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Vault dashboards lead with size and yield. This measures what appears withdrawable at the current state: per market, the smaller of what the vault supplied and what that market has left unlent, summed — read from Euler, Morpho and Lista.
A lending vault’s size and its liquidity are different facts, and only the first is published anywhere. Utilisation here is computed from the two halves of one reading — lent out over lent out plus left — never against a capital figure written by another job at another time, which is a wrong number built from two right ones.
A vault absent from this list is one whose liquidity we do not read, never one with nothing locked. Where the reading is missing the site says so rather than showing a zero.
Every venue publishes what a vault holds. None publishes who can move it, and that is the shorter path to zero: a bad strategy loses money slowly and in public, an owner key does it in one transaction. Read from the vault contracts themselves — owner, curator, guardian — for every vault above $1M that answers those calls.
$344.47M sits in 9 vaults whose owner is a single externally-owned account with no guardian — nobody can veto what that key does. 43 other vaults of the 119 read keep owner, curator and guardian as separate parties, which is what makes this a choice rather than a limitation of the venue.
This covers the vaults that answer owner(). Others govern through a different interface, and some reached us from an aggregator with no contract address attached — for those the question is open, not answered in their favour.
| Vault | Capital | What the contract says |
|---|---|---|
| Adpend USDC | $180.36M | the owner is a single externally-owned account, not a multisig; no guardian, so no party can veto a timelocked change; the curator and the owner are the same address |
| 1337 USDC | $96.15M | the owner is a single externally-owned account, not a multisig; no guardian, so no party can veto a timelocked change; no curator is set — the owner holds curation directly |
| Froge's USDC | $25.78M | the owner is a single externally-owned account, not a multisig; no guardian, so no party can veto a timelocked change; no curator is set — the owner holds curation directly |
| Lagoon · ROCK.RETH | $23.67M | the owner is a single externally-owned account, not a multisig; no guardian, so no party can veto a timelocked change; no curator is set — the owner holds curation directly |
| Lagoon · GAMICUSPC | $7.52M | the owner is a single externally-owned account, not a multisig; no guardian, so no party can veto a timelocked change; no curator is set — the owner holds curation directly |
| Not Gauntlet | $4.94M | the owner is a single externally-owned account, not a multisig; no guardian, so no party can veto a timelocked change; no curator is set — the owner holds curation directly |
| Lagoon · SYNUSD+ | $3.98M | the owner is a single externally-owned account, not a multisig; no guardian, so no party can veto a timelocked change; no curator is set — the owner holds curation directly |
| OUSD Vault V1 | $1.04M | the owner is a single externally-owned account, not a multisig; no guardian, so no party can veto a timelocked change; no curator is set — the owner holds curation directly |
| Lagoon · AGUSDC | $1.04M | the owner is a single externally-owned account, not a multisig; no guardian, so no party can veto a timelocked change; no curator is set — the owner holds curation directly |
Every figure here is public and none of it is published. From inside any one vault a market at full utilisation looks like a position; added up across curators who cannot see each other’s books it is a single exposure, and the curators are not the ones who would notice.
This covers $372.19M of the $425.96M that cannot be withdrawn. The remaining $53.76M is on Euler, where a vault accepts many collaterals at once — the list says what it is permitted to lend against, not what borrowers actually pledged, and publishing the first as though it were the second would be a guess wearing the clothes of a measurement. Morpho markets carry exactly one collateral, which is the only reason the figures above are exact.
| Collateral | Capital that cannot be withdrawn | Share of all of it | Vaults | Separate firms |
|---|---|---|---|---|
| sdeUSD | $276.37M | 74.3% | 2 | 0 +2? |
| xUSD | $27.67M | 7.4% | 4 | 2 +2? |
| EURC | $11.01M | 3.0% | 1 | 1 |
| gAUSD | $9.05M | 2.4% | 1 | 1 |
| AUSD | $7.66M | 2.1% | 1 | 1 |
| wS | $5.31M | 1.4% | 1 | 1 |
| WAVAX | $4.94M | 1.3% | 1 | 1 |
| USDT | $4.48M | 1.2% | 3 | 2 |
| YU | $4.20M | 1.1% | 1 | 1 |
| AvalancheUSDC | $3.96M | 1.1% | 1 | 1 |
Read from the same allocation data the withdrawable figure comes from, so the two cannot disagree. A market whose free liquidity we could not read is left out of this rather than counted as stuck.