Issue 2 — Last week's contraction was repositioning, not retreat: net flow recovered to -0.2%, and Felix's HyperEVM caps filled in seven days
Catch-up weekly. $4.56B across 329 vaults. The -3.8% contraction we flagged last week was rotation, not exit — net flow snapped back to -0.2%. Gauntlet is still the lone large net loser (-7.6%), but the wind-down is decelerating. Curator HHI plateaued at 0.256. And the answer to last week's open question — Felix HYPE was the #1 inflow universe-wide at +$30.0M: those HyperEVM caps filled in days.
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The independent research layer for on-chain credit. Deterministic risk, complexity, and peg-health on every Morpho vault and Aave V3 reserve we cover — one model, both protocols, every score traceable to a transaction.
Research, score, publish.
An independent crypto-research firm with the math in public. We score the cross-protocol DeFi credit universe deterministically and publish every input.
01 · Research
Every venue, scored.
Deterministic risk, complexity, and depeg health on every Morpho vault and Aave V3 reserve — same 0–100 composite, same cohort math. Cross-protocol comparison is the read no other tool gives you. No black-box ratings; every input is documented and reproducible from on-chain state.
02 · Publish
Notes, not opinions.
Weekly and monthly Sharpe Research Notes, plus a per-venue IC memo (Morpho vaults today; Aave reserves shortly). No paywall, no email gate — every claim traces back to a derivation.
03 · Execute
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If you want to act on what we publish on Morpho, the rail is built in: deposit, withdraw, and N→Y rebalance in one signature on Morpho's audited Bundler3. Aave is read-only — we link out so you execute on Aave's surface, never taking a cut of your yield.
The questions that actually matter.
Independence, methodology, fees — what to know before you cite our work.
Both, in that order. The primary product is independent crypto research — deterministic risk + complexity + peg-health scoring, published as a per-vault IC memo and a weekly/monthly research note. The deposit + rebalance rail is built on top so readers can act on what we publish in one signature.
The research surface is free and ungated. The rail is optional.
Non-custodial. If you choose to deposit, your funds transit through Morpho's audited Bundler3 contract for the duration of one atomic transaction and land in the destination ERC-4626 vault. You hold the vault's share token (e.g. mmUSDC) directly in your wallet.
We don't pool, manage, or rehypothecate. The bundler is empty after your tx confirms.
Cross-protocol, allocation-driven, fully deterministic. Every Morpho vault and Aave V3 reserve is scored on the same 0–100 composite from on-chain inputs: collateral composition, oracle and IRM choices, LLTV thresholds, utilization, curator (or governance) actions, and cohort math that spans both protocols. No machine-learning black box, no editorial opinions. Every input and formula is documented at /methodology.
We don't deploy our own smart contracts. Every deposit, withdraw, and rebalance is routed through Morpho's audited Bundler3 and GeneralAdapter1. Morpho's audit reports cover the contracts your funds actually touch.
Optional routing fees on the execution rail, skimmed in-bundle to our treasury — never from your yield, never recurring:
- 10 bps (0.10%) on deposits
- 5 bps (0.05%) on withdrawals
- 10 bps (0.10%) on rebalances
The research itself is free. We don't sell reports, run paywalls, or take sponsorships from issuers.
A single on-chain transaction that bundles every step of a complex move — for example: redeem from vault A, redeem from vault B, deposit into vault C, deposit into vault D — into one atomic call.
Either the whole bundle succeeds or none of it does. There's no state where your funds are sitting in limbo between vaults.
Morpho Blue across 11 chains: Ethereum, Base, Arbitrum, Optimism, Polygon, Unichain, Monad, HyperEVM, Katana, Stable, and Tempo. Aave V3 across Ethereum, Base, and Arbitrum. Every USD and EUR stable touched by either protocol is tracked for peg health.
The deposit + rebalance rail is live on Morpho where Bundler3 + GeneralAdapter1 are deployed. Aave reserves are read-only on Sharpe — you see the full risk + cohort picture here and execute on app.aave.com directly.
Yes. Every number you see is computed from public on-chain data using the formulas documented at /methodology. If you disagree with a weighting, you can recompute the score yourself from the same inputs. There is no proprietary signal we withhold.
Institutional allocators, professional risk teams, and anyone doing serious due diligence on on-chain credit yield. The research is public; the Terminal mode inside the app adds deep diagnostics, cross-protocol cohort math, stress matrices, and curator / governance profiling for power users.