Morpho Gauntlet USDC Prime DeFi Yield & Risk Rating
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
$26m
Net APY
4.22%
Active Users
731
Type
Vault
Network
Ethereum
BB+
Elevated RiskCeiling A+
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 BB+ to A+ 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
MMarket100
LLiquidity78
CCollateral78
PMProtocol Mechanics85
ICEInfra Counterparty Exposures83
PCEProtocol Counterparty Exposures100
GGovernance100
FRFinancial Resilience69
TLCTeam Legal Compliance78
DTDocumentation Transparency100
Performance
Assets Under Management · 30D▼ 8.01%
$26m
Over the last 30 days, the total value of Morpho Gauntlet USDC Prime has dropped 8.01% with $2.26M in outflows.
Net APY · 30D▲ 8.21%
4.22%
Over the last 30 days, the APY has increased from 3.90% to 4.22%.
Active Users · 30D▼ 0.14%
731
Over the last 30 days, active users have decreased by 0.14%, reaching 731 wallets.
Market Details
ChainEthereum
Treasury$33.80M
Oracles UsedChainlink ↗
Asset ManagerGauntlet
Stated Withdrawal TimeInstant
Infrastructure ProviderMorpho
Component Ratings
Contract Addresses (5)
Key Strengths
S1Extensive independent audit coverage from top security firms, alongside formal verification and two large bug bounty programs
S2Multisig ownership with a seven-day timelock, plus separate guardian and curator multisigs, all verified on-chain
S3No bad debt since launch, including through a major liquidity stress period that the vault absorbed without impairment; its blue-chip-only mandate also kept it clear of a later collateral exploit
S4Yield is entirely organic, from overcollateralized lending demand rather than token emissions, with no vault fee applied
Key Risks
R1A curator incident in a higher-risk sibling vault caused uncompensated losses elsewhere on the platform, showing that monitoring and automated allocation systems can fail even though this vault was unaffected
R2The large majority of vault assets sit in wrapped Bitcoin collateral, creating meaningful dependency on the underlying custodians
R3Each lending market relies on a single immutable oracle with no fallback, a permanent design limitation
R4The protocol treasury holds only volatile governance tokens and is very small relative to protocol-wide deposits, with no dedicated loss reserve
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.
