morpho
Morpho Steakhouse ETHDeFiBB+
Morpho · Vault · Ethereum

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
$8m
Net APY
1.71%
Active Users
125
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
Updated Sep 8, 2026Framework v0.1-betaDetailed scoring breakdown ↗Challenge this rating ↗Learn about our ratings ↗
Performance
Assets Under Management · 30D▼ 67.87%
$8m
Over the last 30 days, the total value of Morpho Steakhouse ETH has dropped 67.87% with $17.95M in outflows.
Net APY · 30D▼ 5.52%
1.71%
Over the last 30 days, the APY has decreased from 1.81% to 1.71%.
Active Users · 30D▼ 7.41%
125
Over the last 30 days, active users have decreased by 7.41%, reaching 125 wallets.
Vault StrategySource: vaults.fyi · Updated Nov 4, 2026
Deployed100%
Markets3
Wtd APY1.63%
ETH collateral99.4%BTC collateral0.6%
TapClick a tile for market details
Deployed100%
Active markets3
Largest marketwstETH / WETH · 57.1%
LLTV range91.5% – 96.5%
Market utilization82.4% – 87.8%
Weighted supply APY1.63%

Weighted supply APY is the live lending rate across the vault's markets, before the vault fee, so it can differ from the Net APY above.

wstETH
wstETH / WETH
57.07%$4.85m of vault deposits
Supply APY1.63%
APY contribution0.93%
Utilization82.4%
LLTV94.5%
Liq. penalty1.67%
Market size$21.62m
Market ID0xd0e5...ec5d
Market Details
ChainEthereum
Treasury$38.60M
Code AuditsChainSecurity ↗Spearbit ↗OpenZeppelin ↗Zellic ↗Certora ↗Blackthorn ↗
Oracles UsedChainlink ↗
Asset ManagerSteakhouse Financial
Stated Withdrawal TimeInstant
Infrastructure ProviderMorpho
Component Ratings
Contract Addresses (5)
Smart Contract0xBEEf...4b8cD4
MorphoBlue0xBBBB...EEFFCb
GuardianDAO0x4ef0...9D4FE9
OwnerMultisig0x0A0e...9cf8DD
CuratorMultisig0x827e...aDeCdB
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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