morpho
Morpho Steakhouse Prime Instant V2 USDTDeFiBB-
Morpho · Vault · Ethereum

Morpho Steakhouse Prime Instant V2 USDT DeFi Yield & Risk Rating

Steakhouse Prime Instant V2 USDT is a Morpho Vault V2 on Ethereum that lends USDT against diversified crypto collateral (wstETH, sUSDS, WBTC, XAUt, cbBTC) through the Steakhouse USDT V1 vault via a MetaMorpho adapter. Yield comes from overcollateralized borrower interest payments on Morpho Blue markets. The V2 vault features DAO governance, per-function timelocks, and an immutable ERC4626 contract.

AUM
$68m
Net APY
3.04%
Active Users
161
Type
Vault
Network
Ethereum
BB-
Elevated RiskCeiling A
AAAAAABBBBBBCCCCCCD
SCSKMPMLCPMICEPCEGFRTLCDT
CurrentPotential

This rating is based solely on publicly available information. DeFi protocol risk assessed across Security, Strategy and Operations on the AAA–D scale. The range from BB- to A reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.

SCSSmart Contract Security88
KMPKey Management Permissions75
MMarket73
LLiquidity78
CCollateral83
PMProtocol Mechanics85
ICEInfra Counterparty Exposures83
PCEProtocol Counterparty Exposures100
GGovernance83
FRFinancial Resilience69
TLCTeam Legal Compliance85
DTDocumentation Transparency100
Updated Sep 8, 2026Detailed scoring breakdown ↗Challenge this rating ↗Learn about our ratings ↗
Performance
Assets Under Management · 30D▲ 18.04%
$68m
Over the last 30 days, the total value of Morpho Steakhouse Prime Instant V2 USDT has grown 18.04% with $10.33M in inflows.
Net APY · 30D▼ 8.98%
3.04%
Over the last 30 days, the APY has decreased from 3.34% to 3.04%.
Active Users · 30D▼ 6.94%
161
Over the last 30 days, active users have decreased by 6.94%, reaching 161 wallets.
Market Details
ChainEthereum
Treasury$37.50M
Code AuditsChainSecurity ↗Spearbit ↗Certora ↗Zellic ↗Cantina Contest ↗Blackthorn ↗OpenZeppelin ↗
Oracles UsedMorphoChainlinkOracleV2 (WBTC/USDT, cbBTC/USDT) ↗WstETHPriceFeed (wstETH/USDT) ↗Morpho Oracle (sUSDS/USDT) ↗Morpho Oracle (XAUt/USDT) ↗
Asset ManagerSteakhouse Financial
Stated Withdrawal TimeInstant
Infrastructure ProviderMorpho
Component Ratings
Contract Addresses (9)
Smart Contract0xbeef...Ab2bf9
V1Vault0xBEEF...0fcfba
OwnerDAO0xFb34...f3D279
Sentinel0xc41F...d1606f
MorphoBlue0xBBBB...EEFFCb
CuratorMultisig0x827e...aDeCdB
MarketsV1Adapter0x1C87...87Bb05
TreasuryMultisig0xcBa2...4f9AFa
MetaMorphoAdapter0x233a...135696
Key Strengths
S1Extensive independent audit coverage including reviews dedicated to Vaults V2 by top security firms, with formal verification providing mathematical proofs of critical invariants.
S2Zero bad debt across all Steakhouse-curated vaults since inception, including through a stablecoin contagion event that caused losses in other curator vaults on the same platform.
S3The V2 architecture adds per-function timelocks on critical operations and a specialized Sentinel contract restricted to revoking permissions.
S4Collateral is diversified across several active lending markets, with wrapped and bridged asset concentration far below that of the underlying V1 vault.
Key Risks
R1USDT issuer counterparty risk: a major rating agency assessed Tether's stability as weak, citing a meaningful share of reserves in riskier assets. A depeg would directly impair depositor value regardless of lending performance.
R2Allocators can increase vault exposure without human approval and without automatic kill-switches, a risk demonstrated when an exploit elsewhere on the platform saw funds auto-supplied to broken markets.
R3Each market relies on a single immutable oracle with no fallback mechanism; an oracle failure would require deploying an entirely new market.
R4The protocol treasury consists almost entirely of the protocol's own volatile token, and no dedicated loss reserve or ring-fenced backstop exists.

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