New vault
U
Api3 dCOMP USDC
Api3-dCOMP-USDC
EthereumOn peg1V2
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
You deposit USDC and Api3 lends it out almost entirely against dCOMP (a governance token) as collateral, with a small piece against wstETH. The interest rate borrowers pay floats with supply and demand; there's no idle cash, so all deposits are deployed.
Who runs it
Api3 runs this vault with a tight focus on dCOMP borrowing, holding 93% of the book there at a 63% loan-to-value threshold.
Where the yield comes from
The 7.05% APY comes from borrowing demand against dCOMP and wstETH collateral. Both markets are highly utilized (64% and 86% respectively), meaning tight supply-demand balance is driving the rate.
What could break it
dCOMP is a governance token with lower liquidity than major assets—a sharp price drop could force liquidations. wstETH exposure is smaller (7%) but carries restaking risk. The scoring engine flags no elevated risks, and USDC itself shows no depeg signal.
Who this is for
Good fit for stablecoin lenders comfortable with governance-token collateral exposure and wanting concentrated yield; avoid if you need diversified or stablecoin-only collateral backing.
USDC is trading within normal range. Both market spot and Chainlink agree this vault's loan asset is on peg — no peg risk affecting NAV right now.
On peg1/100
Spot (market)$0.99973 bps below peg · CoinGecko
Oracle (Chainlink)$0.99973 bps below peg · What Morpho liquidates against
Spot ↔ oracle gap0 bpsSources agree
Score · 1/100
max(price, vault health) · saturates at 200 bps
Risk decomposition
How the composite risk score breaks down. Every number traces to an explicit input — /methodology documents each factor's formula.
mainstream30/100
Warning floorfloor
Hard min from Morpho's own flags on the vault or its active markets.
Structuralweight 28%
Share-weighted collateral quality + LLTV buffer adequacy. Correlation-aware.
Liquidationweight 20%
Headroom (1 − LLTV) measured in σ-units of 30d realized vol, amplified by utilization.
Yield anomalyweight 20%
Peer-cohort z-score plus absolute-yield band. Excess yield is risk you may not yet model.
Concentrationweight 12%
Market HHI + asset-class HHI + curator's universe TVL share.
Liquidityweight 10%
Util curve position, share locked above 95%, idle buffer.
Maturityweight 10%
Vintage + TVL-time integral. V2 vaults carry an opacity surcharge.
Depeg floorfloor
Hard min from active depeg signal on the loan asset.
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 dCOMP Vault lets USDC suppliers earn yield from a large COMP-holding borrower who posts dCOMP as collateral. dCOMP is a wrapper around COMP that preserves on-chain voting power allowing the borrower to access stablecoin liquidity without giving up their voice in Compound governance. Yields are elevated relative to blue-chip vaults reflecting concentrated single-borrower exposure and COMPs collateral profile. Api3 has committed significant capital of its own into the vault aligning incentives directly with other depositors.
Where the yield comes from
Morpho V2 vault — wraps downstream Morpho markets and V1 vaults via adapters.
Why they may not
Some V2 adapters point at Morpho Blue markets directly; their underlying market detail isn't resolvable in the universe-level fetch, so this vault carries a V2 opacity surcharge in the risk model.
Hidden exposure map
What this vault is actually exposed to — including dependencies that are not visible from the strategy name.
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.
Markets2+ idle buffer
dCOMP / USDC93.2%
wstETH / USDC6.8%
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.
USDC depeg 12%
unlikely
computedMarch 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
V2 adapter routing failure
rare
computedV2 vaults route through adapters into downstream venues. A misbehaving adapter (paused, drained, or pointing at a compromised target) can lock or mismark a portion of the vault until governance acts.
−4% × 100% (adapter-stack-wide assumption; refined when per-adapter shares are available)
-4.0%
Recovery operational
100% exposed
$50M same-day redemption
possible
computedVault has $7M idle buffer (100% of $7M TVL). $43M of the $50M request queues; the redeemer takes a ~0.50% forced-exit discount weighted across collateral mix plus 0-day TVM cost. $43M of the request exceeds the vault's $7M TVL and cannot be redeemed at all.
queued 87% of $50M × (0.50% forced-exit discount + 0.00% TVM over 0.0 days at 5.0% rate)
-0.4%
Recovery 0–14 days (queue depth)
87% 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
Chain
Ethereum
CuratorRisk team setting market allocations
OwnerCan change curator, guardian, and timelock (after delay)
—
GuardianCan pause and revoke allocations if compromised
not configured
TimelockDelay before owner-initiated parameter changes take effect
none
Performance feeCurator's cut of generated yield
5.00%
Fee recipientAddress that collects the performance fee
not configured
Skim recipientReceives stray non-loan-asset tokens swept from the vault
not configured
Deployed3 mos on-chain
Mar 1, 2026
One-click redeem
available
Morpho app
Market parameters (2)
Oracle, IRM, and LLTV per Morpho Blue market the vault routes into. Click an address to inspect the contract on a block explorer.Activity
Curator and parameter changes detected by VaultScanner's snapshot diff. Refreshed every 6 hours.
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% – 118.69%
trailing 180d
APY volatility (σ)34.82 pts
standard deviation
Max APY drawdownNaN%
peak-to-trough
APY trend+0.00 pts
180d delta