Yearn — yvUSDT-1

Contract Addresses

Core yvUSDT-1 Contracts

Contract	Address	Type
yvUSDT-1 Vault	0x310B7Ea7475A0B449Cfd73bE81522F1B88eFAFaa	Yearn V3 Vault (v3.0.2), Vyper minimal proxy
Underlying asset (USDT)	0xdAC17F958D2ee523a2206206994597C13D831ec7	Tether USD
Accountant	0x5A74Cb32D36f2f517DB6f7b0A0591e09b22cDE69	Shared Yearn Accountant (0% mgmt, 10% perf)
Fee Recipient (Dumper)	0x590Dd9399bB53f1085097399C3265C7137c1C4Cf	Claims fees and routes to auctions/splitters
Morpho Blue	0xBBBBBbbBBb9cC5e90e3b3Af64bdAF62C37EEFFCb	Immutable lending core used by ymv-USDT
Spark Lend Pool	0xC13e21B648A5Ee794902342038FF3aDAB66BE987	Aave-v3-fork pool; USDT aToken spUSDT
MetaMorpho Curator	0x90D0f26025571295D18a6c041E47450B81886B51	2-of-3 Safe

Governance Contracts (shared with all Yearn V3 risk-1 vaults)

Contract	Address	Configuration
Yearn V3 Role Manager	0xb3bd6B2E61753C311EFbCF0111f75D29706D9a41	Single instance for all category-1 vaults
Daddy / ySafe (Governance)	0xFEB4acf3df3cDEA7399794D0869ef76A6EfAff52	6-of-9 Gnosis Safe
Brain (Operations)	0x16388463d60FFE0661Cf7F1f31a7D658aC790ff7	3-of-8 Gnosis Safe
Security	0xe5e2Baf96198c56380dDD5E992D7d1ADa0e989c0	4-of-7 Gnosis Safe
Strategy Manager (Timelock)	0x88Ba032be87d5EF1fbE87336b7090767F367BF73	TimelockController — 7-day delay
Keeper	0x604e586F17cE106B64185A7a0d2c1Da5bAce711E	yHaaSRelayer — REPORTING only
Debt Allocator	0x1e9eB053228B1156831759401dE0E115356b8671	Minimal proxy — REPORTING + DEBT_MANAGER

Yearn V3 Infrastructure

Contract	Address
Vault Factory (v3.0.2)	0x444045c5C13C246e117eD36437303cac8E250aB0
Vault Original (v3.0.2)	0x1ab62413e0cf2eBEb73da7D40C70E7202ae14467

Strategies (2 in default queue, both with debt)

#	Strategy	Name	Added	Current Debt (USDT)	Allocation
1	0x0963232eB842BAF53E8e517691f81745C1F228a0	MetaMorpho Vault (ymv-USDT)	May 24, 2026	4,142,044.12	72.12%
2	0x176Caf15f1793fc16898458E0ba295ec6523E9E2	Spark USDT Lender (TokenizedStrategy v3.0.4)	June 26, 2026	1,601,222.82	27.88%

Both strategies have max_debt = 50,000,000 USDT. The Debt Allocator shifts debt between them several times per day, so the snapshot split is not stable; the time-weighted split from July 13 to September 28, 2026 was ~44% MetaMorpho / ~56% Spark.

The Spark USDT Lender strategy's management is Brain, its emergency admin is Security, its keeper is the yHaaS relayer, and its own performance fee is 0%. yvUSDT-1 holds 100% of its shares.

MetaMorpho Vault (ymv-USDT) Market Allocation

yvUSDT-1 holds ~99.98% of ymv-USDT shares. Of its 4,146,877.31 USDT totalAssets():

Morpho Market	Collateral	LLTV	Supply Cap	ymv-USDT Supply	% of ymv-USDT	% of yvUSDT-1	Market Utilization
0xe7e9694b…87d2	wstETH	86%	50M	2,750,138	66.3%	47.9%	90.5%
0xa921ef34…df99	WBTC	86%	50M	1,094,710	26.4%	19.1%	90.5%
0xb7843fe7…0877	XAUt	77%	2M	201,611	4.9%	3.5%	90.4%
0x3274643d…cf0b	sUSDS	96.5%	50M	100,416	2.4%	1.7%	90.5%
0x45671fb8…5bca	cbBTC	86%	50M	0	0%	0%	75.0%
0x5c6aaf2d…02d1	none (idle market)	—	1B	0	0%	0%	0%

The supply queue contains the WBTC market and the idle market; the withdraw queue contains all six. All markets are USDT-loan, isolated Morpho Blue markets with the standard Adaptive Curve IRM (0x870aC11D48B15DB9a138Cf899d20F13F79Ba00BC). Bad debt in any one market is socialized only across that market's suppliers.

Previously queued, now revoked (activation = 0 at block 26078415):

• Spark USDT Lender (old) (0xED48069a2b9982B4eec646CBfA7b81d181f9400B)
• Morpho Gauntlet USDT Prime Compounder (0x6D2981FF9b8d7edbb7604de7A65BAC8694ac849F)
• Morpho Steakhouse USDT Compounder (0x0a4ea2bDe8496a878a7ca2772056a8e6fe3245c5)
• USDT Fluid Lender (0x4Bd05E6ff75b633F504F0fC501c1e257578C8A72)
• Aave V3 USDT Lender (0x27998440eC85F0DF11DED26e6aB27c8D2a9d8Cb2)

Sky-governance exposure note: Spark Lend is a Sky sub-DAO. The Spark USDT Lender held 27.88% of yvUSDT-1's debt at the snapshot and ~56% time-weighted since July 13, 2026; that share is administered through Sky / Spark governance. This is a Sky-governance dependency. The only USDS-peg exposure is the ~1.7% of yvUSDT-1 lent against sUSDS collateral through ymv-USDT. yvUSDT-1 is materially less Sky-coupled than yvUSDC-1 / yvUSDS-1 / yvDAI-1, but not fully Sky-independent.

Strategy Protocol Dependencies (current allocation)

Protocol	Strategy	Allocation	Notes
Morpho	MetaMorpho Vault (ymv-USDT)	72.12% (snapshot) / ~44% (time-weighted)	Yearn-operated MetaMorpho vault; owner Yearn Security (4-of-7), 3-day timelock, 2-of-3 curator Safe, guardian Daddy (6-of-9); lends against wstETH, WBTC, XAUt, and sUSDS collateral
Spark	Spark USDT Lender	27.88% (snapshot) / ~56% (time-weighted)	Sky sub-DAO; audited stack (ChainSecurity, Cantina); strategy added June 26, 2026

The debt is split across two ecosystems (Morpho, Spark), with the Debt Allocator moving funds between them continuously. Both have multi-year USDT track records with no significant principal-loss events. Because the allocator can move nearly all debt to one venue, either venue can briefly hold nearly 100% of funds. The Morpho leg adds collateral and oracle risk from four isolated markets, dominated by wstETH (~48% of yvUSDT-1 at the snapshot) and WBTC (~19%).

Audits and Due Diligence Disclosures

Yearn V3 Core Audits

Auditor	Date	Scope	Report
Statemind	May 2, 2024	V3 Vaults (v3.0.0)	PDF
ChainSecurity	May 4, 2024	V3 Vaults + Tokenized Strategy (v3.0.0)	2 PDFs
yAcademy	Jun 2024	V3 Vaults (v3.0.1)	PDF

Underlying Protocol Audits (active and queued strategies)

Underlying	Audits	Notes
Morpho	25+ audits across Trail of Bits, Spearbit, OpenZeppelin, ChainSecurity, Certora; formal verification	Blue-chip lending protocol; MetaMorpho vault source verified on Etherscan
Spark (USDT lender)	ChainSecurity, Cantina (Spark Lend / SparkDAO)	Sub-DAO of Sky; new SparkLender strategy source verified on Etherscan

Strategy Review Process

All strategies pass through Yearn's 12-metric risk-scoring framework (RISK_FRAMEWORK.md). yvUSDT-1 is registered as Category 1 in the Role Manager (getCategory(vault) == 1), the strictest tier.

Bug Bounty

• Yearn (Immunefi): active, $200,000 max payout (Critical). https://immunefi.com/bounty/yearnfinance/
• Yearn (Sherlock): also listed at https://audits.sherlock.xyz/bug-bounties/30
• Morpho (Cantina): active, $2,500,000 max payout (Critical). https://cantina.xyz/bounties/35a5f0a1-2ffd-432c-8f3b-77d169add8c3
• Safe Harbor (SEAL): Yearn is not listed on the SEAL Safe Harbor registry

On-Chain Complexity

Low. All funded strategies are direct USDT lend / compound with no conversion hops:

• MetaMorpho Vault → direct USDT deposit to a Yearn-operated Morpho MetaMorpho vault, which lends into four isolated collateralized Morpho Blue markets
• Spark USDT Lender → direct supply to Spark Lend USDT market
• No leverage, no looping, no cross-chain at the vault or strategy level
• Standard ERC-4626 throughout
• Vault is immutable

Historical Track Record

• Vault deployed: July 23, 2024 (deployment tx) — ~26.2 months in production
• TVL: 5,743,266.94 USDT (~$5.74M) — well within the $50M deposit limit. TVL was ~$7.2M in mid-July 2026 and fell to ~$5.8M by late August, mostly from a single 1,238,358 USDT withdrawal on August 25, 2026 (tx)
• PPS trend: 1.000000 → 1.093836 (~9.38% cumulative return, ~4.2% annualized). The PPS has not decreased
• Security incidents: None known for this vault or for the Yearn V3 framework
• Strategy history: seven strategies have been queued historically. Five have been revoked. Between May and July 2026, all three strategies then active (Spark USDT Lender, Morpho Gauntlet USDT Prime, Morpho Steakhouse USDT) were revoked and replaced by two new strategies: a Yearn-operated MetaMorpho vault (ymv-USDT, added May 24, 2026) and a new Spark USDT Lender instance (added June 26, 2026). No strategies were added or revoked between July 13 and September 28, 2026
• Yearn V3 track record: V3 framework live since May 2024 (~28 months). No V3 vault exploits

Yearn protocol TVL: ~$204M total (DeFiLlama, September 28, 2026).

Underlying USDT lending market track records: Spark Lend and Morpho both have multi-year track records on USDT markets with no significant principal-loss events.

Funds Management

yvUSDT-1 is 100% deployed at the snapshot, split ~72/28 between a Yearn-operated MetaMorpho vault (ymv-USDT) and a Spark USDT Lender. The Debt Allocator rebalances between them continuously.

Current State (snapshot)

• Total Assets: 5,743,266.94 USDT
• Total Debt: 5,743,266.94 USDT (100% deployed)
• Total Idle: 0
• Capital utilization: 100%

ERC-4626 redemptions settle by unwinding strategy positions in queue order (MetaMorpho first, then Spark). They are atomic for the user as long as the underlying lending markets have available liquidity (see Liquidity Risk).

Active Strategies

Strategy	Allocation	Mechanic	Risk profile
MetaMorpho Vault (ymv-USDT)	72.12% (snapshot)	USDT deposit to Yearn-operated MetaMorpho vault on Morpho; lends against wstETH / WBTC / XAUt / sUSDS	Governed by Yearn Security (4-of-7), 3-day timelock, 2-of-3 curator Safe; 5% MetaMorpho performance fee
Spark USDT Lender	27.88% (snapshot)	Direct supply to Spark Lend USDT market	Sky sub-DAO, ChainSecurity / Cantina audits; added June 2026

Both strategies are simple lend / compound patterns with no leverage, no conversion hops, and no cross-chain. The MetaMorpho vault adds a governance layer (owner, curator, guardian, timelock) and exposes that leg to the collateral, oracle, and liquidation mechanics of its Morpho markets.

Accessibility

• Deposits: Permissionless ERC-4626. Subject to 50M USDT deposit limit
• Withdrawals: ERC-4626. Strategy unwind through Spark + Morpho USDT markets (both deep)
• No cooldown or lock period
• Fees: 0% management, 10% performance
• Profit unlock: 10 days

Collateralization

• 100% USDT backing — held through MetaMorpho vault on Morpho and Spark Lend USDT market positions
• Collateral quality: USDT is the largest stablecoin by market cap. Centrally-issued by Tether
• No leverage
• Redemption: atomic for normal sizes; very large redemptions depend on MetaMorpho vault liquidity and Spark market utilization at the moment of withdrawal

The collateral quality is the union of the Yearn-operated MetaMorpho vault and Spark Lend USDT market quality. Both are blue-chip USDT venues with multi-year clean track records. The MetaMorpho leg's borrowers post wstETH (~66% of ymv-USDT), WBTC (~26%), XAUt (~5%), and sUSDS (~2%) as collateral at 77–96.5% LLTV.

Provability

• PPS: ERC-4626, fully algorithmic
• Strategy totalAssets(): reads the underlying lending position balance on-chain in both Spark and Morpho
• Profit / loss reporting: keepers via process_report(), profits unlock over 10 days

Liquidity Risk

Exit pipeline: ERC-4626 withdraw → strategy withdraw → underlying lending market withdrawal (MetaMorpho vault on Morpho or Spark Lend USDT market).

• Underlying liquidity (snapshot):
  • Spark Lend USDT: ~$325.1M supplied, ~$15.9M free USDT in the spUSDT aToken (~95.1% utilization). The strategy's ~$1.60M position is ~10% of free liquidity
  • MetaMorpho markets: the four funded markets run at ~90.5% utilization. Free liquidity in each covers ymv-USDT's full position: wstETH ~$12.2M free vs $2.75M, WBTC ~$8.1M vs $1.09M, sUSDS ~$1.16M vs $0.10M, XAUt ~$0.27M vs $0.20M. The XAUt market has the thinnest margin
• Same-asset: USDT-denominated share token — no price-divergence risk
• No DEX liquidity needed — exits via the lending protocol's own redemption mechanics
• No withdrawal queue or cooldown — atomic redemption for normal sizes (MetaMorpho vault has a 3-day timelock on parameter changes but redemptions are atomic)
• Deposit limit: 50M USDT cap vs $5.74M TVL (room for +771%)

The two-ecosystem split means a liquidity squeeze in one venue can be partially absorbed by the other, subject to queue order, the user's withdraw size, and the current allocator split.

Centralization & Control Risks

Governance

Position	Address	Threshold	Roles on Vault
Daddy (ySafe)	0xFEB4acf3df3cDEA7399794D0869ef76A6EfAff52	6-of-9	12 of 14 vault roles
Brain	0x16388463d60FFE0661Cf7F1f31a7D658aC790ff7	3-of-8	REVOKE_STRATEGY, QUEUE, REPORTING, DEBT, DEPOSIT_LIMIT, PROFIT_UNLOCK, DEBT_PURCHASER, EMERGENCY (roles = 14706)
Security	0xe5e2Baf96198c56380dDD5E992D7d1ADa0e989c0	4-of-7	DEBT, MAX_DEBT, EMERGENCY
Strategy Manager (Timelock)	0x88Ba032be87d5EF1fbE87336b7090767F367BF73	7-day delay	ADD_STRATEGY, REVOKE_STRATEGY, FORCE_REVOKE, ACCOUNTANT, MAX_DEBT
Keeper	0x604e586F17cE106B64185A7a0d2c1Da5bAce711E	Bot	REPORTING only
Debt Allocator	0x1e9eB053228B1156831759401dE0E115356b8671	Bot	REPORTING + DEBT_MANAGER

ySafe 6-of-9 signers include publicly known DeFi contributors — see Yearn Multisig Info.

Properties:

1. No EOA holds vault roles directly
2. Strategy additions and accountant changes pass through 7-day timelock
3. Self-governed timelock — TIMELOCK_ADMIN belongs to the timelock itself
4. Vault contract is immutable — Vyper minimal proxy
5. Same governance pattern across 37+ vaults

Programmability

• PPS: ERC-4626, fully algorithmic
• Vault operations: permissionless deposit / withdraw on-chain
• Strategy reporting: automated via keeper
• Debt allocation: Debt Allocator (automated, triggered through the yHaaS keeper relayer) + Brain (manual); rebalances several times per day
• Off-chain inputs: none

External Dependencies

Dependency	Criticality	Notes
USDT (Tether)	Critical (underlying asset)	Centrally issued; relies on Tether's operational and reserve integrity
Spark Lend	High (27.88% snapshot, ~56% time-weighted, up to ~94%)	Sky sub-DAO; Spark admin keys live under Sky governance
Morpho	High (72.12% snapshot, ~44% time-weighted, up to 100%)	Immutable Morpho Blue markets; MetaMorpho vault governed by Yearn Security with 3-day timelock + 2-of-3 curator Safe
Morpho market collateral / oracles	Medium, via ymv-USDT	wstETH (~48% of yvUSDT-1), WBTC (~19%), XAUt (~3.5%), sUSDS (~1.7%) collateral; bad debt from failed liquidations or oracle faults is borne by market suppliers
Sky governance	Indirect via Spark (and sUSDS collateral)	Spark Lend admin sits under Sky; not an independent venue
MetaMorpho curator	Indirect, internal	2-of-3 Safe; can lower market caps immediately, while cap increases and new markets pass the 3-day timelock

Dependency quality: the deployed mix is two blue-chip ecosystems (Morpho + Spark), with allocation moved continuously by the Debt Allocator. Over July 13 – September 28, 2026, ~56% of debt sat behind Sky-governed infrastructure on a time-weighted basis. The vault is materially less Sky-coupled than yvUSDC-1 / yvUSDS-1 / yvDAI-1 (which carry direct USDS exposure) but not fully Sky-independent. The Morpho leg is a Yearn-operated MetaMorpho vault, which internalizes curator risk but adds the vault's own governance surface (owner, curator, guardian, timelock) and market-collateral risk.

Operational Risk

• Team: Yearn Finance — established 2020, public contributors, named multisig signers
• Vault management: Standard Yearn V3 Role Manager pattern shared across 37+ vaults
• Documentation: Comprehensive Yearn V3 documentation. Strategy code verified on Etherscan
• Legal: Yearn BORG via YIP-87
• Incident response: 4 historical V1 events handled. V3 framework not yet stress-tested by an exploit
• V3 immutability: vault cannot be upgraded
• Operational history:
  • Late April 2026: 100%-idle posture, precautionary deallocation following the rsETH bridge exploit (per Yearn team, unverified attribution)
  • May 2026: Redeployment into Spark + Morpho Gauntlet (~46/54 split); Fluid and Aave V3 strategies revoked
  • May–July 2026: Full strategy-queue replacement — all three remaining strategies revoked, replaced by a Yearn-operated MetaMorpho vault (added May 24, 2026) and a new Spark USDT Lender (added June 26, 2026). Rationale for the full replacement rather than incremental changes has not been independently verified
  • July–September 2026: stable two-strategy queue; 282 DebtUpdated events as the Debt Allocator rebalanced between the two strategies (roughly 140 paired rebalances)
  • The sequence demonstrates active debt management capability: the operations multisigs can pull, revoke, and redeploy across entirely new strategy sets

Monitoring

Existing Monitoring Infrastructure

Yearn maintains the monitoring repository with active alerting. yvUSDT-1 is in the monitored vault list:

• Large flow alerts (protocols/yearn/alert_large_flows.py) — runs hourly via the automation scheduler
• Endorsed vault check (protocols/yearn/check_endorsed.py) — daily
• Timelock monitoring (protocols/timelock/timelock_alerts.py)

Key Contracts

Contract	Address	Monitor
yvUSDT-1 Vault	0x310B7Ea7475A0B449Cfd73bE81522F1B88eFAFaa	PPS (convertToAssets(1e6)), totalAssets(), totalDebt(), totalIdle(), Deposit / Withdraw events
Each active USDT strategy	(2 active addresses above)	totalAssets(), current_debt, isShutdown(), keeper report frequency
MetaMorpho vault (ymv-USDT)	0x0963232eB842BAF53E8e517691f81745C1F228a0	totalAssets(), owner(), curator(), guardian(), timelock(), supplyQueue() market list
ySafe (Daddy)	0xFEB4acf3df3cDEA7399794D0869ef76A6EfAff52	Signer / threshold changes
Accountant	0x5A74Cb32D36f2f517DB6f7b0A0591e09b22cDE69	Fee changes

Critical Events to Monitor

• Allocation drift — the Debt Allocator moves debt between venues several times per day (72/28 Morpho/Spark at snapshot, ~44/56 time-weighted). Track the rolling time-weighted share; a sustained >75% share in one venue should trigger reassessment of the dependency subscore
• MetaMorpho market changes — new markets, cap increases (SubmitCap / SetCap), or supply-queue changes on ymv-USDT; utilization of the XAUt market (thinnest free liquidity)
• Strategy current_debt changes — DebtUpdated events on the vault
• Strategy additions / removals — StrategyChanged events (new strategies pass through 7-day timelock; further revocations are operational signals)
• MetaMorpho vault governance changes — owner(), curator(), guardian(), or timelock changes on the ymv-USDT vault
• Emergency actions (Shutdown)
• ySafe / Brain / Security signer or threshold changes
• PPS decrease — should only increase outside of explicit loss events
• Sky / Spark governance events — Spark Lend admin actions can affect the Spark share of yvUSDT-1's debt (~56% time-weighted)
• Spark USDT utilization — ~95.1% at snapshot; sustained full utilization would slow exits from the Spark leg
• USDT-specific: Tether-side issues (peg deviation, attestation reports, blacklisting events)

Monitoring Functions

Function	Contract	Purpose	Frequency
convertToAssets(1e6)	Vault	PPS tracking	Every 6 hours
totalAssets()	Vault	Total TVL	Daily
totalDebt() / totalIdle()	Vault	Capital deployment ratio — currently 100% deployed	Daily
withdrawQueue(i), config(id) / Morpho market(id)	ymv-USDT / Morpho Blue	Market list, caps, and utilization	Daily
USDT balanceOf(spUSDT)	USDT / Spark	Spark free USDT liquidity	Daily
strategies(address)	Vault	Per-strategy debt, last report time, activation (revocations show activation = 0)	Daily
get_default_queue()	Vault	Withdrawal queue composition (currently 2 strategies)	Weekly
getThreshold() / getOwners()	ySafe	Governance integrity	Weekly
getMinDelay()	Timelock	Delay change detection	Weekly

Reassessment Triggers

• Time-based: Reassess in 6 months (March 2027) or annually
• TVL-based: Reassess if TVL exceeds $25M or changes by ±50%
• rsETH-related context: if any new strategy is added that takes direct or indirect rsETH exposure, full re-review of the dependency subscore
• Strategy posture:
  • if a USDS-denominated strategy is later added to yvUSDT-1, the partial Sky-coupling becomes a peg dependency — re-evaluate dependency and concentration scores against the broader risk-1 stable stack
  • if either venue's time-weighted allocation stays above ~75% of deployed funds, re-evaluate the dependency / liquidity scores
  • any change to the MetaMorpho vault's governance parameters (owner, curator, guardian, timelock) should trigger reassessment
  • a new ymv-USDT market, a collateral type outside wstETH / WBTC / cbBTC / XAUt / sUSDS, or a large cap increase should trigger review of the Morpho-leg collateral risk
  • if any further strategy revocations or replacements occur, investigate the rationale
• Underlying-protocol incidents: any major incident at Spark Lend or Morpho USDT markets — full re-review
• USDT-specific:
  • sustained Tether peg deviation
  • Tether reserve attestation issues
  • significant blacklisting / freezing events
• Governance-based: ySafe / Brain / Security signer or threshold changes; any change to the timelock delay (would itself require 7 days)

---

Appendix: Contract Architecture

┌─────────────────────────────────────────────────────────────────────┐
│                         VAULT LAYER                                  │
│                                                                      │
│  ┌───────────────────────┐                                          │
│  │  yvUSDT-1 (v3.0.2)   │                                          │
│  │  ERC-4626, immutable  │                                          │
│  │  EIP-1167 min proxy   │                                          │
│  │  0x310B…FAaa          │                                          │
│  │                       │                                          │
│  │  $5.74M USDT TVL      │                                          │
│  │  100% deployed        │                                          │
│  │  totalDebt = $5.74M   │                                          │
│  │  totalIdle = 0        │                                          │
│  └───────────┬───────────┘                                          │
│              │                                                       │
│      ┌───────┴────────┐                                             │
│      ▼                ▼                                             │
│  MetaMorpho Vault  Spark USDT Lender                                │
│  (ymv-USDT)        1.60M (27.88%)                                   │
│  4.14M (72.12%)    Sky sub-DAO                                      │
│  Morpho protocol   (split rebalanced continuously)                  │
│   wstETH 66% / WBTC 26% / XAUt 5% / sUSDS 2%                        │
│                                                                      │
│  MetaMorpho governance:                                              │
│   - Owner: Yearn Security (4-of-7)                                  │
│   - Curator: 2-of-3 Safe                                            │
│   - Guardian: Daddy (6-of-9)                                        │
│   - Timelock: 3 days                                                │
│                                                                      │
│  All previously-queued strategies revoked (activation = 0):          │
│   - Spark USDT Lender (old, 0xED48…9400B)                           │
│   - Morpho Gauntlet USDT Prime (0x6D29…849F)                        │
│   - Morpho Steakhouse USDT (0x0a4e…45c5)                            │
│   - USDT Fluid Lender (0x4Bd0…8A72)                                 │
│   - Aave V3 USDT Lender (0x2799…8Cb2)                               │
└──────────────────────────────────────────────────────────────────────┘

The vault is split across two ecosystems, ~44/56 Morpho/Spark time-weighted
since July 13, 2026. The Spark share sits behind Sky-governed infrastructure.
The Morpho leg is through a Yearn-operated MetaMorpho vault with its own
governance surface (owner, curator, guardian, timelock).

Appendix: TimelockController Role Structure

TimelockController 0x88Ba032be87d5EF1fbE87336b7090767F367BF73 — same timelock used by 37+ Yearn V3 vaults including all six mainnet risk-1 vaults. getMinDelay() = 604800 (7 days).

Role	Holder	Type	Notes
DEFAULT_ADMIN	No holder	—	Never granted (admin = address(0))
TIMELOCK_ADMIN	Timelock itself	Contract	Self-governed
PROPOSER	Daddy/ySafe	6-of-9 Safe	Sole proposer
EXECUTOR	Daddy/ySafe	6-of-9 Safe	Direct execution
EXECUTOR	TimelockExecutor 0xf8f60bf9456a6e0141149db2dd6f02c60da5779b	Contract	Wrapper: Brain (3/8) + deployer EOA can call execute() through it
CANCELLER	Daddy/ySafe	6-of-9 Safe	Cancel pending proposals
CANCELLER	Brain	3-of-8 Safe	Cancel pending proposals

To shorten the delay, Daddy 6/9 must propose updateDelay(), wait 7 days during which Brain or Daddy can cancel, then execute. DEFAULT_ADMIN was never granted, so no party can self-grant PROPOSER or TIMELOCK_ADMIN to skip the flow.