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morpho

Morpho

Gauntlet WETH PrimeVault

Clean ETH book, top curator; off A by 91% top-5 and a weETH LRT leg near the S3 line.

EthereumEthereum1.95% APY$18.8M TVLView on Morpho

Risk signals

A-82Risk profile breakdown

Gauntlet's conservative WETH Prime line on Morpho V1 - a clean, fully-organic 1.6% blue-chip ETH book (55% wstETH / 45% weETH at exchange-rate oracles) graded A- 84, held off A by a 91%-top-5 holder book led by one 47% whale EOA and a weETH LRT leg sitting just under the S3 reclass line.

Risk profile

  • ProtocolMorphoA⁺ (95)
  • StrategyBlue-chip collateral lendingA (88)
  • Collateralcollateral modifier -5B⁻ (65)
  • Liquidity65.2% withdrawable at snapshotA⁺ (95)
  • Governanceno flags foundA (92)
  • Concentrationtop-5 = 91.00%D (33)
  • Exposure55% wstETH + 45% weETH LRT
Profile shown. The grade is computed with hard caps, not an average of these axes.

Risks

  • High

    Concentration

    top-5 = 91.0% with one unattributed raw EOA at 47.2% ($8.0M) - single-entity exit risk just demonstrated by the #2 holder's full exit (-37% TVL in ~11 days; absorbed cleanly, but each exit concentrates the remainder)

  • Medium

    weETH LRT leg at 45.0% is 5 points under the 50% S-tier reclass line

    curator drift past 50% drops the anchor S2->S3 (90->79); LRT class risk (AVS slashing + stacked exit queues) has live April-2026 precedent (rsETH/Kelp cascade, 433k-ETH validator exit queue, EtherFi precautionary LayerZero bridge freeze)

  • Medium

    Exchange-rate oracles on both legs (quote feeds 0x0)

    a secondary-market stETH or weETH discount is oracle-invisible - no liquidations on market depeg, lenders carry the gap in a depeg + withdrawal-queue-jam scenario (deliberate correlated-pair design, same as Aave)

What makes the score

  • AnchorS2 blue-chip collateral lending × P1 institutional90
  • Adjustmentscollateral quality −5 · depositor concentration −3 · curator quality +1 · timelock +1 · tvl band −2−8
  • Score / 100Composite grade A-82
  • −5 · collateral_quality
  • −3 · depositor_concentration
  • +1 · curator_quality
  • +1 · timelock
  • −2 · tvl_band

Contract & governance

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

Yeelds Grade

A-

82/100

higher = safer

Graded 2026-06-24 · methodology v1.2.1 · 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 timelock7d
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:Gauntlet WETH Prime
Deposits:WETH
Curator:Gauntlet
Performance fee:5%
Market ExposureVault Allocation (WETH)APY
wstETH / WETH97%
$16.9M1.62%
weETH / WETH95%
$1.9M6.09%
wstETH / WETH95%
$5881.56%
cbBTC / WETH92%
$201.56%
WBTC / WETH92%
$61.17%

Incentive Campaigns

Campaign details available after Merkl/Metrom integration.