[RFC] Onboarding Seamless USDC on Base

Governance
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Title: Onboarding Seamless USDC Vault on Base
Author: Shadow_Holder
Submission Date: 05-March-2025 initially on Discussions Category

Summary
Onboarding Seamless USDC Vault on Base Low Level strategies

Overview
Seamless Vaults on Morpho provide an optimized approach to yield generation, leveraging Morpho’s permissionless infrastructure and isolated pool design. Designed for users seeking efficient DeFi strategies, these yield-optimized vaults focus on blue-chip collateral markets. Curated by Gauntlet, a leading DeFi risk management platform, they maximize efficiency and returns while maintaining robust risk controls.

How does the vault works
The Seamless USDC Vault has, at the moment of posting, Total Deposits 27.7M and Net APY 9.71%. The vault focuses on optimizing yield and streamlining efficiencies across various blue-chip collateral markets. More info into Gauntlet’s curation approach on the Seamless Governance Forum.

Main Risks
As with other DeFi lending and borrowing protocols, Morpho markets can include bad debt accrual, liquidation risk, and smart contract vulnerabilities.

Specifications

Vault Deposit Token: USDC
Network: Base
Contract Address: 0x616a4E1db48e22028f6bbf20444Cd3b8e3273738
Seamless USDC path: Link to vault
Morpho UI Path: Link to vault
Morpho Block Analitica: Link to dashboard
Risk Level: TBD by Block Analitica

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I’ll give my subjective opinion (as I have funds in that vault :wink: ) - I’m for adding it to the base USDC fleet.

tagging @BlockAnalitica

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Based on our risk model and further review, we’ve determined suitable parameters for the Seamless USDC Vault on Base. Additionally, we’ve proposed parameters for another Ark—the Morpho Moonwell USDC Vault—which we also consider safe to onboard.

Below are the proposed parameters for these Arks:

Ark Symbol/Vault maxCap Max. %TVL maxInflow maxOutflow
morpho morpho_moonwell_usdc 9,500,000 40.0% 2,400,000 4,800,000
morpho morpho_seamless_usdc 6,200,000 37.0% 2,400,000 4,440,000

These parameters ensure that the Arks operate within controlled risk levels while meeting anticipated demand.

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Excellent, let’s carry on then :wink:

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