New vault
F
Stake DAO frxUSD v2
sdFRXUSDv2
EthereumV2
Morpho official alerts
2 caution alerts from Morpho's risk team
- Not whitelistedYELLOWstakedao-av/frxUSD / frxUSD
Vault is not on Morpho's official whitelist. It may still function but has not been reviewed for inclusion in the curated set.
- Not whitelistedYELLOWstakedao-frxUSDOUSD / frxUSD
Vault is not on Morpho's official whitelist. It may still function but has not been reviewed for inclusion in the curated set.
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 frxUSD (a stablecoin issued by Frax Finance) and Stake DAO lends it out to borrowers who post Curve LP tokens and other frxUSD-variant collateral. The interest rate is set by supply and demand—currently 8.31% APY because borrowing demand is strong (the two active markets are running 87–90% utilization).
Who runs it
Stake DAO runs this vault, operating a focused stablecoin lending book concentrated entirely on frxUSD and related Frax ecosystem assets.
Where the yield comes from
The 8.31% APY comes from borrowing fees paid by users posting Curve LP collateral and frxUSD variants against the frxUSD lent out. All deposited cash is deployed (0% idle); there are no listed incentive programs supplementing the yield.
What could break it
The vault is 100% exposed to frxUSD and Frax-ecosystem collateral (Curve LPs, mUSD). If frxUSD depegs or Curve LP prices collapse, collateral may liquidate below expectations. Stake DAO has not been whitelisted by Morpho, flagged as yellow-level warnings on both deployed markets.
Who this is for
Good fit for holders comfortable with Frax ecosystem stablecoin collateral who want simple, single-asset lending yield. Avoid if you require Morpho whitelisting as a trust signal or cannot tolerate frxUSD depeg risk.
Risk decomposition
How the composite risk score breaks down. Every number traces to an explicit input — /methodology documents each factor's formula.
elevated36/100
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 Stake DAO frxUSD vault aims to optimize yields by lending frxUSD against selected Stake DAO LP token collaterals with a cautious risk approach or other blue chip collaterals depending on market conditions.
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.
frxUSD
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
stakedao-crvfrxUSD / frxUSD56.7%
stakedao-FrxMsUSD / frxUSD43.3%
stakedao-frxUSDOUSD / frxUSD0.0%
stakedao-av/frxUSD / frxUSD0.0%
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.
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 86% 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)
86% 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
Feb 17, 2026
One-click redeem
available
Morpho app
Market parameters (4)
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% – 15.58%
trailing 180d
APY volatility (σ)4.30 pts
standard deviation
Max APY drawdownNaN%
peak-to-trough
APY trend+0.00 pts
180d delta