Allocation shift
W
Steakhouse ETH
steakETH
EthereumCurated by Steakhouse Financial·Inception 2024-03-07·Guardian 0x4ef090B2c36b34974e244f3699DF998e2b9D4FE9
Ethereum
WETH
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 · 1.44% gross APY
Curator performance fee−5.00%→1.44% net
Borrower lending demand
Structural
Interest paid by borrowers on Morpho Blue markets the vault supplies into.
1.37%95.1% of yield · 137 bps
Protocol incentives
Incentive
Estimated boost from Morpho-side rewards programs and curator rebates active on these markets.
0.07%4.9% of yield · 7 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 94.4%. Sharp collateral drawdowns can trigger cascading liquidations faster than vault parameters can be adjusted.
Vault is split across 7 markets. More markets means more parameter surface area for the curator to monitor.
Hidden exposure map
What this vault is actually exposed to — including dependencies that are not visible from the strategy name.
cbBTC
0%
Lending venueCollateral asset in vault allocations.
wstETH
68%
Liquid stakingCollateral asset in vault allocations.
WBTC
32%
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 / WETH42.2%
WBTC / WETH31.8%
wstETH / WETH26.0%
cbBTC / WETH0.0%
cbBTC / WETH0.0%
WBTC / WETH0.0%
idle / WETH0.0%
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.
ETH market drawdown
possible
computedA 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
computedTail-case: a vulnerability surfaces in Morpho Blue that affects the vault's largest single market (42% of TVL). Modeled at 50% loss on that exposure; full vault is not assumed at risk since markets are isolated.
−50% × 42% (largest market) × 100% pass-through
-21.1%
Recovery patch + governance
42% exposed
Curator misallocation
unlikely
computedCurator routes into a market that develops bad debt or an oracle break. Worst single position is 42.2% of TVL; top-3 concentration is 100%. Modeled at 50% bad-debt recovery on the worst position.
−50% × 42.2% (worst market) × 100% pass-through
-21.1%
Recovery 30–90 days
42% exposed
LST collateral depeg
unlikely
computedAn LST used as collateral loses peg to ETH (e.g., withdrawal queue congestion, à la May/June 2022 stETH). 68.2% of TVL is in liquid staking token (LST) markets (weighted LLTV 96%). A 7% collateral shock translates to ~0.15% NAV loss after the 4-pt LLTV buffer absorbs liquidation-clearable price moves.
−7% × 68.2% exposed × 3% pass-through (LLTV 96%)
-0.2%
Recovery 30–60 days
68% exposed
Activity
Curator and parameter changes detected by VaultScope'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 range0.43% – 16.89%
trailing 180d
APY volatility (σ)3.19 pts
standard deviation
Max APY drawdown-95.0%
peak-to-trough
APY trend+1.00 pts
180d delta