Clearstar: DeFi Risk Curator Running Morpho Vaults

The brand, the website operator and the IP owner are three separate things. Clearstar's About page describes a Swiss firm founded in 2022 ¹. The legal notice says the website is run by NovaFusion S.A., which operates as "Clearstar" from Panama City (registry no. 155779241) ². The Terms add that Clearstar Labs AG owns the brand and platform intellectual property and licenses it to NovaFusion ³.

The Terms also say that using a Clearstar-curated vault is governed by the terms of the platform hosting it, such as Morpho, Euler or Upshift, not by Clearstar's own website terms ³. No team members are named on the site.

On Morpho, a vault pools deposits of one token, such as USDC, and lends them across several isolated markets ¹²:

• Owner: appoints the curator.
• Curator (Clearstar): decides which markets are allowed and how much each can take, sets fees and appoints allocators.
• Allocator: moves funds between approved markets.
• Guardian (V1) or sentinel (V2): can reduce risk or cancel pending changes.

Clearstar describes its approach as "qualitative-first": before setting caps, it reviews who controls a protocol's contracts, the multisig and timelock setup, upgrade paths and oracles ⁵. Its process starts with a 48-hour screening, then general due diligence, then separate asset, protocol and blockchain reviews, then ongoing monitoring ⁵. It publishes scored diligence reports under what it calls the APB framework ⁵.

Listed Morpho vaults with more than $0.5 million, as of October 23, 2026 ⁸:

"Ecosystem" vaults are co-branded with a partner protocol, such as 3Jane, Re or Noon, and lend against that partner's assets. Clearstar also has smaller vaults on Katana and Base, and older unlisted vaults on Arbitrum, Polygon and Unichain ⁸.

One unlisted vault, Clearstar Yield USDC on Ethereum (about $3.1 million), lends into a single market collateralized by xPRISM. That market is fully borrowed, so depositors currently can't withdraw ⁹. xPRISM is a staked share of PRISM, a tokenized yield portfolio from OpenEden and Monarq. PRISM isn't offered to US persons ¹⁰.

Clearstar earns a performance fee, a cut of the interest a vault earns, set separately for each vault. Its newer V2 vaults charge between 0% and 15%, with no management fee. Some older V1 vaults charge 18% or 25% ⁸. There's no deposit or withdrawal fee in the vault contracts, but network gas applies. V1 vault changes carry a 3-day timelock ⁸.

Besides curating vaults, Clearstar sells ⁴:

• Risk advisory for protocols and allocators: due diligence, monitoring and recommendations to fix weaknesses it finds;
• Business advisory: tokenomics and go-to-market work;
• Clearstar Retail: a separate short-form video marketing service.

Its partner logos include Morpho, Euler, Upshift, Flare, IPOR, OpenEden and Spectra ⁶.

• Concentration in partner collateral. Ecosystem vaults depend on one partner's assets, such as 3Jane credit, Re reinsurance or Noon ⁸.
• Liquidity can lock up. A fully borrowed market, like the xPRISM market above, blocks withdrawals until borrowers repay ⁹.
• Off-chain assets. Some collateral, such as tokenized portfolios and RWA tokens, depends on issuers and redemption terms outside the blockchain ¹⁰.
• Split legal setup. A Panama operator, a Swiss IP holder and platform-specific vault terms make it less clear who is accountable for what ²³.