Morpho Steakhouse Turbo USDG DeFi Yield & Risk Rating
Morpho Steakhouse Turbo USDG is a leveraged vault on Robinhood Chain that accepts USDG (Global Dollar) deposits and is curated by Steakhouse Financial. Yield comes from a roughly 2.4x leveraged carry that loops USDG into synthetic and credit stablecoin lending markets through Steakhouse's independently audited Box adapter.
AUM
$8m
Net APY
5.18%
Active Users
27
Type
Vault
Network
robinhood-chain
CCC
High 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 CCC to BBB+ reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.
SCSSmart Contract Security76
KMPKey Management Permissions75
MMarket33
LLiquidity56
CCollateral33
PMProtocol Mechanics44
ICEInfra Counterparty Exposures30
PCEProtocol Counterparty Exposures60
GGovernance56
FRFinancial Resilience42
TLCTeam Legal Compliance78
DTDocumentation Transparency78
Performance
Assets Under Management · 30D▲ 194.57%
$8m
Over the last 30 days, the total value of Morpho Steakhouse Turbo USDG has grown 194.57% with $5.32M in inflows.
Net APY · 30D▲ 25.73%
5.18%
Over the last 30 days, the APY has increased from 4.12% to 5.18%.
Active Users · 30D▼ 3.57%
27
Over the last 30 days, active users have decreased by 3.57%, reaching 27 wallets.
Market Details
Chainrobinhood-chain
Treasury$27.20M
Code AuditsChainSecurity (Steakhouse Box, Dec 2025) ↗Cantina (Steakhouse Box, Jan 2026) ↗ChainSecurity (Morpho Vault V2 base) ↗Certora (Morpho Blue formal verification) ↗Spearbit / Cantina (Morpho V2 base) ↗
Oracles UsedCustom Morpho market oracles (single-source per market) ↗Box oracle-based swap/valuation pricing ↗
Asset ManagerSteakhouse Financial
Stated Withdrawal TimeInstant
Infrastructure ProviderMorpho / Box
Component Ratings
Contract Addresses (9)
Key Strengths
S1Robust, layered on-chain key management: the vault owner is a Supervisor contract with a 14-day timelock owned by a Steakhouse multisig, with a separate curator multisig and an emergency sentinel, a major upgrade over the single-key sibling vault.
S2The custom Box leverage code has been independently audited by top security firms (ChainSecurity and Cantina), with both reports public on GitHub.
S3Immutable Morpho V2 core with permissionless exits: a non-upgradeable vault, permissionless ERC-4626 redemption, zero performance and management fees, and a permissionless Box winddown that lets anyone unwind positions.
S4Documented, quantitative risk controls: per-module LTV caps relative to market limits, oracle-based cumulative slippage limits, a guardian veto, and a three-state shutdown and winddown lifecycle.
Key Risks
R1High leveraged carry on synthetic and credit stablecoin collateral: most of the vault's assets sit in the Box leverage engine, and the majority of expected yield comes from an invertible carry spread, so losses are plausible from collateral depeg, negative carry, slippage, or forced deleveraging.
R2Oracle risk amplified by leverage: the strategy relies on single-source market oracles with no redundancy on synthetic-stable collateral, and at leverage an undetected depeg is magnified into forced losses.
R3The live leverage configuration is outside audit scope and the deployed contracts are unverified on-chain: the vault, its adapters, the Box child vault, and the Supervisor all return "source code not verified" on the chain explorer.
R4Instant adapter addition and a thin liquidity buffer: adapter addition carries no on-chain timelock, and only a small share of assets is an immediate buffer while the remainder exits via slippage-laden winddown.
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