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SoSoValue x Unified Labs USDC
BsoUSDC vault aims to optimize yields by lending USDC against blue chip crypto and RWA collaterals
Six risks, read separately
The same six across every vault we scoreSix risks, read separately
Strategy risk band Moderate
The overall band reads `moderate` while 1 dimension read worse: market severe. The band weighs them against everything else, which is why it can read better without being in conflict.
| Risk | Reads |
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This vault's size is proved against its own contract
The contract holds 1,043,377.68 USDC, read from the chain by its token. At the price we publish that is $1.04M, against the $1.04M shown above.
Only half of this is ours. The quantity comes from the contract and can be checked by anybody; the price comes from defillama:coins, so a wrong price would move both figures together and this would still agree.
The advertised rate has been moving
Over 39 daily readings it has ranged from 0.00% to 5.58%, averaging 3.60%. The tile below shows today’s quote alone.
39 readings is 39 days, not a year. We began taking them on 2026-09-19 and this window grows with the record rather than standing in for a longer one.
Taking money
—
Supplied
$1.04M
$940.5k lent out · 90% utilised
Return
—
over its recorded history, partly reconstructed
The venue advertises
4.7%
a year, on their own figures
Recent
Value and drawdown
This chart shows the last 30 days of a 39 day record; the whole-record figures on this page are measured over all of it, and the 30, 90 and 365-day figures over their own windows, dated below. The rest is the Analyst tierRange
Hover for values. Upper: vault value, with BTC indexed to the same starting capital. Lower: how far below its own peak it was.
The rate, and the seven things that qualify it
A quoted rate is one input, not a verdict. These are the same seven fields in the same order for every vault, so a high rate and a high rate nobody can withdraw from do not look alike.
- Current quoted rate
- 4.7%As the venue states it, from Morpho Vaults V2. Passed on rather than adopted, and whether rewards are inside it is the next row.
- Rewards inside that rate
- 0.0%of it is a reward rateA published rate, not a verified payment. Promotional projections and amounts actually accrued are different things and this is the first.
- Realised return
- Too little share-price history to derive one. The quote stands alone until there is.Derived from the share price we read, over the window stated. Annualisation is secondary: the window is the measurement.
- Fee basis
- We do not read this vault’s share price, so we cannot say which fees the figure is net of.A return derived from the share price is net of whatever the venue already deducted. Fees charged outside it are not in either number.
- Withdrawable now
- $1.04M100% of the vaultA reading of now, not a promise about the day somebody tries. An accruing rate with nothing withdrawable is the case this section exists for.
Share price and yield
Realised yield is the share price's own 7-day return, annualised, with no smoothing.Range
What one share is worth, in USDC. It moves only when the strategy earns or loses; deposits do not move it.
Realised, trailing 7dAdvertised by the venue
Range
Solid: what a holder got. Dashed: what the venue advertised, kept since 18 Sep 2026 (39 days held).
If you had deposited
$10.0k would be $10.0k , a gain of $35.56, 0.4% over 30 days.
Computed from the price of one share, so another depositor arriving is never counted as this strategy’s performance. Fees the venue charges inside the share price are included; anything charged outside it is not. It says what this vault did between two dates and nothing whatever about what it will do next.
No strategy has been declared for this vault
Everything above is reconstructed from public data. A declaration is free, signed from this vault’s own key, and cannot be edited afterwards.Note 28
Evidence
What a risk decision about this vault can rest on
Six questions, and what we hold for each. This is not a score and there is no letter at the end of it: the answers are different kinds of thing and compressing them into one number would hide exactly the part a reader needs. Where we have nothing, the row says so. 1 of 6 is not measured for this vault.
- What does it hold or lend into?Measured1 collateral read, $1.04M supplied, across 1 marketRead from the vault’s own holdings. Concentration and the assets themselves are below. Its largest single market holds 0% of what anybody has supplied there.
- How much could leave now?Measured$1.04MWhat the contract will pay out now, read from it. Not the same as what is idle.
- Who runs it, and what else have they run?MeasuredUnified LabsA named operator with a record across every vault they run, including the ones that closed.
- What does it depend on?Declared
Passport
Identity
Vault contract0xb88A0269…61c9
NetworkBase
Platform
Morpho Vaults V2
Operator
Unified Labs
Unified LabsDeposit assetUSDC
Created on-chain2026-09-08
First observed by us2026-10-17
Status
What it is lent against
- cbBTC
- $1.04M100%
Attributed collateral only. A vault accepting many collaterals at once reports less here than it holds, so this is what we can attribute rather than everything it is lent against.
Where it lends
<1% of its largest market1 market read, $1.04M attributed. 1 of them has been liquidated since we began reading, and none of those left debt unrecovered. The market by market rows, and this vault’s share of each, are part of the crowding data.
Who is in it
Money in and out
Last read: not recordedAnalyst tier
Detail is hidden, not absentWho is in this vault, and how much of it is one wallet
A vault that is eighty per cent one depositor is a vault whose price can be reset by a single withdrawal, and whose headline TVL says almost nothing about whether anyone else believes in it. Concentration is the risk a return figure never shows, and it moves before the return line does.
See what unlocksAlready a customer? Sign inWhat is still missing
- Operator cohort. We show what the venue still exposes; strategies deleted before we began observing are invisible, and only pre-registration can make a cohort provably complete.
- Gross-to-net waterfall. Returns are venue-reported and not yet decomposed into fees, funding and slippage.
- Off-chain exposure. Anything held on a centralised exchange is invisible to us, so the risk shown is a floor.