PhilidorWire
The Wire
Risk Change· Parameters

Morpho lowers LLTV on cbBTC markets after volatility spike

Morpho governance cut max LLTV on cbBTC-collateralized markets from 86% to 83%. Vaults exposed to cbBTC see a tighter liquidation buffer; one Philidor asset-quality dimension was re-scored downward.

cbBTCcbBTCassetMorphoMorphoprotocol
2Affected vaults
$29.30MTotal exposed
6.8/10Significance
01

Affected positions

Direct(2)

Vaults holding the affected asset directly.

morphocbBTC
phiUSDC
morphoEthereum
$21.40M
phiUSDCmorphomorphocbBTCcbBTC
morphocbBTC
Moonwell cbBTC Core
morphoBase
$7.90M
Moonwell cbBTC CoremorphomorphocbBTCcbBTC
02

Exposure path

Each affected position shows its full route above — direct holdings resolve in one hop; wrapper exposure is expanded to the underlying (e.g. sUSDe → USDe).

03

Severity & reason

Risk Changesignificance 6.8/10

Scored dimension moved: collateral.lltv on 3 markets decreased > 2pp (rule: parameter-change-rescores-dimension).

04

Suggested action

Review exposure. Monitor liquidity depth.

05

Evidence

SourceView article
Graph snapshotgsnap_22b9…1cae77
Methodologyv3.2.1
PublishedJun 23, 2026, 11:27 AM UTC