Gauntlet

Gauntlet is a risk modelling firm that runs DeFi vaults. Its longer history is in setting parameters for lending protocols, simulating how collateral behaves under stress and recommending limits. The vaults apply the same modelling directly, allocating deposits across lending markets and adjusting exposure as conditions change.

On Base, Gauntlet's vaults mostly deploy into Morpho markets, which is why its total moves alongside Morpho's. The TVL here is money Gauntlet allocates rather than money it custodies. Gauntlet also built Aera, which appears separately in this directory and applies a similar approach to treasury management instead of yield.