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fix(morpho): reclassify USDe/RLUSD market as risk 2 - #384

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spalen0 merged 2 commits into
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Sep 26, 2026
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spalen0 merged 2 commits into
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@spalen0 spalen0 commented Sep 26, 2026

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Summary

  • Adds the USDe/RLUSD Mainnet Morpho market (0xd9d2fc090bdbab1804ea960dd6669b62357787e5816f575f14ca4e6d999614bf) to MARKETS_RISK_2.

Context

Sentora RLUSD Main (risk 2 vault, 0x6dC58a0FdfC8D694e571DC59B9A52EEEa780E6bf) has been tripping its risk-5 allocation alert on USDe/RLUSD every hour for the last 16h, currently 6.6% vs the 5.0% cap for a risk-5 market inside a risk-2 vault.

Market details (from Morpho GraphQL + on-chain):

  • Chain: Ethereum Mainnet
  • Collateral: USDe (Ethena synthetic dollar, 0x4c9EDD5852cd905f086C759E8383e09bff1E68B3, ~$1.00)
  • Loan: RLUSD (Ripple USD, 0x8292Bb45bf1Ee4d140127049757C2E0fF06317eED, ~$1.00)
  • LLTV: 91.5%
  • Oracle: MorphoChainlinkOracleV2 at 0x0C13eec9B02cD9D85faCC9EDF17E71FeaFC3d8D7 — BASE_FEED_1 = Chainlink USDe/USD (0xa569d910839Ae8865Da8F8e70FfFb0cBA869F961), QUOTE_FEED_1 = Chainlink RLUSD/USD (0x26C46B7aD0012cA71F2298ada567dC9Af14E7f2A)
  • Listed, supply ~$27.4M, borrow ~$25.1M, utilization 91.6%, borrow APY 4.0%
  • Sits next to sUSDe/RLUSD (already risk 2), which uses the same USDe/USD + RLUSD/USD legs (sUSDe ERC4626 wraps the USDe/USD leg).

Risk tier 2 fits: stablecoin pair with a vanilla Chainlink oracle, max allocation cap moves from 5% to 30%.

Test plan

  • uv run ruff format clean
  • uv run ruff check clean
  • uv run pytest tests/test_morpho_markets.py — 19 passed
  • next hourly morpho-markets-v2 tick should stop alerting on Sentora RLUSD Main / USDe/RLUSD

Sentora RLUSD Main (risk 2 vault) keeps tripping its risk-5 allocation
alert on USDe/RLUSD (current 6.6% vs 5.0% cap). The market is a
stablecoin pair priced by MorphoChainlinkOracleV2 over Chainlink
USDe/USD and Chainlink RLUSD/USD, so it belongs with the other
Chainlink-anchored RLUSD markets in risk tier 2.
Resolved conflict in protocols/morpho/risk.py: kept USDe/RLUSD (added in
this branch, MorphoChainlinkOracleV2 description) and preserved the
existing sUSDe/RLUSD entry — they are different Morpho markets with
different market IDs. Auto-merged the new WBTC/PYUSD (risk 2) and
FXRP/RLUSD (risk 4) entries from main.
@spalen0
spalen0 merged commit 89ddfff into main Sep 26, 2026
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@spalen0
spalen0 deleted the sent branch September 26, 2026 07:18
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