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morpho

Morpho

Api3 dCOMP USDCVault

USDC lent 100% against wrapped Compound COMP (dCOMP) in one Morpho market at 62.5% LLTV, priced by a single Api3 mark...

EthereumEthereum12.04% APY$11.6M TVLView on Morpho

Risk signals

B-65Risk profile breakdown

USDC lent 100% against wrapped Compound COMP (dCOMP) in one Morpho market at 62.5% LLTV, priced by a single Api3 market feed — a structurally clean but oracle-concentrated, illiquid single-volatile-collateral book whose every §4.5 fatal-multiplier trigger is verifiably absent, so it grades B+ rather than the prior D — anchor adjudicated S2→S3 (Venky 2026-06-11, v1.1 ask #4: S2 = BTC/ETH/mature-LST only; COMP is a mid-cap governance token): B- 65. Note: the −5 collateral delta partially overlaps the S3 reclass (Galaxy S3 single-LRT precedent −2); letter B- under either sizing.

Risk profile

  • ProtocolMorphoA⁺ (95)
  • StrategyVolatile / LRT / PT collateralB⁺ (76)
  • Collateralcollateral modifier -5B⁻ (65)
  • Liquidity10.4% withdrawable at snapshotC⁺ (58)
  • Governanceno flags foundA (92)
  • Concentrationtop-5 = 76.92%C⁺ (60)
  • Exposure100% USDC lent against dCOMP (wrapped Compound COMP, verifie
Profile shown. The grade is computed with hard caps, not an average of these axes.

Risks

  • High

    Sole Api3 dAPI prices the entire market with zero oracle redundancy

    a feed failure or manipulation mispricing COMP can trigger bad debt across the whole book, the exact Resolv-USR-class failure mode

  • High

    100% concentrated in a single volatile, uncorrelated governance token (COMP)

    a sharp COMP drawdown past the 62.5% LLTV buffer plus liquidator latency is the dominant solvency risk

  • High

    Withdrawal liquidity is effectively nil on demand

    liquidityUsd=0, idle=0; only ~10.4% of TVL is force-deallocatable and that path charges a penalty — depositors cannot exit at scale without paying or waiting for borrower repayment

What makes the score

  • AnchorS3 volatile / lrt / pt collateral × P1 institutional79
  • Adjustmentscollateral quality −5 · oracle concentration −2 · curator quality −2 · withdrawability −4 · tvl band −2 · timelock +1−14
  • Score / 100Composite grade B-65
  • −5 · collateral_quality
  • −2 · oracle_concentration
  • −2 · curator_quality
  • −4 · withdrawability
  • −2 · tvl_band
  • +1 · timelock

Contract & governance

Contract age
—
Audited
YesSpearbit, Cantina, OpenZeppelin, ChainSecurity, Pessimistic, Certora, Runtime Verification
Verified
—
Depositor concentration
—
Depeg risk
known-safe
Stablecoin safety (Pharos)
Not graded by Pharos
Admin key
—
Audited

Yeelds Grade

B-

65/100

higher = safer

Stablecoin safety · Pharos

Not graded by Pharos

Graded 2026-06-11 · methodology v1.1 · a dated opinion, not a guarantee · how it's graded

Governance & Security

On-chain key-management — who controls the vault and how slowly they can move.

Multi-sig governed
Owner3-of-5 Safe
Curator3-of-5 Safe
Catastrophic timelock7d
SentinelSentinel (self-held by curator — not independent)
OperatorNamed / verified operator

Read on-chain · Jun 17, 2026 · vault contract ↗

Exposure

StrategyVault
Typemulti
Categorystablecoin
Yield sourceLending interest
Underlying tokensUSDC

Vault Allocations

Vault:Api3 dCOMP USDC
Deposits:USDC
Curator:Api3
Liquidity:$1.4M
Performance fee:5%
Routes ToAllocation
Morpho Blue marketsdirect markets
$11.4M · 100.0%

Incentive Campaigns

Campaign details available after Merkl/Metrom integration.