New vault
W
Yearn OG WETH
ymvOG-WETH
BaseBase
WETH
Risk decomposition
How the composite risk score breaks down. Every number traces to an explicit input — /methodology documents each factor's formula.
mainstream34/100
Warning floorfloor
Hard min from Morpho's own flags on the vault or its active markets.
Structuralweight 28%
Share-weighted collateral quality + LLTV buffer adequacy. Correlation-aware.
Liquidationweight 20%
Headroom (1 − LLTV) measured in σ-units of 30d realized vol, amplified by utilization.
Yield anomalyweight 20%
Peer-cohort z-score plus absolute-yield band. Excess yield is risk you may not yet model.
Concentrationweight 12%
Market HHI + asset-class HHI + curator's universe TVL share.
Liquidityweight 10%
Util curve position, share locked above 95%, idle buffer.
Maturityweight 10%
Vintage + TVL-time integral. V2 vaults carry an opacity surcharge.
Depeg floorfloor
Hard min from active depeg signal on the loan asset.
Composite = max(Σ weighted + floors). Warning and depeg floors are hard minimums; the weighted sum of the structural factors is the base. A floor highlighted in amber means it is what determines the final score — the protocol or peg signals are louder than our structural model.
Plain English explanationWritten by VaultScanner research · model card · last update 2026-05-12
What this vault actually does
Yearn OG vaults lend underlying assets to markets labeled as moderate risk (-2) by the Yearn team. Optimization across markets is handled automatically via an algorithm developed by Yearn. Supply caps are set based on various factors and continuously monitored by the Yearn team as well.
Yield decomposition
What you are actually getting paid for, expressed as a share of net APY.
Hover for source breakdownTotal · 4.30% gross APY
Curator performance fee−10.00%→4.30% net
Borrower lending demand
Structural
Interest paid by borrowers on Morpho Blue markets the vault supplies into.
3.66%85.1% of yield · 366 bps
Protocol incentives
Incentive
Estimated boost from Morpho-side rewards programs and curator rebates active on these markets.
0.64%14.9% of yield · 64 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 93.5%. Sharp collateral drawdowns can trigger cascading liquidations faster than vault parameters can be adjusted.
Cap-weighted utilization is 92.8%, 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.
cbBTC
5%
Lending venueCollateral asset in vault allocations.
wstETH
31%
Liquid stakingCollateral asset in vault allocations.
cbETH
37%
Liquid stakingCollateral asset in vault allocations.
wsuperOETHb
27%
Lending venueCollateral asset in vault allocations.
weETH
0%
Liquid restakingCollateral 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.
Markets6+ idle buffer
cbETH / WETH36.6%
wstETH / WETH30.9%
wsuperOETHb / WETH27.4%
cbBTC / WETH5.1%
wstETH / WETH0.0%
weETH / WETH0.0%
idle / WETH0.0%
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 -30%
possible
computedA 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 contract vulnerability
rare
computedTail-case: a vulnerability surfaces in Morpho Blue that affects the vault's largest single market (37% of TVL). Modeled at 50% loss on that exposure; full vault is not assumed at risk since markets are isolated.
−50% × 37% (largest market) × 100% pass-through
-18.3%
Recovery patch + governance
37% exposed
Curator misallocation
unlikely
computedCurator routes into a market that develops bad debt or an oracle break. Worst single position is 36.6% of TVL; top-3 concentration is 95%. Modeled at 50% bad-debt recovery on the worst position.
−50% × 36.6% (worst market) × 100% pass-through
-18.3%
Recovery 30–90 days
37% exposed
$50M same-day redemption
possible
computedVault has $0M idle buffer (7% of $0M TVL). $50M of the $50M request queues; the redeemer takes a ~0.84% forced-exit discount weighted across collateral mix plus 13-day TVM cost. $50M of the request exceeds the vault's $0M TVL and cannot be redeemed at all.
queued 100% of $50M × (0.84% forced-exit discount + 0.34% TVM over 13.0 days at 9.6% rate)
-1.2%
Recovery 0–14 days (queue depth)
100% exposed
Redemption queue under stress
possible
computed100% 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
L2 sequencer halt 48h
unlikely
computed48h sequencer halt on Base. Collateral drifts while liquidations are frozen; the LLTV buffer absorbs liquidation-clearable moves, the excess accrues as bad debt. Plus a small forced-exit discount on the 100% of TVL sitting in markets above 85% utilization. Total -0.51% NAV loss.
48h × Base severity 1.0×: bad-debt across 100% of TVL (≈0.01%) + forced-exit discount on 100% stressed-utilization markets (≈0.50%)
-0.5%
Recovery 48 hours + 1–3 day catch-up
100% exposed
LST depeg 7%
unlikely
computedAn LST used as collateral loses peg to ETH (e.g., withdrawal queue congestion, à la May/June 2022 stETH). 67.6% of TVL is in liquid staking token (LST) markets (weighted LLTV 94%). A 7% collateral shock translates to ~0.10% NAV loss after the 6-pt LLTV buffer absorbs liquidation-clearable price moves.
−7% × 67.6% exposed × 2% pass-through (LLTV 94%)
-0.1%
Recovery 30–60 days
68% 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
Chain
Base
CuratorRisk team setting market allocations
OwnerCan change curator, guardian, and timelock (after delay)
GuardianCan pause and revoke allocations if compromised
TimelockDelay before owner-initiated parameter changes take effect
3 days
Performance feeCurator's cut of generated yield
10.00%
Fee recipientAddress that collects the performance fee
Skim recipientReceives stray non-loan-asset tokens swept from the vault
not configured
Deployed13 mos on-chain
Apr 4, 2025
One-click redeem
available
Morpho app
Market parameters (7)
Oracle, IRM, and LLTV per Morpho Blue market the vault routes into. Click an address to inspect the contract on a block explorer.Activity
Curator and parameter changes detected by VaultScanner's snapshot diff. Refreshed every 6 hours.
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 range0.93% – 8.98%
trailing 180d
APY volatility (σ)2.01 pts
standard deviation
Max APY drawdown-87.8%
peak-to-trough
APY trend+0.82 pts
180d delta