New vault
C
Steakhouse High Yield cbBTC
bbqCBBTC
MonadCurated by Steakhouse Financial·Inception 2026-03-07·Guardian 0x0000aeB716a0DF7A9A1AAd119b772644Bc089dA8
Monad
cbBTC
AI vault read
Plain-English summary of this vault — what it does, who runs it, where the yield comes from, and what could break it. Generated from the same deterministic inputs shown elsewhere on this page; the numbers are the source, this is just the explanation.
What this vault does
You deposit cbBTC (a Bitcoin-backed token on Monad) and the vault lends it out to borrowers who post LBTC (another Bitcoin-backed token) as collateral on Morpho Blue. Borrowers pay interest on what they borrow, and that interest becomes your yield. Right now all your deposits sit un-borrowed—no lending is actually happening yet.
Who runs it
Steakhouse Financial runs this vault and is positioning it as a Bitcoin-collateral play on Monad, currently with zero deployed capital.
Where the yield comes from
The 2.99% APY comes from borrower interest (2.84%) once lending begins, plus a small boost (0.15%) from Morpho protocol incentives. Today there is no yield because the vault holds 100% cash and zero borrowers exist on the LBTC market.
What could break it
Risk score of 8/100 reflects low complexity (0/100) and no flagged material risks. The sole exposure—LBTC collateral—carries standard Bitcoin-token depeg risk, but cbBTC itself isn't tracked for depeg signals.
Who this is for
Suitable only if you believe LBTC borrowing demand will materialize on Monad; currently the vault is a zero-yield cash position waiting for adoption.
Risk decomposition
How the composite risk score breaks down. Every number traces to an explicit input — /methodology documents each factor's formula.
blue-chip8/100
Warning floorfloor
Hard min from Morpho's own flags on the vault or its active markets.
Structuralweight 28%
Share-weighted collateral quality + LLTV buffer adequacy. Correlation-aware.
Liquidationweight 20%
Headroom (1 − LLTV) measured in σ-units of 30d realized vol, amplified by utilization.
Yield anomalyweight 20%
Peer-cohort z-score plus absolute-yield band. Excess yield is risk you may not yet model.
Concentrationweight 12%
Market HHI + asset-class HHI + curator's universe TVL share.
Liquidityweight 10%
Util curve position, share locked above 95%, idle buffer.
Maturityweight 10%
Vintage + TVL-time integral. V2 vaults carry an opacity surcharge.
Depeg floorfloor
Hard min from active depeg signal on the loan asset.
Composite = max(Σ weighted + floors). Warning and depeg floors are hard minimums; the weighted sum of the structural factors is the base. A floor highlighted in amber means it is what determines the final score — the protocol or peg signals are louder than our structural model.
Plain English explanationWritten by VaultScanner research · model card · last update 2026-05-12
What this vault actually does
Steakhouse Financial cbBTC vault on Monad, allocating across 2 Morpho Blue markets.
Yield decomposition
What you are actually getting paid for, expressed as a share of net APY.
Hover for source breakdownTotal · 2.99% gross APY
Curator performance fee−10.00%→2.99% net
Borrower lending demand
Structural
Interest paid by borrowers on Morpho Blue markets the vault supplies into.
2.84%95.0% of yield · 284 bps
Protocol incentives
Incentive
Estimated boost from Morpho-side rewards programs and curator rebates active on these markets.
0.15%5.0% of yield · 15 bps
What breaks this vault
The honest version. Every structural failure mode this vault is exposed to, ranked by severity. If you want to know whether to invest, start here.
Every market relies on an external price feed. A stale or manipulated feed can mis-price collateral and produce unrecoverable bad debt.
Hidden exposure map
What this vault is actually exposed to — including dependencies that are not visible from the strategy name.
LBTC
0%
Lending venueCollateral asset in vault allocations.
cbBTC
100%
Lending venueLoan asset supplied by the vault.
Reading this map. Direct exposures are the assets the vault holds or lends against. Indirect dependencies (Tab 3) include the protocols that mint those assets, the oracles pricing them, and the bridges that move them. An incident at any indirect dependency can damage the vault even when the direct collateral looks healthy.
Allocation breakdown
Every market the vault has supplied into, with current LTV, LLTV, oracle, and IRM. Idle balances are listed explicitly.
Markets1+ idle buffer
LBTC / cbBTC0.0%
idle / cbBTC100.0%
Stress scenarios
Modeled NAV impact under historical and hypothetical tail events. Each impact = − (shock magnitude) × (vault exposure) × (pass-through). Hover the calculator icon for the per-scenario formula.
cbBTC custody discount 5%
unlikely
computedCoinbase-custodied; tail risk is regulatory or exchange-level event temporarily breaking redemption. Mark-to-market loss on 100% of vault TVL (loan asset is cbBTC).
−5% × 100% exposed × 100% pass-through (loan-asset shock)
-5.0%
Recovery weeks
100% exposed
Curator misallocation
unlikely
computedCurator routes into a market that develops bad debt or an oracle break. Worst single position is 0.0% of TVL; top-3 concentration is 0%. Modeled at 50% bad-debt recovery on the worst position.
−50% × 0.0% (worst market) × 100% pass-through
0.0%
Recovery 30–90 days
0% exposed
Governance & configuration
On-chain contracts, control surface, and per-market parameters. The diligence checklist surface — every value here is what an allocator needs to copy into a memo before sizing a deposit.
Vault contractMetaMorpho v1 on Morpho Blue
Chain
Monad
CuratorRisk team setting market allocations
OwnerCan change curator, guardian, and timelock (after delay)
GuardianCan pause and revoke allocations if compromised
TimelockDelay before owner-initiated parameter changes take effect
3 days
Performance feeCurator's cut of generated yield
10.00%
Fee recipientAddress that collects the performance fee
Skim recipientReceives stray non-loan-asset tokens swept from the vault
not configured
Deployed2 mos on-chain
Mar 7, 2026
One-click redeem
available
Morpho app
Market parameters (2)
Oracle, IRM, and LLTV per Morpho Blue market the vault routes into. Click an address to inspect the contract on a block explorer.Activity
Curator and parameter changes detected by VaultScanner's snapshot diff. Refreshed every 6 hours.
Historical analytics
180 trailing days. APY, TVL, utilization, and an APY drawdown view to show how the vault has actually behaved — not just where it sits today.
APY range0.00% – 5.08%
trailing 180d
APY volatility (σ)1.66 pts
standard deviation
Max APY drawdownNaN%
peak-to-trough
APY trend+3.00 pts
180d delta