TVL$4.25B

APY4.01%

VAULTS107

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0x79FD…1Ed702

U

Gauntlet USDT Frontier

gtusdtf

EthereumOn peg4

Curated by Gauntlet·Inception 2025-01-28·Guardian 0x7084bF4dB6c21e1834dD6482f6056a39A33584cD

Ethereum

USDT

Net APY2.95%

-0.33%30d 3.28%

TVL$13.9M

-79.47%Capacity $20.85M

Utilization81%

Healthy

Risk score

11

Low

Market 24

·Loan demand 50

Complexity61Multiple moving parts

Liquidity39/100

Instant redemption available

Performance fee5%Below median

Plain English explanationWritten by vaults.xyz research · model card · last update 2026-05-12

What this vault actually does

The Gauntlet USDT Frontier Vault targets maximum yield by allocating to potentially higher volatility markets that may face liquidity risks in exchange for greater supplier returns.

Yield decomposition

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

Hover for source breakdownTotal · 2.95% gross APY

Curator performance fee−5.00%→2.95% net

Borrower lending demand

Structural

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

2.80%94.9% of yield · 280 bps

Protocol incentives

Incentive

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

0.15%5.1% of yield · 15 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 90.5%. Sharp collateral drawdowns can trigger cascading liquidations faster than vault parameters can be adjusted.

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

Hidden exposure map

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

PT-USDG-28MAY2026

0%

Pendle PTCollateral asset in vault allocations.

stcUSD

36%

Lending venueCollateral asset in vault allocations.

weETH

17%

Liquid restakingCollateral asset in vault allocations.

WETH

2%

Lending venueCollateral asset in vault allocations.

cbBTC

0%

Lending venueCollateral asset in vault allocations.

sUSDD

24%

Lending venueCollateral asset in vault allocations.

syrupUSDT

21%

StablecoinCollateral asset in vault allocations.

wsrUSD

0%

Lending venueCollateral asset in vault allocations.

WBTC

0%

Lending venueCollateral asset in vault allocations.

wstETH

0%

Liquid stakingCollateral asset in vault allocations.

sUSDS

0%

StablecoinCollateral asset in vault allocations.

USDT

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.

Markets11+ idle buffer

stcUSD / USDT35.9%

sUSDD / USDT24.0%

syrupUSDT / USDT21.1%

weETH / USDT16.6%

WETH / USDT2.1%

wsrUSD / USDT0.2%

PT-USDG-28MAY2026 / USDT0.0%

cbBTC / USDT0.0%

WBTC / USDT0.0%

wstETH / USDT0.0%

sUSDS / USDT0.0%

idle / USDT0.0%

Market	Protocol	Allocation	LTV / LLTV	Utilization	Oracle	IRM
PT-USDG-28MAY2026 / USDT	Morpho Blue	0.0%$0.42	80% / 94.5%14.2 pts headroom	63%	0xEA268c58…	0x870aC11D…
stcUSD / USDT	Morpho Blue	35.9%$4.99M	78% / 91.5%13.7 pts headroom	77%	0x8C257cb4…	0x870aC11D…
weETH / USDT	Morpho Blue	16.6%$2.3M	73% / 86.0%12.9 pts headroom	74%	0x631bEa18…	0x870aC11D…
WETH / USDT	Morpho Blue	2.1%$298.17K	73% / 86.0%12.9 pts headroom	73%	0x0F948CBa…	0x870aC11D…
cbBTC / USDT	Morpho Blue	0.0%$0	73% / 86.0%12.9 pts headroom	90%	0x0E053750…	0x870aC11D…
sUSDD / USDT	Morpho Blue	24.0%$3.34M	78% / 91.5%13.7 pts headroom	90%	0x8c0a80C0…	0x870aC11D…
syrupUSDT / USDT	Morpho Blue	21.1%$2.94M	78% / 91.5%13.7 pts headroom	83%	0x34e50151…	0x870aC11D…
wsrUSD / USDT	Morpho Blue	0.2%$32.4K	80% / 94.5%14.2 pts headroom	75%	0x03dfCa9A…	0x870aC11D…
WBTC / USDT	Morpho Blue	0.0%$0	73% / 86.0%12.9 pts headroom	81%	0x008bF4B1…	0x870aC11D…
idle / USDT	Morpho Blue	0.0%$0	—	—	0x00000000…	0x00000000…
wstETH / USDT	Morpho Blue	0.0%$0	73% / 86.0%12.9 pts headroom	81%	0x95DB30fA…	0x870aC11D…
sUSDS / USDT	Morpho Blue	0.0%$0	82% / 96.5%14.5 pts headroom	80%	0x0C426d17…	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 (36% of TVL). Modeled at 50% loss on that exposure; full vault is not assumed at risk since markets are isolated.

−50% × 36% (largest market) × 100% pass-through

-17.9%

Recovery patch + governance

36% exposed

Curator misallocation

unlikely

computed

Curator routes into a market that develops bad debt or an oracle break. Worst single position is 35.9% of TVL; top-3 concentration is 81%. Modeled at 50% bad-debt recovery on the worst position.

−50% × 35.9% (worst market) × 100% pass-through

-17.9%

Recovery 30–90 days

36% exposed

USDT reserve / depeg

possible

computed

Tether has repeatedly traded <$0.95 (Oct 2018, May 2022). Recovery is slower than USDC. Mark-to-market loss on 100% of vault TVL (the loan asset is USDT).

−5% × 100% exposed × 100% pass-through (loan-asset shock)

-5.0%

Recovery 14–30 days

100% exposed

LRT / restaking event

unlikely

computed

An operator slashing or AVS misbehavior creates a discount in the LRT collateral. 16.6% of TVL is in liquid restaking token (LRT) markets (weighted LLTV 86%). A 20% collateral shock translates to ~0.25% NAV loss after the 14-pt LLTV buffer absorbs liquidation-clearable price moves.

−20% × 16.6% exposed × 7% pass-through (LLTV 86%)

-0.2%

Recovery 30–90 days

17% exposed

Activity

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

Risk move

Gauntlet @gauntletusdtfrontier·16h

Risk score fell 15 points

25 → 10−15 pts

APY move

Gauntlet @gauntletusdtfrontier·16h

APY fell to 4.39%

10.57% → 4.39%−6.18pp

Allocation shift

Gauntlet @gauntletusdtfrontier·16h

Raised stcUSD / USDT allocation

10.6% → 15.9%+5.3pp

Allocation shift

Gauntlet @gauntletusdtfrontier·16h

Raised WBTC / USDT allocation

0.0% → 8.1%+8.1pp

Allocation shift

Gauntlet @gauntletusdtfrontier·16h

Raised wstETH / USDT allocation

0.0% → 23.5%+23.5pp

Allocation shift

Gauntlet @gauntletusdtfrontier·16h

Cut sUSDS / USDT allocation

41.6% → 0.0%−41.6pp

New exposure

Gauntlet @gauntletusdtfrontier·16h

Took lst exposure for the first time

23.5% share

Reallocation

Gauntlet @gauntletusdtfrontier·Apr 30

Rotated funds from sUSDD / USDT into wstETH / USDT

87.7k USDT

Reallocation

Gauntlet @gauntletusdtfrontier·Apr 30

Rotated funds from sUSDD / USDT into wstETH / USDT

43.4k USDT

Reallocation

Gauntlet @gauntletusdtfrontier·Apr 29

Rotated funds from sUSDS / USDT into wstETH / USDT

2 USDT

Reallocation

Gauntlet @gauntletusdtfrontier·Apr 29

Reallocated across 3 markets

2.21M USDT2 → 1

Reallocation

Gauntlet @gauntletusdtfrontier·Apr 29

Rotated funds from sUSDS / USDT into wstETH / USDT

137.1k USDT

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% – 18.93%

trailing 180d

APY volatility (σ)3.88 pts

standard deviation

Max APY drawdownNaN%

peak-to-trough

APY trend+2.95 pts

180d delta