New vault
A
Grove x Steakhouse High Yield AUSD
grove-bbqAUSD
EthereumCurated by Steakhouse Financial·Inception 2026-01-21·Guardian 0x1369f7b2b38c76B6478c0f0E66D94923421891Ba
Ethereum
AUSD
AI vault read
Plain-English summary of this vault — what it does, who runs it, where the yield comes from, and what could break it. Generated from the same deterministic inputs shown elsewhere on this page; the numbers are the source, this is just the explanation.
What this vault does
Depositors put AUSD into this vault, which lends it out on Morpho Blue to borrowers who post sUSDe or sUSDS as collateral. The vault earns interest from borrowing demand on those two stablecoin markets; the rates are set by supply and demand between lenders and borrowers on Morpho Blue.
Who runs it
Steakhouse Financial runs this vault, concentrating entirely on liquid staking derivative stablecoins (sUSDe and sUSDS).
Where the yield comes from
The 3.51% APY comes almost entirely from borrowers paying interest (3.33%), with a small boost from Morpho incentives (0.18%). Both collateral markets are heavily borrowed against (60–91% utilization), so supply is in demand.
What could break it
The vault is nearly fully deployed with no un-borrowed cash buffer. Both sUSDe and sUSDS sit at very tight liquidation thresholds (92% and 95%)—a small price move in either collateral forces immediate liquidations. If either token depegs or volatility spikes, collateral gets seized at those narrow price bands.
Who this is for
Suitable for yield-focused allocators comfortable with stablecoin exposure who understand the mechanics of sUSDe and sUSDS depegging risk; avoid if you need capital preservation or liquidity cushion.
Risk decomposition
How the composite risk score breaks down. Every number traces to an explicit input — /methodology documents each factor's formula.
blue-chip19/100
Warning floorfloor
Hard min from Morpho's own flags on the vault or its active markets.
Structuralweight 28%
Share-weighted collateral quality + LLTV buffer adequacy. Correlation-aware.
Liquidationweight 20%
Headroom (1 − LLTV) measured in σ-units of 30d realized vol, amplified by utilization.
Yield anomalyweight 20%
Peer-cohort z-score plus absolute-yield band. Excess yield is risk you may not yet model.
Concentrationweight 12%
Market HHI + asset-class HHI + curator's universe TVL share.
Liquidityweight 10%
Util curve position, share locked above 95%, idle buffer.
Maturityweight 10%
Vintage + TVL-time integral. V2 vaults carry an opacity surcharge.
Depeg floorfloor
Hard min from active depeg signal on the loan asset.
Composite = max(Σ weighted + floors). Warning and depeg floors are hard minimums; the weighted sum of the structural factors is the base. A floor highlighted in amber means it is what determines the final score — the protocol or peg signals are louder than our structural model.
Plain English explanationWritten by VaultScanner research · model card · last update 2026-05-12
What this vault actually does
Steakhouse Financial AUSD vault on Ethereum, allocating across 9 Morpho Blue markets.
Yield decomposition
What you are actually getting paid for, expressed as a share of net APY.
Hover for source breakdownTotal · 3.51% gross APY
Borrower lending demand
Structural
Interest paid by borrowers on Morpho Blue markets the vault supplies into.
3.33%94.9% of yield · 333 bps
Protocol incentives
Incentive
Estimated boost from Morpho-side rewards programs and curator rebates active on these markets.
0.18%5.1% of yield · 18 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 92.7%. 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.
WETH
0%
Lending venueCollateral asset in vault allocations.
WBTC
0%
Lending venueCollateral asset in vault allocations.
wstETH
0%
Liquid stakingCollateral asset in vault allocations.
cbBTC
0%
Lending venueCollateral asset in vault allocations.
weETH
0%
Liquid restakingCollateral asset in vault allocations.
syrupUSDC
0%
StablecoinCollateral asset in vault allocations.
sUSDS
41%
StablecoinCollateral asset in vault allocations.
sUSDe
59%
StablecoinCollateral asset in vault allocations.
AUSD
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.
Markets8+ idle buffer
sUSDe / AUSD58.6%
sUSDS / AUSD41.4%
WETH / AUSD0.0%
WBTC / AUSD0.0%
wstETH / AUSD0.0%
cbBTC / AUSD0.0%
weETH / AUSD0.0%
syrupUSDC / AUSD0.0%
idle / AUSD0.0%
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.
Morpho contract vulnerability
rare
computedTail-case: a vulnerability surfaces in Morpho Blue that affects the vault's largest single market (59% of TVL). Modeled at 50% loss on that exposure; full vault is not assumed at risk since markets are isolated.
−50% × 59% (largest market) × 100% pass-through
-29.3%
Recovery patch + governance
59% exposed
Curator misallocation
unlikely
computedCurator routes into a market that develops bad debt or an oracle break. Worst single position is 58.6% of TVL; top-3 concentration is 100%. Modeled at 50% bad-debt recovery on the worst position.
−50% × 58.6% (worst market) × 100% pass-through
-29.3%
Recovery 30–90 days
59% exposed
$50M same-day redemption
possible
computedVault has $0M idle buffer (28% of $0M TVL). $50M of the $50M request queues; the redeemer takes a ~0.50% forced-exit discount weighted across collateral mix plus 10-day TVM cost. $50M of the request exceeds the vault's $0M TVL and cannot be redeemed at all.
queued 100% of $50M × (0.50% forced-exit discount + 0.24% TVM over 10.1 days at 8.6% rate)
-0.7%
Recovery 0–14 days (queue depth)
100% exposed
Governance & configuration
On-chain contracts, control surface, and per-market parameters. The diligence checklist surface — every value here is what an allocator needs to copy into a memo before sizing a deposit.
Vault contractMetaMorpho v1 on Morpho Blue
Chain
Ethereum
CuratorRisk team setting market allocations
OwnerCan change curator, guardian, and timelock (after delay)
GuardianCan pause and revoke allocations if compromised
TimelockDelay before owner-initiated parameter changes take effect
14 days
Performance feeCurator's cut of generated yield
0.00%
Fee recipientAddress that collects the performance fee
Skim recipientReceives stray non-loan-asset tokens swept from the vault
not configured
Deployed4 mos on-chain
Jan 21, 2026
One-click redeem
available
Morpho app
Market parameters (9)
Oracle, IRM, and LLTV per Morpho Blue market the vault routes into. Click an address to inspect the contract on a block explorer.Activity
Curator and parameter changes detected by VaultScanner'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 range0.12% – 3.67%
trailing 180d
APY volatility (σ)0.67 pts
standard deviation
Max APY drawdown-96.0%
peak-to-trough
APY trend+0.49 pts
180d delta