Gauntlet USDC⚠ Deposit disabled
A Morpho vault on Unichain that lends out USDC deposits, curated by Gauntlet. Depositors earn 3.50% a year right now after a 10% performance fee.
Data from Morpho's API · updated
Net APY
3.50%
after fees, paid to depositors
30-day APY
3.52%
7-day 2.88%
Deposits
$75.0K
75.01K USDC
Withdrawable now
$43.2K
58% of deposits
Performance fee
10%
of the interest earned
Depositors
162
largest holds 34.3%
Warnings from Morpho
- Deposit disabled
Morpho's app flags these. Check the bad debt page and the markets below before depositing.
Gauntlet USDC APY history
Net APY earned each day, measured from the vault's share price
| Day | Deposits | Net APY |
|---|
Deposits over time
Where the money goes
The markets this vault lends to right now, largest first
| Market | Lent | Share |
|---|---|---|
| Idle cashnot lent out | $39.7K | 53.5% |
| WBTC / USDCLLTV 86% | $34.5K | 46.5% |
| PT-cUSD-23JUL2026-(ETH) / USDCLLTV 91.5% · not listed in the Morpho app | $6.00 | <0.01% |
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
| Other | 53.5% |
|---|---|
| WBTC | 46.5% |
| WETH | 0.0% |
Returns over time
Net APY actually earned over each period, from the share price
| Last day | 3.19% |
|---|---|
| Last 7 days | 2.88% |
| Last 30 days | 3.52% |
| Last year | 4.40% |
| Since the vault started | 4.13% |
Who controls this vault
| Curator | Gauntlet |
|---|---|
| Owner | 0x5a4E…d4D04-of-7 multisig |
| Guardian | 0x7084…84cD |
| Timelock | 3 dayswait before risky changes take effect |
| Allocators | 2addresses that move money between markets |
| Created | May 20, 2025 |
Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.
Details
| Deposit asset | USDCprice $0.9999 |
|---|---|
| Vault version | MetaMorpho (V1) |
| APY before fees | 3.89% |
| Public allocator | Onborrowers can pull liquidity between this vault's markets |
| Vault contract | 0x38f4…F9f9 |
| USDC token | 0x078D…7AD6 |
| Network | Unichain |
The curator's description: "The Gauntlet USDC vault optimizes for maximum yield within an aggressive risk framework. The Vault follows Gauntlet’s Frontier Strategy, actively managing allocations to potentially higher volatility yield sources that may face liquidity risks in exchange for greater returns, providing enhanced APY for USDC suppliers."
Largest depositors
162 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0x1717…9f2a | $25.7K | 34.3% |
| 0xd145…9454 | $11.2K | 14.9% |
| 0xc7D4…Cd65 | $10.7K | 14.3% |
| 0xe563…2347 | $8.5K | 11.3% |
| 0xe2f6…672F | $4.4K | 5.9% |
| 0x08a2…1178 | $4.2K | 5.6% |
| 0x7795…7B0C | $2.6K | 3.5% |
| 0xd040…844e | $1.0K | 1.4% |
| 0x5018…03c1 | $944 | 1.3% |
| 0x79E3…d86b | $931 | 1.2% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About Gauntlet USDC
Gauntlet USDC is a MetaMorpho vault (Morpho V1) on Unichain, created on May 20, 2025. It takes USDC deposits and lends them to borrowers in 2 Morpho markets. The curator, Gauntlet, decides which markets it may use and how much can go into each.
It holds $75.0K (75.01K USDC) from 162 depositors and pays a net APY of 3.50% after its 10% performance fee. Over the last 30 days depositors actually earned 3.52% a year, and 4.40% over the last year.
Its largest position is WBTC / USDC at 47% of what it lends, followed by PT-cUSD-23JUL2026-(ETH) / USDC (<0.01%). Counting every market, its loans are backed mainly by Other (53%) and WBTC (47%). 58% of deposits could be withdrawn right now.
Risky changes, such as adding a market, wait behind a 3-day timelock, which gives depositors time to leave first. The owner is a 4-of-7 multisig wallet. Morpho's app shows a warning for this vault: deposit disabled.
Gauntlet USDC: quick answers
What is the APY of Gauntlet USDC on Unichain?
Gauntlet USDC pays 3.50% net APY right now, after its fees. Measured from the growth of its share price, it paid 3.52% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Gauntlet USDC lend against?
It lends USDC through 2 Morpho markets. The biggest is WBTC / USDC with 47% of its lending. Overall its loans are backed mainly by Other (53%) and WBTC (47%).
Can I withdraw from Gauntlet USDC right now?
About $43.2K of its $75.0K in deposits (58%) 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 USDC and what does it charge?
Gauntlet curates it. It keeps 10% of the interest earned as a performance fee. The net APY shown is after these fees.
What are the risks of Gauntlet USDC?
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. Morpho's app flags: deposit disabled. This is not advice.
Other USDC vaults
The same deposit asset, other curators and networks