morpho
Morpho Ethena x Steakhouse USDGDeFiCCC+
Morpho · Vault · robinhood-chain

Morpho Ethena x Steakhouse USDG DeFi Yield & Risk Rating

Ethena x Steakhouse USDG is a Morpho Vault V2 on Robinhood Chain curated by Steakhouse Financial, denominated in USDG (Paxos Global Dollar). It lends deposited USDG into a Morpho Blue market against Ethena's USDe synthetic-dollar collateral, earning organic borrower interest at zero vault fees. The vault serves as Ethena's seed-liquidity vehicle for the Robinhood Earn ecosystem.

AUM
$50m
Net APY
3.29%
Active Users
6
Type
Vault
Network
robinhood-chain
CCC+
High RiskCeiling A-
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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 CCC+ 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 Permissions83
MMarket73
LLiquidity63
CCollateral26
PMProtocol Mechanics70
ICEInfra Counterparty Exposures33
PCEProtocol Counterparty Exposures42
GGovernance78
FRFinancial Resilience42
TLCTeam Legal Compliance78
DTDocumentation Transparency67
Updated Jul 23, 2026Detailed scoring breakdown ↗Challenge this rating ↗Learn about our ratings ↗
Performance
Assets Under Management · 30D▲ 0.15%
$50m
Over the last 30 days, the total value of Morpho Ethena x Steakhouse USDG has grown 0.15% with $76.68K in inflows.
Net APY · 30D▲ 5.11%
3.29%
Over the last 30 days, the APY has increased from 3.13% to 3.29%.
Active Users · 30D▼ 14.29%
6
Over the last 30 days, active users have decreased by 14.29%, reaching 6 wallets.
Market Details
Chainrobinhood-chain
Treasury$26.64M
Code AuditsChainSecurity ↗Spearbit ↗Zellic ↗Blackthorn ↗Cantina ↗Certora ↗
Oracles UsedUSDe/USDG market oracle (MetaOracleDeviationTimelock; hardcoded 1:1 primary with live USDE/USD backup feed) ↗
Asset ManagerSteakhouse Financial
Stated Withdrawal TimeInstant
Infrastructure ProviderMorpho
Component Ratings
Contract Addresses (11)
Smart Contract0xbEeF...160737
USDGToken0x5fc5...F1d168
OracleUSDe0xE648...19055f
AllocatorEOA0xfeed...C03C9a
AllocatorSafe0x5642...C2a744
VaultV2Factory0x0FBa...9f803c
CuratorMultisig0x9023...42D2Fb
MarketV1Adapter0x19E0...83E3dA
OwnerSupervisor0x261a...BCf2b1
SupervisorOwnerMultisig0xD062...615eF4
AllocatorAutomationProxy0xD7D7...757E81
Key Strengths
S1Inherits Morpho's immutable Vault V2 codebase audited by top security firms with formal verification and active bug bounties, deployed unchanged on Robinhood Chain.
S2Multisig-backed governance verified on-chain — the vault owner is a supervisor contract with an immutable 14-day ownership timelock, controlled by Steakhouse multisigs.
S3Withdrawals can never be gated: three of four transfer gates are permanently abdicated on-chain, with only a negligible force-deallocate penalty.
S4The market oracle is correctable: a permissionless challenge mechanism can switch pricing from the fixed 1:1 primary to a live market feed if a sustained deviation occurs.
Key Risks
R1All assets lend into a single market against Ethena's USDe synthetic-dollar collateral at an aggressive loan-to-value ratio, with no enforceable supply caps — a collateral failure would socialize bad debt across the entire vault.
R2The active oracle prices USDe at a fixed 1:1 rate; switching to a live feed requires a sustained deviation and a 16-hour challenge window, leaving liquidations blind in the early hours of a depeg.
R3A single depositor holds nearly all vault shares and is simultaneously the issuer of the collateral; one exit decision would exhaust the market's free liquidity and queue the remainder behind borrower repayment.
R4Runs on Robinhood Chain, a newly launched Arbitrum Orbit L2 with a single centralized sequencer and no operating or stress track record; the vault itself is only weeks old.

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