Anthias Labs: Moonwell's Morpho Vault Curator and DeFi Risk Advisor

Anthias calls itself a "boutique" on-chain advisory firm working on DeFi risk management and system design, and says it takes on only a few clients at a time ¹. A 2023 Morpho forum post describes the founding team as three members of Dartmouth Blockchain. That post lists completed grants for Aave and Euler liquidation-health tooling and integrations with Compound and Exactly ⁴.

The firm says it was founded in 2022 and manages risk for more than $800 million in TVL, naming Felix and Moonwell as partners ². That figure is the company's own and hasn't been independently verified.

On Morpho, a vault is a pool that lends depositors' tokens across several isolated lending markets. Different parties hold different powers over it ¹⁰:

• Owner appoints the curator and other roles.
• Curator (Anthias) chooses which markets the vault may lend to, sets supply caps, sets fees and appoints allocators.
• Allocator moves funds between approved markets within the curator's limits.
• Guardian (sentinel in Vault V2) can block or cancel risky pending changes.

For Moonwell's vaults, Morpho's 2024 launch post says the Moonwell DAO owns the vaults. At launch, Block Analitica and B.Protocol were the curators ⁸. As of October 23, 2026, Morpho's API lists Anthias's address as curator of the Moonwell Flagship USDC vault, with separate owner and guardian addresses and one allocator ⁷.

All of Anthias's listed Morpho vaults are on Base. As of October 23, 2026 ⁵⁶:

Morpho Vault V2 versions of these vaults were created in February 2026. Only the Frontier cbBTC V2 vault is listed in the app, holding about $0.4 million ⁶. The Flagship ETH vault currently lends against wstETH, weETH and rETH, and the Frontier cbBTC vault lends against LBTC ⁹. Anthias also co-curates a smaller Moonwell Ecosystem USDC vault, which lends against Moonwell's WELL token ³.

On HyperEVM, Anthias says it provided advisory and monitoring for Felix's Morpho vaults from May 2025. Morpho lists Felix itself, not Anthias, as curator of those vaults ³⁵.

Anthias earns through the vault performance fee, a share of the interest depositors earn, not a charge on deposits. The main Moonwell vaults charge 15% ⁶. The V2 versions set a 15% performance fee and no management fee ⁶. Anthias doesn't publish a separate fee schedule, and the sources reviewed don't say how the fee is split between Moonwell and Anthias.

Changes to the V1 Moonwell vaults are subject to a 4-day timelock ⁶⁷. That gives depositors time to withdraw before, for example, a new market is added.

Anthias publishes research on liquidation probability (the "Liquip Score"), AMM liquidity-provider volatility and operator-network design ¹. It builds dashboards tracking position health, bad debt, collateral at risk and liquidation slippage ¹³. Its open-source projects include Arbiter, an EVM simulation framework; Arena, an LP simulation runtime; and Flare, a Solana command-line tool built with Solana Foundation support ¹.

• Market risk is passed to depositors. If a borrower's collateral can't be liquidated in time, the bad debt falls on the vault's depositors. The curator only chooses which markets are allowed.
• Concentrated, small book. All deposits sit on one chain (Base), within one client's vault family ⁵⁶.
• Limited disclosure. No legal entity, named team or formal risk policy document has been published.
• Self-reported track record. Anthias says its vaults took no bad debt during the October 10, 2025 market crash. That claim hasn't been independently verified ³.