Clearstar USDC Reactor

Risk reportEthereum0x62fe…dc78

Risk

Depositing into Clearstar USDC Reactor means underwriting risks you usually can't see: how much you could lose, whether you'd get out in time, and what would cover it.

Morpho BlueVault (aggregates across markets)

How much could be lost?

Your deposit (optional)

36%of your deposit if collateral falls 50%Only smart-contract bug reaches a total 100%, with no warning to exit.

Can I exit?

Via underlying marketsonly governance changes give a 3-day timelock to exit — every other modeled failure is no-warning

What backs it?

No committed backstopnothing committed would cover a loss

Track record

No pool-level losses recorded36 audits, latest Dec 15, 2025

Collateral and oracle exposure

Each token you're exposed to, and the market it backs. If that market breaks, this is how much the vault loses, in dollars and as a share of the vault. Open a row for the price feed, stress curve, and supply-cap detail. Below, the oracles those prices depend on and what is at stake if one is compromised.

If collateral prices dropper asset · no liquidations · stress estimate

est. bad debt up to 16% of deposit

Driven by sUSN −30% 13% · srRoyUSDC −30% 1% · PT-reUSD-10DEC2026 −30% 1% · other <1% · −100% 84% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

sUSNHybridStork / Chainlink72%of vault · bad debt · $1.01mOracle exposure 14%

85%of vault · $1.21m72%of vault · $1.01m14%separate path

What it's made of

Hybrid· Stork / Chainlink(aggregator)

sUSN mixes exchange-rate/NAV (A port of a chainlink aggregator powered by Stork, ERC4626 vault share-rate) with market-rate (USDC / USD) — insulated from A port of a chainlink aggregator powered by Stork, ERC4626 vault share-rate market deviation, but exposed to USDC / USD.

BaseA port of a chainlink aggregator powered by StorkNAVQuoteUSDC / USDMarketChainlinkBaseERC4626 vault share-rateVault

Heartbeat 23h · Deviation 25bps

Markets this collateral backs · 1

→ USDC86% LLTV0xc415…94aaStork / Chainlink

Room to grow: $1.21m of $10m cap (12% used)Aggregate Collateral Trust (ACT):$286,340.893 vaultsToken:0xe24a…b91dAllocation: 85% of the vault · $1.21m

If it breaks

−30% default

At −30%:est. bad debt up to 13% of depositUses 1 market LLTV curve · capped at allocation $1.21m · drag to set this asset's drop

Oracle exposure: up to 14% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

srRoyUSDCHybrid6%of vault · bad debt · $81,975.44Oracle exposure 1%

7%of vault · $96,194.676%of vault · $81,975.441%separate path

What it's made of

Hybrid(exchange-rate)

srRoyUSDC is priced from an exchange-rate/NAV leg (ERC4626 vault share-rate) — no market-rate feed, so it tracks redemption value, not market price.

BaseERC4626 vault share-rateVault

Markets this collateral backs · 1

→ USDC92% LLTV0x86a8…6ab0

Room to grow: $96,194.67 of $5m cap (2% used)Aggregate Collateral Trust (ACT):$283,828.424 vaultsToken:0xcd9f…2a32Allocation: 7% of the vault · $96,194.67

If it breaks

−30% default

At −30%:est. bad debt up to 1% of depositUses 1 market LLTV curve · capped at allocation $96,194.67 · drag to set this asset's drop

Oracle exposure: up to 1% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

PT-reUSD-10DEC2026HybridPTMarket rate5%of vault · bad debt · $68,415.88Oracle exposure 0.6%

5%of vault · $77,354.115%of vault · $68,415.880.6%separate path

What it's made of

Hybrid(composite)PTMarket rate

PT-reUSD-10DEC2026 PT is priced by a Pendle market-rate oracle.

BaseOjo PT Feed Pendle Chainlink-compatible OracleNAV

Markets this collateral backs · 1

→ USDC92% LLTV0x217d…51f0

Room to grow: $77,354.11 of $5m cap (2% used)Aggregate Collateral Trust (ACT):$12.4m16 vaultsToken:0xecfa…3957Allocation: 5% of the vault · $77,354.11

If it breaks

−30% default

At −30%:est. bad debt up to 1% of depositUses 1 market LLTV curve · capped at allocation $77,354.11 · drag to set this asset's drop

Oracle exposure: up to 0.6% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

savUSDHybridChainlink1%of vault · bad debt · $17,006.74Oracle exposure 0.2%

1%of vault · $20,002.231%of vault · $17,006.740.2%separate path

What it's made of

Hybrid· Chainlink(aggregator)

savUSD is priced from an exchange-rate/NAV leg (SAVUSD / AVUSD Exchange Rate) — no market-rate feed, so it tracks redemption value, not market price.

BaseSAVUSD / AVUSD Exchange RateExchange rateChainlink

Heartbeat 24h · Deviation 50bps

Markets this collateral backs · 1

→ USDC92% LLTV0x8399…ff12Chainlink

Room to grow: $20,002.23 of $5m cap (<1% used)Aggregate Collateral Trust (ACT):$1.11m4 vaultsToken:0xb8d8…46a4Allocation: 1% of the vault · $20,002.23

If it breaks

−30% default

At −30%:est. bad debt up to 0.3% of depositUses 1 market LLTV curve · capped at allocation $20,002.23 · drag to set this asset's drop

Oracle exposure: up to 0.2% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

fxSAVEHybrideOracle0.7%of vault · bad debt · $9,966.55Oracle exposure 0.1%

0.8%of vault · $10,976.960.7%of vault · $9,966.550.1%separate path

What it's made of

Hybrid· eOracle(composite)

Mixes market and exchange-rate inputs — partial depeg insulation, partial market exposure.

Markets this collateral backs · 1

→ USDC86% LLTV0x1693…4440eOracle

Room to grow: $10,976.96 of $19.99m cap (<1% used)Aggregate Collateral Trust (ACT):$10.94m7 vaultsToken:0x7743…fc39Allocation: 0.8% of the vault · $10,976.96

If it breaks

−30% default

At −30%:est. bad debt up to 0.1% of depositUses 1 market LLTV curve · capped at allocation $10,976.96 · drag to set this asset's drop

Oracle exposure: up to 0.1% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

liUSD-1wHybrid<0.1%of vault · bad debt · $506.84Oracle exposure 0.1%

0.1%of vault · $1,567.11<0.1%of vault · $506.840.1%separate path

What it's made of

Hybrid(composite)

Mixes market and exchange-rate inputs — partial depeg insulation, partial market exposure.

Markets this collateral backs · 1

→ USDC86% LLTV0xfec8…c40c

Room to grow: $1,497.51 of $10m cap (<1% used)Aggregate Collateral Trust (ACT):$1,497.512 vaultsToken:0x12b0…8442Allocation: 0.1% of the vault · $1,567.11

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $1,567.11 · drag to set this asset's drop

Oracle exposure: up to 0.1% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

+12 markets with no current position

Oracle dependencies

3 feeds · 2 control points

Up to16%of vault drainable if these feeds are mispriced · $224,878.62

Each price traces to a feed and the on-chain admin that can move it. Compromise either to misprice the collateral and borrow against it. Per-row amounts overlap and are not summed.

Chainlink / eOracle / RedStone / Stork·a 4/9 Safe multisigprices cbBTC, upUSDC, stcUSD, savUSD, OETH, sUSN0x21f7…73ca14% of vault · $199,650.47drainable if it is compromised
eOracle·a control contractprices fxSAVE0x9b54…dda4<1% of vault · $1,010.41drainable if it is compromised
On-chain exchange rate· no external feed or adminprices srRoyUSDC1% of vault · $14,219.24mispriceable only via the issuing contract
Unidentified feeds· vendor and on-chain control not resolvedprices PT-reUSD-10DEC2026, liUSD-1w<1% of vault · $9,998.5mispriceable if these feeds lie


Full-deposit & protocol-level(2)
	100%	Full deposit	Instant
	16%	up to 84%	Instant
Price-driven collateral stress(1)
	16%	up to 84%	Instant
Oracle & liquidation failures(5)
	16%	up to 99%	Instant
	16%	up to 84%	Instant
	16%	up to 84%	Instant
	16%	up to 83%	Instant
	—	up to 16%	Instant
Vault role & allocator(4)
	—	Full deposit	3 days
	—	Full deposit	Instant
	—	up to 50%	3 days
	—	0%	Instant

Trust and control

The people and processes that can change this protocol under you.

Track record · no pool-level losses recorded · 5 protocol incidents · 36 audits

Vault operators

The roles that can actually move your deposit — the real principal-loss path.

Reaches deposit, no delayReaches deposit, timelockedCan't reach deposit

Role timelock 3 days to exit before owner/curator actions land

Ownersingle key (EOA)0x3098…3458

Curatorsingle key (EOA)0x7288…f0ef

Guardian2-of-4 multisig0x1bb2…8458

Audits

361 critical, 13 high findings logged

Certora· Dec 15, 2025report
Blackthorn· Dec 4, 2025report
Spearbit· Dec 4, 2025report
Blackthorn· Sep 15, 2025report

+32 more audits

Governance & control

Protocol-wide governance: bounded context, not the path to your deposit.

Governance owner5-of-912 chains0xcba2…9afa

Rewards owner3-of-70xf057…b2e9

Rewards updater3-of-50x5eb9…3297

Snapshot proposer5-of-80x6abf…f6a2

Governance contract0xcBa2…9AFa

Top-10 voter concentration100.0%

Quorum to pass500,000 MORPHO· top 10 hold 2.56m

Voting token

MORPHO0x58D9…c2B2

Dependencies that can affect your deposit

11 things this pool relies on but doesn't control. Select one for its story.

Morpho Blue

oracles

Market Specific oracle

Every Morpho Blue market chooses an immutable oracle contract at creation; implementations can be Chainlink-like, exchange-rate, fixed-price, or custom. Failure modes: attacker-favourable price feed (covered in market-oracle-compromise) or price() revert / staleness blocking liquidations (covered in oracle-liveness-or-malfunction).

No quantified loss scenario references this dependency directly.

Updated Sep 16, 2026Sources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql

Clearstar USDC Reactor

Risk

Collateral and oracle exposure

What it's made of

If it breaks

What it's made of

If it breaks

What it's made of

If it breaks

What it's made of

If it breaks

What it's made of

If it breaks

What it's made of

If it breaks

Oracle dependencies

Loss scenarios

Trust and control

Vault operators

Audits

Governance & control

Dependencies that can affect your deposit

Market Specific oracle