Morpho Steakhouse USDC DeFi Yield & Risk Rating
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
$68m
Net APY
4.04%
Active Users
802
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▼ 8.73%
$68m
Over the last 30 days, the total value of Morpho Steakhouse USDC has dropped 8.73% with $6.48M in outflows.
Net APY · 30D▲ 8.02%
4.04%
Over the last 30 days, the APY has increased from 3.74% to 4.04%.
Active Users · 30D▼ 1.72%
802
Over the last 30 days, active users have decreased by 1.72%, reaching 802 wallets.
Market Details
ChainEthereum
Treasury$38.60M
Oracles UsedChainlink ↗
Asset ManagerSteakhouse Financial
Stated Withdrawal TimeInstant
Infrastructure ProviderMorpho
Component Ratings
Contract Addresses (5)
Key Strengths
S1Extensive audit coverage from top security firms, plus formal verification providing mathematical proofs of reentrancy safety, market independence, arithmetic integrity and withdrawal safeguards.
S2A large active bug bounty running since 2024 with hundreds of findings submitted, covering both contract versions and the web apps.
S3An immutable, compact core with a non-upgradeable vault contract live since January 2024.
S4Multi-layered key control: a verified multisig owner with a seven-day on-chain timelock and a depositor-controlled DAO guardian able to veto pending changes.
Key Risks
R1Very high concentration in wrapped assets as collateral, creating meaningful dependency on the underlying custodians rather than on native assets.
R2A single immutable oracle per market with no fallback and no ability to correct prices under abnormal conditions; this is a design constraint that cannot be improved.
R3Monitoring detects anomalies but cannot trigger protective actions automatically — every response requires manual intervention, and automated allocation flows have no halt mechanism.
R4No dedicated safety module or ring-fenced reserve; bad debt is socialized among lenders in each market, and the protocol treasury is small relative to protocol-wide deposits with no binding loss-coverage rules.
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