Smart Contract0x9a1D...176F3e
Curator0x9E33...410585
Sentinel0x7084...3584cD
MorphoBlue0xBBBB...EEFFCb
GovernanceMultisig (Owner)0xC684...05fAec
Key Strengths
S1Extensive smart contract audit coverage from top firms including ChainSecurity, Spearbit, Zellic, and Certora formal verification, with immutable Morpho Blue core
S2Verified multi-signature Owner wallet with per-function timelocks and immutable V2 vault contracts that permanently preserve non-custodial guarantees
S3Comprehensive documentation across Morpho V2 docs and Gauntlet VaultBook achieving full Documentation score
S4Dual active bug bounty programs on Cantina and Immunefi with explicit V2 contract scope
Key Risks
R1Comparable variant experienced significant uncompensated bad debt from the Resolv USR exploit, triggering a strategy deal breaker
R2Immutable oracles price exotic collateral with demonstrated depeg history, creating an unbounded loss path that cannot be corrected
R3100% wrapped/synthetic collateral concentration with no blue-chip diversification, all at high LLTV with limited buffer
R4V2 infrastructure shipped less than six months before rating date, leaving adapter system and sentinel role untested under production stress
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