⌘K

Live evidencecounted 18m ago

5.45days of PURR volume to unwind the crowd97%of the XMR book on one side, across 31 vaults$1.87Bunder one key with no guardian, 89 of the 511 vaults whose control we have read$455.2Mwhose control we have never read, across 3,429 vaults$2.14Bsitting in vaults and not lent out$12.26Bunder 3,940 vaults we read

All vaults

StableEarn Prime PYUSD

deposit

PYUSDon

Morpho Vaults V2settles onStablecurator

Galaxy Curationvault contract0x8c3250F0…462394ba

The Galaxy Quality Stablecoin Vault allocates stablecoin liquidity across a curated selection of markets collateralized exclusively by blue chip assets.

Due-diligence report: complete, dated, with a digest anybody can check

Worst risk read: depositor concentration, severe
Not assessed: market, operating, controller
Getting out: the venue reports $5.72M withdrawable, not a withdrawal tried; no withdrawal simulated
Readings: capital read 6 November 2026, 17:18 UTC from the vault contract

Execution pattern

No automation observed

evidence: none · not who sets the strategy

Taking money

—

Supplied

$5.72M

$0.90 lent out · <1% utilised

Return

Six risks, read separately

The same six across every vault we score

Six risks, read separately

No strategy risk band: too little of this vault could be measured

There is no overall band for these dimensions to disagree with.

Evidence · Not scored · 2 of 5 components read (36% of the weight)

Point at a risk to read what it rests on.

Performance

Recent

—

30d · 90d

Max drawdown

—

peak to trough

Sortino

—

return per unit of downside risk

Volatility

—

The record behind these figures

History

—

11 readings, all taken at the time

Deployed

27 October 2026

from Morpho's creation timestamp

Record begins

2026-11-06

began 2026-10-27, so 10 days of it are before anything here

Record rests on

Grade B

The whole record is grade B.

Confidence

Where the capital sits, and how it moves

Collateral distribution

Which collateral backs what this vault has lent out, and what each one is.

weETHrestaked ETH, wrapped, held by ether.fi$1.00100%

Markets

Each market the vault supplies, by allocated dollars. Redeemable here is the smaller of this vault's supply and the market's free money.

Market	Allocated	Util	Redeemable here	Share of TVL	Others here
weETH / PYUSD0x37ff…91ff	$1.00	89.9%	$0.10	0.0%	—

Total value, the whole record

Every daily reading we hold.

Range

Hover for values.

Redeemable capacity and pressure

How much could leave now, how hard the money is working, and how much of the borrowing behind it sits close to liquidation.

Immediate redeemability

100.0%

$5.72M / $5.72M TVL

1 daily readings so far. This needs 2 to draw, so it is not drawn yet. That is how much history we hold, not how much there is.

Utilisation

89.9%

allocation-weighted borrow over supply

1 daily readings so far. This needs 2 to draw, so it is not drawn yet. That is how much history we hold, not how much there is.

At-risk debt (HF ≤ 1.10), this vault's share

—

not read yet for these markets

We hold no daily readings yet, so there is nothing to draw. That is how much history we hold, not how much there is.

Analyst tier

Capital flow, deposits against withdrawals, and who moved the money

Every deposit and withdrawal drawn over the vault's value, the buckets of money in and out, the wallets that moved it and how big a whale is here.

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Where the deposit goes

The vault, the markets it supplies, and the collateral its borrowers post. Under each market, how many other vaults we track lend into it; under each collateral, what it is and who holds it.

StableEarn Prime PYUSD

PYUSD · $5.72M TVL

weETH / PYUSD

$1.00100%

crowd not read

weETH

restaked ETH, wrapped

held by ether.fi · ETH

Largest allocations shown, up to four markets. Solid arrows are supply the curator chose; dashed boxes are collateral the curator does not control.

The chain of this vault

From this vault through its markets to the collateral, what it wraps and the asset it ends at, with the other vaults lending into the same markets. The whole map

Due-diligence report

Complete: every section, nothing withheld
Issued: a digest anybody can check with us
Dated: every figure with when it was read
Portable: one file for a committee or a file

This vault's size is proved against its own contract

The contract holds 5,718,121.73 PYUSD, read from the chain by its token. At the price we publish that is $5.72M, against the $5.72M shown above.

How this is read

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 9 daily readings it has ranged from 3.23% to 3.53%, averaging 3.43%. The tile above shows the base rate as the venue last quoted it, alone.

How this is read

9 readings is 9 days, not a year: 0 recorded by us since we began and 9 from the venue’s own published history. The window grows with the record rather than standing in for a longer one.

How much could leave, by amount

Your position

Pick or type an amount to weigh it against both: what the venue says could leave now, and the largest single withdrawal anybody has made here.

Value and drawdown

Range

BTCHover for values. Upper: vault value, with BTC indexed to the same starting capital. Lower: how far below its own peak it was.

Where the supplied capital is

The three after Held add to it. Not verified is in no market we read: it may be cash or another allocation and is not counted as cash. The venue’s withdrawable figure overlaps them and is not added to them. The two readings behind Lent disagree, so it is capped and is an estimate, not a measurement at one moment.

$5,715,798 of this vault's $5,716,513 is not observed as lent, which does not exceed what the vault holds; that is a check that one figure does not contradict the other, not a reconciliation of the two.

The rate, and the seven things that qualify it

A quoted rate is one input, not a verdict.

Advertised rate: 9.0%<0.1% base + 9.0% rewards
Rewards on top of the base rateagainst it: 9.0%paid in tokens, outside the share price
Realised return: Too little share-price history to derive one. The quote stands alone until there is.
Fee basis: We do not read this vault’s share price, so we cannot say which fees the figure is net of.
Withdrawable now: $5.72M100% of the vault
History quality: No value series, so there is nothing to state a realised return from.
What it depends on: No shared-collateral reading and no risk score for this vault yet; who controls it is read separately, below.

How these are read

Share price and yield

Too short a record for a realised yield: it needs ten days of share prices.

Range

What one share is worth, in PYUSD.

How this is read

It moves only when the strategy earns or loses; deposits do not move it.

Range

Solid: what a holder got.

How this is read

Dashed: what the venue advertised, 0 recorded by us since we began and 9 from the venue’s own published history.

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

This is my vault, register it

Evidence

What a risk decision about this vault can rest on

Six questions, and what we hold for each. 1 of these 6 questions is not measured for this vault. These are evidence questions, not the risk band’s components, which are counted under the six risks.

Question	What we hold	Source
What does it hold or lend into?	0 collaterals read, $0.00 supplied, across 1 marketRead from the vault’s own holdings. Concentration and the assets themselves are below. Its largest single market holds 100% of what anybody has supplied there.	Measured
How much could leave now?	$5.72MThe venue's reported withdrawable liquidity, not verified as executable: no withdrawal of it was tried, and an ordinary withdrawal by a given holder may get less. Not the same as what is idle.	Measured
Who runs it, and what else have they run?

Passport

Identity

Vault contract0x8c3250F0…462394ba

NetworkStable

Platform

Morpho Vaults V2

Operator

Galaxy Curation

Deposit assetPYUSD

Created on-chain2026-10-27

First observed by us2026-11-06

Who moves it, where it goes, what it stands on

Band width is dollars on one scale. Attributed supply only: a vault in many markets at once reports less here than it holds.

Where it lends

100% of its largest market

1 market read, $1.00 attributed. The market by market rows, and this vault’s share of each, are part of the crowding data.

Who is in it, and what moved in and out

Last read: not recorded

Analyst tier

Who is in this vault, and what moved in and out

Locked here: every depositor we read with their share of the vault, the largest single wallet, and the ledger of each deposit and withdrawal. 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.

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What is still missing

What this page cannot show yet, and why.

What they are

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.

Every reading and what it is built from

Risk	Reads	In the band	From
Marketlimited scope: past share-price falls, markets shared with other vaults and, where the vault borrows, distance to liquidation; excludes collateral and borrower credit risk	Not read	Yes	nothing fed it
Liquidity	Low	Yes	exit
Depositor concentration	Severe	Yes	concentration
Operatinglimited scope: continuity of the observed record; not a review of operations	Not read	Yes	nothing fed it
Controller	Not read	No	who may move the money
Evidence	Not scored	No	2 of 5 risk-band components read (36% of the weight)

How these are read

Market.: Nothing feeding market risk was measured for this vault, so there is no reading here.
Liquidity.: Liquidity risk reads low, set by its worst component (could you get out) over the record we hold.
Depositor concentration.: Depositor concentration risk reads severe, set by its worst component (largest depositor) over the record we hold.
Operating.: Nothing feeding operating risk was measured for this vault, so there is no reading here.
Controller.: We could not read who may move the money here, so there is no reading.
Evidence.: 2 of the 5 risk components that apply to this vault carried a reading (account margin cushion does not apply to this kind of vault); not read: worst fall suffered, shared exposure, stopped operating.

That is our coverage, not a finding.

Low observed risk is not zero risk. Input: 100.0% of it could be withdrawn at the last reading: declared withdrawable $5,715,798 over capital $5,716,513. The reading 0.00 is one less that share over 25%: a quarter or more free reads 0, nothing free reads 1. The overall band weighs every component together instead, so it can read better than this and is not in conflict with it: a dimension says how bad its worst reading is, the band says what the whole weighs.

It measures how much of the vault its largest depositor holds, not how much the vault lends into one market; that is the allocation table. Input: largest wallet holds approximately 100% (99.9875%), by the address's position; addresses are not merged by who owns them, and whether the largest is a person, another vault or a custodian is not established. The reading 1.00 is that share less 25%, over 75%: a quarter or less reads 0, the whole vault 1. The overall band weighs every component together instead, so it can read better than this and is not in conflict with it: a dimension says how bad its worst reading is, the band says what the whole weighs.

Unexamined is not acceptable, and this is not part of the overall band either way.

By weight, 29.5 of the 82.5 points that apply were read, which is 36% of the component weight the band could draw on (a different denominator: components are not equally weighted); the rest of the 100 is the weight of what does not apply. This is a statement about our coverage and carries no level of its own, because how much we could read is not a risk the vault runs.

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Six risks, read separately

Performance

The record behind these figures

Where the capital sits, and how it moves

Collateral distribution

Markets

Total value, the whole record

Redeemable capacity and pressure

Capital flow, deposits against withdrawals, and who moved the money

Where the deposit goes

The chain of this vault

Due-diligence report

How much could leave, by amount

Value and drawdown

Where the supplied capital is

Try a withdrawal before you make it

The rate, and the seven things that qualify it

Share price and yield

No strategy has been declared for this vault

What a risk decision about this vault can rest on

Passport

Identity

Who moves it, where it goes, what it stands on

Where it lends

Who is in it, and what moved in and out

Who is in this vault, and what moved in and out

What is still missing

What is deciding

How much to trust this

Alignment and capacity