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0xd630…d33a3D
U

Usual Boosted USDC

USUALUSDC+
EthereumOn peg1
Curated by MEV Capital·Inception 2024-07-24·Guardian 0x6e9d65eC80D69b1f508560Bc7aeA5003db1f7FB7
Ethereum
USDC
Open on Morpho
Net APY3.66%
-3.00%30d 6.66%
Trend down
TVL$4.9M
-19.91%Capacity $7.36M
Trend down
Utilization85%
Healthy
Risk score
16
Low
Market 29
·Loan demand 83
Complexity47Standard strategy
Liquidity35/100
Instant redemption available
Performance fee10%Above median
Plain English explanationWritten by vaults.xyz research · model card · last update 2026-05-12
What this vault actually does

The MEV Capital Usual USDC provides a set of liquid collateral markets with an optimized risk-adjusted return through an active rebalancing strategy.

Yield decomposition

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

Hover for source breakdownTotal · 3.66% gross APY
Curator performance fee−10.00%→3.66% net
Borrower lending demand
Structural

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

3.11%85.0% of yield · 311 bps
Protocol incentives
Incentive

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

0.55%15.0% of yield · 55 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.

Cap-weighted utilization is 85.1%, leaving little idle buffer. Large same-day redemptions may queue behind active loan repayments.

Weighted LLTV across markets is 88.1%. 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.

OETH
14%
Lending venueCollateral asset in vault allocations.
EURCV
0%
Lending venueCollateral asset in vault allocations.
mHYPER
1%
Lending venueCollateral asset in vault allocations.
siUSD
9%
Lending venueCollateral asset in vault allocations.
wstETH
31%
Liquid stakingCollateral asset in vault allocations.
WBTC
16%
Lending venueCollateral asset in vault allocations.
mF-ONE
28%
Lending venueCollateral asset in vault allocations.
reUSD
0%
Lending venueCollateral asset in vault allocations.
USDC
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.

Markets8+ idle buffer
wstETH / USDC31.3%
mF-ONE / USDC28.1%
WBTC / USDC15.9%
OETH / USDC14.0%
siUSD / USDC9.4%
mHYPER / USDC1.4%
reUSD / USDC0.0%
EURCV / USDC0.0%
idle / USDC0.0%
MarketProtocolAllocationLTV / LLTVUtilizationOracleIRM
OETH / USDCMorpho Blue
14.0%$684.53K
73% / 86.0%12.9 pts headroom
86%0xE8aDfF91…0x870aC11D…
EURCV / USDCMorpho Blue
0.0%$0
73% / 86.0%12.9 pts headroom
89%0xC33aE283…0x870aC11D…
mHYPER / USDCMorpho Blue
1.4%$68.21K
73% / 86.0%12.9 pts headroom
82%0xdabD6Bb1…0x870aC11D…
idle / USDCMorpho Blue
0.0%$0
——0x00000000…0x00000000…
siUSD / USDCMorpho Blue
9.4%$459.21K
78% / 91.5%13.7 pts headroom
88%0xd2cC46b9…0x870aC11D…
wstETH / USDCMorpho Blue
31.3%$1.54M
73% / 86.0%12.9 pts headroom
86%0x48F7E36E…0x870aC11D…
WBTC / USDCMorpho Blue
15.9%$778.76K
73% / 86.0%12.9 pts headroom
86%0xDddd770B…0x870aC11D…
mF-ONE / USDCMorpho Blue
28.1%$1.38M
78% / 91.5%13.7 pts headroom
82%0x0cB1928E…0x870aC11D…
reUSD / USDCMorpho Blue
0.0%$10.5
78% / 91.5%13.7 pts headroom
69%0xA66a4F03…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 (31% of TVL). Modeled at 50% loss on that exposure; full vault is not assumed at risk since markets are isolated.

−50% × 31% (largest market) × 100% pass-through
-15.7%
Recovery patch + governance
31% exposed
Curator misallocation
unlikely
computed

Curator routes into a market that develops bad debt or an oracle break. Worst single position is 31.3% of TVL; top-3 concentration is 75%. Modeled at 50% bad-debt recovery on the worst position.

−50% × 31.3% (worst market) × 100% pass-through
-15.7%
Recovery 30–90 days
31% exposed
USDC depeg
unlikely
computed

March 2023 SVB episode: USDC traded as low as $0.88 before banking exposure was clarified. Mark-to-market loss on 100% of vault TVL (the loan asset is USDC).

−12% × 100% exposed × 100% pass-through (loan-asset shock)
-12.0%
Recovery 7–14 days
100% 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. 28.1% of TVL is in exotic / tranche (RLP, Upshift wrappers, etc.) markets (weighted LLTV 92%). A 25% collateral shock translates to ~1.22% NAV loss after the 8-pt LLTV buffer absorbs liquidation-clearable price moves.

−25% × 28.1% exposed × 17% pass-through (LLTV 92%)
-1.2%
Recovery 30–180 days
28% exposed
Redemption queue under stress
possible
computed

71% 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 × 71% (stressed markets only)
-0.7%
Recovery 1–7 days
71% exposed
Activity

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

Full feed →
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 range1.15% – 29.33%
trailing 180d
APY volatility (σ)6.98 pts
standard deviation
Max APY drawdown-85.7%
peak-to-trough
APY trend+3.05 pts
180d delta