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Apyx apxUSD

Risk reportEthereum0x3a61…0082

Risk

Depositing into Apyx apxUSD means underwriting risks you usually can't see: how much you could lose, whether you'd get out in time, and what would cover it.

Morpho BlueVault (aggregates across markets)

How much could be lost?

Your deposit (optional)

39%of your deposit if collateral falls 50%Only smart-contract bug reaches a total 100%, with no warning to exit.

Can I exit?

Via underlying marketsonly governance changes give a 3-day timelock to exit — every other modeled failure is no-warning

What backs it?

No committed backstopnothing committed would cover a loss

Track record

No pool-level losses recorded36 audits, latest Dec 15, 2025

Collateral and oracle exposure

Each token you're exposed to, and the market it backs. If that market breaks, this is how much the vault loses, in dollars and as a share of the vault. Open a row for the price feed, stress curve, and supply-cap detail. Below, the oracles those prices depend on and what is at stake if one is compromised.

If collateral prices dropper asset · no liquidations · stress estimate

est. bad debt up to 21% of deposit

Driven by PT-apyUSD-5NOV2026 −30% 11% · PT-apxUSD-11FEB2027 −30% 5% · PT-apyUSD-11FEB2027 −30% 4% · other <1% · −100% 86% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

PT-apyUSD-5NOV2026Hybrid47%of vault · bad debt · $1.14mOracle exposure 6%

52%of vault · $1.29m47%of vault · $1.14m6%separate path

What it's made of

PT-apyUSD-5NOV2026 token page

Hybrid(composite)

Mixes market and exchange-rate inputs — partial depeg insulation, partial market exposure.

Markets this collateral backs · 1

→ apxUSD92% LLTV0xd3ac…87e9

Aggregate Collateral Trust (ACT):$1.22m5 vaultsToken:0xb5be…f150Allocation: 52% of the vault · $1.29m

If it breaks

−30% default

At −30%:est. bad debt up to 11% of depositUses 1 market LLTV curve · capped at allocation $1.29m · drag to set this asset's drop

Oracle exposure: up to 6% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

PT-apxUSD-11FEB2027Hybrid19%of vault · bad debt · $465,323Oracle exposure 4%

23%of vault · $564,42619%of vault · $465,3234%separate path

What it's made of

PT-apxUSD-11FEB2027 token page

Hybrid(composite)

Mixes market and exchange-rate inputs — partial depeg insulation, partial market exposure.

Markets this collateral backs · 1

→ apxUSD95% LLTV0xc29f…7eef

Aggregate Collateral Trust (ACT):$146,3744 vaultsToken:0x70a3…420eAllocation: 23% of the vault · $564,426

If it breaks

−30% default

At −30%:est. bad debt up to 5% of depositUses 1 market LLTV curve · capped at allocation $564,426 · drag to set this asset's drop

Oracle exposure: up to 4% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

PT-apyUSD-11FEB2027Hybrid17%of vault · bad debt · $417,922Oracle exposure 4%

21%of vault · $517,02517%of vault · $417,9224%separate path

What it's made of

PT-apyUSD-11FEB2027 token page

Hybrid(composite)

Mixes market and exchange-rate inputs — partial depeg insulation, partial market exposure.

Markets this collateral backs · 1

→ apxUSD92% LLTV0x439e…b0af

Aggregate Collateral Trust (ACT):$140,5224 vaultsToken:0x60b1…4847Allocation: 21% of the vault · $517,025

If it breaks

−30% default

At −30%:est. bad debt up to 4% of depositUses 1 market LLTV curve · capped at allocation $517,025 · drag to set this asset's drop

Oracle exposure: up to 4% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

apyUSDHybrid3%of vault · bad debt · $68,613Oracle exposure 0.1%

3%of vault · $71,6473%of vault · $68,6130.1%separate path

What it's made of

apyUSD token page

Hybrid(exchange-rate)

apyUSD is priced from an exchange-rate/NAV leg (ERC4626 vault share-rate) — no market-rate feed, so it tracks redemption value, not market price.

BaseERC4626 vault share-rateVault

Markets this collateral backs · 1

→ apxUSD86% LLTV0x7706…8872

Aggregate Collateral Trust (ACT):$4.24m4 vaultsToken:0x38ee…8a6aAllocation: 3% of the vault · $71,647

If it breaks

−30% default

At −30%:est. bad debt up to 0.5% of depositUses 1 market LLTV curve · capped at allocation $71,647 · drag to set this asset's drop

Oracle exposure: up to 0.1% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

PT-apxUSD-5NOV2026Hybrid0.3%of vault · bad debt · $7,944Oracle exposure <0.1%

0.4%of vault · $8,8270.3%of vault · $7,944<0.1%separate path

What it's made of

PT-apxUSD-5NOV2026 token page

Hybrid(composite)

Mixes market and exchange-rate inputs — partial depeg insulation, partial market exposure.

Markets this collateral backs · 1

→ apxUSD95% LLTV0xeca7…8e0b

Aggregate Collateral Trust (ACT):$361,2315 vaultsToken:0xaf68…88b6Allocation: 0.4% of the vault · $8,827

If it breaks

−30% default

At −30%:est. bad debt up to 0.1% of depositUses 1 market LLTV curve · capped at allocation $8,827 · drag to set this asset's drop

Oracle exposure: up to <0.1% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

PT-apyUSD-18JUN2026HybridPTMarket rate0.2%of vault · bad debt · $4,928

0.2%of vault · $4,9280.2%of vault · $4,928—

What it's made of

PT-apyUSD-18JUN2026 token page

Hybrid(composite)PTMarket rate

PT-apyUSD-18JUN2026 PT is priced by a Pendle market-rate oracle.

BasePendle Chainlink-compatible OracleNAV

Markets this collateral backs · 1

→ apxUSD86% LLTV0x1e7f…0949

Aggregate Collateral Trust (ACT):$374,0433 vaultsToken:0x3365…16a5Allocation: 0.2% of the vault · $4,928

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $4,928 · drag to set this asset's drop

+1 market with no current position

Oracle dependencies

Up to14%of vault drainable if these feeds are mispriced · $343,612

Each price traces to a feed and the onchain admin that can move it. Compromise either to misprice the collateral and borrow against it. Per-row amounts overlap and are not summed.

Unidentified feeds· vendor and onchain control not resolvedprices PT-apyUSD-5NOV2026, PT-apxUSD-11FEB2027, PT-apyUSD-11FEB2027, PT-apxUSD-5NOV202614% of vault · $340,578mispriceable if these feeds lie
Onchain exchange rate· no external feed or adminprices apyUSD<1% of vault · $3,034mispriceable only via the issuing contract


Full-deposit & protocol-level(2)
	100%	Full deposit	Instant
	21%	up to 86%	Instant
Price-driven collateral stress(1)
	21%	up to 86%	Instant
Oracle & liquidation failures(5)
	21%	up to 86%	Instant
	21%	up to 86%	Instant
	6%	up to 56%	Instant
	12%	up to 50%	Instant
	—	up to 14%	Instant
Vault role & allocator(3)
	—	Full deposit	3 days
	—	Full deposit	Instant
	—	up to 50%	3 days

Trust and control

The people and processes that can change this protocol under you.

Track record · no pool-level losses recorded · 5 protocol incidents · 36 audits

Vault operators

The roles that can actually move your deposit — the real principal-loss path.

Reaches deposit, no delayReaches deposit, timelockedCan't reach deposit

Role timelock 3 days to exit before owner/curator actions land

Owner2-of-3 multisig0xee7e…18c8

Curatorsingle key (EOA)0x7517…a325

Sentinels11 EOASafety role · veto only

Safety role, not an attack role: can revoke ANY pending timelocked curator change, instantly cut caps, and pull funds from adapters back to idle. Strictly risk-reducing — a captured sentinel cannot introduce new risk.

single key (EOA)0x5d7a…3a7e

Allocators11 EOAReaches deposit · instant

Moves funds between markets the curator has ALREADY approved — instantly, with NO timelock and no exit window. Cannot reach a brand-new market, but can concentrate you into an approved-but-stressed market or order withdrawals so you hit weak liquidity first.

single key (EOA)0x4fb8…349e

Audits

361 critical, 13 high findings logged

CertoraDec 15, 2025report
BlackthornDec 4, 2025report
SpearbitDec 4, 2025report
BlackthornSep 15, 2025report

+32 more audits

Governance & control

Protocol-wide governance: bounded context, not the path to your deposit.

Governance owner6-of-1012 chains0xcba2…9afa

Rewards owner3-of-70xf057…b2e9

Rewards updater3-of-50x5eb9…3297

Snapshot proposer5-of-80x6abf…f6a2

Governance Contract0xcBa2…9AFa

Top-10 Voter Concentration100.0%

Quorum to Pass500,000 MORPHO· top 10 hold 2.49m

Voting Token

MORPHO0x58D9…c2B2

Dependencies that can affect your deposit

6 things this pool relies on but doesn't control. Select one for its story.

Morpho Blue

oracles

Market Specific oracle

Every Morpho Blue market chooses an immutable oracle contract at creation; implementations can be Chainlink-like, exchange-rate, fixed-price, or custom. Failure modes: attacker-favourable price feed (covered in market-oracle-compromise) or price() revert / staleness blocking liquidations (covered in oracle-liveness-or-malfunction).

No quantified loss scenario references this dependency directly.

Updated 27min agoSources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql

Apyx apxUSD

Risk

Collateral and oracle exposure

What it's made of

If it breaks

What it's made of

If it breaks

What it's made of

If it breaks

What it's made of

If it breaks

What it's made of

If it breaks

What it's made of

If it breaks

Oracle dependencies

Loss scenarios

Trust and control

Vault operators

Audits

Governance & control

Dependencies that can affect your deposit

Market Specific oracle