Morpho

Morpho Steakhouse ETH

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

$32.84m-43.01%

APY

2.35%+39.05%

BB+Rated Protocol

Updated Mar 30, 2026

Risk Rating

BB+

AAAAAABBBBBBCCCCCCD

This rating is based solely on publicly available information. 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.

SCS: Smart Contract Security

KMP: Key Management Permissions

M: Market

L: Liquidity

C: Collateral

PM: Protocol Mechanics

ICE: Infra Counterparty Exposures

PCE: Protocol Counterparty Exposures

G: Governance

FR: Financial Resilience

TLC: Team Legal Compliance

DT: Documentation Transparency

Potential Score

Provider risk assessed across Business, Operations, Reliability, and Security.

View the detailed scoring breakdown

Challenge this rating Learn about our ratings

Contract Addresses

VaultContract

0xBEEf...8cD4

MorphoBlue

0xBBBB...FFCb

GuardianDAO

0x4ef0...4FE9

OwnerMultisig

0x0A0e...f8DD

CuratorMultisig

0x827e...eCdB

Key Strengths

Extensive audit coverage from top firms (ChainSecurity, Spearbit, OpenZeppelin, Zellic, Certora) with formal verification of core invariants
Active bug bounty with significant maximum payout and hundreds of findings submitted
Immutable Morpho Blue core with non-upgradeable vault contract limiting smart contract risk surface
Multi-layered governance with multisig owner, extended timelock, and depositor-controlled Guardian veto
Zero bad debt across all Steakhouse vaults since inception, including through major stress events

Key Risks

Wrapped collateral concentration above threshold (WBTC, cbBTC as borrower collateral) creates custodian dependency risk
Single immutable oracle per market with no fallback mechanism, a non-improvable design constraint
No dedicated loss reserve; bad debt socialized among lenders per market with limited treasury backstop
Automated allocation via Public Allocator without kill-switch for abnormal conditions
Monitoring systems cannot trigger automated protective actions; manual human intervention required
Smaller TVL relative to sister vaults and thin secondary market trading volume for the steakETH receipt token