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Sentora RLUSD

senRLUSD
Ethereum
Curated by Sentora·Inception 2026-03-04·Guardian 0x9e396dE3312D373b87F9BD8763fb48184b42aac0
Ethereum
RLUSD
Open on Morpho
Net APY2.25%
+0.09%30d 2.16%
Trend down
TVL$204.79M
+10.21%Capacity $307.18M
Trend up
Utilization56%
Underutilized
Risk score
10
Low
Market 18
·Loan demand 45
Complexity45Standard strategy
Liquidity64/100
Instant redemption available
Performance fee0%No curator cut
Plain English explanationWritten by vaults.xyz research · model card · last update 2026-05-12
What this vault actually does

Sentora RLUSD vault on Ethereum, allocating across 6 Morpho Blue markets.

Yield decomposition

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

Hover for source breakdownTotal · 2.25% gross APY
Borrower lending demand
Structural

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

2.14%95.1% of yield · 214 bps
Protocol incentives
Incentive

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

0.11%4.9% of yield · 11 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.

Vault has meaningful collateral exposure to liquid restaking tokens. A discount to ETH (>2%) propagates directly through liquidation cascades.

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.

cbBTC
8%
Lending venueCollateral asset in vault allocations.
weETH
24%
Liquid restakingCollateral asset in vault allocations.
wstETH
4%
Liquid stakingCollateral asset in vault allocations.
sUSDe
0%
StablecoinCollateral asset in vault allocations.
syrupUSDC
26%
StablecoinCollateral asset in vault allocations.
RLUSD
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.

Markets5+ idle buffer
syrupUSDC / RLUSD25.6%
weETH / RLUSD24.4%
cbBTC / RLUSD7.8%
wstETH / RLUSD4.0%
sUSDe / RLUSD0.0%
idle / RLUSD38.2%
MarketProtocolAllocationLTV / LLTVUtilizationOracleIRM
cbBTC / RLUSDMorpho Blue
7.8%$15.99M
73% / 86.0%12.9 pts headroom
90%0x8b36909d…0x870aC11D…
weETH / RLUSDMorpho Blue
24.4%$49.98M
73% / 86.0%12.9 pts headroom
93%0x6ab351Ff…0x870aC11D…
wstETH / RLUSDMorpho Blue
4.0%$8.11M
73% / 86.0%12.9 pts headroom
90%0x4e58cea9…0x870aC11D…
sUSDe / RLUSDMorpho Blue
0.0%$21.26K
78% / 91.5%13.7 pts headroom
89%0xd22384C5…0x870aC11D…
syrupUSDC / RLUSDMorpho Blue
25.6%$52.46M
78% / 91.5%13.7 pts headroom
89%0xf766F4F1…0x870aC11D…
idle / RLUSDMorpho Blue
38.2%$78.23M
——0x878C4C23…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 (26% of TVL). Modeled at 50% loss on that exposure; full vault is not assumed at risk since markets are isolated.

−50% × 26% (largest market) × 100% pass-through
-12.8%
Recovery patch + governance
26% exposed
Curator misallocation
unlikely
computed

Curator routes into a market that develops bad debt or an oracle break. Worst single position is 25.6% of TVL; top-3 concentration is 58%. Modeled at 50% bad-debt recovery on the worst position.

−50% × 25.6% (worst market) × 100% pass-through
-12.8%
Recovery 30–90 days
26% exposed
RLUSD operational risk
unlikely
computed

Newer issuer; reserve composition and redemption gateway less battle-tested than USDC. Mark-to-market loss on 100% of vault TVL (the loan asset is RLUSD).

−5% × 100% exposed × 100% pass-through (loan-asset shock)
-5.0%
Recovery weeks
100% exposed
LRT / restaking event
unlikely
computed

An operator slashing or AVS misbehavior creates a discount in the LRT collateral. 24.4% of TVL is in liquid restaking token (LRT) markets (weighted LLTV 86%). A 20% collateral shock translates to ~0.36% NAV loss after the 14-pt LLTV buffer absorbs liquidation-clearable price moves.

−20% × 24.4% exposed × 7% pass-through (LLTV 86%)
-0.4%
Recovery 30–90 days
24% exposed
Activity

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

Full feed →
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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% – 11.58%
trailing 180d
APY volatility (σ)1.97 pts
standard deviation
Max APY drawdownNaN%
peak-to-trough
APY trend+1.61 pts
180d delta