New Morpho V2 ARKs Risk View for Base EURC Fleet
From a risk classification perspective, we view the proposed onboarding of Gauntlet EURC Balanced and Steakhouse Prime EURC as a like for like expansion within an already onboarded risk category, rather than a new protocol exposure for the Base EURC Fleet.
A key point for this specific RFC is that the proposed Morpho V2 vaults allocate capital into the existing Morpho V1 vaults that are already approved in the fleet risk universe, namely:
- morpho_steakhouse_eurc
- morpho_gauntlet_eurc
Because of this, we do not view the proposal as introducing incremental collateral exposure at the fleet level. The underlying collateral set and the main market risk drivers remain materially aligned with the current approved EURC ARKs. In other words, this is primarily a change in the allocation wrapper and curator implementation, not an expansion into a new collateral domain.
From a smart contract perspective, Morpho V2 vault infrastructure is well reviewed and widely used in production. For this onboarding, the more relevant controls are operational and portfolio level: curator quality, concentration limits, and conservative initial caps to support a controlled migration from legacy EURC allocations.
Given the above, Block Analitica considers both proposed ARKs eligible for whitelisting under the existing ARK risk framework used for currently onboarded Morpho related strategies in the Base EURC Fleet.
Conclusion
Block Analitica considers the proposed Gauntlet EURC Balanced and Steakhouse Prime EURC ARKs to be risk equivalent in collateral exposure to the currently approved Morpho based EURC strategies, including the already whitelisted V1 Morpho EURC vaults they allocate into. We therefore support moving this RFC forward to SIP, subject to final initial caps and allocation parameters.