Gauntlet
Gauntlet sets risk parameters for Compound v3 — collateral factors, supply caps and interest-rate curves across its deployments — and curates vaults on Morpho. Its public parameter work on Compound dates to February 2021. It also curated Euler DAO's own vaults until the DAO wound them down in April 2026.
Suits: Depositors in Compound v3 markets and in Gauntlet's larger Morpho vaults
How this score was reached
Every firm starts at 10.0. The lines below are the only things that move it: each event on the ledger after credits for the response, and the two firm-level checks. Nothing on the ledger costs this firm points. That is an absence of documented failures, not proof of skill.
| Start | 10.0 |
| 22 Mar 2026 — Resolv USR exploit hits Gauntlet-curated vaults | 0.0 |
| 22 Nov 2022 — CRV short squeeze leaves bad debt on Aave V2 Ethereum | 0.0 |
| Public risk methodology | 0.0 |
| At least one year of documented mandates | 0.0 |
| Score | 10.0 |
|---|
The facts, with sources
A value with no source does not count toward the score. Where a fact could not be found it reads “not published” and is scored by the published rule for missing data.
| Criterion | Value | Source | Checked |
|---|---|---|---|
| Public risk methodology | PublishedExplains how it chooses markets, liquidation LTVs and allocations for the Morpho vaults it curates. | gauntlet.xyz ↗ | 21 Sept 2026 |
| First documented mandate or vault | 12 Feb 2021Released its Compound risk dashboard and began proposing parameter changes | comp.xyz ↗ | 21 Sept 2026 |
| Mandate — Compound v3 | Risk manager: collateral factors, supply caps, interest-rate curvesSince February 2021 | comp.xyz ↗ | 21 Sept 2026 |
| Mandate — Morpho | Vault curator (Gauntlet USDC Core, USDC Frontier and others)Current | x.com ↗ | 21 Sept 2026 |
| Mandate — Euler (DAO-managed vaults) | CuratorUntil April 2026, when the DAO sunset its own vaults | forum.euler.finance ↗ | 21 Sept 2026 |
| Mandate — Aave V2 Ethereum | Risk managerIn place in November 2022 | governance.aave.com ↗ | 21 Sept 2026 |
| Incidents on the ledger | 2Each listed below with its sources | — | 21 Sept 2026 |
On the record
- Co-authored a recapitalisation plan for Aave's CRV bad debt the day after it appeared in November 2022, and paid its own insolvency fund toward covering it.
- Published the markets it removed from each affected vault, with the liquidity involved, nine days after the Resolv exploit, and in June 2026 opened 4,379,827 USDC of recovery claims to depositors.
- On Compound it acts before trouble: in April 2026 it proposed cutting unused supply-cap headroom across 16 L2 deployments, citing the rise in exploits aimed at long-tail collateral.
Against it
- Its USDC Core vault held about $7.6M in a wstUSR/USDC market when USR was exploited on 22 March 2026; independent on-chain analysis attributes 96% of the resulting Morpho bad debt to Gauntlet vaults.
- The recovery it secured, 4,379,827 USDC across five vaults, is smaller than the allocation removed from USDC Core alone and arrived about ten weeks after the exploit.
Gauntlet on the ledger
- 0.0
Resolv USR exploit hits Gauntlet-curated vaults
Role: Curator of Gauntlet USDC Core, USDC Frontier, Resolv USDC, Seamless USDC and Extrafi XLend USDC on Morpho
- Loss or bad debt
- $7.60M−2.0Gauntlet removed the wstUSR/USDC market from USDC Core with $7.6M of liquidity allocated to it (and markets holding $4.3M from USDC Frontier, which later reopened). Gauntlet gives no loss figure; independent on-chain analysis put Morpho bad debt from the exploit at $6.2M, 96% of it in Gauntlet vaults. Every figure sits in the $1–10M tier.
- Response
- ✓ Post-mortem in 9 days +1.0✓ Depositors paid +1.0— No ignored public warning documented
Reported the exploit and its limited scope within three hours, removed the affected markets after their timelocks, deprecated three vaults, and pursued recovery from Resolv.
On 3 June 2026 Gauntlet announced an agreement with Resolv under which 4,379,827 USDC of recovery proceeds became claimable by depositors of the five affected vaults through Merkl.
Primary sourceGauntlet — market removal update, 31 March 2026 ↗Payout record ↗
- 0.0
CRV short squeeze leaves bad debt on Aave V2 Ethereum
Role: Risk manager for Aave V2 Ethereum
- Loss or bad debt
- $1.60M−2.0About $1.6M of excess debt in the CRV market at the CRV price of 23 November 2022, per the recapitalisation proposal Gauntlet co-authored (2,651,906 CRV).
- Response
- ✓ Post-mortem in 1 day +1.0✓ Depositors paid +1.0— No ignored public warning documented× 0.5 — older than 24 months
Co-authored, the day after, a proposal explaining the position that caused the debt and how to repay it, and transferred its insolvency fund to Aave.
The Aave DAO covered the shortfall rather than socialise it to CRV suppliers; Gauntlet's insolvency fund was transferred to the Aave Ecosystem Reserve.
Primary source[ARC] Repay excess debt in CRV market for Aave V2 ETH — Llama and Gauntlet ↗Payout record ↗