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Clearstar USDC Reactor

CSUSDC
BaseOn peg1
Curated by Clearstar·Inception 2025-03-07·Guardian 0x1bB2D4532FbEDC2a93B77248D023657014C18458
Base
USDC
Open on Morpho
Net APY9.14%
+4.16%30d 4.98%
Trend down
TVL$2.65M
-47.80%Capacity $3.97M
Trend up
Utilization93%
Redemptions may queue
Risk score
20
Low
Market 73
·Loan demand 83
Complexity14Easy to explain
Liquidity27/100
Instant redemption available
Performance fee5%Below median
Plain English explanationWritten by vaults.xyz research · model card · last update 2026-05-12
What this vault actually does

The Clearstar OpenEden USDC Vault optimizes yields across a select pool of collateral assets, with a focus on bluechip assets and lower percived collateral risks. This vault also received points issued by OpenEden. This vault has automated reallocation to maximize APR within static risk parameters and also monitors active on-chain risks through the use of Hypernative to reduce exposure to collaterals that might be at risk of suffering exploits.

Yield decomposition

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

Hover for source breakdownTotal · 9.14% gross APY
Curator performance fee−5.00%→9.14% net
Borrower lending demand
Structural

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

7.77%85.0% of yield · 777 bps
Protocol incentives
Incentive

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

1.37%15.0% of yield · 137 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 91.0%. Sharp collateral drawdowns can trigger cascading liquidations faster than vault parameters can be adjusted.

Cap-weighted utilization is 92.6%, leaving little idle buffer. Large same-day redemptions may queue behind active loan repayments.

Hidden exposure map

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

cbETH
1%
Liquid stakingCollateral asset in vault allocations.
superOETHb
0%
Lending venueCollateral asset in vault allocations.
cbBTC
1%
Lending venueCollateral asset in vault allocations.
yoUSD
92%
Lending venueCollateral asset in vault allocations.
WETH
6%
Lending venueCollateral asset in vault allocations.
mBASIS
0%
Lending venueCollateral asset in vault allocations.
USDC
100%
StablecoinLoan 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.

Markets6+ idle buffer
yoUSD / USDC91.8%
WETH / USDC6.1%
cbBTC / USDC1.0%
cbETH / USDC1.0%
superOETHb / USDC0.1%
mBASIS / USDC0.0%
idle / USDC0.0%
MarketProtocolAllocationLTV / LLTVUtilizationOracleIRM
cbETH / USDCMorpho Blue
1.0%$25.53K
73% / 86.0%12.9 pts headroom
90%0xb40d93F4…0x46415998…
superOETHb / USDCMorpho Blue
0.1%$2.05K
65% / 77.0%11.6 pts headroom
88%0xFEa2D58c…0x46415998…
cbBTC / USDCMorpho Blue
1.0%$27.36K
73% / 86.0%12.9 pts headroom
90%0x663BECd1…0x46415998…
yoUSD / USDCMorpho Blue
91.8%$2.43M
78% / 91.5%13.7 pts headroom
93%0x77f59C5C…0x46415998…
WETH / USDCMorpho Blue
6.1%$161.33K
73% / 86.0%12.9 pts headroom
90%0xFEa2D58c…0x46415998…
idle / USDCMorpho Blue
0.0%$0
——0x00000000…0x00000000…
mBASIS / USDCMorpho Blue
0.0%$0
73% / 86.0%12.9 pts headroom
75%0xc8b785c7…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.

Morpho Blue contract vulnerability
rare
computed

Tail-case: a vulnerability surfaces in Morpho Blue that affects the vault's largest single market (92% of TVL). Modeled at 50% loss on that exposure; full vault is not assumed at risk since markets are isolated.

−50% × 92% (largest market) × 100% pass-through
-45.9%
Recovery patch + governance
92% exposed
Curator misallocation
unlikely
computed

Curator routes into a market that develops bad debt or an oracle break. Worst single position is 91.8% of TVL; top-3 concentration is 99%. Modeled at 50% bad-debt recovery on the worst position.

−50% × 91.8% (worst market) × 100% pass-through
-45.9%
Recovery 30–90 days
92% exposed
USDC depeg
unlikely
computed

March 2023 SVB episode: USDC traded as low as $0.88 before banking exposure was clarified. Mark-to-market loss on 100% of vault TVL (the loan asset is USDC).

−12% × 100% exposed × 100% pass-through (loan-asset shock)
-12.0%
Recovery 7–14 days
100% exposed
Redemption queue under stress
possible
computed

100% 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 × 100% (stressed markets only)
-1.0%
Recovery 1–7 days
100% exposed
Activity

Curator and parameter changes detected by VaultScope's snapshot diff. Refreshed every 6 hours.

Full feed →
Historical analytics

180 trailing days. APY, TVL, utilization, and an APY drawdown view to show how the vault has actually behaved — not just where it sits today.

APY range2.57% – 26.23%
trailing 180d
APY volatility (σ)6.84 pts
standard deviation
Max APY drawdown-84.0%
peak-to-trough
APY trend-1.06 pts
180d delta