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August AUSD

augustAUSD
Ethereum
Curated by August Digital·Inception 2025-12-10·Guardian 0xFfb86F214B4EE6459E4f5b0aA92e2Cd888Ea5463
Ethereum
AUSD
Open on Morpho
Net APY101.85%
+58.63%30d 43.22%
Trend up
TVL$8.02M
+1.21%Capacity $12.03M
Trend down
Utilization91%
Redemptions may queue
Risk score
50
Elevated
Market 100
·Loan demand 100
Complexity70Multiple moving parts
Liquidity29/100
Instant redemption available
Performance fee0%No curator cut
Morpho official alerts
2 critical, 1 caution alerts from Morpho's risk team
  • Unrealized bad debtREDRLP / AUSD

    Morpho has detected positions in this market whose debt exceeds collateral value. Until liquidations clear, the loss is sitting on suppliers — vault APY and NAV may not yet reflect it.

  • 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.

  • Unrecognized Collateral AssetYELLOWupGAMMAusdc / AUSD

    Morpho has flagged the upGAMMAusdc / AUSD market: unrecognized_collateral_asset.

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

August Digital AUSD vault on Ethereum, allocating across 12 Morpho Blue markets.

Yield decomposition

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

Hover for source breakdownTotal · 101.85% gross APY
Borrower lending demand
Structural

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

86.57%85.0% of yield · 8657 bps
Protocol incentives
Incentive

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

15.28%15.0% of yield · 1528 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 (RLP / AUSD) is reporting supply APY at or above 50% — peak 297996% on RLP / AUSD. 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. 8.3% of TVL sits in the affected market.

Weighted LLTV across markets is 91.0%. 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.

RLP
8%
Lending venueCollateral asset in vault allocations.
cbBTC
0%
Lending venueCollateral asset in vault allocations.
wstETH
0%
Liquid stakingCollateral asset in vault allocations.
msY
0%
Lending venueCollateral asset in vault allocations.
WBTC
0%
Lending venueCollateral asset in vault allocations.
AA_FalconXUSDC
0%
Lending venueCollateral asset in vault allocations.
syrupUSDC
0%
StablecoinCollateral asset in vault allocations.
upUSDC
0%
Lending venueCollateral asset in vault allocations.
wsrUSD
0%
Lending venueCollateral asset in vault allocations.
sNUSD
0%
Lending venueCollateral asset in vault allocations.
upGAMMAusdc
92%
Lending venueCollateral asset in vault allocations.
syzUSD
0%
Lending venueCollateral asset in vault allocations.
AUSD
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.

Markets12+ idle buffer
upGAMMAusdc / AUSD91.7%
RLP / AUSD8.3%
cbBTC / AUSD0.0%
wstETH / AUSD0.0%
msY / AUSD0.0%
WBTC / AUSD0.0%
AA_FalconXUSDC / AUSD0.0%
syrupUSDC / AUSD0.0%
upUSDC / AUSD0.0%
wsrUSD / AUSD0.0%
sNUSD / AUSD0.0%
syzUSD / AUSD0.0%
MarketProtocolAllocationLTV / LLTVUtilizationOracleIRM
RLP / AUSDMorpho Blue
8.3%$663.07K
73% / 86.0%12.9 pts headroom
100%0x19018450…0x870aC11D…
cbBTC / AUSDMorpho Blue
0.0%$0
73% / 86.0%12.9 pts headroom
—0x0acdC416…0x870aC11D…
wstETH / AUSDMorpho Blue
0.0%$0
73% / 86.0%12.9 pts headroom
—0x48F7E36E…0x870aC11D…
msY / AUSDMorpho Blue
0.0%$0
78% / 91.5%13.7 pts headroom
—0xcB62f468…0x870aC11D…
WBTC / AUSDMorpho Blue
0.0%$0
73% / 86.0%12.9 pts headroom
91%0x09dbf950…0x870aC11D…
AA_FalconXUSDC / AUSDMorpho Blue
0.0%$0
65% / 77.0%11.6 pts headroom
90%0x52eA2C12…0x870aC11D…
syrupUSDC / AUSDMorpho Blue
0.0%$0
78% / 91.5%13.7 pts headroom
—0x80032f4c…0x870aC11D…
upUSDC / AUSDMorpho Blue
0.0%$0
78% / 91.5%13.7 pts headroom
—0xf2c9EE3F…0x870aC11D…
wsrUSD / AUSDMorpho Blue
0.0%$0
78% / 91.5%13.7 pts headroom
90%0x938D2eDb…0x870aC11D…
sNUSD / AUSDMorpho Blue
0.0%$0
78% / 91.5%13.7 pts headroom
—0x28E82e7f…0x870aC11D…
upGAMMAusdc / AUSDMorpho Blue
91.7%$7.36M
78% / 91.5%13.7 pts headroom
90%0x17efab74…0x870aC11D…
syzUSD / AUSDMorpho Blue
0.0%$0
78% / 91.5%13.7 pts headroom
—0x06040841…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 (92% of TVL). Modeled at 50% loss on that exposure; full vault is not assumed at risk since markets are isolated.

−50% × 92% (largest market) × 100% pass-through
-45.9%
Recovery patch + governance
92% exposed
Curator misallocation
unlikely
computed

Curator routes into a market that develops bad debt or an oracle break. Worst single position is 91.7% of TVL; top-3 concentration is 100%. Modeled at 50% bad-debt recovery on the worst position.

−50% × 91.7% (worst market) × 100% pass-through
-45.9%
Recovery 30–90 days
92% exposed
Exotic / tranche collateral shock
possible
computed

These collateral types absorb first-loss in their underlying strategies; failures in the strategy show up here first. 100.0% of TVL is in exotic / tranche (RLP, Upshift wrappers, etc.) markets (weighted LLTV 91%). A 25% collateral shock translates to ~4.24% NAV loss after the 9-pt LLTV buffer absorbs liquidation-clearable price moves.

−25% × 100.0% exposed × 17% pass-through (LLTV 91%)
-4.2%
Recovery 30–180 days
100% exposed
Redemption queue under stress
possible
computed

100% 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 × 100% (stressed markets only)
-1.0%
Recovery 1–7 days
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% – 43.22%
trailing 180d
APY volatility (σ)15.96 pts
standard deviation
Max APY drawdownNaN%
peak-to-trough
APY trend+43.22 pts
180d delta