Morpho

Morpho Smokehouse USDC

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 for higher returns.

AUM

$43.42m-40.83%

APY

4.79%-18.4%

BBRated Protocol

Updated Mar 11, 2026

Risk Rating

AAAAAABBBBBBCCCCCCD

This rating is based solely on publicly available information. 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.

SCS: Smart Contract Security

KMP: Key Management Permissions

M: Market

L: Liquidity

C: Collateral

PM: Protocol Mechanics

ICE: Infra Counterparty Exposures

PCE: Protocol Counterparty Exposures

G: Governance

FR: Financial Resilience

TLC: Team Legal Compliance

DT: Documentation Transparency

Potential Score

Provider risk assessed across Business, Operations, Reliability, and Security.

View the detailed scoring breakdown

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Contract Addresses

VaultContract

0xBEeF...f5bC

MorphoBlue

0xBBBB...FFCb

GuardianDAO

0x94aa...27D3

OwnerMultisig

0x0A0e...f8DD

CuratorMultisig

0x827e...eCdB

Key Strengths

Immutable core protocol with extensive audit coverage from top firms and formal verification proving reentrancy safety, market independence, and withdrawal safeguards
Active bug bounty program with significant rewards and hundreds of findings submitted covering all contract versions
Multi-layered governance requiring multisig, timelock, and depositor veto through an Aragon DAO Guardian
Zero bad debt across all Steakhouse vaults through multiple stress events including when other curators experienced losses
Comprehensive risk management framework with collateral rating system, due diligence process, and independent credit rating

Key Risks

Exotic collateral exposure including synthetic dollars, tokenized private credit, and yield-bearing wrappers carries elevated counterparty and liquidity risk
High wrapped asset concentration with over 60% of collateral involving complex dependency chains
Documented illiquidity during stress periods when high utilization from exotic collateral markets prevents instant full withdrawals
Single oracle per market with no redundancy due to immutable design requiring full market redeployment if oracle fails
No dedicated loss reserve with bad debt socialized per market and protocol treasury representing a minimal fraction of total value locked