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0xA080…9d7484
U

Smokehouse USDT

bbqUSDT
EthereumOn peg4
Curated by Steakhouse Financial·Inception 2024-12-31·Guardian 0x4fCD92bF530abdEb5Eb7413A63a8EB8F5a62C1dD
Ethereum
USDT
Open on Morpho
Net APY2.81%
-0.91%30d 3.72%
Trend up
TVL$26.47M
-32.41%Capacity $39.71M
Trend up
Utilization74%
Underutilized
Risk score
11
Low
Market 22
·Loan demand 50
Complexity70Multiple moving parts
Liquidity46/100
Instant redemption available
Performance fee10%Above median
Morpho official alerts
1 caution alert from Morpho's risk team
  • Unrecognized Collateral AssetYELLOWPT-srUSDe-25JUN2026 / USDT

    Morpho has flagged the PT-srUSDe-25JUN2026 / USDT market: unrecognized_collateral_asset.

Plain English explanationWritten by vaults.xyz research · model card · last update 2026-05-12
What this vault actually does

The Smokehouse USDT vault aims to optimize for yield on a wide range of collaterals.

Yield decomposition

What you are actually getting paid for, expressed as a share of net APY.

Hover for source breakdownTotal · 2.81% gross APY
Curator performance fee−10.00%→2.81% net
Borrower lending demand
Structural

Interest paid by borrowers on Morpho Blue markets the vault supplies into.

2.67%95.0% of yield · 267 bps
Protocol incentives
Incentive

Estimated boost from Morpho-side rewards programs and curator rebates active on these markets.

0.14%5.0% of yield · 14 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.

A market (PT-srUSDe-2APR2026 / USDT) is reporting supply APY at or above 50% — peak 297996% on PT-srUSDe-2APR2026 / USDT. This is almost always a degenerate IRM state (100% utilization, dust-sized supply, or a stale post-liquidation snapshot) rather than real lending demand. The vault's headline APY is being averaged up by these positions; treat it as transient. 0.0% of TVL sits in the affected market.

Weighted LLTV across markets is 91.0%. Sharp collateral drawdowns can trigger cascading liquidations faster than vault parameters can be adjusted.

Hidden exposure map

What this vault is actually exposed to — including dependencies that are not visible from the strategy name.

PT-cUSD-23JUL2026
0%
Pendle PTCollateral asset in vault allocations.
syrupUSDT
0%
StablecoinCollateral asset in vault allocations.
wstETH
0%
Liquid stakingCollateral asset in vault allocations.
wsrUSD
15%
Lending venueCollateral asset in vault allocations.
sUSDe
0%
StablecoinCollateral asset in vault allocations.
WBTC
0%
Lending venueCollateral asset in vault allocations.
PT-stcUSD-23JUL2026
0%
Pendle PTCollateral asset in vault allocations.
cbBTC
0%
Lending venueCollateral asset in vault allocations.
stcUSD
53%
Lending venueCollateral asset in vault allocations.
PT-reUSD-25JUN2026
15%
Pendle PTCollateral asset in vault allocations.
weETH
15%
Liquid restakingCollateral asset in vault allocations.
WETH
2%
Lending venueCollateral asset in vault allocations.
syrupUSDC
0%
StablecoinCollateral asset in vault allocations.
PT-srUSDe-25JUN2026
0%
Pendle PTCollateral asset in vault allocations.
PT-USDG-28MAY2026
0%
Pendle PTCollateral asset in vault allocations.
reUSD
0%
Lending venueCollateral asset in vault allocations.
PT-srUSDe-2APR2026
0%
Pendle PTCollateral asset in vault allocations.
sUSDS
0%
StablecoinCollateral asset in vault allocations.
USDT
100%
StablecoinLoan 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.

Markets23+ idle buffer
stcUSD / USDT52.7%
PT-reUSD-25JUN2026 / USDT15.1%
weETH / USDT14.6%
wsrUSD / USDT14.5%
WETH / USDT2.0%
PT-cUSD-23JUL2026 / USDT0.5%
sUSDe / USDT0.4%
syrupUSDT / USDT0.1%
PT-stcUSD-23JUL2026 / USDT0.0%
PT-srUSDe-2APR2026 / USDT0.0%
PT-srUSDe-25JUN2026 / USDT0.0%
reUSD / USDT0.0%
wsrUSD / USDT0.0%
wstETH / USDT0.0%
WBTC / USDT0.0%
wstETH / USDT0.0%
cbBTC / USDT0.0%
cbBTC / USDT0.0%
syrupUSDC / USDT0.0%
weETH / USDT0.0%
PT-USDG-28MAY2026 / USDT0.0%
sUSDS / USDT0.0%
WBTC / USDT0.0%
idle / USDT0.0%
MarketProtocolAllocationLTV / LLTVUtilizationOracleIRM
PT-cUSD-23JUL2026 / USDTMorpho Blue
0.5%$129.52K
78% / 91.5%13.7 pts headroom
73%0x25b30502…0x870aC11D…
syrupUSDT / USDTMorpho Blue
0.1%$22.34K
78% / 91.5%13.7 pts headroom
83%0x34e50151…0x870aC11D…
wstETH / USDTMorpho Blue
0.0%$0
73% / 86.0%12.9 pts headroom
82%0xe087AD7F…0x870aC11D…
wsrUSD / USDTMorpho Blue
0.0%$0.14
78% / 91.5%13.7 pts headroom
76%0x938D2eDb…0x870aC11D…
wsrUSD / USDTMorpho Blue
14.5%$3.85M
80% / 94.5%14.2 pts headroom
75%0x03dfCa9A…0x870aC11D…
sUSDe / USDTMorpho Blue
0.4%$108.88K
78% / 91.5%13.7 pts headroom
63%0xE47E3645…0x870aC11D…
WBTC / USDTMorpho Blue
0.0%$0
73% / 86.0%12.9 pts headroom
82%0xf1561bC4…0x870aC11D…
PT-stcUSD-23JUL2026 / USDTMorpho Blue
0.0%$8.24K
78% / 91.5%13.7 pts headroom
74%0x11aEFbf0…0x870aC11D…
wstETH / USDTMorpho Blue
0.0%$0
73% / 86.0%12.9 pts headroom
81%0x95DB30fA…0x870aC11D…
cbBTC / USDTMorpho Blue
0.0%$0
73% / 86.0%12.9 pts headroom
90%0x0E053750…0x870aC11D…
stcUSD / USDTMorpho Blue
52.7%$13.95M
78% / 91.5%13.7 pts headroom
77%0x8C257cb4…0x870aC11D…
PT-reUSD-25JUN2026 / USDTMorpho Blue
15.1%$4M
78% / 91.5%13.7 pts headroom
65%0x5749F59D…0x870aC11D…
weETH / USDTMorpho Blue
14.6%$3.88M
73% / 86.0%12.9 pts headroom
74%0x631bEa18…0x870aC11D…
WETH / USDTMorpho Blue
2.0%$533.3K
73% / 86.0%12.9 pts headroom
73%0x0F948CBa…0x870aC11D…
cbBTC / USDTMorpho Blue
0.0%$0
73% / 86.0%12.9 pts headroom
84%0x9F983115…0x870aC11D…
syrupUSDC / USDTMorpho Blue
0.0%$0
78% / 91.5%13.7 pts headroom
26%0x80032f4c…0x870aC11D…
weETH / USDTMorpho Blue
0.0%$0
65% / 77.0%11.6 pts headroom
71%0xa3A7A3ce…0x870aC11D…
PT-srUSDe-25JUN2026 / USDTMorpho Blue
0.0%$0.19
78% / 91.5%13.7 pts headroom
72%0x20358B33…0x870aC11D…
PT-USDG-28MAY2026 / USDTMorpho Blue
0.0%$0
80% / 94.5%14.2 pts headroom
63%0xEA268c58…0x870aC11D…
reUSD / USDTMorpho Blue
0.0%$0.18
78% / 91.5%13.7 pts headroom
74%0xA66a4F03…0x870aC11D…
idle / USDTMorpho Blue
0.0%$0
——0x00000000…0x00000000…
PT-srUSDe-2APR2026 / USDTMorpho Blue
0.0%$48.08
78% / 91.5%13.7 pts headroom
100%0xaA22FA49…0x870aC11D…
sUSDS / USDTMorpho Blue
0.0%$0
82% / 96.5%14.5 pts headroom
80%0x0C426d17…0x870aC11D…
WBTC / USDTMorpho Blue
0.0%$0
73% / 86.0%12.9 pts headroom
81%0x008bF4B1…0x870aC11D…
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.

Morpho Blue contract vulnerability
rare
computed

Tail-case: a vulnerability surfaces in Morpho Blue that affects the vault's largest single market (53% of TVL). Modeled at 50% loss on that exposure; full vault is not assumed at risk since markets are isolated.

−50% × 53% (largest market) × 100% pass-through
-26.3%
Recovery patch + governance
53% exposed
Curator misallocation
unlikely
computed

Curator routes into a market that develops bad debt or an oracle break. Worst single position is 52.7% of TVL; top-3 concentration is 82%. Modeled at 50% bad-debt recovery on the worst position.

−50% × 52.7% (worst market) × 100% pass-through
-26.3%
Recovery 30–90 days
53% exposed
USDT reserve / depeg
possible
computed

Tether has repeatedly traded <$0.95 (Oct 2018, May 2022). Recovery is slower than USDC. Mark-to-market loss on 100% of vault TVL (the loan asset is USDT).

−5% × 100% exposed × 100% pass-through (loan-asset shock)
-5.0%
Recovery 14–30 days
100% exposed
LRT / restaking event
unlikely
computed

An operator slashing or AVS misbehavior creates a discount in the LRT collateral. 14.6% of TVL is in liquid restaking token (LRT) markets (weighted LLTV 86%). A 20% collateral shock translates to ~0.22% NAV loss after the 14-pt LLTV buffer absorbs liquidation-clearable price moves.

−20% × 14.6% exposed × 7% pass-through (LLTV 86%)
-0.2%
Recovery 30–90 days
15% exposed
Pendle PT dislocation
possible
computed

PT collateral can trade at unexpected discounts before maturity if implied yield diverges from the underlying. 15.6% of TVL is in Pendle PT markets (weighted LLTV 91%). A 15% collateral shock translates to ~0.17% NAV loss after the 9-pt LLTV buffer absorbs liquidation-clearable price moves.

−15% × 15.6% exposed × 7% pass-through (LLTV 91%)
-0.2%
Recovery until maturity
16% exposed
Activity

Curator and parameter changes detected by VaultScope's snapshot diff. Refreshed every 6 hours.

Full feed →
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 range1.46% – 17.98%
trailing 180d
APY volatility (σ)3.52 pts
standard deviation
Max APY drawdown-86.9%
peak-to-trough
APY trend-2.08 pts
180d delta