ASPERN · due-diligence report
Adpend USDC
Morpho · ethereum · ethereum-adpend-usdc-555558
Generated 2026-10-24 01:53:21 UTC. Every figure below carries the moment it was read, because a report is read later than it is made. Nothing here is a recommendation to invest. The live page carries the same readings and moves with them.
What it holds
How you get out
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
| Market | severe | in the band |
| Liquidity | severe | in the band |
| Concentration | moderate | in the band |
| Operating | low | in the band |
| Controller | high | outside the band |
| Evidence | not read | outside the band |
There is no overall figure and there will not be one. The band covers four of these and contains no reading of the controller at all, so a band of `low` beside a controller of `high` is not a contradiction: it is the thing this table exists to show.
What it advertised and what it returned
The published ratio divides the realised rate by the rate this vault quotes TODAY. Over 34 of the 252 days the return covers we hold its own quotes, it advertised between 5359.81% and 5359.82%, averaging 5359.81%, and today's quote is near the TOP of that range, so the published ratio is built on one of this vault's better quotes. We hold no quote for the rest of the window, so this says what the venue was advertising while we watched and not across the whole return.
Who controls it, and whether that has changed
We have watched who controls this vault since 2026-08-24 and nothing we record has moved in that window. That is not the same as a vault that has never changed hands: anything before 2026-08-24 predates this platform holding control state at all, and we do not reconstruct it from history.
What we cannot see
- · The realised return is not comparable with the advertised one (rate-implausible), so the ratio is not a verdict on the venue's figure.
- · Whether it still takes deposits is not something we could establish.
- · Whether a timelock exists elsewhere: we read the controller and it is not one, and we do not separately search for a timelock behind it.