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 including sUSDe, PT tokens, and tokenized private credit for higher returns.

AUM

$26.62m-55.22%

APY

5.97%+16.83%

BB-Rated Protocol

Updated Mar 30, 2026

Risk Rating

BB-

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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 Morpho Blue core (~600 LOC) with extensive audit coverage from top firms and formal verification by Certora
Active $2.5M bug bounty on Cantina with hundreds of findings submitted since March 2024
Multi-layered governance with 5-of-8 Owner multisig, separate Curator multisig, and Aragon DAO Guardian enabling depositor veto with 3-day timelock
Zero bad debt across all Steakhouse vaults including Smokehouse during multiple stress events in 2025
Comprehensive risk management framework with collateral rating system and DDQ process

Key Risks

Exotic collateral exposure (sUSDe, PT tokens, mF-ONE private credit, syrupUSDC) carries materially higher counterparty and liquidity risk than blue-chip-only vaults
Automated allocation via Public Allocator without on-chain circuit breakers, as demonstrated by the March 2026 Resolv exploit on other Morpho vaults
Documented illiquidity during November 2025 stress when Steakhouse warned High Yield vault users about potential withdrawal delays
Single immutable oracle per Morpho Blue market with no fallback mechanism
No dedicated loss reserve or safety module; bad debt socialized per market with no binding activation rules