APY move
W
Gauntlet WETH Core
gtWETHc
BaseBase
WETH
Plain English explanationWritten by vaults.xyz research · model card · last update 2026-05-12
What this vault actually does
The WETH Core 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 · 2.58% gross APY
Curator performance fee−10.00%→2.58% net
Borrower lending demand
Structural
Interest paid by borrowers on Morpho Blue markets the vault supplies into.
2.19%84.9% of yield · 219 bps
Protocol incentives
Incentive
Estimated boost from Morpho-side rewards programs and curator rebates active on these markets.
0.39%15.1% of yield · 39 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.
A market (LsETH / WETH) is reporting supply APY at or above 50% — peak 297996% on LsETH / WETH. This is almost always a degenerate IRM state (100% utilization, dust-sized supply, or a stale post-liquidation snapshot) rather than real lending demand. The vault's headline APY is being averaged up by these positions; treat it as transient. 0.0% of TVL sits in the affected market.
Weighted LLTV across markets is 93.7%. Sharp collateral drawdowns can trigger cascading liquidations faster than vault parameters can be adjusted.
Hidden exposure map
What this vault is actually exposed to — including dependencies that are not visible from the strategy name.
cbETH
78%
Liquid stakingCollateral asset in vault allocations.
weETH
14%
Liquid restakingCollateral asset in vault allocations.
wstETH
0%
Liquid stakingCollateral asset in vault allocations.
cbBTC
2%
Lending venueCollateral asset in vault allocations.
wsuperOETHb
6%
Lending venueCollateral asset in vault allocations.
bsdETH
0%
Lending venueCollateral asset in vault allocations.
LsETH
0%
Lending venueCollateral 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.
Markets10+ idle buffer
cbETH / WETH77.7%
weETH / WETH14.2%
wsuperOETHb / WETH6.0%
cbBTC / WETH1.6%
cbETH / WETH0.2%
LsETH / WETH0.0%
weETH / WETH0.0%
wstETH / WETH0.0%
wstETH / WETH0.0%
bsdETH / WETH0.0%
idle / WETH0.2%
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
computedTail-case: a vulnerability surfaces in Morpho Blue that affects the vault's largest single market (78% of TVL). Modeled at 50% loss on that exposure; full vault is not assumed at risk since markets are isolated.
−50% × 78% (largest market) × 100% pass-through
-38.9%
Recovery patch + governance
78% exposed
Curator misallocation
unlikely
computedCurator routes into a market that develops bad debt or an oracle break. Worst single position is 77.7% of TVL; top-3 concentration is 98%. Modeled at 50% bad-debt recovery on the worst position.
−50% × 77.7% (worst market) × 100% pass-through
-38.9%
Recovery 30–90 days
78% exposed
ETH market drawdown
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
Redemption queue under stress
possible
computed86% 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 × 86% (stressed markets only)
-0.9%
Recovery 1–7 days
86% exposed
LRT / restaking event
unlikely
computedAn operator slashing or AVS misbehavior creates a discount in the LRT collateral. 14.2% of TVL is in liquid restaking token (LRT) markets (weighted LLTV 92%). A 20% collateral shock translates to ~0.35% NAV loss after the 8-pt LLTV buffer absorbs liquidation-clearable price moves.
−20% × 14.2% exposed × 12% pass-through (LLTV 92%)
-0.4%
Recovery 30–90 days
14% exposed
LST collateral depeg
unlikely
computedAn LST used as collateral loses peg to ETH (e.g., withdrawal queue congestion, à la May/June 2022 stETH). 78.0% of TVL is in liquid staking token (LST) markets (weighted LLTV 95%). A 7% collateral shock translates to ~0.11% NAV loss after the 5-pt LLTV buffer absorbs liquidation-clearable price moves.
−7% × 78.0% exposed × 2% pass-through (LLTV 95%)
-0.1%
Recovery 30–60 days
78% exposed
Activity
Curator and parameter changes detected by VaultScope'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 range0.00% – 42.68%
trailing 180d
APY volatility (σ)11.69 pts
standard deviation
Max APY drawdownNaN%
peak-to-trough
APY trend+2.12 pts
180d delta