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

$158.38m+23.84%

APY

3.41%+20.92%

BB+Rated Protocol

Updated Mar 30, 2026

Risk Rating

BB+

AAAAAABBBBBBCCCCCCD

This rating is based solely on publicly available information. 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.

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

Challenge this rating Learn about our ratings

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 including ChainSecurity, Spearbit, Zellic, and Certora with formal verification and dual bug bounty programs totaling $5M in max payouts
On-chain verified 4-of-7 Owner multisig with 7-day timelock plus separate Guardian and Curator multisigs providing multi-layered access control
Zero bad debt since March 2024 launch, including through November 2025 market stress where the vault processed significant withdrawals without impairment
Fully organic yield from overcollateralized USDC lending with no emissions dependency and 0% vault fee confirmed on-chain

Key Risks

March 2026 Resolv USR exploit caused uncompensated losses in comparable Gauntlet-curated vaults, revealing gaps in automated allocation safeguards and incident response procedures
High concentration of wrapped BTC assets creating significant custodian dependency on Coinbase and BitGo/BiT Global
Single immutable oracle per Morpho Blue market with no fallback redundancy, a permanent design limitation
Morpho DAO treasury consists entirely of volatile MORPHO tokens with no stablecoin reserves
No automatic on-chain circuit breakers by design due to immutability-first architecture