morpho
Morpho Steakhouse Prime Instant V2 USDCDeFiBB-
Morpho · Vault · Ethereum

Morpho Steakhouse Prime Instant V2 USDC DeFi Yield & Risk Rating

Steakhouse Prime Instant V2 USDC is a Morpho Vault V2 on Ethereum that deploys USDC into the Steakhouse USDC V1 vault via a MetaMorpho adapter. The V1 vault lends USDC against blue-chip crypto collateral (cbBTC, WBTC, wstETH) through Morpho Blue markets. Yield comes from overcollateralized borrower interest payments. The V2 vault features DAO governance, per-function timelocks, and an immutable ERC4626 contract.

AUM
$123m
Net APY
4.26%
Active Users
588
Type
Vault
Network
Ethereum
BB-
Elevated RiskCeiling A
AAAAAABBBBBBCCCCCCD
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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 Permissions75
MMarket87
LLiquidity78
CCollateral78
PMProtocol Mechanics93
ICEInfra Counterparty Exposures83
PCEProtocol Counterparty Exposures100
GGovernance83
FRFinancial Resilience69
TLCTeam Legal Compliance85
DTDocumentation Transparency100
Updated Sep 7, 2026Detailed scoring breakdown ↗Challenge this rating ↗Learn about our ratings ↗
Performance
Assets Under Management · 30D▲ 32.79%
$123m
Over the last 30 days, the total value of Morpho Steakhouse Prime Instant V2 USDC has grown 32.79% with $30.41M in inflows.
Net APY · 30D▲ 9.23%
4.26%
Over the last 30 days, the APY has increased from 3.90% to 4.26%.
Active Users · 30D▲ 26.45%
588
Over the last 30 days, active users have increased by 26.45%, reaching 588 wallets.
Market Details
ChainEthereum
Treasury$37.50M
Code AuditsChainSecurity ↗Spearbit ↗Blackthorn ↗Certora ↗Zellic ↗Cantina ↗
Oracles UsedMorpho Oracle Adapters (Chainlink-backed) ↗Custom WstETHPriceFeed (wstETH/USDC) ↗
Asset ManagerSteakhouse Financial
Stated Withdrawal TimeInstant
Infrastructure ProviderMorpho
Component Ratings
Contract Addresses (9)
Smart Contract0xbeef...ef0f51
OwnerDAO0xe3Ac...89DAd4
Sentinel0x7630...2aB715
MorphoBlue0xBBBB...EEFFCb
MorphoRegistry0x3696...d9364e
VaultV2Factory0xA1D9...6C0405
MarketsV1Adapter0x2b96...C58290
MetaMorphoAdapter0xFc98...e0043C
UnderlyingV1Vault0xBEEF...2A64CB
Key Strengths
S1Extensive independent audit coverage of the Vaults V2 codebase by top security firms, plus formal verification providing mathematical proofs of critical invariants.
S2The vault contract is immutable and non-upgradeable, as is the underlying Morpho Blue core, removing upgrade-key risk from the fund-custody path.
S3A permissionless in-kind exit mechanism lets depositors force-convert their position when normal liquidity is unavailable, providing an exit path beyond standard ERC4626 redemption.
S4Large dual bug bounty programs on top-tier platforms explicitly cover the Vaults V2 contracts and adapters.
Key Risks
R1The vault owner is a DAO proxy whose voting power distribution, quorum, and participant independence cannot be verified on-chain, a governance transparency gap relative to the multisig-owned V1 vault.
R2Fee-related functions carry zero-second timelocks, allowing performance and management fees to be raised without notice; allocator assignment and timelock reduction are similarly instant.
R3The Sentinel is restricted to revoking pending actions only and cannot deallocate funds or reduce caps, offering weaker depositor protection than a full sentinel role.
R4Collateral is heavily concentrated in wrapped assets held by external custodians, well above the framework's concentration threshold.

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