bbqUSDC

Smokehouse USDC (bbqUSDC)

· 61/100as of 2026-11-08

bbqUSDC is Steakhouse's high-yield MetaMorpho USDC vault; share price accrues borrower interest across wider-risk Morpho markets.

Updated —

Yield-Bearing Hybrid

USDC NAV Crypto-Backed Centralized-Dependent

12 Dec 2024

Price

$1.1368

NAV token — no fixed peg

Market cap

$10.88M

— 24h

Supply

9.57M bbqUSDC

-0.54% 7d

-15.09% 30d

DEWS

PegNAVToken

Liq

30d Excess

Price

$1.1368

NAV token — no fixed peg

Market cap

$10.88M

— 24H

Supply

9.57M bbqUSDC

-0.54% 7D · -15.09% 30D

30d Excess

MechanismProtocol PositionMintingWrapped / inherited FreezeUpstreamChains1 JurisdictionNot disclosed MiCAOut of Scope

MintingWrapped / inherited FreezeUpstreamChains1 JurisdictionNot disclosed MiCAOut of Scope

Smokehouse's Higher-Risk USDC Vault

Smokehouse USDC is Steakhouse's high-yield MetaMorpho vault over USDC, built to lend into Morpho markets with wider and more exotic borrower collateral than the Prime line. The wrapper is an immutable ERC-4626 vault with no proxy, minting shares against USDC deposits and as performance fees. A 5-of-10 Steakhouse Safe can steer allocations and fees but cannot create base dollars or block a holder's transfer. That structure gives economic control the strongest line on the C+ card. The exposure depends on collateral a curator chooses and on USDC, whose reserve quality and freeze power the vault inherits from Circle. The binding limit on the grade is a structural cap rather than the parent ceiling: this vault shares the instant ERC-4626 redemption rail and a critical control identity with dozens of other reviewed assets. Shares redeem against whatever USDC the Morpho markets can release. The durable constraint is exotic collateral chosen by a curator, behind an exit that depends on Morpho markets unwinding faster than depositors leave.

Updated 2026-10-27 · AI summary · drafted by claude-opus-5-5 · facts as of 2026-10-19

AI policy

CeFi-Dependent|Compare

Depeg Early Warning

Not applicableNAV tokens are priced by NAV, not peg

Exit evidence

Redemption route · Waiting for section

Redemption evidence loads when the Risk section approaches the viewport.

Control evidence

bbqUSDC Mint Authority

bbqUSDC wraps USDC and inherits its mint risk; admin powers are bounded.

Confidence: VerifiedInherits USDC mint riskControl posture: Wrapper / inherited

Control map

IssuerWrapped / inherited

ControlsWrapperGovernor Safe5/10Minter admin

SupplybbqUSDCBounded admin

Scoring breakdown

Derived posture Unknown

Component score Loading

The current Safety Score publication is loading; reviewed mint authority evidence is shown below.

Primary controls (3)

Smokehouse USDC MetaMorpho vault (immutable, deposit-only mint)
Wrapper / Contract
ethereum / 0xbeefff...86f5bc
MintNone
Vault shares are minted only against deposited USDC. No EIP-1967 proxy admin or implementation slot was found; the owner can manage Morpho vault parameters but cannot mint unbacked base USDC.
Smokehouse USDC V1 Steakhouse owner parameter authority
Governor / Safe
ethereum / 0x0a0e55...9cf8dd
MintParameter-onlySetupSafe, 5/10 thresholdSafe modules/guardNo modules or guards detected
Smokehouse V1 owner-held parameter authority, not arbitrary USDC issuance or immutable-vault code replacement. Strategy allocation, fee configuration and curator powers remain local economic controls.
Inherited Ethereum USDC MasterMinter
Minter admin / Contract
ethereum / 0xE98261...e3de17
MintCan authorize

Review notes & sources (16)

bbqUSDC is an immutable MetaMorpho ERC-4626 vault (no EIP-1967 proxy slots); user minting deposits USDC, while accrued performance fees can mint shares to the fee recipient. At Ethereum block 26095933, the Steakhouse owner Safe has 10 owners and threshold 5. Base USDC issuance is inherited from Circle.

Control posture

The token is classified primarily as a wrapper whose control posture depends on an underlying asset or parent system.

CeFi-Dependent is the broader governance classification. Control posture describes more precisely where operational authority sits.

Control posture is not a Safety Score input. Economic Control is scored from the reviewed mint authority, oracle and bridge evidence.

bbqUSDC is a tracked variant of USD Coin (USDC); this posture describes wrapper-level control inherited from that parent.

Reviewed 2026-10-21

bbqUSDC Collateral pricing & liquidation

Privileged internal pricing

18 branches price collateral from a privileged internal price.

Oracle review: Probable

Max LTV91.5%

Pricing path

SourcesEACAggregatorProxyChainlink-format EACAggregatorProxy ("USCC NAV")Ojo minimum of Pendle TWAP with governed reUSD NAV normalization and fixed maturity-discount model+16 more

AggregatorPrivileged internal pricing27 feeds · 18 branches

ConsumerLiquidation engine

Branches

First 5 of 18 · debt shares not measured

ethereum borrower-pricing root 0xf1561bc4b3d1ba49053986fb9ee88d4fe22d0cf4Pricing tier: Standard externalMax LTV 86%
ethereum borrower-pricing root 0x68066d2891254f1f3285cac0bb16b65b28ee3cabPricing tier: Privileged internal pricingMax LTV 91.5%
ethereum borrower-pricing root 0x217d6ddcdb95112c51657f6270e8c079cfdb51f0Pricing tier: Privileged internal pricingMax LTV 91.5%
ethereum borrower-pricing root 0x3464a61a68c486241fe07201c913f055bdce35bfPricing tier: Single-source / laggyMax LTV 91.5%
ethereum borrower-pricing root 0x52ea2c12734b5bb61e1edf52bb0f01d9206493fcPricing tier: Opaque / unknownMax LTV 77–91.5%

+ 13 more branches under Feeds, parameters & failure behavior

Feeds, parameters & failure behavior

Feeds

Primary composer BASE_FEED_1: BTC / USD · EACAggregatorProxy · Ethereum · 1h heartbeat
Backup composer BASE_FEED_1: WBTC / BTC · EACAggregatorProxy · Ethereum · 1d heartbeat
Backup composer BASE_FEED_2: BTC / USD · EACAggregatorProxy · Ethereum · 1h heartbeat
BASE_FEED_1: USCC NAV · Chainlink-format EACAggregatorProxy ("USCC NAV") · Ethereum
baseFeedOne of 0x217d6ddcdb95112c51657f6270e8c079cfdb51f0 for market 0x1e9d614631a7df0ec07fb05b2c8cb2491575fd1a63a33bf187a6afb295a4fc64 · Ojo minimum of Pendle TWAP with governed reUSD NAV normalization and fixed maturity-discount model · Ethereum
Collateral/USDC price() for market 0x22fe4c688161863c73571a2b8db65cc11a4a6bceee4f0dea4aa83e4b784f1bd9 · Immutable deviation-timelock selector over correlated synthetic PT paths · Ethereum
baseFeedOne of 0x52ea2c12734b5bb61e1edf52bb0f01d9206493fc for market 0x2a0b893471c785a1f0fda00df7fca578b703eef7ae7186d2429c2824b5212467; current latestRoundData at block 26197050: answer raw 1115076, updatedAt 0. Zero or adapter-generated timestamps do not establish underlying source freshness. · TranchesChainlinkOracle over wFalconX tranche accounting · Ethereum
Collateral/USDC price(); BASE_VAULT_CONVERSION_SAMPLE=1; SCALE_FACTOR=10000000000 · MorphoChainlinkOracleV2 (pinned composer) · Ethereum
BASE_FEED_1; latestRoundData updatedAt=0 · weETH/ETH exchange rate · Ethereum
BASE_FEED_2; latestRoundData updatedAt=1791986687; owner=0x21f73d42eb58ba49ddb685dc29d3bf5c0f0373ca; aggregator=0xad88fc1a810379ef4efbf2d97ede57e306178e5a (DualAggregator 1.0.0) · ETH / USD · Ethereum
QUOTE_FEED_1; latestRoundData updatedAt=1791987287 · Dummy feed with 12 decimals · Ethereum
baseFeedOne of 0xa66a4f03fd8031973f8c7718904ce32385f54e70 for market 0x4565ac05d38b19374ccbb04c17cca60ca9353cd41824f0803d0fc7704f60eaed; current latestRoundData at block 26197050: answer raw 1107212112352092400, updatedAt 1792021535. Zero or adapter-generated timestamps do not establish underlying source freshness. · reUSD NAV provider through Chainlink-compatible adapter · Ethereum
BASE_FEED_1: Redstone weETH / USD; decimals=8; external signed data, with a separately privileged upgradeable proxy · Redstone MergedAdapterWithRoundsWeethV1 via TransparentUpgradeableProxy · Ethereum
baseFeedOne of 0xa6d6950c9f177f1de7f7757fb33539e3ec60182a for market 0x64d65c9a2d91c36d56fbc42d69e979335320169b3df63bf92789e2c8883fcc64 · Chainlink BTC/USD OCR2; exact report quorum and mutable owner reviewed · Ethereum
BASE_FEED_1: Custom price feed for wstETH / ETH · WstETHPriceFeed · Ethereum
BASE_FEED_2: ETH / USD · EACAggregatorProxy · Ethereum · 1h heartbeat
WstETHPriceFeed.stETHtoETHPriceFeed: stETH / ETH; multiplied by wstETH exchange rate · Chainlink EACAggregatorProxy · Ethereum · 1d heartbeat
IOracle.price for market 0x94b823e6bd8ea533b4e33fbc307faea0b307301bc48763acc4d4aa4def7636cd · Morpho immutable market oracle · Ethereum
BASE_FEED_1() · Chainlink ETH / USD · Ethereum
Primary MorphoChainlinkOracleV2 BASE_FEED_1: BTC / USD · EACAggregatorProxy · Ethereum · 1h heartbeat
Backup MorphoChainlinkOracleV2 BASE_FEED_1: cbBTC / USD · EACAggregatorProxy · Ethereum · 1d heartbeat
BASE_FEED_1: Redstone base ratio · Redstone aggregator behind a verified TransparentUpgradeableProxy (description "Redstone Price Feed") · Ethereum
BASE_FEED_2: BTC / USD · Chainlink EACAggregatorProxy · Ethereum · 1h heartbeat
BASE_FEED_1: EUR / USD · Chainlink EACAggregatorProxy · Ethereum · 1d heartbeat
baseFeedOne of 0x0cb1928eca8783f05a07d9ae2afb33f38bfbeb78 for market 0xef2c308b5abecf5c8750a1aa82b47c558005feb7a03f4f8e1ad682d71ac8d0ba; current latestRoundData at block 26197050: answer raw 104280058, updatedAt 1792000403. Zero or adapter-generated timestamps do not establish underlying source freshness. · Midas manually submitted mF-ONE NAV with 7.7% discounted wrapper · Ethereum
currentOracle() at exact MetaOracle 0xeccf43900d96c79fb36122818b42f40bde01597c · MetaOracle selected primary/backup path; no independence credit · Ethereum
currentOracle() at exact MetaOracle 0xd703c55b871d999ea5435ac3721b19296ac249d1 · MetaOracle selected primary/backup path; no independence credit · Ethereum

ethereum borrower-pricing root 0xa3a7a3cefee206f9d7fe00ec3c83324ed4228411Pricing tier: Privileged internal pricingMax LTV 86%
ethereum borrower-pricing root 0xa66a4f03fd8031973f8c7718904ce32385f54e70Pricing tier: Privileged internal pricingMax LTV 91.5%
ethereum borrower-pricing root 0x5635a2f38c5dfd1d8fdb176d9cb5aefa07bf6a68Pricing tier: Standard externalMax LTV 86%
ethereum borrower-pricing root 0xa6d6950c9f177f1de7f7757fb33539e3ec60182aPricing tier: Standard externalMax LTV 86%
ethereum borrower-pricing root 0xe087ad7fe989cf63f8383579d160a20ee7e69f9fPricing tier: Standard externalMax LTV 86%
ethereum borrower-pricing root 0x873cd44b860dedfe139f93e12a4acca0926ffb87Pricing tier: Privileged internal pricingMax LTV 91.5%
ethereum borrower-pricing root 0x0f948cba8231db7898ef36a4212581ad7b1b4580Pricing tier: Standard externalMax LTV 86%
ethereum borrower-pricing root 0x9f983115741d0f7f2eae07831415057ad3de34d2Pricing tier: Standard externalMax LTV 86%
ethereum borrower-pricing root 0xdcc04ffacd7b49035ccdbbba59a5f955944129dbPricing tier: Single-source / laggyMax LTV 86%
ethereum borrower-pricing root 0xf3efa46246d319381f5e7023ae83f9c23c11b0f6Pricing tier: Single-source / laggyMax LTV 91.5%
ethereum borrower-pricing root 0x0cb1928eca8783f05a07d9ae2afb33f38bfbeb78Pricing tier: Privileged internal pricingMax LTV 91.5%
ethereum borrower-pricing root 0xeccf43900d96c79fb36122818b42f40bde01597cPricing tier: Opaque / unknownMax LTV 62.5%
ethereum borrower-pricing root 0xd703c55b871d999ea5435ac3721b19296ac249d1Pricing tier: Opaque / unknownMax LTV 86%

ethereum borrower-pricing root 0xf1561bc4b3d1ba49053986fb9ee88d4fe22d0cf4

0x2260fac5e5542a773aa44fbcfedf7c193bc2c599 · max LTV 86% · Maximum immutable LLTV among the explicitly listed current markets using this exact oracle/collateral; not vault utilization, an asset allocation or a liquidation execution guarantee.

Morpho borrower liquidation depends on the market oracle price and immutable LLTV. This lender position therefore retains borrower-pricing exposure even with zero own borrowing; exact successful liquidation execution and stressed cash realization were not measured here.

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

If the selected composer price() reverts, the verified clone immediately calls the other composer. Deviation-based selection changes are permissionless but require challenge/healing calls and the configured delay; they are not automatic, and both composers can fail or share dependencies. Neither path adds an updatedAt freshness check.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0x68066d2891254f1f3285cac0bb16b65b28ee3cab

0x14d60e7fdc0d71d8611742720e4c50e7a974020c · max LTV 91.5% · Maximum immutable LLTV among the explicitly listed current markets using this exact oracle/collateral; not vault utilization, an asset allocation or a liquidation execution guarantee.

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

No fallback exists: every other feed and vault slot is the zero address. A wrong or stale USCC NAV is a single-source pricing failure with no alternate provider or on-chain sanity bound inside this oracle.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0x217d6ddcdb95112c51657f6270e8c079cfdb51f0

0xecfafdc7741323a945a163ed068b5a3c43483957 · max LTV 91.5% · Maximum immutable LLTV among the explicitly listed current markets using this exact oracle/collateral; not vault utilization, an asset allocation or a liquidation execution guarantee.

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Both Ojo inputs must succeed. FEED_1 0x570ea68f11e63a9108514eb73dc4f88232c9e7f6 returns a900-second market TWAP normalized through current SY/YT indices and updatedAt=block.timestamp. FEED_2 0x7cfd3ed001d9d65d4022db4e15c6101db2bbc994 replaces the zero timestamp of linear6-percent model0x8e42d93eac7dfef8d061dd18a2acfc839e724309 with block time. Neither proves source-data freshness. The active NAV core uses CRE provider0x501c493635c29d5705eb3bd85a046f4b3c5e39be with exact workflow/chain/feed/receiver authentication and36-hour report admission, but also authorized manual writes and protected markdowns. Legacy sink0xe888df3218e070fae8d90d2ba6fcac5520217484 explicitly permits replayed old-round delivery to refresh the legacy timestamp. The stored-price read itself adds no age gate. At pin26237350 current source data was2210 seconds old versus legacy delivery2184 seconds old; no independent NAV validation is inferred. Current manager root is48-hour Timelock0x69ddea332723cf5407151aaf68b9b076557fca93; exact selector roles and Safe3/5 governance are separately pinned.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0x3464a61a68c486241fe07201c913f055bdce35bf

0xdc169abe56461a2e0c034da431ac2a3ebf596094 · max LTV 91.5% · Maximum immutable LLTV among the explicitly listed current markets using this exact oracle/collateral; not vault utilization, an asset allocation or a liquidation execution guarantee.

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Primary selected at the pin. Deviation threshold is 0.75%; permissionless challenge lasts 57600 seconds and healing 86400 seconds. price() immediately tries the other configured oracle on a revert. Both paths share Ojo PT pricing; the backup alone adds underlying/USD Chainlink. Ojo ignores zero updatedAt, so its unwrapped fixed-discount feed has no external timestamp requirement. At the refreshed pin both challenge and healing expiration timestamps are zero; no active transition is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0x52ea2c12734b5bb61e1edf52bb0f01d9206493fc

0x4614f7a56a3eb83b2ff9fa4b4b9575b28fb68644 · max LTV 91.5% · Maximum immutable LLTV among the explicitly listed current markets using this exact oracle/collateral; not vault utilization, an asset allocation or a liquidation execution guarantee.

0xc26a6fa2c37b38e549a4a1807543801db684f99c · max LTV 77% · Maximum immutable LLTV among the explicitly listed current markets using this exact oracle/collateral; not vault utilization, an asset allocation or a liquidation execution guarantee.

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Source-scoped correction; source review 2026-10-21, original observation/review starts preserved. Feed 0x50449b3d1f5931d568a1951ee506a9534e7f7dff returns only CDO 0x433d5b175148da32ffe1e1a37a939e1b7e79be4d virtualPrice for tranche 0xc26a6fa2c37b38e549a4a1807543801db684f99c. Exact published source has no alternate pricing branch, max-age rejection or nonzero data timestamp. Its Chainlink-compatible interface supplies no independent market-price fallback; complete downstream CDO/strategy authority and valuation-source certification remain unresolved.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0xa3a7a3cefee206f9d7fe00ec3c83324ed4228411

0xcd5fe23c85820f7b72d0926fc9b05b43e359b7ee · max LTV 86% · Maximum immutable LLTV among the explicitly listed current markets using this exact oracle/collateral; not vault utilization, an asset allocation or a liquidation execution guarantee.

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho core calls the immutable market oracle price(); no alternate core oracle. Configured feed/vault calls are composed arithmetically; the composer checks nonnegative answers but not updatedAt freshness. A downstream revert reverts price(); no independent failover or heartbeat guarantee is established.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0xa66a4f03fd8031973f8c7718904ce32385f54e70

0x5086bf358635b81d8c47c66d1c8b9e567db70c72 · max LTV 91.5% · Maximum immutable LLTV among the explicitly listed current markets using this exact oracle/collateral; not vault utilization, an asset allocation or a liquidation execution guarantee.

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Original October15 pins/review starts preserved. Final Ethereum26238162 (2026-10-21T03:04:47Z) joins this exact feed to NAVConsumer0x84d4eaeb10f9e57b67622f667c6c13e22fa4b2b6 and confirms active emergency-updater0xe888df3218e070fae8d90d2ba6fcac5520217484, admin0x3f0da1c363e34802c6f12f9c27276dc0e6696fd8 and default-admin Timelock0x69ddea332723cf5407151aaf68b9b076557fca93. Current automationEnabled=false, deviationCheckEnabled=true, maxDeviationBps1000, latestTimestamp=lastForceUpdateTimestamp1792539935, NAV1108435747763288800. Exact source forceNAVUpdate accepts role-authorized nonzero NAV and bypasses ordinary deviation rejection; four-hour minimum forced-update spacing is not maximum data age. Indexed transaction0x99a5ba9fafc582f41435c5d8d83fde15553b7dc6764cc6002fe58a5a27420ea3 at26237169 records callerE888 and reason CLF-Deprecated. Retrieved configuration transaction0xb4033e32b836c261eb46517dcd7b14ec0b6f93f1070dd9d050d7a79d42f20c09 loads nav_value from secrets.navUrl without an observation timestamp. This positively establishes privileged internal pricing45, not independent Chainlink valuation, complete role enumeration, source accuracy or a bounded maximum underlying-data age.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0x5635a2f38c5dfd1d8fdb176d9cb5aefa07bf6a68

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

No composer fallback or circuit-breaker branch: configured feed/vault calls are composed arithmetically; nonnegative-answer checks do not enforce updatedAt freshness. A reverting downstream call reverts price(); no L2 sequencer or independent failover claim is made.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0xa6d6950c9f177f1de7f7757fb33539e3ec60182a

0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf · max LTV 86% · Maximum immutable LLTV among the explicitly listed current markets using this exact oracle/collateral; not vault utilization, an asset allocation or a liquidation execution guarantee.

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

The immutable outer formula discards updatedAt and has no alternate feed or age rejection. Source errors propagate. The shared owner Safe has one enabled ConfirmedTransactionModule 0x2e1b5a40edc922bce489668b11749b8eabd67f6b; its exact source requires manager-preconfirmed transaction hashes before executor delivery, not arbitrary executor pricing authority. Proxy replacement and OCR configuration remain owner-controlled. Current pin26237350; no independent financial valuation or key-custody proof is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0xe087ad7fe989cf63f8383579d160a20ee7e69f9f

0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0 · max LTV 86% · Maximum immutable LLTV among the explicitly listed current markets using this exact oracle/collateral; not vault utilization, an asset allocation or a liquidation execution guarantee.

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

The composer combines configured external feed answers and, where present, ERC-4626 vault conversion arithmetically; zero feed/vault inputs use their documented neutral factors. It checks answer sign but not updatedAt age. Downstream reverts propagate; no independent composer failover or L2 sequencer protection is asserted.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0x873cd44b860dedfe139f93e12a4acca0926ffb87

0x9d39a5de30e57443bff2a8307a4256c8797a3497 · max LTV 91.5% · Maximum immutable LLTV among the explicitly listed current markets using this exact oracle/collateral; not vault utilization, an asset allocation or a liquidation execution guarantee.

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

No external feed and no fallback: the oracle returns the sUSDe vault's own share conversion and assumes USDe par. Vault accounting or a USDe peg failure is therefore an unhedged single pricing failure domain.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0x0f948cba8231db7898ef36a4212581ad7b1b4580

0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2 · max LTV 86% · Maximum immutable LLTV among the explicitly listed current markets using this exact oracle/collateral; not vault utilization, an asset allocation or a liquidation execution guarantee.

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

No alternative feed or circuit breaker is selected by the exact composer. Zero feed/vault inputs contribute neutral factors; configured nonzero legs are arithmetic components, not redundant failover. A failed downstream price call reverts borrower valuation/liquidation. Source nonnegative-answer checks do not reject an elapsed updatedAt; pinned round timestamps do not establish an operational heartbeat guarantee. Proxy owner/aggregator identities are enumerated, but their signer/key-custody census and current operating cadence remain open.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0x9f983115741d0f7f2eae07831415057ad3de34d2

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0xdcc04ffacd7b49035ccdbbba59a5f955944129db

0x8236a87084f8b84306f72007f36f2618a5634494 · max LTV 86% · Maximum immutable LLTV among the explicitly listed current markets using this exact oracle/collateral; not vault utilization, an asset allocation or a liquidation execution guarantee.

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

No failover composer: the oracle has exactly one base feed and one quote feed. Chainlink redundancy on BTC/USD does not cover a wrong Redstone base ratio, and no published heartbeat or staleness check exists for that leg.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0xf3efa46246d319381f5e7023ae83f9c23c11b0f6

0xbeef0c075da5d01112ae5cf34d257074fb5ddb2f · max LTV 91.5% · Maximum immutable LLTV among the explicitly listed current markets using this exact oracle/collateral; not vault utilization, an asset allocation or a liquidation execution guarantee.

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

No fallback: the only external input is one Chainlink EUR/USD aggregator with a 24-hour heartbeat; the vault conversion is read on-chain but is not an independent price check. A stale FX round or a vault-accounting error is an unhedged single failure domain.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0x0cb1928eca8783f05a07d9ae2afb33f38bfbeb78

0x238a700ed6165261cf8b2e544ba797bc11e466ba · max LTV 91.5% · Maximum immutable LLTV among the explicitly listed current markets using this exact oracle/collateral; not vault utilization, an asset allocation or a liquidation execution guarantee.

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

The exact current Morpho base feed is 0x4386307a07c4de7ba11b4f4ec3e1f37bbe95dc99. Midas proxy 0x8d51dbc85ceef637c97d02bdaabb5e274850e68c currently implements MFOneCustomAggregatorFeed 0x7cc057c382dea2d1d590386db13655f6ec8a65b4, with accessControl 0x0312a9d1ff2372ddedcbb21e4b6389afc919ac4b and feed-admin role 0xdb5e9dab3324bd3260229fbc56a0f12fa0317c8cb14bee310acef564572cd504. Exact published implementation permits manual feed-admin price submission. Complete current role membership and stale-price/bypass certification remain unresolved.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0xeccf43900d96c79fb36122818b42f40bde01597c

0xf6b1117ec07684d3958cad8beb1b302bfd21103f · max LTV 62.5% · Maximum immutable LLTV among the explicitly listed current markets using this exact oracle/collateral; not vault utilization, an asset allocation or a liquidation execution guarantee.

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Exact MetaOracle clone uses published implementation 0x9b4655239e91dc9e1f7599bb88fba41b4542de5b. Pinned primary 0x7e5a0f4a0ca67d283469b2dbcde13bf7fe08e253, backup 0xe495fb2dc9e142c8cf86efccebb0097fdebb33a4, currentOracle 0x7e5a0f4a0ca67d283469b2dbcde13bf7fe08e253, deviationThreshold raw 20000000000000000 (2%), challenge duration 259200 seconds and healing duration 86400 seconds. Source computes deviation against backup price; issuer documentation describes the average, a source/documentation discrepancy. Selected primary/backup identity is observed; complete nested feed operator/admin and source-data freshness remain unresolved.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0xd703c55b871d999ea5435ac3721b19296ac249d1

0x54c1ff361b402f66c13107421e6a431c3375ef24 · max LTV 86% · Maximum immutable LLTV among the explicitly listed current markets using this exact oracle/collateral; not vault utilization, an asset allocation or a liquidation execution guarantee.

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Exact MetaOracle clone uses published implementation 0x9b4655239e91dc9e1f7599bb88fba41b4542de5b. Pinned primary 0xd87b4a9de5b184a469942339508dd485e8eeead7, backup 0xdee9c016bd52b0a99a78790a9bf8410662a3d1e3, currentOracle 0xd87b4a9de5b184a469942339508dd485e8eeead7, deviationThreshold raw 20000000000000000 (2%), challenge duration 28800 seconds and healing duration 86400 seconds. Source computes deviation against backup price; issuer documentation describes the average, a source/documentation discrepancy. Selected primary/backup identity is observed; complete nested feed operator/admin and source-data freshness remain unresolved.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

Review notes & sources (89)

R1 exact-endpoint artifact parity review, reviewed 2026-10-21. Book content as of 2026-10-20: morpho-lender-book:v1:3a9e404a79f61bb299a452595e0de5889f3fdd72595c0911e21252b2326a0bb2, 18 chain-qualified root-oracle branches covering 20 NAV-accounted current market rows. Each original block/hash and nested feed observation clock is retained. Matching is exact chain+oracle source identity, not a sibling-vault risk assumption. No borrowed allocation, debt-share percentage, new successful RPC read, complete historical/off-list census or fresh capacity measurement is asserted. Missing nested topology stays bounded; live positive unmatched claims retain fail-closed aggregate behavior. Internal vault share NAV is not evidence that borrower markets are oracleless. Re-reviewed 2026-10-30: the four roots previously left bounded-unknown (0x68066d28…, 0x873cd44b…, 0xdcc04ffa…, 0xf3efa462…) now carry pinned MorphoChainlinkOracleV2 getter reads at ethereum block 26305151 and their feed/vault identity; the other paths are unchanged. This rereview asserts no allocation, lender-claim, or market-census refresh.

ethereum borrower-pricing root 0xf1561bc4b3d1ba49053986fb9ee88d4fe22d0cf4: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x09dc9e7eb5d8fc54b2bc41d1135fd4e99057a580f680321faeb90c7a21e631c1: collateral 0x2260fac5e5542a773aa44fbcfedf7c193bc2c599, LLTV raw 860000000000000000, included lender claim 16257939736 raw loan-token units. Exact chain+oracle feed evidence retained from gtusdtp-gauntlet, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: At Ethereum block 26197394, market 0x3c5a244b778095e1e1b2e44b7c2ecc9bf4fda9cd85cc22740e09205a7a4bf510 uses this exact 45-byte EIP-1167 clone of MetaOracleDeviationTimelock 0x9b4655239e91dc9e1f7599bb88fba41b4542de5b. primaryOracle=0x8c9464d99512dcd6f80be72aac20dafd9ea2c831; backupOracle=0x09dbf9502d43445b33883837a51d06fc9b9cdec4; currentOracle=0x8c9464d99512dcd6f80be72aac20dafd9ea2c831. Deviation threshold is 2%, challenge duration 7200 seconds and healing duration 28800 seconds; both pending clocks are zero. Exact primary/backup composer feeds are listed below. Published heartbeat intervals are source update targets, not consumer-enforced freshness bounds or independent-redundancy proof.
ethereum borrower-pricing root 0x68066d2891254f1f3285cac0bb16b65b28ee3cab: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x1a9ccaca2dba9469cd9cba3d077466761b05f465c412d2bf2c71614c4963dd84: collateral 0x14d60e7fdc0d71d8611742720e4c50e7a974020c, LLTV raw 915000000000000000, included lender claim 0 raw loan-token units. Pinned reads at ethereum block 26305151 (2026-10-30) show a verified MorphoChainlinkOracleV2 whose only configured input is BASE_FEED_1 0xaffd8f5578e8590665de561bde9e7badb99300d9, an EACAggregatorProxy with description "USCC NAV" and 6 decimals; BASE_FEED_2, QUOTE_FEED_1, QUOTE_FEED_2, BASE_VAULT and QUOTE_VAULT are the zero address with conversion samples of 1. The price is therefore a single administrator-published NAV for USCC, not an independent market quote: one source, no alternate feed, no vault conversion and no consumer-visible deviation check. The observed USCC NAV round last updated 22.3 hours before the pin (updatedAt 1793277587).
ethereum borrower-pricing root 0x217d6ddcdb95112c51657f6270e8c079cfdb51f0: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x1e9d614631a7df0ec07fb05b2c8cb2491575fd1a63a33bf187a6afb295a4fc64: collateral 0xecfafdc7741323a945a163ed068b5a3c43483957, LLTV raw 915000000000000000, included lender claim 3129493579920 raw loan-token units. Exact chain+oracle feed evidence retained from armusdcs-wintermute, original source observation as of 2026-10-21. The following historical source scope is not a refreshed allocation or this vault's market census: Ojo combines immutable 900-second Pendle market0x13285bcbc27f92b47b4edb99d744c07b48c977c0 PT-to-asset TWAP with a fixed6-percent annual maturity-discount model. Its SY0x9487bd5a3b16ecb5f3184453e3ee75b800141648 reads ExchangeRateOracle0x05175571fe251be44511240caf3ac305a4b3fb1e, then stored share price0xd1d104a7515989ac82f1afda15a23650411b05b8. Current price setter is NAVConsumer0x84d4eaeb10f9e57b67622f667c6c13e22fa4b2b6, fed through the legacy sink by governed NAVOracle0xb45ac37cc7ff7ec317e7d8c308781ece431639f6. This is governed internal NAV, not an unresearched independent market-price source.
ethereum borrower-pricing root 0x3464a61a68c486241fe07201c913f055bdce35bf: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x22fe4c688161863c73571a2b8db65cc11a4a6bceee4f0dea4aa83e4b784f1bd9: collateral 0xdc169abe56461a2e0c034da431ac2a3ebf596094, LLTV raw 915000000000000000, included lender claim 0 raw loan-token units. Exact chain+oracle feed evidence retained from pendleusdc-pendle, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: Block 26197390 binds this market to immutable MetaOracleDeviationTimelock clone 0x3464a61a68c486241fe07201c913f055bdce35bf. Primary 0x89dae86eb86cbc4dd2f52031c997a21ab9a950c5 uses Ojo 0x16bdf4c1a1fbd0d3a181dcee4141bb106e22b002: minimum of 900-second Pendle TWAP 0xe7d40a9a3d09108bb9119e0133b99ac02471c100 and 13%-annualized fixed discount 0xf5532b1df22f97a0660386958b5dcdb94be8533c. Backup 0x77ae9b629096d0ae0206878b163cca232276c88e shares that Ojo leg and adds underlying/USD Chainlink 0xff30586cd0f29ed462364c7e81375fc0c71219b1 over constant-one USDC feed 0xc3866d726c204c0836e0677a31973c649888973d. Correlated backup is not independent PT or USDC price discovery. Refreshed at 2026-10-15T10:43:11Z; exact root price()=985200178526128869000000.
ethereum borrower-pricing root 0x52ea2c12734b5bb61e1edf52bb0f01d9206493fc: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x2a0b893471c785a1f0fda00df7fca578b703eef7ae7186d2429c2824b5212467: collateral 0x4614f7a56a3eb83b2ff9fa4b4b9575b28fb68644, LLTV raw 915000000000000000, included lender claim 1012201787209 raw loan-token units; 0xe83d72fa5b00dcd46d9e0e860d95aa540d5ec106da5833108a9f826f21f36f52: collateral 0xc26a6fa2c37b38e549a4a1807543801db684f99c, LLTV raw 770000000000000000, included lender claim 0 raw loan-token units. Exact chain+oracle feed evidence retained from bbqusdc-steakhouse-v2, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: Source-scoped correction; source review 2026-10-21, original observation/review starts preserved. Exact published TranchesChainlinkOracle source and deployed-bytecode immutables identify tranche collateralToken 0xc26a6fa2c37b38e549a4a1807543801db684f99c, distinct from its CDO 0x433d5b175148da32ffe1e1a37a939e1b7e79be4d, behind feed 0x50449b3d1f5931d568a1951ee506a9534e7f7dff; the former truncated tranche/CDO identity conflated two contracts. latestRoundData returns cdo.virtualPrice(collateralToken), with roundId, startedAt, updatedAt and answeredInRound all zero. This is tranche accounting, not independent market pricing or upstream-data freshness. At the preserved Ethereum block 26197050 (2026-10-15T09:34:59Z), exact market oracle price() returns raw 1115076000000000000000000; no claim of market-value accuracy, solvency or a freshness guarantee is made.
ethereum borrower-pricing root 0xa3a7a3cefee206f9d7fe00ec3c83324ed4228411: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x34377fc4f617c51818e92c79df31ff270c6a91bc94ad32e367fdf59b9f4ac5dd: collateral 0xcd5fe23c85820f7b72d0926fc9b05b43e359b7ee, LLTV raw 770000000000000000, included lender claim 0 raw loan-token units; 0x85252bb8485c99bba46fe149c7dd2aad83672640f53c630890673cf1848ba16e: collateral 0xcd5fe23c85820f7b72d0926fc9b05b43e359b7ee, LLTV raw 860000000000000000, included lender claim 3129454948679 raw loan-token units. Exact chain+oracle feed evidence retained from kpkusdcyield-kpk, original source observation as of 2026-10-14. The following historical source scope is not a refreshed allocation or this vault's market census: At block 26191269 (2026-10-14): 54482065962669 shares / 55489558 expected raw USDC (0.0004%). Origami weETH/ETH adapter reads issuer WEETH.getRate(), not an external weETH market price; latestRoundData updatedAt=0 is synthetic metadata, not measured stale reporting. ETH/USD and dummy USDC=1 quote are identified. Historical review: Morpho API identifies weETH collateral 0xcd5fe23c85820f7b72d0926fc9b05b43e359b7ee, market 0x34377fc4f617c51818e92c79df31ff270c6a91bc94ad32e367fdf59b9f4ac5dd, oracle 0xa3a7a3cefee206f9d7fe00ec3c83324ed4228411, type ChainlinkOracleV2. Historical nonzero supply exposure was established; upstream feed/admin/staleness and per-oracle fallback controls remain unverified. Independently read Morpho 0xbbbbbbbbbb9cc5e90e3b3af64bdaf62c37eeffcb idToMarketParams(bytes32) at block 26110242 confirmed the exact oracle and LLTV; price() returned raw 2960620043535041308419566336. A returned price proves callability of pricing at this block, not feed freshness, liquidator execution or safe topology. Historical Morpho oracleByAddress publishes baseFeedOne=0x4270e1817576bba4b640466be79a408ef128f828, baseFeedTwo=0xc0053f3fbccd593758258334dfce24c2a9a673ad, quoteFeedOne=0xc3866d726c204c0836e0677a31973c649888973d. This improves the exact feed inventory; heartbeat/staleness enforcement, conversion-leg controls and complete privileged/manual update powers have not been established.
ethereum borrower-pricing root 0xa66a4f03fd8031973f8c7718904ce32385f54e70: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x4565ac05d38b19374ccbb04c17cca60ca9353cd41824f0803d0fc7704f60eaed: collateral 0x5086bf358635b81d8c47c66d1c8b9e567db70c72, LLTV raw 915000000000000000, included lender claim 11582190234 raw loan-token units. Exact chain+oracle feed evidence retained from bbqusdc-steakhouse-v2, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: Feed0x72b5760cfbe437dd01409f44055fdfb8f8121b46 reads NAVConsumer0x84d4eaeb10f9e57b67622f667c6c13e22fa4b2b6. Historical Ethereum26197050 (2026-10-15T09:34:59Z) oracle price1107212112352092400000000 remains a historical observation. Final current Ethereum26238162 (2026-10-21T03:04:47Z) independently confirms an active emergency updater, mutable admin path, disabled automation and a latest NAV written through the force-update path; exact source permits direct role-authorized NAV and bypasses ordinary deviation rejection. Configuration reads nav_value from an operator-specified secret URL without an observation timestamp. These are positively established privileged internal marks at quality45, not an independent external-price feed. Full historical role enumeration, private NAV correctness and maximum underlying-data age remain unestablished.
ethereum borrower-pricing root 0x5635a2f38c5dfd1d8fdb176d9cb5aefa07bf6a68: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x61765602144e91e5ac9f9e98b8584eae308f9951596fd7f5e0f59f21cd2bf664: collateral 0xcd5fe23c85820f7b72d0926fc9b05b43e359b7ee, LLTV raw 860000000000000000, included lender claim 69433657275 raw loan-token units. Exact chain+oracle feed evidence retained from gusdcq-galaxy, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: Exact adapter census binds the weETH market and 86% LLTV to this oracle. BASE_FEED_1 is the Redstone weETH feed at a transparent proxy. Ethereum block 26197000 pins implementation 0x0c2c7ded01ccdfab16f04aff82af766b23d6be0a and proxy admin 0x8223a6271d1e0bda019ee55d545d7b86eff1f573. The reviewed implementation accepts signed external Redstone data through authorized updaters; a proxy admin can replace it. These are external pricing and upgrade-control dependencies, not independent failover. No composer-enforced updatedAt freshness bound is established.
ethereum borrower-pricing root 0xa6d6950c9f177f1de7f7757fb33539e3ec60182a: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x64d65c9a2d91c36d56fbc42d69e979335320169b3df63bf92789e2c8883fcc64: collateral 0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf, LLTV raw 860000000000000000, included lender claim 758362792259 raw loan-token units. Exact chain+oracle feed evidence retained from armusdcs-wintermute, original source observation as of 2026-10-21. The following historical source scope is not a refreshed allocation or this vault's market census: At block26237350 the sole BTC/USD feed 0xf4030086522a5beea4988f8ca5b36dbc97bee88c points to OCR2 aggregator 0x4a3411ac2948b33c69666b35cc6d055b27ea84f1. Current config digest matches ConfigSet at block25296199:31 registered signers/transmitters, f10 and11 required report signatures. Proxy/aggregator owner is Safe0x21f73d42eb58ba49ddb685dc29d3bf5c0f0373ca, threshold4/9. This is one aggregated price source, not independent failover or proof of human signer independence.
ethereum borrower-pricing root 0xe087ad7fe989cf63f8383579d160a20ee7e69f9f: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x7e585a933ffe8443c371b4f8cfeb4430f5f6a14c2f32a898c26662c67a1cb8b8: collateral 0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0, LLTV raw 860000000000000000, included lender claim 0 raw loan-token units. Exact chain+oracle feed evidence retained from gtusdtp-gauntlet, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: At Ethereum block 26197394, adapter market 0x6a57d77b9a173c5ed10d432e7009dd1ee9a97fac62a7bc970b4bd715e2fff5c8 binds this oracle to wstETH collateral and immutable LLTV 86%. Current nonzero composer inputs: BASE_FEED_1=0x4f67e4d9bd67efa28236013288737d39aef48e79, BASE_FEED_2=0xc0053f3fbccd593758258334dfce24c2a9a673ad. Pinned getters, feed descriptions and deployed source identities match the recorded addresses. Published Chainlink heartbeats describe upstream update targets; no consumer-enforced updatedAt limit or independent failover is established. The immutable WstETHPriceFeed points to stETH/ETH 0x86392dc19c0b719886221c78ab11eb8cf5c52812 and wstETH 0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0; it calculates stETHPrice times 10^18 divided by tokensPerStEth(), retaining the underlying round timestamps.
ethereum borrower-pricing root 0x873cd44b860dedfe139f93e12a4acca0926ffb87: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x85c7f4374f3a403b36d54cc284983b2b02bbd8581ee0f3c36494447b87d9fcab: collateral 0x9d39a5de30e57443bff2a8307a4256c8797a3497, LLTV raw 915000000000000000, included lender claim 0 raw loan-token units. Pinned reads at ethereum block 26305151 (2026-10-30) show a verified MorphoChainlinkOracleV2 with every feed slot zero and BASE_VAULT set to the verified StakedUSDeV2 0x9d39a5de30e57443bff2a8307a4256c8797a3497 (symbol sUSDe), BASE_VAULT_CONVERSION_SAMPLE 1000000000000000000 and SCALE_FACTOR 1000000; sUSDe.asset() is USDe 0x4c9edd5852cd905f086c759e8383e09bff1e68b3. The price is the vault's own ERC-4626 exchange rate expressed in USDe with USDe treated at par: protocol accounting rather than a market quote, with no external feed, backup provider or deviation guard.
ethereum borrower-pricing root 0x0f948cba8231db7898ef36a4212581ad7b1b4580: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x94b823e6bd8ea533b4e33fbc307faea0b307301bc48763acc4d4aa4def7636cd: collateral 0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2, LLTV raw 860000000000000000, included lender claim 22831375025 raw loan-token units. Exact chain+oracle feed evidence retained from steakcusdc-steakhouse, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: At Ethereum block 26196563 (2026-10-15T07:57:11Z), exact engine parameters match the complete adapter census; LLTV is 86%. Composer inputs: BASE_FEED_1()=0xc0053f3fbccd593758258334dfce24c2a9a673ad, BASE_FEED_2()=0x0000000000000000000000000000000000000000, BASE_VAULT()=0x0000000000000000000000000000000000000000, BASE_VAULT_CONVERSION_SAMPLE()=1, QUOTE_FEED_1()=0x0000000000000000000000000000000000000000, QUOTE_FEED_2()=0x0000000000000000000000000000000000000000, QUOTE_VAULT()=0x0000000000000000000000000000000000000000, QUOTE_VAULT_CONVERSION_SAMPLE()=1, SCALE_FACTOR()=10000000000000000. Proxy 0xc0053f3fbccd593758258334dfce24c2a9a673ad owner=0x21f73d42eb58ba49ddb685dc29d3bf5c0f0373ca; aggregator=0xad88fc1a810379ef4efbf2d97ede57e306178e5a. ETH/USD prices the wrapped ETH collateral with no separate quote feed.
ethereum borrower-pricing root 0x9f983115741d0f7f2eae07831415057ad3de34d2: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0xbc99de6a88904cd0e69042ad6f266e63182801f030c636507c3caf590ffd84fe: collateral 0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf, LLTV raw 860000000000000000, included lender claim 2682592107 raw loan-token units. Exact chain+oracle feed evidence retained from gtusdtp-gauntlet, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: At Ethereum block 26197394, market 0x4fe72543c5c95cd6b5f3cb516cd235ba882e2e705fe3424db6f99dfe5811d0d3 uses this exact 45-byte EIP-1167 clone of MetaOracleDeviationTimelock 0x9b4655239e91dc9e1f7599bb88fba41b4542de5b. primaryOracle=0x8c9464d99512dcd6f80be72aac20dafd9ea2c831; backupOracle=0x0acdc416c592a592edf2e64b178aa8d4d47e05a8; currentOracle=0x8c9464d99512dcd6f80be72aac20dafd9ea2c831. Deviation threshold is 2%, challenge duration 7200 seconds and healing duration 28800 seconds; both pending clocks are zero. Exact primary/backup composer feeds are listed below. Published heartbeat intervals are source update targets, not consumer-enforced freshness bounds or independent-redundancy proof.
ethereum borrower-pricing root 0xdcc04ffacd7b49035ccdbbba59a5f955944129db: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0xbf02d6c6852fa0b8247d5514d0c91e6c1fbde9a168ac3fd2033028b5ee5ce6d0: collateral 0x8236a87084f8b84306f72007f36f2618a5634494, LLTV raw 860000000000000000, included lender claim 0 raw loan-token units. Pinned reads at ethereum block 26305151 (2026-10-30) show a verified MorphoChainlinkOracleV2 with BASE_FEED_1 0xb415eaa355d8440ac7ecb602d3fb67ccc1f0bc81, a verified TransparentUpgradeableProxy (EIP-1967 implementation 0x6978de4916DF8cD2BF7732BedEBBE7090f028555) whose aggregator describes itself as "Redstone Price Feed" (8 decimals, round 1, answer 100521786), and BASE_FEED_2 0xf4030086522a5beea4988f8ca5b36dbc97bee88c (Chainlink BTC/USD, 8 decimals, published heartbeat 3600s); SCALE_FACTOR is 1e18 and both vault slots are zero. The composite multiplies one Redstone base ratio by Chainlink BTC/USD: the BTC/USD leg has many OCR transmitters and a published heartbeat, but the base ratio has a single provider, round 1, no alternate and no published heartbeat, so the composite is single-source-bounded.
ethereum borrower-pricing root 0xf3efa46246d319381f5e7023ae83f9c23c11b0f6: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0xc498f4bfdda99e60ea8eb04c1e145654a70bc59da76ef9c6ed54a1314d78e5b5: collateral 0xbeef0c075da5d01112ae5cf34d257074fb5ddb2f, LLTV raw 915000000000000000, included lender claim 234653009081 raw loan-token units. Pinned reads at ethereum block 26305151 (2026-10-30) show a verified MorphoChainlinkOracleV2 with BASE_FEED_1 0xb49f677943bc038e9857d61e7d053caa2c1734c1 (Chainlink EUR/USD, 8 decimals, published heartbeat 86400s), BASE_VAULT set to the verified Morpho vault 0xbeef0c075da5d01112ae5cf34d257074fb5ddb2f (symbol steakEURCV) with BASE_VAULT_CONVERSION_SAMPLE 100000000 and SCALE_FACTOR 100000000; every other slot is zero and steakEURCV.asset() is EURCV 0x5f7827fdeb7c20b443265fc2f40845b715385ff2. The price is the vault's internal EUR NAV converted at one Chainlink EUR/USD feed: a single 24-hour-heartbeat FX source with no alternate and no independent NAV check, with the vault's own accounting as the other leg.
ethereum borrower-pricing root 0x0cb1928eca8783f05a07d9ae2afb33f38bfbeb78: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0xef2c308b5abecf5c8750a1aa82b47c558005feb7a03f4f8e1ad682d71ac8d0ba: collateral 0x238a700ed6165261cf8b2e544ba797bc11e466ba, LLTV raw 915000000000000000, included lender claim 4130893954843 raw loan-token units. Exact chain+oracle feed evidence retained from bbqusdc-steakhouse-v2, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: The exact current Morpho base feed is 0x4386307a07c4de7ba11b4f4ec3e1f37bbe95dc99. Midas proxy 0x8d51dbc85ceef637c97d02bdaabb5e274850e68c currently implements MFOneCustomAggregatorFeed 0x7cc057c382dea2d1d590386db13655f6ec8a65b4, with accessControl 0x0312a9d1ff2372ddedcbb21e4b6389afc919ac4b and feed-admin role 0xdb5e9dab3324bd3260229fbc56a0f12fa0317c8cb14bee310acef564572cd504. Exact published implementation permits manual feed-admin price submission. Complete current role membership and stale-price/bypass certification remain unresolved. At Ethereum block 26197050 (2026-10-15T09:34:59Z), exact market oracle price() returns raw 1042800580000000000000000. This is a pricing observation, not proof of market-value accuracy, solvency or a freshness guarantee.
ethereum borrower-pricing root 0xeccf43900d96c79fb36122818b42f40bde01597c: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0xeffa583f87a425f68b8ba0c62408b2afe5c30dac436c680fbd2ee3836f037e1d: collateral 0xf6b1117ec07684d3958cad8beb1b302bfd21103f, LLTV raw 625000000000000000, included lender claim 20825743 raw loan-token units. Exact chain+oracle feed evidence retained from bbqusdc-steakhouse-v2, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: Exact MetaOracle clone uses published implementation 0x9b4655239e91dc9e1f7599bb88fba41b4542de5b. Pinned primary 0x7e5a0f4a0ca67d283469b2dbcde13bf7fe08e253, backup 0xe495fb2dc9e142c8cf86efccebb0097fdebb33a4, currentOracle 0x7e5a0f4a0ca67d283469b2dbcde13bf7fe08e253, deviationThreshold raw 20000000000000000 (2%), challenge duration 259200 seconds and healing duration 86400 seconds. Source computes deviation against backup price; issuer documentation describes the average, a source/documentation discrepancy. Selected primary/backup identity is observed; complete nested feed operator/admin and source-data freshness remain unresolved. At Ethereum block 26197050 (2026-10-15T09:34:59Z), exact market oracle price() returns raw 360145000000000000000000000. This is a pricing observation, not proof of market-value accuracy, solvency or a freshness guarantee.
ethereum borrower-pricing root 0xd703c55b871d999ea5435ac3721b19296ac249d1: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0xfb8d92086861bae6fb778917afd1de5dbbc4ec70edfb636fed48238e225e7e3d: collateral 0x54c1ff361b402f66c13107421e6a431c3375ef24, LLTV raw 860000000000000000, included lender claim 4725596 raw loan-token units. Exact chain+oracle feed evidence retained from bbqusdc-steakhouse-v2, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: Exact MetaOracle clone uses published implementation 0x9b4655239e91dc9e1f7599bb88fba41b4542de5b. Pinned primary 0xd87b4a9de5b184a469942339508dd485e8eeead7, backup 0xdee9c016bd52b0a99a78790a9bf8410662a3d1e3, currentOracle 0xd87b4a9de5b184a469942339508dd485e8eeead7, deviationThreshold raw 20000000000000000 (2%), challenge duration 28800 seconds and healing duration 86400 seconds. Source computes deviation against backup price; issuer documentation describes the average, a source/documentation discrepancy. Selected primary/backup identity is observed; complete nested feed operator/admin and source-data freshness remain unresolved. At Ethereum block 26197050 (2026-10-15T09:34:59Z), exact market oracle price() returns raw 24030637530000000000000000. This is a pricing observation, not proof of market-value accuracy, solvency or a freshness guarantee.

Reviewed 2026-10-30

bbqUSDC

Upstream

Freeze power sits upstream with USD Coin rather than in this token's own contract.

Sourced review

Power and scope

Upstreamvia USD Coin

PowerUpstream

ScopeCanonical · Permissionless

Reviewed deployments (1)

EthereumCanonical · Permissionless

Transfer posture reviewed 2026-07-30.

Review notes & sources (5)

Re-reviewed 2026-07-30. Sole catalogued deployment is the immutable Ethereum MetaMorpho vault 0xbeef…f5bc. At Ethereum block 25648449: EIP-1967 implementation/admin slots are zero (non-proxy direct code); asset()=USDC 0xa0b8…eb48; owner()=Steakhouse Safe 0x0a0e…f8dd; no pause/paused/isBlacklisted/blacklist/freeze/burn(account) selectors in bytecode. Official MetaMorpho.sol is ERC4626 + ERC20Permit + Ownable2Step with no holder deny-list, pause, or seizure path, owner curation/fees do not gate share transfer. Local transfer posture is therefore permissionless. Holder freeze exposure is inherited from the USDC reserve asset (Circle blacklist on the underlying), via variantOf/mintAuthority.inheritedFrom usdc-circle, not from a vault-level control. Transfer categorical publication still requires chainCirculatingById for material deployment scope.

Reviewed 2026-07-30

bbqUSDC

MiCA out of scope

MiCA (EU): Out of scope

bbqUSDC is out of MiCA scope.

Sources (2)

bbqUSDC

Single-chain / native

One native deployment, on Ethereum; no bridge route.

Confidence: Verified

Review notes & sources (3)

bbqUSDC is tracked as one Ethereum MetaMorpho vault token. The reviewed Steakhouse and Morpho source set does not show a durable bridge route for this vault share.

Reviewed 2026-06-20

Dependencies

bbqUSDC Dependency context

Open in Dependency Map

Underlying asset

USD CoinUSDC

Modeled as a strategy vault variant of USDC.

Strategy

Related tracked variants: spUSDC, gtUSDCp, gtUSDC, krUSDC, arcUSDC, armUSDCs, pendleUSDC, yvUSDC-1, steakUSDC, earnUSD, hyperUSDCa, bbqUSDC, CSCBUSDC, steakcUSDC, ethenaUSDC, sparkUSDC, sUSDC, AA_FalconXUSDC, USD3, pUSD, syrupUSDC, yoUSD, autoUSD, eEARN, DUSD, YUSD, stUSD, KPK_USDC_Prime, sirloinUSDC, KPK_USDC_Yield, gUSDCq.

Key links

Website Twitter Docs Launch forum

bbqUSDC Contracts

1 deployment tracked across Ethereum.

Primary contract

Ethereum

0xbeef...f5bc

View on Ethereum explorer

Ethereum0xbeef...f5bc

Contract addresses (1)

Ethereum 0xbeefff209270748ddd194831b3fa287a5386f5bc

Supply & Liquidity

Yield

History

Explore

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Peers

All US Dollar stablecoins

Taxonomy

All US Dollar stablecoins CeFi-Dependent stablecoins Crypto-Collateralized stablecoins

Trackers

Stablecoin safety scores DEX liquidity rankings Depeg tracker See all protocol-position stablecoins

Actions

Open bbqUSDC in live compare Set bbqUSDC Telegram alerts Browse stablecoin comparisons Read the daily digest Use the Pharos API

Profile

bbqUSDC profile facts

Smokehouse USDC (bbqUSDC) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg USDC-denominated NAV.

CeFi-Dependent Crypto-Collateralized USDC-denominated NAV

Variant relationship

Smokehouse USDC (bbqUSDC) is modeled as a strategy vault variant of USD Coin (USDC). Pharos treats parent stress, redemption, mint authority, and dependency context as relevant to this variant before interpreting its own live metrics.

Strategy vault variantSpark Savings USDC (spUSDC)Gauntlet USDC Prime (gtUSDCp)Gauntlet USDC Prime V1 (gtUSDC)Keyrock Prime USDC (krUSDC)

Other coins using the bbqUSDC ticker

Steakhouse High Yield USDC (bbqUSDC) · Active · US Dollar. bbqUSDC is Steakhouse's high-yield Morpho Vault V2 over USDC.

Collateral: USDC deposited into Steakhouse's Smokehouse MetaMorpho vault, allocated across Morpho Blue lending markets that intentionally include wider and more exotic borrower collateral than Steakhouse's Prime line
Peg mechanism: ERC-4626 MetaMorpho vault shares appreciate against USDC as borrower interest accrues; withdrawals redeem shares for available USDC liquidity or wait for Morpho market liquidity to return
Jurisdiction: Not disclosed in the static profile.
Proof of reserves: No proof-of-reserves entry in the static profile.
Contracts: 1 deployment tracked across Ethereum.

Source: Pharos registry profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier on this page.

bbqUSDC quick answers

What is Smokehouse USDC (bbqUSDC)?

bbqUSDC is Steakhouse's high-yield MetaMorpho USDC vault; share price accrues borrower interest across wider-risk Morpho markets. The static profile records its USDC-denominated NAV accounting mechanism as: ERC-4626 MetaMorpho vault shares appreciate against USDC as borrower interest accrues; withdrawals redeem shares for available USDC liquidity or wait for Morpho market liquidity to return.

Is bbqUSDC safe?

As of Nov 8, 2026, Pharos grades bbqUSDC C+ (61/100) on its Safety Score. Pharos's reviews record that freeze exposure is inherited through upstream collateral, custody or wrappers, and any holder can use its reviewed redemption route. That is a middle-band grade: it meets baseline expectations but carries meaningful weaknesses. The grade moves as reserve, redemption, peg and control evidence changes; the live Safety Score on this page shows the current reading.

What backs bbqUSDC?

Pharos records bbqUSDC's reserves as of Oct 27, 2026 as 100% Smokehouse USDC deployed strategy positions and under 0.1% Smokehouse USDC idle underlying. Reserve evidence: live reserve feed configured. Pharos classifies the backing as Crypto-Collateralized.

Can bbqUSDC be frozen or blacklisted?

Based on tracked contract metadata and blacklist coverage, freeze exposure is inherited through upstream collateral, custody, or wrapper dependencies.

How do you redeem bbqUSDC?

Under the route Pharos reviewed on May 11, 2026, any holder can redeem bbqUSDC for a single stable asset, such as cash or a stablecoin. Redemption settles atomically on-chain. The reviewed terms charge no percentage redemption fee. Whether a given holder qualifies is set by the route's own terms, not by this summary.

Control evidence

bbqUSDC Mint Authority

bbqUSDC wraps USDC and inherits its mint risk; admin powers are bounded.

Confidence: VerifiedInherits USDC mint riskControl posture: Wrapper / inherited

Control map

IssuerWrapped / inherited

ControlsWrapperGovernor Safe5/10Minter admin

SupplybbqUSDCBounded admin

Scoring breakdown

Derived posture Unknown

Component score Loading

The current Safety Score publication is loading; reviewed mint authority evidence is shown below.

Primary controls (3)

Smokehouse USDC MetaMorpho vault (immutable, deposit-only mint)
Wrapper / Contract
ethereum / 0xbeefff...86f5bc
MintNone
Vault shares are minted only against deposited USDC. No EIP-1967 proxy admin or implementation slot was found; the owner can manage Morpho vault parameters but cannot mint unbacked base USDC.
Smokehouse USDC V1 Steakhouse owner parameter authority
Governor / Safe
ethereum / 0x0a0e55...9cf8dd
MintParameter-onlySetupSafe, 5/10 thresholdSafe modules/guardNo modules or guards detected
Smokehouse V1 owner-held parameter authority, not arbitrary USDC issuance or immutable-vault code replacement. Strategy allocation, fee configuration and curator powers remain local economic controls.
Inherited Ethereum USDC MasterMinter
Minter admin / Contract
ethereum / 0xE98261...e3de17
MintCan authorize

Review notes & sources (16)

Control posture

The token is classified primarily as a wrapper whose control posture depends on an underlying asset or parent system.

CeFi-Dependent is the broader governance classification. Control posture describes more precisely where operational authority sits.

Control posture is not a Safety Score input. Economic Control is scored from the reviewed mint authority, oracle and bridge evidence.

bbqUSDC is a tracked variant of USD Coin (USDC); this posture describes wrapper-level control inherited from that parent.

Reviewed 2026-10-21

bbqUSDC Collateral pricing & liquidation

Privileged internal pricing

18 branches price collateral from a privileged internal price.

Oracle review: Probable

Max LTV91.5%

Pricing path

SourcesEACAggregatorProxyChainlink-format EACAggregatorProxy ("USCC NAV")Ojo minimum of Pendle TWAP with governed reUSD NAV normalization and fixed maturity-discount model+16 more

AggregatorPrivileged internal pricing27 feeds · 18 branches

ConsumerLiquidation engine

Branches

First 5 of 18 · debt shares not measured

ethereum borrower-pricing root 0xf1561bc4b3d1ba49053986fb9ee88d4fe22d0cf4Pricing tier: Standard externalMax LTV 86%
ethereum borrower-pricing root 0x68066d2891254f1f3285cac0bb16b65b28ee3cabPricing tier: Privileged internal pricingMax LTV 91.5%
ethereum borrower-pricing root 0x217d6ddcdb95112c51657f6270e8c079cfdb51f0Pricing tier: Privileged internal pricingMax LTV 91.5%
ethereum borrower-pricing root 0x3464a61a68c486241fe07201c913f055bdce35bfPricing tier: Single-source / laggyMax LTV 91.5%
ethereum borrower-pricing root 0x52ea2c12734b5bb61e1edf52bb0f01d9206493fcPricing tier: Opaque / unknownMax LTV 77–91.5%

+ 13 more branches under Feeds, parameters & failure behavior

Feeds, parameters & failure behavior

Feeds

Primary composer BASE_FEED_1: BTC / USD · EACAggregatorProxy · Ethereum · 1h heartbeat
Backup composer BASE_FEED_1: WBTC / BTC · EACAggregatorProxy · Ethereum · 1d heartbeat
Backup composer BASE_FEED_2: BTC / USD · EACAggregatorProxy · Ethereum · 1h heartbeat
BASE_FEED_1: USCC NAV · Chainlink-format EACAggregatorProxy ("USCC NAV") · Ethereum
baseFeedOne of 0x217d6ddcdb95112c51657f6270e8c079cfdb51f0 for market 0x1e9d614631a7df0ec07fb05b2c8cb2491575fd1a63a33bf187a6afb295a4fc64 · Ojo minimum of Pendle TWAP with governed reUSD NAV normalization and fixed maturity-discount model · Ethereum
Collateral/USDC price() for market 0x22fe4c688161863c73571a2b8db65cc11a4a6bceee4f0dea4aa83e4b784f1bd9 · Immutable deviation-timelock selector over correlated synthetic PT paths · Ethereum
baseFeedOne of 0x52ea2c12734b5bb61e1edf52bb0f01d9206493fc for market 0x2a0b893471c785a1f0fda00df7fca578b703eef7ae7186d2429c2824b5212467; current latestRoundData at block 26197050: answer raw 1115076, updatedAt 0. Zero or adapter-generated timestamps do not establish underlying source freshness. · TranchesChainlinkOracle over wFalconX tranche accounting · Ethereum
Collateral/USDC price(); BASE_VAULT_CONVERSION_SAMPLE=1; SCALE_FACTOR=10000000000 · MorphoChainlinkOracleV2 (pinned composer) · Ethereum
BASE_FEED_1; latestRoundData updatedAt=0 · weETH/ETH exchange rate · Ethereum
BASE_FEED_2; latestRoundData updatedAt=1791986687; owner=0x21f73d42eb58ba49ddb685dc29d3bf5c0f0373ca; aggregator=0xad88fc1a810379ef4efbf2d97ede57e306178e5a (DualAggregator 1.0.0) · ETH / USD · Ethereum
QUOTE_FEED_1; latestRoundData updatedAt=1791987287 · Dummy feed with 12 decimals · Ethereum
baseFeedOne of 0xa66a4f03fd8031973f8c7718904ce32385f54e70 for market 0x4565ac05d38b19374ccbb04c17cca60ca9353cd41824f0803d0fc7704f60eaed; current latestRoundData at block 26197050: answer raw 1107212112352092400, updatedAt 1792021535. Zero or adapter-generated timestamps do not establish underlying source freshness. · reUSD NAV provider through Chainlink-compatible adapter · Ethereum
BASE_FEED_1: Redstone weETH / USD; decimals=8; external signed data, with a separately privileged upgradeable proxy · Redstone MergedAdapterWithRoundsWeethV1 via TransparentUpgradeableProxy · Ethereum
baseFeedOne of 0xa6d6950c9f177f1de7f7757fb33539e3ec60182a for market 0x64d65c9a2d91c36d56fbc42d69e979335320169b3df63bf92789e2c8883fcc64 · Chainlink BTC/USD OCR2; exact report quorum and mutable owner reviewed · Ethereum
BASE_FEED_1: Custom price feed for wstETH / ETH · WstETHPriceFeed · Ethereum
BASE_FEED_2: ETH / USD · EACAggregatorProxy · Ethereum · 1h heartbeat
WstETHPriceFeed.stETHtoETHPriceFeed: stETH / ETH; multiplied by wstETH exchange rate · Chainlink EACAggregatorProxy · Ethereum · 1d heartbeat
IOracle.price for market 0x94b823e6bd8ea533b4e33fbc307faea0b307301bc48763acc4d4aa4def7636cd · Morpho immutable market oracle · Ethereum
BASE_FEED_1() · Chainlink ETH / USD · Ethereum
Primary MorphoChainlinkOracleV2 BASE_FEED_1: BTC / USD · EACAggregatorProxy · Ethereum · 1h heartbeat
Backup MorphoChainlinkOracleV2 BASE_FEED_1: cbBTC / USD · EACAggregatorProxy · Ethereum · 1d heartbeat
BASE_FEED_1: Redstone base ratio · Redstone aggregator behind a verified TransparentUpgradeableProxy (description "Redstone Price Feed") · Ethereum
BASE_FEED_2: BTC / USD · Chainlink EACAggregatorProxy · Ethereum · 1h heartbeat
BASE_FEED_1: EUR / USD · Chainlink EACAggregatorProxy · Ethereum · 1d heartbeat
baseFeedOne of 0x0cb1928eca8783f05a07d9ae2afb33f38bfbeb78 for market 0xef2c308b5abecf5c8750a1aa82b47c558005feb7a03f4f8e1ad682d71ac8d0ba; current latestRoundData at block 26197050: answer raw 104280058, updatedAt 1792000403. Zero or adapter-generated timestamps do not establish underlying source freshness. · Midas manually submitted mF-ONE NAV with 7.7% discounted wrapper · Ethereum
currentOracle() at exact MetaOracle 0xeccf43900d96c79fb36122818b42f40bde01597c · MetaOracle selected primary/backup path; no independence credit · Ethereum
currentOracle() at exact MetaOracle 0xd703c55b871d999ea5435ac3721b19296ac249d1 · MetaOracle selected primary/backup path; no independence credit · Ethereum

ethereum borrower-pricing root 0xa3a7a3cefee206f9d7fe00ec3c83324ed4228411Pricing tier: Privileged internal pricingMax LTV 86%
ethereum borrower-pricing root 0xa66a4f03fd8031973f8c7718904ce32385f54e70Pricing tier: Privileged internal pricingMax LTV 91.5%
ethereum borrower-pricing root 0x5635a2f38c5dfd1d8fdb176d9cb5aefa07bf6a68Pricing tier: Standard externalMax LTV 86%
ethereum borrower-pricing root 0xa6d6950c9f177f1de7f7757fb33539e3ec60182aPricing tier: Standard externalMax LTV 86%
ethereum borrower-pricing root 0xe087ad7fe989cf63f8383579d160a20ee7e69f9fPricing tier: Standard externalMax LTV 86%
ethereum borrower-pricing root 0x873cd44b860dedfe139f93e12a4acca0926ffb87Pricing tier: Privileged internal pricingMax LTV 91.5%
ethereum borrower-pricing root 0x0f948cba8231db7898ef36a4212581ad7b1b4580Pricing tier: Standard externalMax LTV 86%
ethereum borrower-pricing root 0x9f983115741d0f7f2eae07831415057ad3de34d2Pricing tier: Standard externalMax LTV 86%
ethereum borrower-pricing root 0xdcc04ffacd7b49035ccdbbba59a5f955944129dbPricing tier: Single-source / laggyMax LTV 86%
ethereum borrower-pricing root 0xf3efa46246d319381f5e7023ae83f9c23c11b0f6Pricing tier: Single-source / laggyMax LTV 91.5%
ethereum borrower-pricing root 0x0cb1928eca8783f05a07d9ae2afb33f38bfbeb78Pricing tier: Privileged internal pricingMax LTV 91.5%
ethereum borrower-pricing root 0xeccf43900d96c79fb36122818b42f40bde01597cPricing tier: Opaque / unknownMax LTV 62.5%
ethereum borrower-pricing root 0xd703c55b871d999ea5435ac3721b19296ac249d1Pricing tier: Opaque / unknownMax LTV 86%

ethereum borrower-pricing root 0xf1561bc4b3d1ba49053986fb9ee88d4fe22d0cf4

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0x68066d2891254f1f3285cac0bb16b65b28ee3cab

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0x217d6ddcdb95112c51657f6270e8c079cfdb51f0

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0x3464a61a68c486241fe07201c913f055bdce35bf

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0x52ea2c12734b5bb61e1edf52bb0f01d9206493fc

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0xa3a7a3cefee206f9d7fe00ec3c83324ed4228411

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0xa66a4f03fd8031973f8c7718904ce32385f54e70

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0x5635a2f38c5dfd1d8fdb176d9cb5aefa07bf6a68

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0xa6d6950c9f177f1de7f7757fb33539e3ec60182a

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0xe087ad7fe989cf63f8383579d160a20ee7e69f9f

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0x873cd44b860dedfe139f93e12a4acca0926ffb87

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0x0f948cba8231db7898ef36a4212581ad7b1b4580

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0x9f983115741d0f7f2eae07831415057ad3de34d2

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0xdcc04ffacd7b49035ccdbbba59a5f955944129db

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0xf3efa46246d319381f5e7023ae83f9c23c11b0f6

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0x0cb1928eca8783f05a07d9ae2afb33f38bfbeb78

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0xeccf43900d96c79fb36122818b42f40bde01597c

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

ethereum borrower-pricing root 0xd703c55b871d999ea5435ac3721b19296ac249d1

No funded exact-market or whole-vault recovery commitment is established by this review; no absence-of-insurance or guaranteed rescuer claim is inferred.

Morpho borrower bad debt can reduce supplier assets and the lending claim carried by vault shares. Ordinary withdrawal or in-kind position delivery is not guaranteed par cash recovery.

Review notes & sources (89)

ethereum borrower-pricing root 0xf1561bc4b3d1ba49053986fb9ee88d4fe22d0cf4: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x09dc9e7eb5d8fc54b2bc41d1135fd4e99057a580f680321faeb90c7a21e631c1: collateral 0x2260fac5e5542a773aa44fbcfedf7c193bc2c599, LLTV raw 860000000000000000, included lender claim 16257939736 raw loan-token units. Exact chain+oracle feed evidence retained from gtusdtp-gauntlet, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: At Ethereum block 26197394, market 0x3c5a244b778095e1e1b2e44b7c2ecc9bf4fda9cd85cc22740e09205a7a4bf510 uses this exact 45-byte EIP-1167 clone of MetaOracleDeviationTimelock 0x9b4655239e91dc9e1f7599bb88fba41b4542de5b. primaryOracle=0x8c9464d99512dcd6f80be72aac20dafd9ea2c831; backupOracle=0x09dbf9502d43445b33883837a51d06fc9b9cdec4; currentOracle=0x8c9464d99512dcd6f80be72aac20dafd9ea2c831. Deviation threshold is 2%, challenge duration 7200 seconds and healing duration 28800 seconds; both pending clocks are zero. Exact primary/backup composer feeds are listed below. Published heartbeat intervals are source update targets, not consumer-enforced freshness bounds or independent-redundancy proof.
ethereum borrower-pricing root 0x68066d2891254f1f3285cac0bb16b65b28ee3cab: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x1a9ccaca2dba9469cd9cba3d077466761b05f465c412d2bf2c71614c4963dd84: collateral 0x14d60e7fdc0d71d8611742720e4c50e7a974020c, LLTV raw 915000000000000000, included lender claim 0 raw loan-token units. Pinned reads at ethereum block 26305151 (2026-10-30) show a verified MorphoChainlinkOracleV2 whose only configured input is BASE_FEED_1 0xaffd8f5578e8590665de561bde9e7badb99300d9, an EACAggregatorProxy with description "USCC NAV" and 6 decimals; BASE_FEED_2, QUOTE_FEED_1, QUOTE_FEED_2, BASE_VAULT and QUOTE_VAULT are the zero address with conversion samples of 1. The price is therefore a single administrator-published NAV for USCC, not an independent market quote: one source, no alternate feed, no vault conversion and no consumer-visible deviation check. The observed USCC NAV round last updated 22.3 hours before the pin (updatedAt 1793277587).
ethereum borrower-pricing root 0x217d6ddcdb95112c51657f6270e8c079cfdb51f0: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x1e9d614631a7df0ec07fb05b2c8cb2491575fd1a63a33bf187a6afb295a4fc64: collateral 0xecfafdc7741323a945a163ed068b5a3c43483957, LLTV raw 915000000000000000, included lender claim 3129493579920 raw loan-token units. Exact chain+oracle feed evidence retained from armusdcs-wintermute, original source observation as of 2026-10-21. The following historical source scope is not a refreshed allocation or this vault's market census: Ojo combines immutable 900-second Pendle market0x13285bcbc27f92b47b4edb99d744c07b48c977c0 PT-to-asset TWAP with a fixed6-percent annual maturity-discount model. Its SY0x9487bd5a3b16ecb5f3184453e3ee75b800141648 reads ExchangeRateOracle0x05175571fe251be44511240caf3ac305a4b3fb1e, then stored share price0xd1d104a7515989ac82f1afda15a23650411b05b8. Current price setter is NAVConsumer0x84d4eaeb10f9e57b67622f667c6c13e22fa4b2b6, fed through the legacy sink by governed NAVOracle0xb45ac37cc7ff7ec317e7d8c308781ece431639f6. This is governed internal NAV, not an unresearched independent market-price source.
ethereum borrower-pricing root 0x3464a61a68c486241fe07201c913f055bdce35bf: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x22fe4c688161863c73571a2b8db65cc11a4a6bceee4f0dea4aa83e4b784f1bd9: collateral 0xdc169abe56461a2e0c034da431ac2a3ebf596094, LLTV raw 915000000000000000, included lender claim 0 raw loan-token units. Exact chain+oracle feed evidence retained from pendleusdc-pendle, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: Block 26197390 binds this market to immutable MetaOracleDeviationTimelock clone 0x3464a61a68c486241fe07201c913f055bdce35bf. Primary 0x89dae86eb86cbc4dd2f52031c997a21ab9a950c5 uses Ojo 0x16bdf4c1a1fbd0d3a181dcee4141bb106e22b002: minimum of 900-second Pendle TWAP 0xe7d40a9a3d09108bb9119e0133b99ac02471c100 and 13%-annualized fixed discount 0xf5532b1df22f97a0660386958b5dcdb94be8533c. Backup 0x77ae9b629096d0ae0206878b163cca232276c88e shares that Ojo leg and adds underlying/USD Chainlink 0xff30586cd0f29ed462364c7e81375fc0c71219b1 over constant-one USDC feed 0xc3866d726c204c0836e0677a31973c649888973d. Correlated backup is not independent PT or USDC price discovery. Refreshed at 2026-10-15T10:43:11Z; exact root price()=985200178526128869000000.
ethereum borrower-pricing root 0x52ea2c12734b5bb61e1edf52bb0f01d9206493fc: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x2a0b893471c785a1f0fda00df7fca578b703eef7ae7186d2429c2824b5212467: collateral 0x4614f7a56a3eb83b2ff9fa4b4b9575b28fb68644, LLTV raw 915000000000000000, included lender claim 1012201787209 raw loan-token units; 0xe83d72fa5b00dcd46d9e0e860d95aa540d5ec106da5833108a9f826f21f36f52: collateral 0xc26a6fa2c37b38e549a4a1807543801db684f99c, LLTV raw 770000000000000000, included lender claim 0 raw loan-token units. Exact chain+oracle feed evidence retained from bbqusdc-steakhouse-v2, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: Source-scoped correction; source review 2026-10-21, original observation/review starts preserved. Exact published TranchesChainlinkOracle source and deployed-bytecode immutables identify tranche collateralToken 0xc26a6fa2c37b38e549a4a1807543801db684f99c, distinct from its CDO 0x433d5b175148da32ffe1e1a37a939e1b7e79be4d, behind feed 0x50449b3d1f5931d568a1951ee506a9534e7f7dff; the former truncated tranche/CDO identity conflated two contracts. latestRoundData returns cdo.virtualPrice(collateralToken), with roundId, startedAt, updatedAt and answeredInRound all zero. This is tranche accounting, not independent market pricing or upstream-data freshness. At the preserved Ethereum block 26197050 (2026-10-15T09:34:59Z), exact market oracle price() returns raw 1115076000000000000000000; no claim of market-value accuracy, solvency or a freshness guarantee is made.
ethereum borrower-pricing root 0xa3a7a3cefee206f9d7fe00ec3c83324ed4228411: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x34377fc4f617c51818e92c79df31ff270c6a91bc94ad32e367fdf59b9f4ac5dd: collateral 0xcd5fe23c85820f7b72d0926fc9b05b43e359b7ee, LLTV raw 770000000000000000, included lender claim 0 raw loan-token units; 0x85252bb8485c99bba46fe149c7dd2aad83672640f53c630890673cf1848ba16e: collateral 0xcd5fe23c85820f7b72d0926fc9b05b43e359b7ee, LLTV raw 860000000000000000, included lender claim 3129454948679 raw loan-token units. Exact chain+oracle feed evidence retained from kpkusdcyield-kpk, original source observation as of 2026-10-14. The following historical source scope is not a refreshed allocation or this vault's market census: At block 26191269 (2026-10-14): 54482065962669 shares / 55489558 expected raw USDC (0.0004%). Origami weETH/ETH adapter reads issuer WEETH.getRate(), not an external weETH market price; latestRoundData updatedAt=0 is synthetic metadata, not measured stale reporting. ETH/USD and dummy USDC=1 quote are identified. Historical review: Morpho API identifies weETH collateral 0xcd5fe23c85820f7b72d0926fc9b05b43e359b7ee, market 0x34377fc4f617c51818e92c79df31ff270c6a91bc94ad32e367fdf59b9f4ac5dd, oracle 0xa3a7a3cefee206f9d7fe00ec3c83324ed4228411, type ChainlinkOracleV2. Historical nonzero supply exposure was established; upstream feed/admin/staleness and per-oracle fallback controls remain unverified. Independently read Morpho 0xbbbbbbbbbb9cc5e90e3b3af64bdaf62c37eeffcb idToMarketParams(bytes32) at block 26110242 confirmed the exact oracle and LLTV; price() returned raw 2960620043535041308419566336. A returned price proves callability of pricing at this block, not feed freshness, liquidator execution or safe topology. Historical Morpho oracleByAddress publishes baseFeedOne=0x4270e1817576bba4b640466be79a408ef128f828, baseFeedTwo=0xc0053f3fbccd593758258334dfce24c2a9a673ad, quoteFeedOne=0xc3866d726c204c0836e0677a31973c649888973d. This improves the exact feed inventory; heartbeat/staleness enforcement, conversion-leg controls and complete privileged/manual update powers have not been established.
ethereum borrower-pricing root 0xa66a4f03fd8031973f8c7718904ce32385f54e70: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x4565ac05d38b19374ccbb04c17cca60ca9353cd41824f0803d0fc7704f60eaed: collateral 0x5086bf358635b81d8c47c66d1c8b9e567db70c72, LLTV raw 915000000000000000, included lender claim 11582190234 raw loan-token units. Exact chain+oracle feed evidence retained from bbqusdc-steakhouse-v2, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: Feed0x72b5760cfbe437dd01409f44055fdfb8f8121b46 reads NAVConsumer0x84d4eaeb10f9e57b67622f667c6c13e22fa4b2b6. Historical Ethereum26197050 (2026-10-15T09:34:59Z) oracle price1107212112352092400000000 remains a historical observation. Final current Ethereum26238162 (2026-10-21T03:04:47Z) independently confirms an active emergency updater, mutable admin path, disabled automation and a latest NAV written through the force-update path; exact source permits direct role-authorized NAV and bypasses ordinary deviation rejection. Configuration reads nav_value from an operator-specified secret URL without an observation timestamp. These are positively established privileged internal marks at quality45, not an independent external-price feed. Full historical role enumeration, private NAV correctness and maximum underlying-data age remain unestablished.
ethereum borrower-pricing root 0x5635a2f38c5dfd1d8fdb176d9cb5aefa07bf6a68: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x61765602144e91e5ac9f9e98b8584eae308f9951596fd7f5e0f59f21cd2bf664: collateral 0xcd5fe23c85820f7b72d0926fc9b05b43e359b7ee, LLTV raw 860000000000000000, included lender claim 69433657275 raw loan-token units. Exact chain+oracle feed evidence retained from gusdcq-galaxy, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: Exact adapter census binds the weETH market and 86% LLTV to this oracle. BASE_FEED_1 is the Redstone weETH feed at a transparent proxy. Ethereum block 26197000 pins implementation 0x0c2c7ded01ccdfab16f04aff82af766b23d6be0a and proxy admin 0x8223a6271d1e0bda019ee55d545d7b86eff1f573. The reviewed implementation accepts signed external Redstone data through authorized updaters; a proxy admin can replace it. These are external pricing and upgrade-control dependencies, not independent failover. No composer-enforced updatedAt freshness bound is established.
ethereum borrower-pricing root 0xa6d6950c9f177f1de7f7757fb33539e3ec60182a: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x64d65c9a2d91c36d56fbc42d69e979335320169b3df63bf92789e2c8883fcc64: collateral 0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf, LLTV raw 860000000000000000, included lender claim 758362792259 raw loan-token units. Exact chain+oracle feed evidence retained from armusdcs-wintermute, original source observation as of 2026-10-21. The following historical source scope is not a refreshed allocation or this vault's market census: At block26237350 the sole BTC/USD feed 0xf4030086522a5beea4988f8ca5b36dbc97bee88c points to OCR2 aggregator 0x4a3411ac2948b33c69666b35cc6d055b27ea84f1. Current config digest matches ConfigSet at block25296199:31 registered signers/transmitters, f10 and11 required report signatures. Proxy/aggregator owner is Safe0x21f73d42eb58ba49ddb685dc29d3bf5c0f0373ca, threshold4/9. This is one aggregated price source, not independent failover or proof of human signer independence.
ethereum borrower-pricing root 0xe087ad7fe989cf63f8383579d160a20ee7e69f9f: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x7e585a933ffe8443c371b4f8cfeb4430f5f6a14c2f32a898c26662c67a1cb8b8: collateral 0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0, LLTV raw 860000000000000000, included lender claim 0 raw loan-token units. Exact chain+oracle feed evidence retained from gtusdtp-gauntlet, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: At Ethereum block 26197394, adapter market 0x6a57d77b9a173c5ed10d432e7009dd1ee9a97fac62a7bc970b4bd715e2fff5c8 binds this oracle to wstETH collateral and immutable LLTV 86%. Current nonzero composer inputs: BASE_FEED_1=0x4f67e4d9bd67efa28236013288737d39aef48e79, BASE_FEED_2=0xc0053f3fbccd593758258334dfce24c2a9a673ad. Pinned getters, feed descriptions and deployed source identities match the recorded addresses. Published Chainlink heartbeats describe upstream update targets; no consumer-enforced updatedAt limit or independent failover is established. The immutable WstETHPriceFeed points to stETH/ETH 0x86392dc19c0b719886221c78ab11eb8cf5c52812 and wstETH 0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0; it calculates stETHPrice times 10^18 divided by tokensPerStEth(), retaining the underlying round timestamps.
ethereum borrower-pricing root 0x873cd44b860dedfe139f93e12a4acca0926ffb87: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x85c7f4374f3a403b36d54cc284983b2b02bbd8581ee0f3c36494447b87d9fcab: collateral 0x9d39a5de30e57443bff2a8307a4256c8797a3497, LLTV raw 915000000000000000, included lender claim 0 raw loan-token units. Pinned reads at ethereum block 26305151 (2026-10-30) show a verified MorphoChainlinkOracleV2 with every feed slot zero and BASE_VAULT set to the verified StakedUSDeV2 0x9d39a5de30e57443bff2a8307a4256c8797a3497 (symbol sUSDe), BASE_VAULT_CONVERSION_SAMPLE 1000000000000000000 and SCALE_FACTOR 1000000; sUSDe.asset() is USDe 0x4c9edd5852cd905f086c759e8383e09bff1e68b3. The price is the vault's own ERC-4626 exchange rate expressed in USDe with USDe treated at par: protocol accounting rather than a market quote, with no external feed, backup provider or deviation guard.
ethereum borrower-pricing root 0x0f948cba8231db7898ef36a4212581ad7b1b4580: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0x94b823e6bd8ea533b4e33fbc307faea0b307301bc48763acc4d4aa4def7636cd: collateral 0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2, LLTV raw 860000000000000000, included lender claim 22831375025 raw loan-token units. Exact chain+oracle feed evidence retained from steakcusdc-steakhouse, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: At Ethereum block 26196563 (2026-10-15T07:57:11Z), exact engine parameters match the complete adapter census; LLTV is 86%. Composer inputs: BASE_FEED_1()=0xc0053f3fbccd593758258334dfce24c2a9a673ad, BASE_FEED_2()=0x0000000000000000000000000000000000000000, BASE_VAULT()=0x0000000000000000000000000000000000000000, BASE_VAULT_CONVERSION_SAMPLE()=1, QUOTE_FEED_1()=0x0000000000000000000000000000000000000000, QUOTE_FEED_2()=0x0000000000000000000000000000000000000000, QUOTE_VAULT()=0x0000000000000000000000000000000000000000, QUOTE_VAULT_CONVERSION_SAMPLE()=1, SCALE_FACTOR()=10000000000000000. Proxy 0xc0053f3fbccd593758258334dfce24c2a9a673ad owner=0x21f73d42eb58ba49ddb685dc29d3bf5c0f0373ca; aggregator=0xad88fc1a810379ef4efbf2d97ede57e306178e5a. ETH/USD prices the wrapped ETH collateral with no separate quote feed.
ethereum borrower-pricing root 0x9f983115741d0f7f2eae07831415057ad3de34d2: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0xbc99de6a88904cd0e69042ad6f266e63182801f030c636507c3caf590ffd84fe: collateral 0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf, LLTV raw 860000000000000000, included lender claim 2682592107 raw loan-token units. Exact chain+oracle feed evidence retained from gtusdtp-gauntlet, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: At Ethereum block 26197394, market 0x4fe72543c5c95cd6b5f3cb516cd235ba882e2e705fe3424db6f99dfe5811d0d3 uses this exact 45-byte EIP-1167 clone of MetaOracleDeviationTimelock 0x9b4655239e91dc9e1f7599bb88fba41b4542de5b. primaryOracle=0x8c9464d99512dcd6f80be72aac20dafd9ea2c831; backupOracle=0x0acdc416c592a592edf2e64b178aa8d4d47e05a8; currentOracle=0x8c9464d99512dcd6f80be72aac20dafd9ea2c831. Deviation threshold is 2%, challenge duration 7200 seconds and healing duration 28800 seconds; both pending clocks are zero. Exact primary/backup composer feeds are listed below. Published heartbeat intervals are source update targets, not consumer-enforced freshness bounds or independent-redundancy proof.
ethereum borrower-pricing root 0xdcc04ffacd7b49035ccdbbba59a5f955944129db: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0xbf02d6c6852fa0b8247d5514d0c91e6c1fbde9a168ac3fd2033028b5ee5ce6d0: collateral 0x8236a87084f8b84306f72007f36f2618a5634494, LLTV raw 860000000000000000, included lender claim 0 raw loan-token units. Pinned reads at ethereum block 26305151 (2026-10-30) show a verified MorphoChainlinkOracleV2 with BASE_FEED_1 0xb415eaa355d8440ac7ecb602d3fb67ccc1f0bc81, a verified TransparentUpgradeableProxy (EIP-1967 implementation 0x6978de4916DF8cD2BF7732BedEBBE7090f028555) whose aggregator describes itself as "Redstone Price Feed" (8 decimals, round 1, answer 100521786), and BASE_FEED_2 0xf4030086522a5beea4988f8ca5b36dbc97bee88c (Chainlink BTC/USD, 8 decimals, published heartbeat 3600s); SCALE_FACTOR is 1e18 and both vault slots are zero. The composite multiplies one Redstone base ratio by Chainlink BTC/USD: the BTC/USD leg has many OCR transmitters and a published heartbeat, but the base ratio has a single provider, round 1, no alternate and no published heartbeat, so the composite is single-source-bounded.
ethereum borrower-pricing root 0xf3efa46246d319381f5e7023ae83f9c23c11b0f6: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0xc498f4bfdda99e60ea8eb04c1e145654a70bc59da76ef9c6ed54a1314d78e5b5: collateral 0xbeef0c075da5d01112ae5cf34d257074fb5ddb2f, LLTV raw 915000000000000000, included lender claim 234653009081 raw loan-token units. Pinned reads at ethereum block 26305151 (2026-10-30) show a verified MorphoChainlinkOracleV2 with BASE_FEED_1 0xb49f677943bc038e9857d61e7d053caa2c1734c1 (Chainlink EUR/USD, 8 decimals, published heartbeat 86400s), BASE_VAULT set to the verified Morpho vault 0xbeef0c075da5d01112ae5cf34d257074fb5ddb2f (symbol steakEURCV) with BASE_VAULT_CONVERSION_SAMPLE 100000000 and SCALE_FACTOR 100000000; every other slot is zero and steakEURCV.asset() is EURCV 0x5f7827fdeb7c20b443265fc2f40845b715385ff2. The price is the vault's internal EUR NAV converted at one Chainlink EUR/USD feed: a single 24-hour-heartbeat FX source with no alternate and no independent NAV check, with the vault's own accounting as the other leg.
ethereum borrower-pricing root 0x0cb1928eca8783f05a07d9ae2afb33f38bfbeb78: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0xef2c308b5abecf5c8750a1aa82b47c558005feb7a03f4f8e1ad682d71ac8d0ba: collateral 0x238a700ed6165261cf8b2e544ba797bc11e466ba, LLTV raw 915000000000000000, included lender claim 4130893954843 raw loan-token units. Exact chain+oracle feed evidence retained from bbqusdc-steakhouse-v2, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: The exact current Morpho base feed is 0x4386307a07c4de7ba11b4f4ec3e1f37bbe95dc99. Midas proxy 0x8d51dbc85ceef637c97d02bdaabb5e274850e68c currently implements MFOneCustomAggregatorFeed 0x7cc057c382dea2d1d590386db13655f6ec8a65b4, with accessControl 0x0312a9d1ff2372ddedcbb21e4b6389afc919ac4b and feed-admin role 0xdb5e9dab3324bd3260229fbc56a0f12fa0317c8cb14bee310acef564572cd504. Exact published implementation permits manual feed-admin price submission. Complete current role membership and stale-price/bypass certification remain unresolved. At Ethereum block 26197050 (2026-10-15T09:34:59Z), exact market oracle price() returns raw 1042800580000000000000000. This is a pricing observation, not proof of market-value accuracy, solvency or a freshness guarantee.
ethereum borrower-pricing root 0xeccf43900d96c79fb36122818b42f40bde01597c: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0xeffa583f87a425f68b8ba0c62408b2afe5c30dac436c680fbd2ee3836f037e1d: collateral 0xf6b1117ec07684d3958cad8beb1b302bfd21103f, LLTV raw 625000000000000000, included lender claim 20825743 raw loan-token units. Exact chain+oracle feed evidence retained from bbqusdc-steakhouse-v2, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: Exact MetaOracle clone uses published implementation 0x9b4655239e91dc9e1f7599bb88fba41b4542de5b. Pinned primary 0x7e5a0f4a0ca67d283469b2dbcde13bf7fe08e253, backup 0xe495fb2dc9e142c8cf86efccebb0097fdebb33a4, currentOracle 0x7e5a0f4a0ca67d283469b2dbcde13bf7fe08e253, deviationThreshold raw 20000000000000000 (2%), challenge duration 259200 seconds and healing duration 86400 seconds. Source computes deviation against backup price; issuer documentation describes the average, a source/documentation discrepancy. Selected primary/backup identity is observed; complete nested feed operator/admin and source-data freshness remain unresolved. At Ethereum block 26197050 (2026-10-15T09:34:59Z), exact market oracle price() returns raw 360145000000000000000000000. This is a pricing observation, not proof of market-value accuracy, solvency or a freshness guarantee.
ethereum borrower-pricing root 0xd703c55b871d999ea5435ac3721b19296ac249d1: Book content as of 2026-10-20T19:53:59Z at block 26236015: 0xfb8d92086861bae6fb778917afd1de5dbbc4ec70edfb636fed48238e225e7e3d: collateral 0x54c1ff361b402f66c13107421e6a431c3375ef24, LLTV raw 860000000000000000, included lender claim 4725596 raw loan-token units. Exact chain+oracle feed evidence retained from bbqusdc-steakhouse-v2, original source observation as of 2026-10-15. The following historical source scope is not a refreshed allocation or this vault's market census: Exact MetaOracle clone uses published implementation 0x9b4655239e91dc9e1f7599bb88fba41b4542de5b. Pinned primary 0xd87b4a9de5b184a469942339508dd485e8eeead7, backup 0xdee9c016bd52b0a99a78790a9bf8410662a3d1e3, currentOracle 0xd87b4a9de5b184a469942339508dd485e8eeead7, deviationThreshold raw 20000000000000000 (2%), challenge duration 28800 seconds and healing duration 86400 seconds. Source computes deviation against backup price; issuer documentation describes the average, a source/documentation discrepancy. Selected primary/backup identity is observed; complete nested feed operator/admin and source-data freshness remain unresolved. At Ethereum block 26197050 (2026-10-15T09:34:59Z), exact market oracle price() returns raw 24030637530000000000000000. This is a pricing observation, not proof of market-value accuracy, solvency or a freshness guarantee.

Reviewed 2026-10-30

bbqUSDC

Upstream

Freeze power sits upstream with USD Coin rather than in this token's own contract.

Sourced review

Power and scope

Upstreamvia USD Coin

PowerUpstream

ScopeCanonical · Permissionless

Reviewed deployments (1)

EthereumCanonical · Permissionless

Transfer posture reviewed 2026-07-30.

Review notes & sources (5)

Reviewed 2026-07-30

bbqUSDC

MiCA out of scope

MiCA (EU): Out of scope

bbqUSDC is out of MiCA scope.

Sources (2)

bbqUSDC

Single-chain / native

One native deployment, on Ethereum; no bridge route.

Confidence: Verified

Review notes & sources (3)

bbqUSDC is tracked as one Ethereum MetaMorpho vault token. The reviewed Steakhouse and Morpho source set does not show a durable bridge route for this vault share.

Reviewed 2026-06-20

Smokehouse USDC (bbqUSDC)

Smokehouse's Higher-Risk USDC Vault

Depeg Early Warning

Exit evidence

Redemption route · Waiting for section

Control evidence

bbqUSDC Mint Authority

Control posture

bbqUSDC Collateral pricing & liquidation

Branches

Feeds

ethereum borrower-pricing root 0xf1561bc4b3d1ba49053986fb9ee88d4fe22d0cf4

ethereum borrower-pricing root 0x68066d2891254f1f3285cac0bb16b65b28ee3cab

ethereum borrower-pricing root 0x217d6ddcdb95112c51657f6270e8c079cfdb51f0

ethereum borrower-pricing root 0x3464a61a68c486241fe07201c913f055bdce35bf

ethereum borrower-pricing root 0x52ea2c12734b5bb61e1edf52bb0f01d9206493fc

ethereum borrower-pricing root 0xa3a7a3cefee206f9d7fe00ec3c83324ed4228411

ethereum borrower-pricing root 0xa66a4f03fd8031973f8c7718904ce32385f54e70

ethereum borrower-pricing root 0x5635a2f38c5dfd1d8fdb176d9cb5aefa07bf6a68

ethereum borrower-pricing root 0xa6d6950c9f177f1de7f7757fb33539e3ec60182a

ethereum borrower-pricing root 0xe087ad7fe989cf63f8383579d160a20ee7e69f9f

ethereum borrower-pricing root 0x873cd44b860dedfe139f93e12a4acca0926ffb87

ethereum borrower-pricing root 0x0f948cba8231db7898ef36a4212581ad7b1b4580

ethereum borrower-pricing root 0x9f983115741d0f7f2eae07831415057ad3de34d2

ethereum borrower-pricing root 0xdcc04ffacd7b49035ccdbbba59a5f955944129db

ethereum borrower-pricing root 0xf3efa46246d319381f5e7023ae83f9c23c11b0f6

ethereum borrower-pricing root 0x0cb1928eca8783f05a07d9ae2afb33f38bfbeb78

ethereum borrower-pricing root 0xeccf43900d96c79fb36122818b42f40bde01597c

ethereum borrower-pricing root 0xd703c55b871d999ea5435ac3721b19296ac249d1

bbqUSDC Freeze & seizure

bbqUSDC Regulatory standing

bbqUSDC Bridging & deployments

bbqUSDC Dependency context

Underlying asset

Key links

bbqUSDC Contracts

Explore next

bbqUSDC profile facts

Other coins using the bbqUSDC ticker

bbqUSDC quick answers

Smokehouse USDC (bbqUSDC)

Smokehouse's Higher-Risk USDC Vault

bbqUSDC Mechanism

Peg mechanism

Collateral

Collateral

Mechanism review

bbqUSDC Reserves

Depeg Early Warning

Exit evidence

Redemption route · Waiting for section

Control evidence

bbqUSDC Mint Authority

Control posture

bbqUSDC Collateral pricing & liquidation

Branches

Feeds

ethereum borrower-pricing root 0xf1561bc4b3d1ba49053986fb9ee88d4fe22d0cf4

ethereum borrower-pricing root 0x68066d2891254f1f3285cac0bb16b65b28ee3cab

ethereum borrower-pricing root 0x217d6ddcdb95112c51657f6270e8c079cfdb51f0

ethereum borrower-pricing root 0x3464a61a68c486241fe07201c913f055bdce35bf

ethereum borrower-pricing root 0x52ea2c12734b5bb61e1edf52bb0f01d9206493fc

ethereum borrower-pricing root 0xa3a7a3cefee206f9d7fe00ec3c83324ed4228411

ethereum borrower-pricing root 0xa66a4f03fd8031973f8c7718904ce32385f54e70

ethereum borrower-pricing root 0x5635a2f38c5dfd1d8fdb176d9cb5aefa07bf6a68

ethereum borrower-pricing root 0xa6d6950c9f177f1de7f7757fb33539e3ec60182a

ethereum borrower-pricing root 0xe087ad7fe989cf63f8383579d160a20ee7e69f9f

ethereum borrower-pricing root 0x873cd44b860dedfe139f93e12a4acca0926ffb87

ethereum borrower-pricing root 0x0f948cba8231db7898ef36a4212581ad7b1b4580

ethereum borrower-pricing root 0x9f983115741d0f7f2eae07831415057ad3de34d2

ethereum borrower-pricing root 0xdcc04ffacd7b49035ccdbbba59a5f955944129db

ethereum borrower-pricing root 0xf3efa46246d319381f5e7023ae83f9c23c11b0f6

ethereum borrower-pricing root 0x0cb1928eca8783f05a07d9ae2afb33f38bfbeb78

ethereum borrower-pricing root 0xeccf43900d96c79fb36122818b42f40bde01597c

ethereum borrower-pricing root 0xd703c55b871d999ea5435ac3721b19296ac249d1

bbqUSDC Freeze & seizure

bbqUSDC Regulatory standing

bbqUSDC Bridging & deployments

bbqUSDC Dependency context

Underlying asset

bbqUSDC

bbqUSDC

bbqUSDC

bbqUSDC

bbqUSDC

bbqUSDC