New vault
C
Moonwell Frontier cbBTC
mwcbBTC
BaseV2
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 cbBTC (Bitcoin wrapped on Base) and the vault lends it out to borrowers who post LBTC (Liquify's liquid Bitcoin) as collateral. Borrowers pay interest on what they've borrowed, and that interest flows back to you; the vault holds 36% un-borrowed as a buffer.
Who runs it
Anthias Labs runs a conservative Bitcoin collateral book — LBTC exposure only, 92% loan-to-value limit, minimal utilization at 20%.
Where the yield comes from
APY of 0.60% comes from borrowing demand against LBTC collateral. Most of the vault's cbBTC (64%) is deployed; no incentive programs listed.
What could break it
Primary risk is LBTC depeg or sharp Bitcoin price moves that trigger liquidations, though the 92% LLTV and low 20% utilization provide cushion. cbBTC itself carries Bitcoin custody and wrapping risk.
Who this is for
Good fit for conservative allocators seeking modest Bitcoin yield with low complexity if they're comfortable holding cbBTC; avoid if you need meaningfully higher returns or have zero tolerance for liquid-staking Bitcoin volatility.
Risk decomposition
How the composite risk score breaks down. Every number traces to an explicit input — /methodology documents each factor's formula.
blue-chip18/100
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 Moonwell Frontier cbBTC Vault curated by Anthias Labs is intended to optimize risk adjusted interest earned from BTC liquid restaking tokens as collateral. Unlike the more conservative Moonwell Flagship Vaults, Moonwell Frontier Vaults offer a higher risk reward opportunity for those interested in emerging Bitcoin derivative markets.
Where the yield comes from
Morpho V2 vault — wraps downstream Morpho markets and V1 vaults via adapters.
Hidden exposure map
What this vault is actually exposed to — including dependencies that are not visible from the strategy name.
cbBTC
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.
Markets1+ idle buffer
LBTC / cbBTC64.2%
idle / cbBTC35.8%
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.
Morpho contract vulnerability
rare
computedTail-case: a vulnerability surfaces in Morpho V2 that affects the vault's largest single market (64% of TVL). Modeled at 50% loss on that exposure; full vault is not assumed at risk since markets are isolated.
−50% × 64% (largest market) × 100% pass-through
-32.1%
Recovery patch + governance
64% exposed
Curator misallocation
unlikely
computedCurator routes into a market that develops bad debt or an oracle break. Worst single position is 64.2% of TVL; top-3 concentration is 64%. Modeled at 50% bad-debt recovery on the worst position.
−50% × 64.2% (worst market) × 100% pass-through
-32.1%
Recovery 30–90 days
64% exposed
cbBTC custody discount 5%
unlikely
computedCoinbase-custodied; tail risk is regulatory or exchange-level event temporarily breaking redemption. Mark-to-market loss on 100% of vault TVL (loan asset is cbBTC).
−5% × 100% exposed × 100% pass-through (loan-asset shock)
-5.0%
Recovery weeks
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 $0M idle buffer (87% of $1M TVL). $50M of the $50M request queues; the redeemer takes a ~0.50% forced-exit discount weighted across collateral mix plus 2-day TVM cost. $49M of the request exceeds the vault's $1M TVL and cannot be redeemed at all.
queued 99% of $50M × (0.50% forced-exit discount + 0.03% TVM over 1.8 days at 5.6% rate)
-0.5%
Recovery 0–14 days (queue depth)
99% 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
15.00%
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
Feb 6, 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% – 1.03%
trailing 180d
APY volatility (σ)0.29 pts
standard deviation
Max APY drawdownNaN%
peak-to-trough
APY trend+0.00 pts
180d delta