Moonwell Flagship USDC is a Morpho Vaults V1 (ERC-4626) vault on Base that accepts USDC deposits. Yield is generated from borrower interest paid in underlying Morpho Blue lending markets allocated dynamically across blue-chip collateral. The vault is curated by Block Analitica and B.Protocol and governed by the Moonwell DAO.
AUM
$8m
Net APY
4.56%
Active Users
19k
Type
Vault
Network
Base
BB
Elevated RiskCeiling A+
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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 BB to A+ reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.
SCSSmart Contract Security82
KMPKey Management Permissions92
MMarket83
LLiquidity100
CCollateral78
PMProtocol Mechanics85
ICEInfra Counterparty Exposures78
PCEProtocol Counterparty Exposures87
GGovernance83
FRFinancial Resilience87
TLCTeam Legal Compliance78
DTDocumentation Transparency100
Performance
Assets Under Management · 30D▼ 19.31%
$8m
Over the last 30 days, the total value of Morpho Moonwell Flagship USDC has dropped 19.31% with $1.95M in outflows.
Net APY · 30D▲ 6.29%
4.56%
Over the last 30 days, the APY has increased from 4.29% to 4.56%.
Active Users · 30D▲ 8.68%
19k
Over the last 30 days, active users have increased by 8.68%, reaching 18.7K wallets.
Market Details
ChainBase
Treasury$10.40M
Code AuditsOpenZeppelin (MetaMorpho) ↗Spearbit (MetaMorpho) ↗Cantina Competition (MetaMorpho) ↗OpenZeppelin (Morpho Blue) ↗Spearbit (Morpho Blue) ↗Cantina Competition (Morpho Blue) ↗Certora Formal Verification ↗
Oracles UsedChainlink ETH/USD (WETH/USDC market) ↗Chainlink BTC/USD (cbBTC/USDC market) ↗Chainlink wstETH/ETH + ETH/USD (wstETH/USDC market) ↗Chainlink cbETH/ETH + ETH/USD (cbETH/USDC market) ↗
Asset ManagerBlock Analitica + B.Protocol
Stated Withdrawal TimeInstant
Infrastructure ProviderMorpho
Component Ratings
Contract Addresses
Smart Contract0xc125...00A2Ca
MorphoBlue0xBBBB...EEFFCb
OwnerGovernor0x8b62...dF7d51
CuratorMultisig0x08eD...aCFC05
EcosystemReserve0x65A6...ab95B8
GuardianMultisig0xB9d4...C2AB38
Oracle_WETH-USDC0xFEa2...93aFE4
Oracle_cbBTC-USDC0x663B...9639B9
Key Strengths
S1Underlying Morpho Blue is an immutable singleton contract with no admin keys, audited by top firms (OpenZeppelin, Spearbit, Cantina) plus formal verification by Certora
S2MetaMorpho V1 vault contract independently audited by multiple top firms including a public competition
S3A 4-day on-chain timelock applies to parameter changes, and a Moonwell Security Council Guardian multisig can veto pending changes
S4All allocated markets use Chainlink oracles with conservative liquidation thresholds and per-market on-chain supply caps
Key Risks
R1A meaningful share of the underlying collateral is cbBTC, Coinbase-custodied wrapped BTC dependent on single-entity custody — the single material difference from the Flagship ETH vault
R2The parent Moonwell Foundation operates a separate Compound v2 fork that suffered three oracle exploits in seven months, reflecting operator-level risk patterns even though the Morpho-based vault was not directly affected
R3Moonwell removed its Immunefi bug bounty in early 2025 before the subsequent exploits; only Morpho's underlying bounty covers MetaMorpho contract code
R4Oracle adapters per market are immutable in Morpho Blue's design; if a market's oracle fails the curator can only drop the supply cap and migrate, not swap the oracle in place
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