Morpho Steakhouse ETH is a lending vault on Ethereum curated by Steakhouse Financial. It allocates ETH deposits across Morpho Blue lending markets targeting overcollateralized borrowing demand backed by crypto and real-world asset collateral.
AUM
$21m
Net APY
1.59%
Active Users
192
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
MMarket87
LLiquidity70
CCollateral70
PMProtocol Mechanics93
ICEInfra Counterparty Exposures78
PCEProtocol Counterparty Exposures100
GGovernance100
FRFinancial Resilience69
TLCTeam Legal Compliance85
DTDocumentation Transparency100
Performance
Assets Under Management · 30D▼ 28.55%
$21m
Over the last 30 days, the total value of Morpho Steakhouse ETH has dropped 28.55% with $8.23M in outflows.
Net APY · 30D▼ 14.05%
1.59%
Over the last 30 days, the APY has decreased from 1.85% to 1.59%.
Active Users · 30D▼ 6.34%
192
Over the last 30 days, active users have decreased by 6.34%, reaching 192 wallets.
Market Details
ChainEthereum
Treasury$38.60M
Oracles UsedChainlink ↗
Asset ManagerSteakhouse Financial
Stated Withdrawal TimeInstant
Infrastructure ProviderMorpho
Component Ratings
Contract Addresses
Smart Contract0xBEEf...4b8cD4
MorphoBlue0xBBBB...EEFFCb
GuardianDAO0x4ef0...9D4FE9
OwnerMultisig0x0A0e...9cf8DD
CuratorMultisig0x827e...aDeCdB
Key Strengths
S1Extensive audit coverage from top firms (ChainSecurity, Spearbit, OpenZeppelin, Zellic, Certora) with formal verification of core invariants
S2Active bug bounty with significant maximum payout and hundreds of findings submitted
S3Immutable Morpho Blue core with non-upgradeable vault contract limiting smart contract risk surface
S4Multi-layered governance with multisig owner, extended timelock, and depositor-controlled Guardian veto
Key Risks
R1Wrapped collateral concentration above threshold (WBTC, cbBTC as borrower collateral) creates custodian dependency risk
R2Single immutable oracle per market with no fallback mechanism, a non-improvable design constraint
R3No dedicated loss reserve; bad debt socialized among lenders per market with limited treasury backstop
R4Automated allocation via Public Allocator without kill-switch for abnormal conditions
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