Morpho Steakhouse Prime Instant V2 EURCV DeFi Yield & Risk Rating
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
$141m
Net APY
3%
Active Users
168
Type
Vault
Network
Ethereum
BB-
Elevated RiskCeiling BBB+
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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 BBB+ 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
MMarket60
LLiquidity51
CCollateral83
PMProtocol Mechanics85
ICEInfra Counterparty Exposures75
PCEProtocol Counterparty Exposures73
GGovernance100
FRFinancial Resilience56
TLCTeam Legal Compliance85
DTDocumentation Transparency100
Performance
Assets Under Management · 30D▲ 10.40%
$141m
Over the last 30 days, the total value of Morpho Steakhouse Prime Instant V2 EURCV has grown 10.40% with $13.32M in inflows.
Net APY · 30D▼ 9.37%
3%
Over the last 30 days, the APY has decreased from 3.31% to 3.00%.
Active Users · 30D▼ 2.33%
168
Over the last 30 days, active users have decreased by 2.33%, reaching 168 wallets.
Market Details
ChainEthereum
Treasury$34.10M
Oracles UsedChainlink-based (wstETH/EURCV) ↗Chainlink-based (WBTC/EURCV) ↗Chainlink-based (cbBTC/EURCV) ↗Morpho Oracle (EUTBL/EURCV) ↗Morpho Oracle (steakUSDC/EURCV) ↗
Asset ManagerSteakhouse Financial
Stated Withdrawal TimeInstant
Infrastructure ProviderMorpho
Component Ratings
Contract Addresses (10)
Key Strengths
S1Extensive independent audit coverage of the Vaults V2 codebase by top security firms, plus formal verification and a large bug bounty program.
S2Zero bad debt across all Steakhouse-curated vaults since inception, including through a market stress event that caused losses in other curator vaults on the same platform.
S3The underlying asset is a MiCA-compliant euro stablecoin issued by a licensed subsidiary of a major European bank, fully backed 1:1 in euro, giving a stronger issuer profile than unregulated stablecoins.
S4The vault contract is non-upgradeable and the Morpho Blue core it builds on is immutable and compact, with multi-day timelocks on critical operations and a Sentinel able to veto pending actions.
Key Risks
R1EURCV has very thin DeFi liquidity and a small holder base, and this vault represents a large share of total supply, creating severe exit friction and dependence on secondary markets to convert into other assets.
R2Allocators can increase vault exposure without automatic kill-switches, and a past exploit on the platform showed automated allocation continuing to supply capital to broken markets.
R3Novel collateral types including a tokenized T-bill fund and a recursive vault receipt token carry high loan-to-value ratios with thin liquidation buffers, introducing untested counterparty and oracle risk beyond standard crypto collateral.
R4Each market relies on a single immutable oracle with no fallback or correction mechanism, leaving very little margin for price deviation on the thinnest-buffered market.
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