Gauntlet USDT Frontier on Ethereum
A Morpho vault on Ethereum that lends out USDT deposits, curated by Gauntlet. Depositors earn 2.85% a year right now after a 5% performance fee.
Data from Morpho's API · updated
Net APY
2.85%
after fees, paid to depositors
30-day APY
3.69%
7-day 4.02%, from the share price
Deposits
$8.05M
8.06M USDT
Withdrawable now
$7.44M
92% of deposits
Performance fee
5%
of the interest earned
Depositors
72
largest holds 62.4%
Gauntlet USDT Frontier APY history
Net APY earned each day, from the vault's share price: after fees, without token rewards
| Day | Deposits | Net APY |
|---|
Deposits over time
Where the money goes
The markets this vault lends to right now, largest first
| Market | Lent | Share |
|---|---|---|
| WBTC / USDTLLTV 86% | $6.92M | 76.1% |
| wstETH / USDTLLTV 86% | $1.36M | 14.9% |
| weETH / USDTLLTV 86% | $435K | 4.8% |
| WETH / USDTLLTV 86% | $270K | 3.0% |
| syrupUSDT / USDTLLTV 91.5% | $86.7K | 1.0% |
| sUSDS / USDTLLTV 96.5% | $20.0K | 0.2% |
| sUSDS / USDTLLTV 96.5% | $678 | <0.01% |
| sUSDD / USDTLLTV 91.5% · under $1,000, not tracked here | $490 | <0.01% |
| cbBTC / USDTLLTV 86% | $17.00 | <0.01% |
| Idle cashnot lent out | $0 | 0.0% |
The curator decides which markets the vault may use and how much it may put in each (the cap). Allocators then move money between those markets within the caps. How vaults work.
What the loans are backed by
Share of this vault's lending by the collateral borrowers put up
| WBTC | 73.0% |
|---|---|
| wstETH | 16.9% |
| weETH | 5.4% |
| WETH | 3.4% |
| syrupUSDT | 1.1% |
| sUSDS | 0.3% |
Returns over time
Net APY actually earned over each period, from the share price: after fees, without token rewards
| Last day | 2.85% |
|---|---|
| Last 7 days | 4.02% |
| Last 30 days | 3.69% |
| Last 90 days | 3.49% |
| Last year | 3.53% |
Who controls this vault
| Curator | Gauntlet |
|---|---|
| Owner | 0xC684…fAec4-of-7 multisig |
| Guardian | 0x7084…84cD |
| Timelock | 3 dayswait before risky changes take effect |
| Allocators | 2addresses that move money between markets |
| Pending changes | 1SetCap from September 20, 2026 |
| Created | January 28, 2025 |
Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.
Details
| Deposit asset | USDTprice $0.9990 |
|---|---|
| Vault version | MetaMorpho (V1) |
| APY before fees | 3.00% |
| Public allocator | Onborrowers can pull liquidity between this vault's markets |
| Vault contract | 0x79FD…d702 |
| USDT token | 0xdAC1…1ec7 |
| Network | Ethereum |
The curator's description: "The Gauntlet USDT Frontier Vault targets maximum yield by allocating to potentially higher volatility markets that may face liquidity risks in exchange for greater supplier returns."
Largest depositors
72 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0x13a5…F438 | $5.03M | 62.4% |
| 0x2d79…5E31 | $3.27M | 40.6% |
| 0xfC76…9892 | $209K | 2.6% |
| 0x39be…705D | $195K | 2.4% |
| 0x40bD…3019 | $154K | 1.9% |
| 0x913e…1275 | $102K | 1.3% |
| 0xAb36…1160 | $21.0K | 0.3% |
| 0x6aa7…B26f | $20.6K | 0.3% |
| 0xba4A…261e | $20.2K | 0.3% |
| 0xaE84…0e63 | $20.2K | 0.3% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About Gauntlet USDT Frontier
Gauntlet USDT Frontier is a MetaMorpho vault (Morpho V1) on Ethereum, created on January 28, 2025. It takes USDT deposits and lends them to borrowers in 9 Morpho markets. The curator, Gauntlet, decides which markets it may use and how much can go into each.
It holds $8.05M (8.06M USDT) from 72 depositors and pays a net APY of 2.85% after its 5% performance fee. Over the last 30 days depositors actually earned 3.69% a year, and 3.53% over the last year.
Its largest position is WBTC / USDT at 76% of its deposits, followed by wstETH / USDT (15%) and weETH / USDT (5%). Counting every market, its loans are backed mainly by WBTC (73%), wstETH (17%) and weETH (5%). 92% of deposits could be withdrawn right now.
Adding a market or raising how much can go into one waits behind a timelock of 3 days, which gives depositors time to leave first. The owner is a 4-of-7 multisig wallet. Morpho's app shows no warnings for this vault.
Gauntlet USDT Frontier: quick answers
What is the APY of Gauntlet USDT Frontier on Ethereum?
Gauntlet USDT Frontier pays 2.85% net APY right now, after its fees. Measured from the growth of its share price, it paid 3.69% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Gauntlet USDT Frontier lend against?
It lends USDT through 9 Morpho markets. The biggest is WBTC / USDT with 76% of its deposits. Overall its loans are backed mainly by WBTC (73%), wstETH (17%) and weETH (5%).
Can I withdraw from Gauntlet USDT Frontier right now?
About $7.44M of its $8.05M in deposits (92%) could be withdrawn immediately. The rest is lent out and frees up as borrowers repay or as higher rates bring in new lenders.
Who runs Gauntlet USDT Frontier and what does it charge?
Gauntlet curates it. It keeps 5% of the interest earned as a performance fee. The net APY shown is after these fees.
What are the risks of Gauntlet USDT Frontier?
Like every Morpho vault, it can lose money if a borrower's collateral crashes faster than it can be liquidated, if a price oracle fails, or through a smart contract bug. Withdrawals can wait when its markets are fully borrowed. Adding a market or raising a cap waits behind a timelock of 3 days. This is not advice.
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