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
$89m
Net APY
3.86%
Active Users
133
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▲ 51.92%
$89m
Over the last 30 days, the total value of Morpho Steakhouse Prime Instant V2 EURCV has grown 51.92% with $30.35M in inflows.
Net APY · 30D▲ 10.92%
3.86%
Over the last 30 days, the APY has increased from 3.48% to 3.86%.
Active Users · 30D▲ 0.00%
133
Over the last 30 days, active users have increased by 0.00%, reaching 133 wallets.
Market Details
ChainEthereum
Treasury$34.10M
Oracles UsedChainlink (wstETH/EURCV) ↗Chainlink (WBTC/EURCV) ↗Chainlink (cbBTC/EURCV) ↗Morpho Oracle (EUTBL/EURCV) ↗Morpho Oracle (steakUSDC/EURCV) ↗
Asset ManagerSteakhouse Financial
Stated Withdrawal TimeInstant
Infrastructure ProviderMorpho
Component Ratings
Contract Addresses
Smart Contract0xbeef...5DDB2f
V1Vault0x7574...11e3Ff
OwnerDAO0xE67d...63C099
Sentinel0xb239...4b0115
V1Adapter0xE851...368aBE
MorphoBlue0xBBBB...EEFFCb
EURCV Token0x5F78...385Ff2
CuratorMultisig0x827e...aDeCdB
Key Strengths
S1Extensive 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
S2Zero bad debt track record across all Steakhouse-curated vaults since inception, including during November 2025 market stress when other curators experienced losses
S3EURCV 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
S4V2 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
Key Risks
R1EURCV 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
R2Allocators 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
R3Novel 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
R4Single 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
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