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This is my vault, register it
Adpend USDC
BHow you get outNo notice periodread 2026-10-16
The contract imposes NO notice period: a redeem settles in the transaction that asks for it. That is not a promise of an instant exit — it is still subject to the vault having the money, which is the liquidity reading and a separate question — but there is no queue, no request step and no lock-up in the contract.
Six risks, read separately
The same six across every vault we scoreSix risks, read separately
Strategy risk band High
The overall band reads `high` while 2 dimensions read worse: market severe, liquidity severe. The band weighs them against everything else, which is why it can read better without being in conflict.
| Risk | Reads | In the band | From |
|---|
This vault's size is proved against its own contract
The contract holds 575,162,597.64 USDC, read from the chain by its token. At the price we publish that is $575.06M, against the $575.01M 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.
One thing worth a look
Patterns in this vault’s record that have more than one explanation. None of them lowers its grade and none of them is a finding of wrongdoing, a ledger cannot separate the readings below, and neither can we.
- The share price has risen at every one of 27 readings over 29 days, at a rate of 760% a year. Of what depositors supplied, effectively none could be withdrawn today.
- Equally consistent with: A market paying whatever it takes to attract supply, which is what an adaptive rate is supposed to do. It does mean the rate and the queue at the exit have the same cause, and that the return is interest accrued rather than received.
Measured over the last 30 days, as of 2026-10-16 21:21 UTC. A pattern that stops is cleared rather than left standing.
Taking money
—
Supplied
$575.75M
$575.56M lent out · $0.00 could be withdrawn, as we read it 50 minutes ago
Return
256.6%
over its recorded history, partly reconstructed
The venue advertises
5,360%
the share price implies 1,035% over 30 days, from 162 readings. No verdict is drawn: one of the two is beyond planning around
Value and drawdown
This chart shows the last 30 days of a 61 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.
What is lent out, and what is free
59 days read, one a day, from the vault’s own figures.Lent outFree cash
Range
The two bands add up to what depositors supplied. Free cash is what is not lent; what the contract will actually pay out can be less, and the evidence below says which of the two we read for this vault.
Range
Past about ninety-five per cent the percentage stops being the useful number and the dollars beside it take over: a vault can be 99% utilised with a hundred million free, and 99% utilised with a thousand.
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
- 5,360%As the venue states it, from Morpho. 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
- 1,035%over 30 daysDerived from the share price we read, over the window stated. Annualisation is secondary: the window is the measurement.
- Fee basis
- Inside the share priceA return derived from the share price is net of whatever the venue already deducted. Fees charged outside it are not in either number.
- Withdrawable nowagainst it
Share price and yield
Realised yield is the share price's own 30-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 30dAdvertised by the venue
Range
Solid: what a holder got. Dashed: what the venue advertised, kept since 18 Sep 2026 (27 days held).
If you had deposited
$10.0k would be $67.7k , a gain of $57.7k, 576.6% over 90 days.
And you could not take it out today. Effectively none of this vault was withdrawable at the last reading, so the figure above is what your shares are worth on paper rather than what you could realise.
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, $575.56M supplied, across 30 marketsRead from the vault’s own holdings. Concentration and the assets themselves are below. Its largest single market holds 5% of what anybody has supplied there.
- How much could leave now?Measured$0.00What 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?Not measured—No operator identified and no evidence of automation either way.
- What does it depend on?Declared
Passport
Identity
Vault contract0x55555815…5555
NetworkEthereum
Platform
Morpho
OperatorUnknown
Deposit assetUSDC
Created on-chain2025-08-02
First observed by us2026-08-11
Statuslive
What is deciding
Who can move the money
unguardedthe owner is a single externally-owned account, not a multisig
- OwnerCan change the vault.
- 0xf630d85a…a997
- CuratorDecides what it lends against.
- 0xf630d85a…a997
- GuardianCan veto a change while the timelock runs.
- renounced, nobody holds it
The owner is a single key rather than a contract, so there is no multisig or timelock behind it.
- What holds the keys
- A single private key
- Notice before a change
- none on this path
- Can be halted
- no pause function found
- Can replace the code
- no proxy admin found
What the manager moved
read 27 September 2026, over 30 daysRead over 30 days and no asset movement could be attributed to the manager. That is a reading, not an absence of one, every transfer in the window travelled with a deposit or a withdrawal.
Who is in it
Money in and out
Ledger read 35 minutes agoAnalyst 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.