0x0983…191C53

Clearstar ETH Reactor

CSETH

Base

Curated by Clearstar·Inception 2025-08-11·Guardian 0x1bB2D4532FbEDC2a93B77248D023657014C18458

Base

WETH

Open on Morpho

Net APY4.93%

+2.70%30d 2.23%

TVL$354.01K

-38.68%Capacity $531.01K

Utilization85%

Healthy

Risk score

Low

Market 39

·Loan demand 33

Complexity36Standard strategy

Liquidity35/100

Instant redemption available

Performance fee8%Below median

Plain English explanationWritten by vaults.xyz research · model card · last update 2026-05-12

What this vault actually does

The Clearstar ETH Reactor vault optimizes ETH yields with automated rebalancing and a real-time risk engine powered by Hypernative to immedtialy reduce exposure to collaterals that may be at risk of getting exploited. The vault is also expected to benefit from points campaigns and incentives provided by some of the collateral issuers.

Yield decomposition

What you are actually getting paid for, expressed as a share of net APY.

Hover for source breakdownTotal · 4.93% gross APY

Curator performance fee−8.00%→4.93% net

Borrower lending demand

Structural

Interest paid by borrowers on Morpho Blue markets the vault supplies into.

4.19%85.0% of yield · 419 bps

Protocol incentives

Incentive

Estimated boost from Morpho-side rewards programs and curator rebates active on these markets.

0.74%15.0% of yield · 74 bps

What breaks this vault

The honest version. Every structural failure mode this vault is exposed to, ranked by severity. If you want to know whether to invest, start here.

Weighted LLTV across markets is 93.3%. Sharp collateral drawdowns can trigger cascading liquidations faster than vault parameters can be adjusted.

Vault has meaningful collateral exposure to liquid restaking tokens. A discount to ETH (>2%) propagates directly through liquidation cascades.

Hidden exposure map

What this vault is actually exposed to — including dependencies that are not visible from the strategy name.

cbBTC

Lending venueCollateral asset in vault allocations.

wstETH

40%

Liquid stakingCollateral asset in vault allocations.

wsuperOETHb

Lending venueCollateral asset in vault allocations.

USDC

StablecoinCollateral asset in vault allocations.

yoETH

37%

Lending venueCollateral asset in vault allocations.

rETH

Liquid stakingCollateral asset in vault allocations.

weETH

22%

Liquid restakingCollateral asset in vault allocations.

cbETH

Liquid stakingCollateral asset in vault allocations.

WETH

100%

Lending venueLoan asset supplied by the vault.

Reading this map. Direct exposures are the assets the vault holds or lends against. Indirect dependencies (Tab 3) include the protocols that mint those assets, the oracles pricing them, and the bridges that move them. An incident at any indirect dependency can damage the vault even when the direct collateral looks healthy.

Allocation breakdown

Every market the vault has supplied into, with current LTV, LLTV, oracle, and IRM. Idle balances are listed explicitly.

Markets9+ idle buffer

wstETH / WETH39.9%

yoETH / WETH36.8%

weETH / WETH21.9%

USDC / WETH1.4%

cbBTC / WETH0.0%

wstETH / WETH0.0%

wsuperOETHb / WETH0.0%

rETH / WETH0.0%

cbETH / WETH0.0%

idle / WETH0.0%

Market	Protocol	Allocation	LTV / LLTV	Utilization	Oracle	IRM
cbBTC / WETH	Morpho Blue	0.0%$0	78% / 91.5%13.7 pts headroom	91%	0x10b95702…	0x46415998…
idle / WETH	Morpho Blue	0.0%$0	—	—	0x00000000…	0x00000000…
wstETH / WETH	Morpho Blue	0.0%$0	82% / 96.5%14.5 pts headroom	83%	0xaE10cbdA…	0x46415998…
wsuperOETHb / WETH	Morpho Blue	0.0%$0	78% / 91.5%13.7 pts headroom	100%	0x28C964c9…	0x46415998…
wstETH / WETH	Morpho Blue	39.9%$141.31K	80% / 94.5%14.2 pts headroom	89%	0x4A11590e…	0x46415998…
USDC / WETH	Morpho Blue	1.4%$5.04K	73% / 86.0%12.9 pts headroom	87%	0xD09048c8…	0x46415998…
yoETH / WETH	Morpho Blue	36.8%$130.15K	78% / 91.5%13.7 pts headroom	92%	0xBF991c8c…	0x46415998…
rETH / WETH	Morpho Blue	0.0%$0	80% / 94.5%14.2 pts headroom	87%	0x05f73c99…	0x46415998…
weETH / WETH	Morpho Blue	21.9%$77.5K	80% / 94.5%14.2 pts headroom	65%	0xcE629400…	0x46415998…
cbETH / WETH	Morpho Blue	0.0%$0	80% / 94.5%14.2 pts headroom	86%	0xB03855Ad…	0x46415998…

Stress scenarios

Modeled NAV impact under historical and hypothetical tail events. Each impact = − (shock magnitude) × (vault exposure) × (pass-through). Hover the calculator icon for the per-scenario formula.

ETH market drawdown

possible

computed

A 30%+ cycle drawdown in ETH. USD value of the position falls; ETH-denominated yield is unaffected. Applied to 100% of vault TVL (loan asset is WETH).

−30% × 100% exposed × 100% pass-through (loan-asset shock)

-30.0%

Recovery 6–18 months

100% exposed

Morpho Blue contract vulnerability

rare

computed

Tail-case: a vulnerability surfaces in Morpho Blue that affects the vault's largest single market (40% of TVL). Modeled at 50% loss on that exposure; full vault is not assumed at risk since markets are isolated.

−50% × 40% (largest market) × 100% pass-through

-20.0%

Recovery patch + governance

40% exposed

Curator misallocation

unlikely

computed

Curator routes into a market that develops bad debt or an oracle break. Worst single position is 39.9% of TVL; top-3 concentration is 99%. Modeled at 50% bad-debt recovery on the worst position.

−50% × 39.9% (worst market) × 100% pass-through

-20.0%

Recovery 30–90 days

40% exposed

Redemption queue under stress

possible

computed

78% of TVL is in markets running >85% utilization. Redemption requests on that slice queue until borrowers repay; remaining LPs absorb a small forced-exit discount.

~1% forced-exit discount × 78% (stressed markets only)

-0.8%

Recovery 1–7 days

78% exposed

LRT / restaking event

unlikely

computed

An operator slashing or AVS misbehavior creates a discount in the LRT collateral. 21.9% of TVL is in liquid restaking token (LRT) markets (weighted LLTV 95%). A 20% collateral shock translates to ~0.66% NAV loss after the 6-pt LLTV buffer absorbs liquidation-clearable price moves.

−20% × 21.9% exposed × 15% pass-through (LLTV 95%)

-0.7%

Recovery 30–90 days

22% exposed

LST collateral depeg

unlikely

computed

An LST used as collateral loses peg to ETH (e.g., withdrawal queue congestion, à la May/June 2022 stETH). 39.9% of TVL is in liquid staking token (LST) markets (weighted LLTV 95%). A 7% collateral shock translates to ~0.06% NAV loss after the 6-pt LLTV buffer absorbs liquidation-clearable price moves.

−7% × 39.9% exposed × 2% pass-through (LLTV 95%)

-0.1%

Recovery 30–60 days

40% exposed

Governance & configuration

On-chain contracts, control surface, and per-market parameters. The diligence checklist surface — every value here is what an allocator needs to copy into a memo before sizing a deposit.

Vault contractMetaMorpho v1 on Morpho Blue

0x0983…1C53

Chain

Base

CuratorRisk team setting market allocations

Clearstar

OwnerCan change curator, guardian, and timelock (after delay)

0x3098…3458

GuardianCan pause and revoke allocations if compromised

0x1bB2…8458

TimelockDelay before owner-initiated parameter changes take effect

3 days

Performance feeCurator's cut of generated yield

8.00%

Fee recipientAddress that collects the performance fee

0xb3CF…2B44

Skim recipientReceives stray non-loan-asset tokens swept from the vault

not configured

Deployed9 mos on-chain

Aug 11, 2025

One-click redeem

available

Morpho app

open

Market parameters (10)

Oracle, IRM, and LLTV per Morpho Blue market the vault routes into. Click an address to inspect the contract on a block explorer.

Market	LLTV	Util	Oracle	IRM
cbBTC / WETH	91.5%	91%	0x10b9…320E	0x4641…2687
idle / WETH	—	0%	0x0000…0000	0x0000…0000
wstETH / WETH	96.5%	83%	0xaE10…a7A4	0x4641…2687
wsuperOETHb / WETH	91.5%	100%	0x28C9…CF93	0x4641…2687
wstETH / WETH	94.5%	89%	0x4A11…Ca65	0x4641…2687
USDC / WETH	86.0%	87%	0xD090…4858	0x4641…2687
yoETH / WETH	91.5%	92%	0xBF99…1DBC	0x4641…2687
rETH / WETH	94.5%	87%	0x05f7…98f2	0x4641…2687
weETH / WETH	94.5%	65%	0xcE62…f490	0x4641…2687
cbETH / WETH	94.5%	86%	0xB038…d9E6	0x4641…2687