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Steakhouse EURC

steakEURC
Base
Curated by Steakhouse Financial·Inception 2024-09-13·Guardian 0x869a7cb9B5bab46d26007A17401BF56e22B9e6bC
Base
EURC
Open on Morpho
Net APY1.08%
-0.21%30d 1.29%
Trend up
TVL$492.07K
-89.88%Capacity $738.1K
Trend down
Utilization82%
Healthy
Risk score
8
Low
Market 9
·Loan demand 22
Complexity17Easy to explain
Liquidity38/100
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 EURC vault aims to optimize yields by lending EURC 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 · 1.08% gross APY
Curator performance fee−5.00%→1.08% net
Borrower lending demand
Structural

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

1.03%95.4% of yield · 103 bps
Protocol incentives
Incentive

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

0.05%4.6% of yield · 5 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.

wstETH
73%
Liquid stakingCollateral asset in vault allocations.
WETH
6%
Lending venueCollateral asset in vault allocations.
cbETH
3%
Liquid stakingCollateral asset in vault allocations.
cbBTC
19%
Lending venueCollateral asset in vault allocations.
EURC
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.

Markets4+ idle buffer
wstETH / EURC72.8%
cbBTC / EURC18.7%
WETH / EURC5.9%
cbETH / EURC2.6%
idle / EURC0.0%
MarketProtocolAllocationLTV / LLTVUtilizationOracleIRM
idle / EURCMorpho Blue
0.0%$0
——0x00000000…0x00000000…
wstETH / EURCMorpho Blue
72.8%$358.4K
73% / 86.0%12.9 pts headroom
82%0xa54122f0…0x46415998…
WETH / EURCMorpho Blue
5.9%$28.91K
73% / 86.0%12.9 pts headroom
83%0xE1bb8E5b…0x46415998…
cbETH / EURCMorpho Blue
2.6%$12.65K
73% / 86.0%12.9 pts headroom
82%0x8C87DbD7…0x46415998…
cbBTC / EURCMorpho Blue
18.7%$92.1K
73% / 86.0%12.9 pts headroom
80%0xA857411C…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.

Morpho Blue contract vulnerability
rare
computed

Tail-case: a vulnerability surfaces in Morpho Blue that affects the vault's largest single market (73% of TVL). Modeled at 50% loss on that exposure; full vault is not assumed at risk since markets are isolated.

−50% × 73% (largest market) × 100% pass-through
-36.4%
Recovery patch + governance
73% exposed
Curator misallocation
unlikely
computed

Curator routes into a market that develops bad debt or an oracle break. Worst single position is 72.8% of TVL; top-3 concentration is 97%. Modeled at 50% bad-debt recovery on the worst position.

−50% × 72.8% (worst market) × 100% pass-through
-36.4%
Recovery 30–90 days
73% exposed
Activity

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

Full feed →
No events yet. The next snapshot tick will start populating this.
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% – 23.95%
trailing 180d
APY volatility (σ)5.51 pts
standard deviation
Max APY drawdownNaN%
peak-to-trough
APY trend+1.15 pts
180d delta