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Steakhouse ETH

steakETH
Base
Curated by Steakhouse Financial·Inception 2024-06-11·Guardian 0x447Da5d18b42C37122e5dE91C7a7CAB2cBCD9086
Base
WETH
Open on Morpho
Net APY1.89%
+0.14%30d 1.75%
Trend down
TVL$768.92K
-3.98%Capacity $1.15M
Trend up
Utilization90%
Healthy
Risk score
14
Low
Market 15
·Loan demand 33
Complexity17Easy to explain
Liquidity30/100
Instant redemption available
Performance fee5%Below median
Plain English explanationWritten by vaults.xyz research · model card · last update 2026-05-12
What this vault actually does

The Steakhouse ETH vault aims to optimize yields by lending ETH against blue chip crypto and real world asset (RWA) collateral markets, depending on market conditions. We call this the “dual engine.”

Yield decomposition

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

Hover for source breakdownTotal · 1.89% gross APY
Curator performance fee−5.00%→1.89% net
Borrower lending demand
Structural

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

1.61%85.2% of yield · 161 bps
Protocol incentives
Incentive

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

0.28%14.8% of yield · 28 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.

Weighted LLTV across markets is 94.5%. Sharp collateral drawdowns can trigger cascading liquidations faster than vault parameters can be adjusted.

Cap-weighted utilization is 89.7%, leaving little idle buffer. Large same-day redemptions may queue behind active loan repayments.

Hidden exposure map

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

wstETH
55%
Liquid stakingCollateral asset in vault allocations.
cbETH
44%
Liquid stakingCollateral asset in vault allocations.
cbBTC
1%
Lending venueCollateral asset in vault allocations.
WETH
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.

Markets6+ idle buffer
wstETH / WETH54.9%
cbETH / WETH43.6%
cbBTC / WETH1.5%
cbETH / WETH0.0%
wstETH / WETH0.0%
wstETH / WETH0.0%
idle / WETH0.0%
MarketProtocolAllocationLTV / LLTVUtilizationOracleIRM
idle / WETHMorpho Blue
0.0%$0
——0x00000000…0x00000000…
wstETH / WETHMorpho Blue
0.0%$0
82% / 96.5%14.5 pts headroom
34%0x4A11590e…0x46415998…
wstETH / WETHMorpho Blue
54.9%$421.8K
80% / 94.5%14.2 pts headroom
89%0x4A11590e…0x46415998…
cbETH / WETHMorpho Blue
43.6%$335.55K
80% / 94.5%14.2 pts headroom
90%0xB03855Ad…0x46415998…
wstETH / WETHMorpho Blue
0.0%$0
82% / 96.5%14.5 pts headroom
83%0xaE10cbdA…0x46415998…
cbBTC / WETHMorpho Blue
1.5%$11.41K
78% / 91.5%13.7 pts headroom
91%0x10b95702…0x46415998…
cbETH / WETHMorpho Blue
0.0%$150.73
82% / 96.5%14.5 pts headroom
90%0xB03855Ad…0x46415998…
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.

ETH market drawdown
possible
computed

A 30%+ cycle drawdown in ETH. USD value of the position falls; ETH-denominated yield is unaffected. Applied to 100% of vault TVL (loan asset is WETH).

−30% × 100% exposed × 100% pass-through (loan-asset shock)
-30.0%
Recovery 6–18 months
100% exposed
Morpho Blue contract vulnerability
rare
computed

Tail-case: a vulnerability surfaces in Morpho Blue that affects the vault's largest single market (55% of TVL). Modeled at 50% loss on that exposure; full vault is not assumed at risk since markets are isolated.

−50% × 55% (largest market) × 100% pass-through
-27.4%
Recovery patch + governance
55% exposed
Curator misallocation
unlikely
computed

Curator routes into a market that develops bad debt or an oracle break. Worst single position is 54.9% of TVL; top-3 concentration is 100%. Modeled at 50% bad-debt recovery on the worst position.

−50% × 54.9% (worst market) × 100% pass-through
-27.4%
Recovery 30–90 days
55% exposed
Redemption queue under stress
possible
computed

100% of TVL is in markets running >85% utilization. Redemption requests on that slice queue until borrowers repay; remaining LPs absorb a small forced-exit discount.

~1% forced-exit discount × 100% (stressed markets only)
-1.0%
Recovery 1–7 days
100% exposed
LST collateral depeg
unlikely
computed

An LST used as collateral loses peg to ETH (e.g., withdrawal queue congestion, à la May/June 2022 stETH). 98.5% of TVL is in liquid staking token (LST) markets (weighted LLTV 95%). A 7% collateral shock translates to ~0.14% NAV loss after the 5-pt LLTV buffer absorbs liquidation-clearable price moves.

−7% × 98.5% exposed × 2% pass-through (LLTV 95%)
-0.1%
Recovery 30–60 days
99% 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 range0.05% – 21.20%
trailing 180d
APY volatility (σ)4.52 pts
standard deviation
Max APY drawdown-99.3%
peak-to-trough
APY trend+1.71 pts
180d delta