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morpho

Morpho

Vault Bridge WETHVault

WETH lent against 62% wstETH / 28% weETH, top curator; off A on the LRT leg + 99.7% top-5.

EthereumEthereum2.07% APY$22.9M TVLView on Morpho

Risk signals

A-85Risk profile breakdown

Gauntlet-curated MetaMorpho V1 vault that serves as the Ethereum yield engine for Polygon/Agglayer's Vault Bridge (backing vbETH on Katana), lending WETH against a clean 62% wstETH / 28% weETH book at healthy utilization with fully organic ~1.4% yield — an A- 85 whose only real knocks are the LRT leg and 99.75% top-5 concentration (bridge escrow + one whale EOA).

Risk profile

  • ProtocolMorphoA⁺ (95)
  • StrategyBlue-chip collateral lendingA (88)
  • Collateralcollateral modifier -4B (70)
  • Liquidity60.1% withdrawable at snapshotA⁺ (95)
  • Governanceno flags foundA (92)
  • Concentrationtop-5 = 99.75%D (15)
  • Exposure62% wstETH + 28% weETH LRT
Profile shown. The grade is computed with hard caps, not an average of these axes.

Risks

  • High

    Exit concentration

    top-5 holds 99.75% — a Katana/Agglayer bridge-outflow spike forces the 65.9% VbETH escrow to mass-withdraw (utilization spike strands remaining depositors), and the 25.9% EOA whale alone exceeds the 20.7% pro-rata stress floor

  • Medium

    27.8% weETH collateral carries EtherFi LRT risk (AVS slashing, stacked exit queues) and is priced by a weETH/ETH exchange-rate feed

    a market depeg of weETH is oracle-invisible, so lenders carry the depeg window

  • Medium

    Dominant wstETH leg sits at 96.5% LLTV

    appropriate only because correlated; a severe stETH depeg/slashing event is similarly exchange-rate-oracle-blind with a thin liquidation buffer

What makes the score

  • AnchorS2 blue-chip collateral lending × P1 institutional90
  • Adjustmentscollateral quality −4 · curator quality +1 · timelock + role separation +1 · depositor concentration −3−5
  • Score / 100Composite grade A-85
  • −4 · Collateral quality (weETH LRT leg)
  • +1 · Curator quality
  • +1 · Timelock + role separation
  • −3 · Depositor concentration

Contract & governance

Contract age
—
Audited
YesSpearbit, Cantina, OpenZeppelin, ChainSecurity, Pessimistic, Certora, Runtime Verification
Verified
—
Depositor concentration
—
Depeg risk
—
Admin key
—
Audited

Yeelds Grade

A-

85/100

higher = safer

Graded 2026-06-10 · 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
Owner4-of-7 Safe
Curator3-of-7 Safe
Catastrophic timelock72h
SentinelIndependent sentinel
GuardianAragon Guardian (independent)
OperatorNamed / verified operator

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

Exposure

StrategyVault
Typesingle
Categoryblue chip
Yield sourceLending interest
Underlying tokensWETH

Vault Allocations

Vault:Vault Bridge WETH
Deposits:WETH
Curator:Gauntlet
Performance fee:5%
Market ExposureVault Allocation (WETH)APY
wstETH / WETH97%
$15.9M1.62%
weETH / WETH95%
$4.0M6.09%
WETHIdle Liquidity
$2.9M0.00%
WBTC / WETH92%
$1.2K1.17%
cbBTC / WETH92%
$71.56%

Incentive Campaigns

Campaign details available after Merkl/Metrom integration.