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Gauntlet DAI Core

gtDAIcore
EthereumOn peg2
Curated by Gauntlet·Inception 2024-03-22·Guardian 0x7084bF4dB6c21e1834dD6482f6056a39A33584cD
Ethereum
DAI
Open on Morpho
Net APY5.78%
+2.13%30d 3.65%
Trend up
TVL$1.58M
-15.24%Capacity $2.38M
Trend down
Utilization83%
Healthy
Risk score
29
Moderate
Market 46
·Loan demand 100
Complexity56Multiple moving parts
Liquidity37/100
Instant redemption available
Performance fee10%Above median
Plain English explanationWritten by vaults.xyz research · model card · last update 2026-05-12
What this vault actually does

The DAI Vault will list a range of liquid collateral markets and continuously optimize risk-adjusted yield across those markets.

Yield decomposition

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

Hover for source breakdownTotal · 5.78% gross APY
Curator performance fee−10.00%→5.78% net
Borrower lending demand
Structural

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

5.49%95.0% of yield · 549 bps
Protocol incentives
Incentive

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

0.29%5.0% of yield · 29 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 87.7%. Sharp collateral drawdowns can trigger cascading liquidations faster than vault parameters can be adjusted.

Primary loan or collateral asset is a stablecoin. A sustained depeg below 99 cents impacts NAV and disables liquidation routing for non-USD collateral.

Hidden exposure map

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

USDe
5%
StablecoinCollateral asset in vault allocations.
PT-USDS-14AUG2025
0%
Pendle PTCollateral asset in vault allocations.
sUSDe
90%
StablecoinCollateral asset in vault allocations.
sDAI
0%
StablecoinCollateral asset in vault allocations.
PT-USDe-31JUL2025
4%
Pendle PTCollateral asset in vault allocations.
PT-sUSDE-31JUL2025
0%
Pendle PTCollateral asset in vault allocations.
PT-sUSDE-25SEP2025
0%
Pendle PTCollateral asset in vault allocations.
DAI
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.

Markets10+ idle buffer
sUSDe / DAI65.5%
sUSDe / DAI21.4%
USDe / DAI5.2%
PT-USDe-31JUL2025 / DAI4.3%
sUSDe / DAI3.6%
PT-USDS-14AUG2025 / DAI0.0%
PT-sUSDE-31JUL2025 / DAI0.0%
PT-sUSDE-25SEP2025 / DAI0.0%
USDe / DAI0.0%
sDAI / DAI0.0%
idle / DAI0.0%
MarketProtocolAllocationLTV / LLTVUtilizationOracleIRM
USDe / DAIMorpho Blue
0.0%$0
78% / 91.5%13.7 pts headroom
20%0xaE4750d0…0x870aC11D…
PT-USDS-14AUG2025 / DAIMorpho Blue
0.0%$758.3
82% / 96.5%14.5 pts headroom
92%0xD7c8498f…0x870aC11D…
sUSDe / DAIMorpho Blue
65.5%$1.04M
73% / 86.0%12.9 pts headroom
83%0x5D916980…0x870aC11D…
sUSDe / DAIMorpho Blue
21.4%$338.9K
78% / 91.5%13.7 pts headroom
83%0x5D916980…0x870aC11D…
sDAI / DAIMorpho Blue
0.0%$0
83% / 98.0%14.7 pts headroom
1%0x9d4eb56E…0x870aC11D…
USDe / DAIMorpho Blue
5.2%$82.41K
73% / 86.0%12.9 pts headroom
81%0xaE4750d0…0x870aC11D…
PT-USDe-31JUL2025 / DAIMorpho Blue
4.3%$68.1K
78% / 91.5%13.7 pts headroom
65%0xFCaE69BE…0x870aC11D…
PT-sUSDE-31JUL2025 / DAIMorpho Blue
0.0%$25.52
78% / 91.5%13.7 pts headroom
75%0x78804d52…0x870aC11D…
PT-sUSDE-25SEP2025 / DAIMorpho Blue
0.0%$2.34
78% / 91.5%13.7 pts headroom
15%0x26394307…0x870aC11D…
sUSDe / DAIMorpho Blue
3.6%$56.49K
80% / 94.5%14.2 pts headroom
92%0x5D916980…0x870aC11D…
idle / DAIMorpho Blue
0.0%$0
——0x00000000…0x00000000…
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 (65% of TVL). Modeled at 50% loss on that exposure; full vault is not assumed at risk since markets are isolated.

−50% × 65% (largest market) × 100% pass-through
-32.7%
Recovery patch + governance
65% exposed
Curator misallocation
unlikely
computed

Curator routes into a market that develops bad debt or an oracle break. Worst single position is 65.5% of TVL; top-3 concentration is 92%. Modeled at 50% bad-debt recovery on the worst position.

−50% × 65.5% (worst market) × 100% pass-through
-32.7%
Recovery 30–90 days
65% exposed
DAI / PSM imbalance
unlikely
computed

DAI has stayed within ±2% historically; modeled at 3% to leave room for Sky migration friction. Mark-to-market loss on 100% of vault TVL (the loan asset is DAI).

−3% × 100% exposed × 100% pass-through (loan-asset shock)
-3.0%
Recovery 3–14 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 range1.15% – 25.09%
trailing 180d
APY volatility (σ)5.06 pts
standard deviation
Max APY drawdown-95.4%
peak-to-trough
APY trend+3.62 pts
180d delta