Morpho Smokehouse USDC is a high-yield lending vault on Ethereum curated by Steakhouse Financial. It allocates USDC deposits across Morpho Blue lending markets accepting exotic collateral including sUSDe, PT tokens, and tokenized private credit for higher returns.
AUM
$18m
Net APY
5.07%
Active Users
483
Type
Vault
Network
Ethereum
BB-
Elevated RiskCeiling BBB+
AAAAAABBBBBBCCCCCCD
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
MMarket73
LLiquidity63
CCollateral50
PMProtocol Mechanics78
ICEInfra Counterparty Exposures83
PCEProtocol Counterparty Exposures73
GGovernance100
FRFinancial Resilience69
TLCTeam Legal Compliance85
DTDocumentation Transparency100
Performance
Assets Under Management · 30D▼ 19.60%
$18m
Over the last 30 days, the total value of Morpho Smokehouse USDC has dropped 19.60% with $4.44M in outflows.
Net APY · 30D▼ 2.69%
5.07%
Over the last 30 days, the APY has decreased from 5.21% to 5.07%.
Active Users · 30D▼ 5.48%
483
Over the last 30 days, active users have decreased by 5.48%, reaching 483 wallets.
Market Details
ChainEthereum
Treasury$38.60M
Oracles UsedChainlink ↗
Asset ManagerSteakhouse Financial
Stated Withdrawal TimeInstant
Infrastructure ProviderMorpho
Component Ratings
Contract Addresses
Smart Contract0xBEeF...86f5bC
MorphoBlue0xBBBB...EEFFCb
GuardianDAO0x94aa...0A27D3
OwnerMultisig0x0A0e...9cf8DD
CuratorMultisig0x827e...aDeCdB
Key Strengths
S1Immutable Morpho Blue core (~600 LOC) with extensive audit coverage from top firms and formal verification by Certora
S2Active $2.5M bug bounty on Cantina with hundreds of findings submitted since March 2024
S3Multi-layered governance with 5-of-8 Owner multisig, separate Curator multisig, and Aragon DAO Guardian enabling depositor veto with 3-day timelock
S4Zero bad debt across all Steakhouse vaults including Smokehouse during multiple stress events in 2025
Key Risks
R1Exotic collateral exposure (sUSDe, PT tokens, mF-ONE private credit, syrupUSDC) carries materially higher counterparty and liquidity risk than blue-chip-only vaults
R2Automated allocation via Public Allocator without on-chain circuit breakers, as demonstrated by the March 2026 Resolv exploit on other Morpho vaults
R3Documented illiquidity during November 2025 stress when Steakhouse warned High Yield vault users about potential withdrawal delays
R4Single immutable oracle per Morpho Blue market with no fallback mechanism
Institutional-Grade Research
Delivered to Your Inbox
In-Depth Research ReportsIn-depth analysis on staking protocols and yield strategies
Risk Assessment ReportsComprehensive risk evaluations for capital allocators
Exclusive Events & Market IntelligenceEarly access to Digital Asset Yield Summit, and more
Join 12,000 institutional allocators worldwide. No spam, unsubscribe anytime.
