Gauntlet WETH PrimeV2

Q: What is the APY of Gauntlet WETH Prime V2 on Ethereum?

Gauntlet WETH Prime V2 pays 1.71% net APY right now, after its fees. Measured from the growth of its share price, it paid 1.68% over the last 30 days. The rate changes every day with what its borrowers pay.

Q: What does Gauntlet WETH Prime V2 lend against?

It lends WETH through 4 Morpho markets. The biggest is wstETH / WETH with 76% of its lending. Overall its loans are backed mainly by wstETH (76%), weETH (24%) and WBTC (<0.01%).

Q: Can I withdraw from Gauntlet WETH Prime V2 right now?

About $3.56M of its $26.24M in deposits (14%) could be withdrawn immediately. The rest is lent out and frees up as borrowers repay or as higher rates bring in new lenders.

Q: Who runs Gauntlet WETH Prime V2 and what does it charge?

Gauntlet curates it. It keeps 0% of the interest earned as a performance fee. The net APY shown is after these fees.

Q: What are the risks of Gauntlet WETH Prime V2?

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. Changes to it wait behind a 3-day timelock on raising caps. This is not advice.

A Morpho V2 vault on Ethereum that lends out WETH deposits, curated by Gauntlet. Depositors earn 1.71% a year right now after a 0% performance fee.

Data from Morpho's API · updated 2026-09-26 13:40 UTC

Net APY

1.71%

after fees, paid to depositors

30-day APY

1.68%

7-day 1.75%

Deposits

$26.24M

9.77K WETH

Withdrawable now

$3.56M

14% of deposits

Performance fee

of the interest earned

Depositors

largest holds 40.5%

Open in the Morpho app ↗Earnings calculator

Gauntlet WETH Prime APY history

Net APY earned each day, measured from the vault's share price

Deposits over time

Where the money goes

The markets this vault lends to right now, largest first

Market	Lent	Share	Supply APY	Utilization	Cap
wstETH / WETHLLTV 94.5%	$19.95M	75.9%	1.63%	89.2%	–
weETH / WETHLLTV 94.5%	$6.34M	24.1%	1.95%	90.4%	–
WBTC / WETHLLTV 91.5%	$233	<0.01%	0.20%	40.8%	–
cbBTC / WETHLLTV 91.5%	$5.00	<0.01%	0.02%	31.2%	–

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

wstETH	75.9%
weETH	24.1%
WBTC	<0.01%
cbBTC	<0.01%

Returns over time

Net APY actually earned over each period, from the share price

Last day	2.17%
Last 7 days	1.75%
Last 30 days	1.68%
Since the vault started	1.96%

Who controls this vault

Curator	Gauntlet
Owner	0xC684…fAec4-of-7 multisig
Timelock to raise a cap	3 dayswait before more can go into a market
Timelock to add an adapter	7 dayswait before a new kind of investment
Timelock to raise fees	3 days
Allocators	2addresses that move money between markets
Sentinels	2can pull money back or cut caps in an emergency
Pending changes	2IncreaseRelativeCap from September 26, 2026; IncreaseAbsoluteCap from September 26, 2026
Created	October 1, 2025

Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.

Details

Deposit asset	WETHprice $2.7K
Vault version	Morpho Vault V2
APY before fees	1.71%
Vault contract	0x43fC…92da
WETH token	0xC02a…6Cc2
Network	Ethereum

The curator's description: "The Gauntlet WETH Prime vault aims to optimize for risk-adjusted yield by allocating across large market cap assets and high liquidity yield sources. The vaults risk strategy follows the Gauntlet Prime conservative framework whereby we curate supply to manage security and yield to provide a low risk profile at competitive APYs."

Largest depositors

49 addresses hold shares in this vault

Address	Deposit	Share of vault
0x2B02…7896	$10.63M	40.5%
0xC9d3…30d7	$9.86M	37.6%
0x1199…d0b2	$1.87M	7.1%
0xB757…a9b5	$1.65M	6.3%
0x5504…1581	$391K	1.5%
0x59f6…0361	$353K	1.3%
0xdea4…A20D	$269K	1.0%
0xaa45…09dF	$262K	1.0%
0x40e0…A3A3	$251K	1.0%
0x8C9a…AeD6	$150K	0.6%

When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.

About Gauntlet WETH Prime V2

Gauntlet WETH Prime V2 is a Morpho V2 vault on Ethereum, created on October 1, 2025. It takes WETH deposits and lends them to borrowers in 4 Morpho markets. The curator, Gauntlet, decides which markets it may use and how much can go into each.

It holds $26.24M (9.77K WETH) from 49 depositors and pays a net APY of 1.71% after its 0% performance fee. Over the last 30 days depositors actually earned 1.68% a year.

Its largest position is wstETH / WETH at 76% of what it lends, followed by weETH / WETH (24%) and WBTC / WETH (<0.01%). Counting every market, its loans are backed mainly by wstETH (76%), weETH (24%) and WBTC (<0.01%). 14% of deposits could be withdrawn right now.

Risky changes, such as adding a market, wait behind a 3-day timelock on raising caps, 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.