0xa3fC…637B6D

Clearstar Reactor ETH

CSWETH

Ethereum

Curated by Clearstar·Inception 2025-10-30·Guardian 0x0000000000000000000000000000000000000000

Ethereum

WETH

Open on Morpho

Net APY1.55%

-0.58%30d 2.13%

TVL$2.2K

-0.72%Capacity $3.3K

Utilization83%

Healthy

Risk score

Moderate

Market 12

·Loan demand 36

Complexity15Easy to explain

Liquidity37/100

Instant redemption available

Performance fee0%No curator cut

AI vault read

Plain-English summary of this vault — what it does, who runs it, where the yield comes from, and what could break it. Generated from the same deterministic inputs shown elsewhere on this page; the numbers are the source, this is just the explanation.

What this vault does

Depositors supply WETH and earn interest from borrowers who pledge liquid staking tokens (wstETH) as collateral on Morpho Blue. The vault lends 100% of deposits into a single wstETH market where the liquidation threshold sits at 97%—meaning collateral gets seized if wstETH falls just 3% against ETH.

Who runs it

Clearstar runs this vault as a concentrated, single-collateral book focused entirely on wstETH exposure.

Where the yield comes from

The 1.55% APY comes almost entirely from borrower interest (1.47%) on wstETH loans, with a small boost (0.08%) from Morpho protocol incentives. There is no idle cash—all WETH is deployed.

What could break it

The dominant risk is the 97% liquidation threshold on wstETH. If liquid staking token prices swing sharply or staking derivatives experience a confidence shock, the 3% buffer is tight; borrowers face rapid liquidation and the vault could face cascade losses if liquidations fail to clear underwater positions cleanly.

Who this is for

Good fit for sophisticated allocators with high conviction on wstETH stability and appetite for single-collateral concentration; avoid if you require portfolio-level diversification or have concerns about LST repricing or staking derivatives fragility.

Risk decomposition

How the composite risk score breaks down. Every number traces to an explicit input — /methodology documents each factor's formula.

elevated37/100

Warning floorfloor

Hard min from Morpho's own flags on the vault or its active markets.

0—

Structuralweight 28%

Share-weighted collateral quality + LLTV buffer adequacy. Correlation-aware.

14+3.9

Liquidationweight 20%

Headroom (1 − LLTV) measured in σ-units of 30d realized vol, amplified by utilization.

100+20.0

Yield anomalyweight 20%

Peer-cohort z-score plus absolute-yield band. Excess yield is risk you may not yet model.

0+0.0

Concentrationweight 12%

Market HHI + asset-class HHI + curator's universe TVL share.

70+8.4

Liquidityweight 10%

Util curve position, share locked above 95%, idle buffer.

15+1.5

Maturityweight 10%

Vintage + TVL-time integral. V2 vaults carry an opacity surcharge.

28+2.8

Depeg floorfloor

Hard min from active depeg signal on the loan asset.

0—

Composite = max(Σ weighted + floors). Warning and depeg floors are hard minimums; the weighted sum of the structural factors is the base. A floor highlighted in amber means it is what determines the final score — the protocol or peg signals are louder than our structural model.

Plain English explanationWritten by VaultScanner research · model card · last update 2026-05-12

What this vault actually does

The Clearstar ETH Reactor vault maximizes ETH yields while fostering the growth of a wide range of collateral assets. By combining strategic asset selection with intelligent routing across efficient lending markets it creates a flywheel of liquidity and sustainability. This vault has automated reallocation to maximize APR within static risk parameters and also monitors active on-chain risks through the use of Hypernative to reduce exposure to collaterals that might be at risk of suffering exploits.

Yield decomposition

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

Hover for source breakdownTotal · 1.55% gross APY

Borrower lending demand

Structural

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

1.47%94.8% of yield · 147 bps

Protocol incentives

Incentive

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

0.08%5.2% of yield · 8 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 96.5%. Sharp collateral drawdowns can trigger cascading liquidations faster than vault parameters can be adjusted.

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.

ETH+

Lending venueCollateral asset in vault allocations.

wstETH

100%

Liquid stakingCollateral 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.

Markets2+ idle buffer

wstETH / WETH100.0%

ETH+ / WETH0.0%

idle / WETH0.0%

Market	Protocol	Allocation	LTV / LLTV	Utilization	Oracle	IRM
ETH+ / WETH	Morpho Blue	0.0%$0	80% / 94.5%14.2 pts headroom	36%	0x0705CDc1…	0x870aC11D…
idle / WETH	Morpho Blue	0.0%$0	—	—	0x00000000…	0x00000000…
wstETH / WETH	Morpho Blue	100.0%$2.2K	82% / 96.5%14.5 pts headroom	83%	0xbD60A677…	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 contract vulnerability

rare

computed

Tail-case: a vulnerability surfaces in Morpho Blue that affects the vault's largest single market (100% of TVL). Modeled at 50% loss on that exposure; full vault is not assumed at risk since markets are isolated.

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

-50.0%

Recovery patch + governance

100% exposed

Curator misallocation

unlikely

computed

Curator routes into a market that develops bad debt or an oracle break. Worst single position is 100.0% of TVL; top-3 concentration is 100%. Modeled at 50% bad-debt recovery on the worst position.

−50% × 100.0% (worst market) × 100% pass-through

-50.0%

Recovery 30–90 days

100% exposed

ETH market drawdown -30%

possible

computed

A 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

$50M same-day redemption

possible

computed

Vault has $0M idle buffer (17% of $0M TVL). $50M of the $50M request queues; the redeemer takes a ~1.00% forced-exit discount weighted across collateral mix plus 12-day TVM cost. $50M of the request exceeds the vault's $0M TVL and cannot be redeemed at all.

queued 100% of $50M × (1.00% forced-exit discount + 0.29% TVM over 11.7 days at 9.2% rate)

-1.3%

Recovery 0–14 days (queue depth)

100% exposed

LST depeg 7%

unlikely

computed

An LST used as collateral loses peg to ETH (e.g., withdrawal queue congestion, à la May/June 2022 stETH). 100.0% of TVL is in liquid staking token (LST) markets (weighted LLTV 97%). A 7% collateral shock translates to ~0.27% NAV loss after the 4-pt LLTV buffer absorbs liquidation-clearable price moves.

−7% × 100.0% exposed × 4% pass-through (LLTV 97%)

-0.3%

Recovery 30–60 days

100% exposed

Governance & configuration

On-chain contracts, control surface, and per-market parameters. The diligence checklist surface — every value here is what an allocator needs to copy into a memo before sizing a deposit.

Vault contractMetaMorpho v1 on Morpho Blue

0xa3fC…7B6D

Chain

Ethereum

CuratorRisk team setting market allocations

Clearstar

OwnerCan change curator, guardian, and timelock (after delay)

0x3098…3458

GuardianCan pause and revoke allocations if compromised

not configured

TimelockDelay before owner-initiated parameter changes take effect

3 days