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Morpho

Gauntlet WETH PrimeVault

A clean, conservatively-curated Gauntlet V2 vault depositing WETH lent ~100% against blue-chip wstETH at 94.5% LLTV v...

EthereumEthereum1.69% APY$22.3M TVLView on Morpho↗

Risk signals

A88Risk profile breakdown

A clean, conservatively-curated Gauntlet V2 vault depositing WETH lent ~100% against blue-chip wstETH at 94.5% LLTV via a market-priced exchange-rate oracle, held off the top of the band only by single-market concentration, a modest ~30% withdrawable ceiling, and thin $6.3M TVL.

Risk profile

  • ProtocolMorphoA⁺ (95)
  • StrategyBlue-chip collateral lendingA (88)
  • Collateralno collateral flagA (90)
  • Liquidity30.2% withdrawable at snapshotB⁺ (80)
  • Governanceno flags foundA (92)
  • Concentrationno concentration flagA (90)
  • Exposure~100% WETH lent against wstETH (Lido wrapped-staked-ETH, mat
Profile shown. The grade is computed with hard caps, not an average of these axes.

Risks

  • Single-market concentration

    ~100% of the book sits in one wstETH market at 94.5% LLTV — the vault funds wstETH/WETH recursive-yield loopers, so real exposure is the Lido stETH peg plus the wstETH/WETH basis, not bare WETH (Medium).

  • Withdrawal ceiling

    only ~30% instantly withdrawable (idle $0); the dominant holder cannot exit in one transaction and a stETH depeg-plus-queue-jam would leave lenders carrying the gap, since the exchange-rate oracle does not liquidate on a market depeg (Medium).

  • Concentration is a blind spot

    the dominant ~94.8% holder is invisible in the Blockscout API, so single-entity exit risk cannot be sized — a large LP exit would spike utilization on the single wstETH market (Medium).

What makes the score

  • AnchorS2 blue-chip collateral lending × P1 institutional90
  • Adjustmentscurator quality +1 · withdrawability liquidity −1 · tvl band −2−2
  • Score / 100Composite grade A88
  • +1 · curator_quality
  • −1 · withdrawability_liquidity
  • −2 · tvl_band

Contract & governance

Contract age
—
Audited
YesSpearbit, Cantina, OpenZeppelin, ChainSecurity, Pessimistic, Certora, Runtime Verification
Verified
—
Depositor concentrationShare of the vault held by the top 5 wallets. Lower = more distributed. High concentration means one large depositor exiting can drain liquidity.
—
Depeg risk
—
Admin key
—
Audited

Yeelds Grade

A

88/100

higher = safer

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
Owner4-of-7 Safe
Curator3-of-7 Safe
Catastrophic timelock72h
SentinelSentinel (self-held by curator — not 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
Liquidity:$0
Routes ToAllocation
Morpho Blue marketsdirect markets
$22.4M · 100.0%

Incentive Campaigns

Campaign details available after Merkl/Metrom integration.

Opportunity review

A clean, conservatively-curated Gauntlet V2 vault depositing WETH lent ~100% against blue-chip wstETH at 94.5% LLTV v...

Yield composition

1.69%
Lending interest: 1.69%Incentive rewards: 0.00%
Organic ratio: 100%

Rewards simulation

on a $1,000 deposit

$0.05
per day
$1.39
per month
$16.92
per year

Estimates based on current APY. Actual returns may vary.

Deposit on Morpho→