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0x5432…F5a796
C

Moonwell Frontier cbBTC

mwcbBTC
Base
Curated by Anthias Labs·Inception 2024-11-26·Guardian 0xB9d4acf113a423Bc4A64110B8738a52E51C2AB38
Base
cbBTC
Open on Morpho
Net APY0.60%
+0.16%30d 0.44%
Trend down
TVL$1.99M
-49.20%Capacity $2.98M
Trend down
Utilization13%
Underutilized
Risk score
7
Low
Market 5
·Loan demand 12
Complexity0Easy to explain
Liquidity100/100
Instant redemption available
Performance fee15%High vs peers
Plain English explanationWritten by vaults.xyz research · model card · last update 2026-05-12
What this vault actually does

The Moonwell Frontier cbBTC Morpho vault curated by Anthias Labs is intended to optimize risk-adjusted interest earned from BTC liquid restaking tokens as collateral.

Yield decomposition

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

Hover for source breakdownTotal · 0.60% gross APY
Curator performance fee−15.00%→0.60% net
Borrower lending demand
Structural

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

0.57%95.0% of yield · 57 bps
Protocol incentives
Incentive

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

0.03%5.0% of yield · 3 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.

Every market relies on an external price feed. A stale or manipulated feed can mis-price collateral and produce unrecoverable bad debt.

Hidden exposure map

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

LBTC
65%
Lending venueCollateral asset in vault allocations.
cbBTC
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.

Markets1+ idle buffer
LBTC / cbBTC64.7%
idle / cbBTC35.3%
MarketProtocolAllocationLTV / LLTVUtilizationOracleIRM
LBTC / cbBTCMorpho Blue
64.7%$1.29M
78% / 91.5%13.7 pts headroom
20%0xDddc41f6…0x46415998…
idle / cbBTCMorpho Blue
35.3%$701.32K
——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
-32.4%
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 64.7% of TVL; top-3 concentration is 65%. Modeled at 50% bad-debt recovery on the worst position.

−50% × 64.7% (worst market) × 100% pass-through
-32.4%
Recovery 30–90 days
65% exposed
cbBTC custody discount
unlikely
computed

Coinbase-custodied; tail risk is regulatory or exchange-level event temporarily breaking redemption. Mark-to-market loss on 100% of vault TVL (loan asset is cbBTC).

−5% × 100% exposed × 100% pass-through (loan-asset shock)
-5.0%
Recovery weeks
100% exposed
Activity

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

Full feed →
No events yet. The next snapshot tick will start populating this.
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 range0.00% – 10.00%
trailing 180d
APY volatility (σ)1.83 pts
standard deviation
Max APY drawdownNaN%
peak-to-trough
APY trend+0.72 pts
180d delta