New vault
E
Gauntlet EURC Balanced
gteurcb
BaseOn peg4V2
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 EURC (a euro stablecoin on Base) which the vault lends out entirely to borrowers who post ETH, stETH, Bitcoin, or other crypto collateral. The vault earns interest from borrowing demand; the rate adjusts based on supply and demand for each collateral type, with no idle cash buffer.
Who runs it
Gauntlet runs the vault with a conservative posture—all collateral is blue-chip crypto assets (ETH variants and Bitcoin) at uniform 86% loan-to-value thresholds.
Where the yield comes from
The 0.99% APY comes entirely from borrowing demand against four ETH/Bitcoin collateral markets, each running at 81% utilization. No idle cash and no listed incentives.
What could break it
The vault is 109% allocated to WETH, meaning it's over-leveraged relative to deposits—a structural mismatch typical of Morpho Blue design. Collateral risk is concentrated in ETH/stETH/Bitcoin; a sharp drop in any would trigger liquidations and potential recovery friction. EURC itself shows a healthy depeg signal.
Who this is for
Good fit for an allocator seeking low-friction euro stablecoin lending with minimal operational complexity if you're comfortable with concentrated ETH collateral and modest yield. Avoid if you need diversified collateral types or capital preservation above ~1%.
EURC 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 peg4/100
Spot (market)$1.16007 bps below peg · CoinGecko
Oracle (Chainlink)unavailableRPC read failed this cycle
Score · 4/100
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.
mainstream26/100
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 Gauntlet EURC Balanced vault aims to optimize for risk-adjusted yield across large and medium market cap assets and high liquidity yield sources. The vaults risk strategy follows Gauntlets Balanced framework whereby we curate supply to balance security and yield to provide a low risk profile at competitive APYs.
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.
EURC
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
WETH / EURC108.8%
wstETH / EURC41.2%
cbBTC / EURC25.0%
cbETH / EURC25.0%
idle / EURC0.0%
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
computedTail-case: a vulnerability surfaces in Morpho V2 that affects the vault's largest single market (84% of TVL). Modeled at 50% loss on that exposure; full vault is not assumed at risk since markets are isolated.
−50% × 84% (largest market) × 100% pass-through
-41.9%
Recovery patch + governance
84% exposed
Curator misallocation
unlikely
computedCurator routes into a market that develops bad debt or an oracle break. Worst single position is 83.8% of TVL; top-3 concentration is 100%. Modeled at 50% bad-debt recovery on the worst position.
−50% × 83.8% (worst market) × 100% pass-through
-41.9%
Recovery 30–90 days
84% 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 $0M idle buffer (19% of $0M TVL). $50M of the $50M request queues; the redeemer takes a ~0.58% forced-exit discount weighted across collateral mix plus 11-day TVM cost. $50M of the request exceeds the vault's $0M TVL and cannot be redeemed at all.
queued 100% of $50M × (0.58% forced-exit discount + 0.28% TVM over 11.4 days at 9.1% rate)
-0.9%
Recovery 0–14 days (queue depth)
100% exposed
L2 sequencer halt 48h
unlikely
computed48h sequencer halt on Base. Collateral drifts while liquidations are frozen; the LLTV buffer absorbs liquidation-clearable moves, the excess accrues as bad debt. Plus a small forced-exit discount on the 0% of TVL sitting in markets above 85% utilization. Total -0.09% NAV loss.
48h × Base severity 1.0×: bad-debt across 100% of TVL (≈0.09%) + forced-exit discount on 0% stressed-utilization markets (≈0.00%)
-0.1%
Recovery 48 hours + 1–3 day catch-up
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
Chain
Base
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
0.00%
Fee recipientAddress that collects the performance fee
not configured
Skim recipientReceives stray non-loan-asset tokens swept from the vault
not configured
Deployed4 mos on-chain
Jan 21, 2026
One-click redeem
available
Morpho app
Market parameters (5)
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% – 3.55%
trailing 180d
APY volatility (σ)0.51 pts
standard deviation
Max APY drawdown-100.0%
peak-to-trough
APY trend-1.08 pts
180d delta