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Metronome msETH Vault

gtmsETHc
Ethereum
Curated by Gauntlet·Inception 2024-10-01·Guardian 0x7084bF4dB6c21e1834dD6482f6056a39A33584cD
Ethereum
msETH
Open on Morpho
Net APY2.42%
+0.35%30d 2.07%
Trend up
TVL$6.05M
-1.88%Capacity $9.07M
Trend up
Utilization66%
Underutilized
Risk score
10
Low
Market 19
·Loan demand 48
Complexity25Standard strategy
Liquidity54/100
Instant redemption available
Performance fee5%Below median
Morpho official alerts
1 critical alert from Morpho's risk team
  • Deposits disabledREDVault-level

    Morpho has flagged this vault as not accepting deposits. Existing positions remain on-chain but new capital is being turned away — usually a curator-initiated wind-down or response to an active issue.

Plain English explanationWritten by vaults.xyz research · model card · last update 2026-05-12
What this vault actually does

The Metronome msETH vault will list a range of liquid collateral markets and continuously optimize risk-adjusted yield across those collateral markets.

Yield decomposition

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

Hover for source breakdownTotal · 2.42% gross APY
Curator performance fee−5.00%→2.42% net
Borrower lending demand
Structural

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

2.30%95.0% of yield · 230 bps
Protocol incentives
Incentive

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

0.12%5.0% of yield · 12 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.

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.

rswETH
24%
Liquid restakingCollateral asset in vault allocations.
weETH
5%
Liquid restakingCollateral asset in vault allocations.
ynETHx
52%
Lending venueCollateral asset in vault allocations.
msETH
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.

Markets3+ idle buffer
ynETHx / msETH51.8%
rswETH / msETH23.9%
weETH / msETH4.7%
idle / msETH19.6%
MarketProtocolAllocationLTV / LLTVUtilizationOracleIRM
rswETH / msETHMorpho Blue
23.9%$1.45M
80% / 94.5%14.2 pts headroom
87%0x56e2d095…0x870aC11D…
weETH / msETHMorpho Blue
4.7%$283.06K
78% / 91.5%13.7 pts headroom
93%0xbDd2F2D4…0x870aC11D…
idle / msETHMorpho Blue
19.6%$1.19M
——0x00000000…0x00000000…
ynETHx / msETHMorpho Blue
51.8%$3.13M
78% / 91.5%13.7 pts headroom
78%0xc28F86C8…0x870aC11D…
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 (52% of TVL). Modeled at 50% loss on that exposure; full vault is not assumed at risk since markets are isolated.

−50% × 52% (largest market) × 100% pass-through
-25.9%
Recovery patch + governance
52% exposed
Curator misallocation
unlikely
computed

Curator routes into a market that develops bad debt or an oracle break. Worst single position is 51.8% of TVL; top-3 concentration is 80%. Modeled at 50% bad-debt recovery on the worst position.

−50% × 51.8% (worst market) × 100% pass-through
-25.9%
Recovery 30–90 days
52% exposed
LRT / restaking event
unlikely
computed

An operator slashing or AVS misbehavior creates a discount in the LRT collateral. 28.6% of TVL is in liquid restaking token (LRT) markets (weighted LLTV 94%). A 20% collateral shock translates to ~0.84% NAV loss after the 6-pt LLTV buffer absorbs liquidation-clearable price moves.

−20% × 28.6% exposed × 15% pass-through (LLTV 94%)
-0.8%
Recovery 30–90 days
29% 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 range0.11% – 17.26%
trailing 180d
APY volatility (σ)3.13 pts
standard deviation
Max APY drawdown-98.2%
peak-to-trough
APY trend+1.66 pts
180d delta