Morpho Smokehouse USDC DeFi Yield & Risk Rating
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
$14m
Net APY
5.1%
Active Users
328
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
MMarket73
LLiquidity63
CCollateral50
PMProtocol Mechanics78
ICEInfra Counterparty Exposures83
PCEProtocol Counterparty Exposures73
GGovernance100
FRFinancial Resilience69
TLCTeam Legal Compliance85
DTDocumentation Transparency100
Performance
Assets Under Management · 30D▼ 7.43%
$14m
Over the last 30 days, the total value of Morpho Smokehouse USDC has dropped 7.43% with $1.10M in outflows.
Net APY · 30D▲ 8.74%
5.1%
Over the last 30 days, the APY has increased from 4.69% to 5.10%.
Active Users · 30D▲ 0.61%
328
Over the last 30 days, active users have increased by 0.61%, reaching 328 wallets.
Market Details
ChainEthereum
Treasury$38.60M
Oracles UsedChainlink ↗
Asset ManagerSteakhouse Financial
Stated Withdrawal TimeInstant
Infrastructure ProviderMorpho
Component Ratings
Contract Addresses (5)
Key Strengths
S1Immutable, minimal core protocol with extensive audit coverage from top firms and formal verification
S2Well-funded public bug bounty with a substantial history of submitted findings
S3Multisig ownership verified on-chain with a separate curator multisig, a depositor-controlled guardian able to veto pending changes, and a timelock on market changes
S4No bad debt across the curator's vaults through recent market stress events and a major exchange hack
Key Risks
R1Exotic collateral exposure including synthetic dollars, principal tokens, and tokenized private credit carries materially higher counterparty and liquidity risk than blue-chip-only vaults
R2Automated allocation operates without on-chain circuit breakers, a risk demonstrated on other vaults of the same platform
R3Documented periods of illiquidity during market stress, with the curator explicitly warning high-yield vault users to expect them
R4A single immutable oracle per market with no fallback mechanism
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