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0xdC94…A750e4
L

Gauntlet LBTC Core

gtLBTCc
Ethereum
Curated by Gauntlet·Inception 2024-11-19·Guardian 0x7084bF4dB6c21e1834dD6482f6056a39A33584cD
Ethereum
LBTC
Open on Morpho
Net APY0.02%
-0.10%30d 0.12%
Trend down
TVL$465.7K
-56.88%Capacity $698.55K
Trend down
Utilization35%
Underutilized
Risk score
10
Low
Market 0
·Loan demand 0
Complexity25Standard strategy
Liquidity85/100
Instant redemption available
Performance fee10%Above median
Morpho official alerts
1 critical, 1 caution alerts 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.

  • Realized bad debtYELLOWcbBTC / LBTC

    Liquidations completed without recovering the full debt. Loss has been socialized to suppliers and is already reflected in vault NAV.

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

The LBTC Core Vault will list a range of liquid collateral markets and continuously optimize risk-adjusted yield across those markets. This vault targets a higher risk level than Gauntlet's Prime Vaults.

Yield decomposition

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

Hover for source breakdownTotal · 0.02% gross APY
Curator performance fee−10.00%→0.02% net
Borrower lending demand
Structural

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

0.02%100.0% of yield · 2 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 94.5%. 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.

eBTC
0%
Lending venueCollateral asset in vault allocations.
cbBTC
0%
Lending venueCollateral asset in vault allocations.
WBTC
100%
Lending venueCollateral asset in vault allocations.
PT-LBTC-26JUN2025
0%
Pendle PTCollateral asset in vault allocations.
LBTC
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.

Markets4+ idle buffer
WBTC / LBTC100.0%
PT-LBTC-26JUN2025 / LBTC0.0%
cbBTC / LBTC0.0%
eBTC / LBTC0.0%
idle / LBTC0.0%
MarketProtocolAllocationLTV / LLTVUtilizationOracleIRM
idle / LBTCMorpho Blue
0.0%$0
——0x00000000…0x00000000…
eBTC / LBTCMorpho Blue
0.0%$0
78% / 91.5%13.7 pts headroom
32%0x2dC7bC20…0x870aC11D…
cbBTC / LBTCMorpho Blue
0.0%$0.2
80% / 94.5%14.2 pts headroom
3%0xBc25035A…0x870aC11D…
WBTC / LBTCMorpho Blue
100.0%$465.62K
80% / 94.5%14.2 pts headroom
35%0xb7e62271…0x870aC11D…
PT-LBTC-26JUN2025 / LBTCMorpho Blue
0.0%$75.87
78% / 91.5%13.7 pts headroom
1%0x7e93c1e2…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 (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
LBTC custody / federation discount
unlikely
computed

Multi-sig custody by a federation; modeled at 8% for federation event. Mark-to-market loss on 100% of vault TVL (loan asset is LBTC).

−8% × 100% exposed × 100% pass-through (loan-asset shock)
-8.0%
Recovery weeks
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% – 10.53%
trailing 180d
APY volatility (σ)2.35 pts
standard deviation
Max APY drawdownNaN%
peak-to-trough
APY trend+0.05 pts
180d delta