Morpho

Morpho Gauntlet USDC Prime

Morpho Gauntlet USDC Prime is a lending vault on Ethereum curated by Gauntlet. It allocates USDC deposits across Morpho Blue lending markets targeting overcollateralized borrowing demand from blue-chip crypto collateral.

AUM

$126.03m-21.75%

APY

3.22%-28.13%

BBB-Rated Protocol

Updated Mar 11, 2026

Risk Rating

BBB-

AAAAAABBBBBBCCCCCCD

This rating is based solely on publicly available information. The range from BBB- to A+ reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.

SCS: Smart Contract Security

KMP: Key Management Permissions

M: Market

L: Liquidity

C: Collateral

PM: Protocol Mechanics

ICE: Infra Counterparty Exposures

PCE: Protocol Counterparty Exposures

G: Governance

FR: Financial Resilience

TLC: Team Legal Compliance

DT: Documentation Transparency

Potential Score

Provider risk assessed across Business, Operations, Reliability, and Security.

View the detailed scoring breakdown

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Contract Addresses

VaultContract

0xdd0f...490d

Guardian

0x7084...84cD

MorphoBlue

0xBBBB...FFCb

OwnerMultisig

0xC684...fAec

CuratorMultisig

0x9E33...0585

Key Strengths

Extensive audit coverage from top firms with formal verification by Certora and immutable Morpho Blue core
Active bug bounty program with significant maximum payout covering all contract versions
Institutional-grade security posture with real-time monitoring, virtual SOC, and threat intelligence partnerships
Battle-tested through major stress events processing significant withdrawal volume within 48 hours with zero bad debt
Comprehensive curation methodology with quantitative risk framework, agent-based simulations, and published VaultBook documentation

Key Risks

Owner multisig configuration not publicly documented with signer identities and threshold undisclosed unlike comparable vaults
No depositor-controlled guardian mechanism with guardian appearing to be curator-controlled
High wrapped asset concentration creating significant custodian dependency across vault collateral
Short timelock duration providing a narrow window for depositors to react to pending vault parameter changes
Single oracle per market with no fallback due to immutable design requiring full market redeployment if oracle fails