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
$30m
Net APY
4.02%
Active Users
1k
Type
Vault
Network
Ethereum
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 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▼ 24.27%
$30m
Over the last 30 days, the total value of Morpho Gauntlet USDC Prime has dropped 24.27% with $9.60M in outflows.
Net APY · 30D▲ 7.49%
4.02%
Over the last 30 days, the APY has increased from 3.74% to 4.02%.
Active Users · 30D▲ 0.55%
1k
Over the last 30 days, active users have increased by 0.55%, reaching 1.3K wallets.
Market Details
ChainEthereum
Treasury$33.80M
Oracles UsedChainlink ↗
Asset ManagerGauntlet
Stated Withdrawal TimeInstant
Infrastructure ProviderMorpho
Component Ratings
Contract Addresses
Smart Contract0xdd0f...61490d
Guardian0x7084...3584cD
MorphoBlue0xBBBB...EEFFCb
OwnerMultisig0xC684...05fAec
CuratorMultisig0x9E33...410585
Key Strengths
S1Extensive audit coverage from top firms including ChainSecurity, Spearbit, Zellic, and Certora with formal verification and dual bug bounty programs totaling $5M in max payouts
S2On-chain verified 4-of-7 Owner multisig with 7-day timelock plus separate Guardian and Curator multisigs providing multi-layered access control
S3Zero bad debt since March 2024 launch, including through November 2025 market stress where the vault processed significant withdrawals without impairment
S4Fully organic yield from overcollateralized USDC lending with no emissions dependency and 0% vault fee confirmed on-chain
Key Risks
R1March 2026 Resolv USR exploit caused uncompensated losses in comparable Gauntlet-curated vaults, revealing gaps in automated allocation safeguards and incident response procedures
R2High concentration of wrapped BTC assets creating significant custodian dependency on Coinbase and BitGo/BiT Global
R3Single immutable oracle per Morpho Blue market with no fallback redundancy, a permanent design limitation
R4Morpho DAO treasury consists entirely of volatile MORPHO tokens with no stablecoin reserves
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