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U

Smokehouse USDC

bbqUSDC
EthereumOn peg1
Curated by Steakhouse Financial·Inception 2024-12-05·Guardian 0x94aa34975987119197e53e760AF1ee5aC80A27D3
Ethereum
USDC
Open on Morpho
Net APY3.89%
-1.02%30d 4.91%
Trend down
TVL$23.93M
-62.93%Capacity $35.9M
Trend down
Utilization82%
Healthy
Risk score
19
Low
Market 31
·Loan demand 83
Complexity77Highly complex
Liquidity38/100
Instant redemption available
Performance fee10%Above median
Morpho official alerts
1 caution alert from Morpho's risk team
  • Unrecognized Collateral AssetYELLOWPT-srUSDe-25JUN2026 / USDC

    Morpho has flagged the PT-srUSDe-25JUN2026 / USDC 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 USDC 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 · 3.89% gross APY
Curator performance fee−10.00%→3.89% net
Borrower lending demand
Structural

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

3.70%95.1% of yield · 370 bps
Protocol incentives
Incentive

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

0.19%4.9% of yield · 19 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 90.3%. Sharp collateral drawdowns can trigger cascading liquidations faster than vault parameters can be adjusted.

Primary loan or collateral asset is a stablecoin. A sustained depeg below 99 cents impacts NAV and disables liquidation routing for non-USD collateral.

Hidden exposure map

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

PT-iUSD-25JUN2026
0%
Pendle PTCollateral asset in vault allocations.
PT-USDG-28MAY2026
6%
Pendle PTCollateral asset in vault allocations.
WETH
0%
Lending venueCollateral asset in vault allocations.
LBTC
0%
Lending venueCollateral asset in vault allocations.
PT-srUSDe-25JUN2026
0%
Pendle PTCollateral asset in vault allocations.
siUSD
3%
Lending venueCollateral asset in vault allocations.
cbBTC
5%
Lending venueCollateral asset in vault allocations.
USCC
0%
Lending venueCollateral asset in vault allocations.
weETH
3%
Liquid restakingCollateral asset in vault allocations.
WBTC
0%
Lending venueCollateral asset in vault allocations.
stcUSD
0%
Lending venueCollateral asset in vault allocations.
PT-siUSD-26MAR2026
0%
Pendle PTCollateral asset in vault allocations.
PT-srUSDe-2APR2026
0%
Pendle PTCollateral asset in vault allocations.
wsrUSD
12%
Lending venueCollateral asset in vault allocations.
AA_FalconXUSDC
5%
Lending venueCollateral asset in vault allocations.
mF-ONE
25%
Lending venueCollateral asset in vault allocations.
tBTC
1%
Lending venueCollateral asset in vault allocations.
PT-cUSD-23JUL2026
1%
Pendle PTCollateral asset in vault allocations.
PT-stcUSD-23JUL2026
0%
Pendle PTCollateral asset in vault allocations.
wstETH
1%
Liquid stakingCollateral asset in vault allocations.
PT-reUSD-25JUN2026
25%
Pendle PTCollateral asset in vault allocations.
sUSDe
0%
StablecoinCollateral asset in vault allocations.
reUSD
12%
Lending venueCollateral asset in vault allocations.
USDC
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.

Markets27+ idle buffer
PT-reUSD-25JUN2026 / USDC25.0%
mF-ONE / USDC25.0%
wsrUSD / USDC12.1%
reUSD / USDC11.8%
PT-USDG-28MAY2026 / USDC6.1%
cbBTC / USDC5.3%
AA_FalconXUSDC / USDC5.0%
siUSD / USDC3.2%
weETH / USDC3.1%
wstETH / USDC1.3%
tBTC / USDC1.1%
PT-cUSD-23JUL2026 / USDC0.6%
PT-stcUSD-23JUL2026 / USDC0.2%
WBTC / USDC0.1%
LBTC / USDC0.1%
WETH / USDC0.0%
PT-srUSDe-25JUN2026 / USDC0.0%
cbBTC / USDC0.0%
sUSDe / USDC0.0%
LBTC / USDC0.0%
weETH / USDC0.0%
PT-iUSD-25JUN2026 / USDC0.0%
USCC / USDC0.0%
stcUSD / USDC0.0%
weETH / USDC0.0%
PT-siUSD-26MAR2026 / USDC0.0%
PT-srUSDe-2APR2026 / USDC0.0%
idle / USDC0.0%
MarketProtocolAllocationLTV / LLTVUtilizationOracleIRM
PT-iUSD-25JUN2026 / USDCMorpho Blue
0.0%$0
78% / 91.5%13.7 pts headroom
85%0x4cE17658…0x870aC11D…
PT-USDG-28MAY2026 / USDCMorpho Blue
6.1%$1.46M
80% / 94.5%14.2 pts headroom
80%0xEA268c58…0x870aC11D…
WETH / USDCMorpho Blue
0.0%$6.01K
73% / 86.0%12.9 pts headroom
86%0x0F948CBa…0x870aC11D…
LBTC / USDCMorpho Blue
0.1%$12.14K
73% / 86.0%12.9 pts headroom
84%0xDCc04fFa…0x870aC11D…
PT-srUSDe-25JUN2026 / USDCMorpho Blue
0.0%$4.66K
78% / 91.5%13.7 pts headroom
88%0x20358B33…0x870aC11D…
siUSD / USDCMorpho Blue
3.2%$770.5K
78% / 91.5%13.7 pts headroom
88%0xd2cC46b9…0x870aC11D…
cbBTC / USDCMorpho Blue
0.0%$4.01K
73% / 86.0%12.9 pts headroom
84%0x9F983115…0x870aC11D…
USCC / USDCMorpho Blue
0.0%$0
78% / 91.5%13.7 pts headroom
86%0x68066D28…0x870aC11D…
cbBTC / USDCMorpho Blue
5.3%$1.27M
73% / 86.0%12.9 pts headroom
86%0xA6D6950c…0x870aC11D…
weETH / USDCMorpho Blue
3.1%$735.54K
73% / 86.0%12.9 pts headroom
82%0x5635a2F3…0x870aC11D…
WBTC / USDCMorpho Blue
0.1%$15.62K
73% / 86.0%12.9 pts headroom
84%0xf1561bC4…0x870aC11D…
stcUSD / USDCMorpho Blue
0.0%$0
78% / 91.5%13.7 pts headroom
90%0x8E3386B2…0x870aC11D…
LBTC / USDCMorpho Blue
0.0%$0.02
73% / 86.0%12.9 pts headroom
87%0xB962ecE4…0x870aC11D…
weETH / USDCMorpho Blue
0.0%$0
65% / 77.0%11.6 pts headroom
87%0xa3A7A3ce…0x870aC11D…
weETH / USDCMorpho Blue
0.0%$0
73% / 86.0%12.9 pts headroom
91%0xa3A7A3ce…0x870aC11D…
idle / USDCMorpho Blue
0.0%$0
——0x00000000…0x00000000…
PT-siUSD-26MAR2026 / USDCMorpho Blue
0.0%$0
78% / 91.5%13.7 pts headroom
86%0xEBC36539…0x870aC11D…
PT-srUSDe-2APR2026 / USDCMorpho Blue
0.0%$0
78% / 91.5%13.7 pts headroom
58%0x8B417d1e…0x870aC11D…
wsrUSD / USDCMorpho Blue
12.1%$2.9M
78% / 91.5%13.7 pts headroom
86%0x938D2eDb…0x870aC11D…
AA_FalconXUSDC / USDCMorpho Blue
5.0%$1.2M
65% / 77.0%11.6 pts headroom
84%0x52eA2C12…0x870aC11D…
mF-ONE / USDCMorpho Blue
25.0%$5.98M
78% / 91.5%13.7 pts headroom
82%0x0cB1928E…0x870aC11D…
tBTC / USDCMorpho Blue
1.1%$262.5K
65% / 77.0%11.6 pts headroom
81%0x57bfdF6a…0x870aC11D…
PT-cUSD-23JUL2026 / USDCMorpho Blue
0.6%$142.8K
78% / 91.5%13.7 pts headroom
84%0x25b30502…0x870aC11D…
PT-stcUSD-23JUL2026 / USDCMorpho Blue
0.2%$53.16K
78% / 91.5%13.7 pts headroom
85%0x11aEFbf0…0x870aC11D…
wstETH / USDCMorpho Blue
1.3%$305.12K
73% / 86.0%12.9 pts headroom
83%0xe087AD7F…0x870aC11D…
PT-reUSD-25JUN2026 / USDCMorpho Blue
25.0%$5.98M
78% / 91.5%13.7 pts headroom
84%0x12d66602…0x870aC11D…
sUSDe / USDCMorpho Blue
0.0%$2.33K
78% / 91.5%13.7 pts headroom
71%0x873CD44b…0x870aC11D…
reUSD / USDCMorpho Blue
11.8%$2.82M
78% / 91.5%13.7 pts headroom
69%0xA66a4F03…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 (25% of TVL). Modeled at 50% loss on that exposure; full vault is not assumed at risk since markets are isolated.

−50% × 25% (largest market) × 100% pass-through
-12.5%
Recovery patch + governance
25% exposed
Curator misallocation
unlikely
computed

Curator routes into a market that develops bad debt or an oracle break. Worst single position is 25.0% of TVL; top-3 concentration is 62%. Modeled at 50% bad-debt recovery on the worst position.

−50% × 25.0% (worst market) × 100% pass-through
-12.5%
Recovery 30–90 days
25% exposed
USDC depeg
unlikely
computed

March 2023 SVB episode: USDC traded as low as $0.88 before banking exposure was clarified. Mark-to-market loss on 100% of vault TVL (the loan asset is USDC).

−12% × 100% exposed × 100% pass-through (loan-asset shock)
-12.0%
Recovery 7–14 days
100% exposed
Exotic / tranche collateral shock
possible
computed

These collateral types absorb first-loss in their underlying strategies; failures in the strategy show up here first. 30.0% of TVL is in exotic / tranche (RLP, Upshift wrappers, etc.) markets (weighted LLTV 89%). A 25% collateral shock translates to ~1.14% NAV loss after the 11-pt LLTV buffer absorbs liquidation-clearable price moves.

−25% × 30.0% exposed × 15% pass-through (LLTV 89%)
-1.1%
Recovery 30–180 days
30% exposed
Pendle PT dislocation
possible
computed

PT collateral can trade at unexpected discounts before maturity if implied yield diverges from the underlying. 31.9% of TVL is in Pendle PT markets (weighted LLTV 92%). A 15% collateral shock translates to ~0.38% NAV loss after the 8-pt LLTV buffer absorbs liquidation-clearable price moves.

−15% × 31.9% exposed × 8% pass-through (LLTV 92%)
-0.4%
Recovery until maturity
32% 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 range3.16% – 33.26%
trailing 180d
APY volatility (σ)9.11 pts
standard deviation
Max APY drawdown-90.4%
peak-to-trough
APY trend-3.82 pts
180d delta