Morpho Steakhouse USDC is a lending vault on Ethereum curated by Steakhouse Financial. It allocates USDC deposits across Morpho Blue lending markets targeting overcollateralized borrowing demand.
AUM
$96m
Net APY
3.83%
Active Users
1k
Type
Vault
Network
Ethereum
BB+
Elevated RiskCeiling A+
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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 Permissions92
MMarket100
LLiquidity78
CCollateral78
PMProtocol Mechanics93
ICEInfra Counterparty Exposures83
PCEProtocol Counterparty Exposures100
GGovernance100
FRFinancial Resilience69
TLCTeam Legal Compliance85
DTDocumentation Transparency100
Performance
Assets Under Management · 30D▼ 16.19%
$96m
Over the last 30 days, the total value of Morpho Steakhouse USDC has dropped 16.19% with $18.52M in outflows.
Net APY · 30D▲ 3.79%
3.83%
Over the last 30 days, the APY has increased from 3.69% to 3.83%.
Active Users · 30D▲ 0.00%
1k
Over the last 30 days, active users have increased by 0.00%, reaching 1.3K wallets.
Market Details
ChainEthereum
Treasury$38.60M
Oracles UsedChainlink ↗
Asset ManagerSteakhouse Financial
Stated Withdrawal TimeInstant
Infrastructure ProviderMorpho
Component Ratings
Contract Addresses
Smart Contract0xBEEF...2A64CB
MorphoBlue0xBBBB...EEFFCb
GuardianDAO0xaa05...1fc03d
OwnerMultisig0x0A0e...9cf8DD
CuratorMultisig0x827e...aDeCdB
Key Strengths
S1Extensive audit coverage from top security firms with formal verification proving reentrancy safety, market independence, and withdrawal safeguards
S2Active $2.5M bug bounty on Cantina with hundreds of findings submitted since March 2024
S3Immutable Morpho Blue core with non-upgradeable vault contract deployed January 2024
S45-of-8 multisig owner with 7-day on-chain timelock and Aragon DAO Guardian veto controlled proportionally by depositors
Key Risks
R1High wrapped asset concentration (primarily cbBTC and WBTC) creates significant custodian dependency
R2Single immutable oracle per market with no fallback mechanism and no ability to correct values under abnormal conditions
R3Monitoring bots detect anomalies but all responses require manual intervention; automated capital flows have no automated halt mechanism
R4No dedicated safety module; bad debt socialized per market with DAO treasury representing a small fraction of protocol-wide TVL
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