Risk

This chapter is the consolidated risk reference for Delpho. It is written for allocators and risk-aware users who need the failure modes, the structural responses, and the stress-test evidence in one place.

Pages

• Risk overview - the four primary failure surfaces and how to read this chapter.

• Funding rate risk - compressed and negative funding, and the protocol's responses.

• Peg and redemption risk - how the USDV peg is defended and separated from sUSDV yield.

• Liquidation and collateral risk - auto-deleverage, treasury-absorbed liquidation, and headroom.

• Oracle risk - price-feed dependence, staleness, and manipulation defense.

• Smart-contract and execution risk - audits, CoreWriter timing, and operational surface.

• Governance and parameter risk - multisig authority, timelocks, and upgrade scope.

• Regulatory and structural risk - regulatory uncertainty and venue concentration.

• Trust assumptions and multisig - the full authorization matrix.

• Stress test results - the 10 October 2025 ADL backtest.

The recommended reading order is top-to-bottom for a first pass, then by topic for diligence.