Morpho Steakhouse ETH DeFi Yield & Risk Rating
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
$30m
Net APY
1.65%
Active Users
139
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▲ 7.02%
$30m
Over the last 30 days, the total value of Morpho Steakhouse ETH has grown 7.02% with $2.00M in inflows.
Net APY · 30D▼ 5.71%
1.65%
Over the last 30 days, the APY has decreased from 1.75% to 1.65%.
Active Users · 30D▼ 0.71%
139
Over the last 30 days, active users have decreased by 0.71%, reaching 139 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, including formal verification of the core lending protocol.
S2A substantial bug bounty program that has attracted a high volume of researcher submissions.
S3Immutable and deliberately compact core protocol with a non-upgradeable vault contract.
S4Strong key management: a multisig owner verified on-chain with a timelock well above the protocol minimum, plus a DAO guardian that lets depositors veto pending changes.
Key Risks
R1Wrapped assets make up the majority of borrower collateral, creating a dependency on the custodians backing those wrappers.
R2Each market relies on a single oracle with no fallback feed, a structural consequence of the immutable market design.
R3No dedicated loss reserve — bad debt is socialized among lenders in the affected market.
R4Automated allocation can raise vault exposure without real-time human approval and without circuit breakers for abnormal conditions.
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