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This is my vault, register it
SovaBase USDC
BSix risks, read separately
The same six across every vault we scoreSix risks, read separately
Strategy risk band Severe
Every dimension we could read is at or better than the overall `severe`, so the one word does not flatter this vault.
| Risk | Reads | In the band | From |
|---|---|---|---|
| Market |
Taking money
—
Supplied
$100.4k
$100.4k lent out · $0.45 could be withdrawn, as we read it 20 minutes ago
Return
—
over its recorded history, partly reconstructed
The venue advertises
199,713%
The venue advertises 199,713%. We publish it because it is what they publish, and exclude it from any average.
Value and drawdown
Range
Hover for values. Upper: vault value. 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
- 199,713%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
- 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 nowagainst it
- $0.45
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.
Range
What a holder got. The advertised rate is being kept from 18 Sep 2026 and joins this chart as it accrues (0 days held).
If you had deposited
$10.0k would be $63.3k , a gain of $53.3k, 533.3% over 86 days.
Priced from our first reading 4 days after that date; 2026-07-28, because it is the earliest price we hold rather than one we would have to invent.
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. 2 of 6 are not measured for this vault.
- What does it hold or lend into?Measured1 collateral read, $100.4k supplied, across 11 marketsRead from the vault’s own holdings. Concentration and the assets themselves are below. Its largest single market holds 1% of what anybody has supplied there.
- How much could leave now?Measured$0.45What 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 contract0x4F2ba48F…E568
NetworkEthereum
Platform
Morpho
OperatorUnknown
Deposit assetUSDC
Created on-chain2025-10-09
First observed by us2026-10-21
Statuslive
What is deciding
What it is lent against
100% in RLP- RLP
- $100.4k100%
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 market11 markets read, $100.4k attributed. 1 of them has nothing left unlent. 4 are capped at nothing: the curator permits no more money in, whatever is there now. 2 of them have 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
Ledger read 1 hour 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.