When collateral loses value, a lending market sees only its oracle. How each oracle kind passes a shock on, and how to price liquidations, bad debt and drains.
2026, Oct 11 — 19 minute read
Two ways to price yield collateral on Morpho: Huma's PST exchange rate and Ojo's min(TWAP, linear) PT feed, with the failure each one allows.
2026, Oct 11 — 17 minute read
Measuring the risk of Ethena's USDe and sUSDe: backing by exchange, reserve fund, depeg priors, a venue failure and negative funding on a leveraged PT loop.
2026, Oct 11 — 15 minute read
Where a Morpho Vault V2 depositor's loss comes from, which on-chain events and views reveal it, and what a block-by-block watcher showed on a 458M-RLUSD vault.
2026, Oct 10 — 19 minute read
Morpho Vault V2 from its source code: adapters and id-based caps, curator timelocks, maxRate and fee accounting, gates, and in-kind exits with forceDeallocate.
2026, Oct 10 — 38 minute read
What a Morpho Vault V2 adapter is, the rules it must follow, the three adapters in the code, and how MorphoVaultV1Adapter lets a V2 vault hold a V1 vault.
2026, Oct 10 — 24 minute read
MetaMorpho, Morpho's first vault, read from its v1.0 and v1.1 source: queues, supply caps, one timelock, the guardian, lostAssets, and what Vault V2 changes.
2026, Oct 10 — 33 minute read
