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CuratorWatch
Etherealm (Etherealm Research) is an on-chain risk-engineering firm that curates DeFi lending vaults, including a USDC vault on Morpho built around a proprietary "Morpho Vault Manager" and a barbell risk strategy.
Not rated — live book below the materiality threshold. Expected loss still shown below.
Loss axis only (yield/fees excluded). Curator-level Expected Loss, TVL-weighted across the live book. v1 (curatorwatch-risk-methodology-v1.md), schema 1.0.0 · model 4b840ab · updated 2026-07-06.
Daily closing AUM from CuratorWatch snapshots — hover for any day. History begins when tracking began, not at the curator’s inception.
| Deal | |||||||
|---|---|---|---|---|---|---|---|
| Etherealm USDC | USDC | morpho | A+ | $286.18K | 145.57% | 0% | — |
EL grade is the vault’s Expected-Loss rating from CuratorWatch’s loss-anchored model — the annual loss an LP should expect (probability of loss × severity), graded A+ (lowest expected loss) through E. Hover a grade for the modeled bps/yr and confidence interval; “—” means not yet rated. Deal links open the deposit flow for vaults this curator currently offers through Turtle, with TVL and APR pulled live from the opportunity.
Healthy liquidations repay lenders in full; bad debt is the loss signal. Full event detail lives in the Liquidations lens.
APY increased 690.8% from 7-day average (1.95% → 15.40%). This is a >30% deviation, happening <5% of the time.
APY increased 490.6% from 7-day average (1.73% → 10.24%). This is a >30% deviation, happening <5% of the time.
APY increased 356.3% from 7-day average (1.56% → 7.13%). This is a >30% deviation, happening <5% of the time.
APY increased 249.6% from 7-day average (1.47% → 5.14%). This is a >30% deviation, happening <5% of the time.
APY increased 183.7% from 7-day average (1.35% → 3.82%). This is a >30% deviation, happening <5% of the time.
APY increased 140.0% from 7-day average (1.22% → 2.94%). This is a >30% deviation, happening <5% of the time.
APY increased 103.8% from 7-day average (1.12% → 2.28%). This is a >30% deviation, happening <5% of the time.
APY increased 84.6% from 7-day average (0.97% → 1.80%). This is a >30% deviation, happening <5% of the time.
APY increased 84.3% from 7-day average (0.79% → 1.45%). This is a >30% deviation, happening <5% of the time.
APY increased 86.5% from 7-day average (0.64% → 1.18%). This is a >30% deviation, happening <5% of the time.
APY increased 74.4% from 7-day average (0.53% → 0.92%). This is a >30% deviation, happening <5% of the time.
APY increased 72.1% from 7-day average (0.44% → 0.75%). This is a >30% deviation, happening <5% of the time.
APY increased 72.0% from 7-day average (0.36% → 0.63%). This is a >30% deviation, happening <5% of the time.
APY increased 61.6% from 7-day average (0.32% → 0.52%). This is a >30% deviation, happening <5% of the time.
APY increased 70.2% from 7-day average (0.26% → 0.44%). This is a >30% deviation, happening <5% of the time.
APY increased 78.6% from 7-day average (0.21% → 0.37%). This is a >30% deviation, happening <5% of the time.
APY increased 89.9% from 7-day average (0.17% → 0.32%). This is a >30% deviation, happening <5% of the time.
APY increased 106.6% from 7-day average (0.13% → 0.27%). This is a >30% deviation, happening <5% of the time.
APY increased 131.7% from 7-day average (0.10% → 0.23%). This is a >30% deviation, happening <5% of the time.
TVL fell 37.7% in 24h ($346.9k → $216.1k). Significant capital outflow detected.
TVL fell 82.8% in 24h ($2.02M → $346.8k).
TVL fell 82.8% in 24h ($2.02M → $346.8k).
Vault went live with $2.02M in initial deposits.
Withdrawal of $999.4k (103.4% of vault TVL). Transactions this large happen <2% of the time.
Users with positions across multiple vaults