Morpho

Morpho Steakhouse Prime Instant V2 EURCV

Morpho Steakhouse Prime Instant EURCV is a lending vault on Ethereum curated by Steakhouse Financial. It allocates EURCV deposits across Morpho Blue lending markets targeting overcollateralized borrowing demand against crypto and tokenized fund collateral.

AUM

$53.72m+67.22%

APY

3.85%-3.99%

BB-Rated Protocol

Updated Apr 9, 2026

Risk Rating

BB-

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This rating is based solely on publicly available information. The range from BB- to BBB+ 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

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Contract Addresses

VaultContract

0xbeef...DB2f

V1Vault

0x7574...e3Ff

OwnerDAO

0xE67d...C099

Sentinel

0xb239...0115

V1Adapter

0xE851...8aBE

MorphoBlue

0xBBBB...FFCb

EURCV Token

0x5F78...5Ff2

CuratorMultisig

0x827e...eCdB

V1OwnerMultisig

0x0A0e...f8DD

TreasuryMultisig

0xcBa2...9AFa

Key Strengths

Extensive audit coverage with 25+ independent audits including 11 for Vaults V2 from top security firms, plus formal verification and a $2.5M bug bounty program
Zero bad debt track record across all Steakhouse-curated vaults since inception, including during November 2025 market stress when other curators experienced losses
EURCV is a MiCA-compliant euro stablecoin issued by SG-FORGE (Societe Generale subsidiary) with ACPR licensing and full 1:1 EUR backing, providing a stronger issuer risk profile than unregulated stablecoins
V2 architecture with immutable Morpho Blue core, non-upgradeable vault contract, 7-day per-function timelocks, Aragon DAO Owner governance, and Sentinel/Revoker for emergency veto
High idle ratio (~87.4%) in the underlying V1 vault provides a substantial instant liquidity buffer for withdrawals under normal conditions

Key Risks

EURCV has extremely thin DeFi liquidity with only ~$104M total supply and ~2,700 holders; the vault represents a significant share of total EURCV supply, creating severe exit friction and secondary-market dependency for conversion to other assets
Allocators can increase vault exposure without automatic kill-switches for abnormal conditions; a recent exploit on other Morpho vaults demonstrated this risk where automated allocation continued supplying capital to broken markets
Novel collateral types including a tokenized EU T-Bills fund (with only 3.5% liquidation buffer) and a recursive vault receipt token introduce untested counterparty and oracle risks beyond standard crypto collateral
Single immutable oracle per Morpho Blue market with no fallback or correction mechanism; thin liquidation buffers on certain markets provide very limited margin for any oracle deviation
Vault is entirely untested under stress conditions across liquidity, market, and financial resilience dimensions; EURCV lending markets are newer with limited operational history
Morpho DAO treasury is composed almost entirely of volatile MORPHO tokens with minimal liquid non-own assets; no dedicated safety module or binding loss coverage rules exist