Lending
4 reports
Morpho's immutability ends where your curator's flow caps begin
If you're supplying USDC to a Morpho vault, the protection you're depending on isn't the one the protocol advertises. One flow cap setting separated Gauntlet ($5.95M loss) from Steakhouse (zero) in the March 22 Resolv exploit.
The audit fix that became Euler's $197M vulnerability
Nine audits. $197M stolen in eight minutes. The function that made it possible was introduced to fix a previous audit finding and reviewed by exactly one of those nine auditors.
$6.2M Left "Safe" Morpho Vaults in 90 Minutes. Here's How.
Morpho's isolation model worked on March 22. The Public Allocator above it didn't. A hardcoded oracle and 90 minutes was all it took to drain $6.2M from 15 curator vaults.
Maple's Stress Test: 18% Is the Number
At 17.7% simultaneous borrower default, syrupUSDC NAV drops below $1.00. The integration surface in Aave and Morpho adds a cascade channel that isn't visible in Maple's own risk model.