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morpho

Morpho

Steakhouse Ethena USDtbVault

USDtb funneled 100% into one sUSDe market: a both-legs-Ethena carry, depeg-blind oracle.

EthereumEthereum7.60% APY$25.9M TVLView on Morpho

Risk signals

C+63Risk profile breakdown

A listed, best-in-class-curated $110M Steakhouse V1 vault that funnels USDtb ~100% into a single sUSDe market at 91.5% LLTV — a both-legs-Ethena carry trade with one 99.97% EOA depositor, 9.7% withdrawable liquidity and a depeg-blind 1:1 oracle, whose S3×P1 anchor (79) takes the full −16 soft clamp from Pharos-graded Ethena legs to land C+ 63 with no critical multipliers.

Risk profile

  • ProtocolMorphoA⁺ (95)
  • StrategyVolatile / LRT / PT collateralB⁺ (76)
  • Collateralcollateral modifier -8C (50)
  • Liquidity9.7% withdrawable at snapshotC⁺ (57)
  • Governanceno flags foundA (92)
  • Concentrationtop-5 = 100.00%D (15)
  • Exposure~100% sUSDe (Ethena, both legs)
Profile shown. The grade is computed with hard caps, not an average of these axes.

Risks

  • High

    Single-issuer double-Ethena exposure

    deposit (USDtb) and collateral (sUSDe) are both Ethena products — a basis-trade solvency event (sustained negative funding beyond the ~1.1% reserve fund, custodian/exchange failure) impairs the collateral and the loan asset at once

  • High

    Effectively a single-depositor vault

    99.972% held by one unattributable raw EOA; its exit would pin utilization and trap the residual tail

  • High

    Liquidation-blind oracle

    USDe/USDtb hardcoded 1:1 with only the sUSDe exchange rate live — a genuine USDe depeg triggers zero liquidations and lands as socialized bad debt against an 8.5% LLTV buffer

What makes the score

  • AnchorS3 volatile / lrt / pt collateral × P1 institutional79
  • Adjustmentsasset quality −8 · collateral quality −8 · withdrawability liquidity −1 · depositor concentration −4 · timelock role separation +1 · capped at −16−16
  • Score / 100Composite grade C+63
  • −8 · Asset quality (deposit USDtb)
  • −8 · Collateral quality (sUSDe, §4.6 decomposition)
  • −1 · Withdrawability / liquidity
  • −4 · Depositor concentration (D30)
  • +1 · Timelock / role separation

Contract & governance

Contract age
—
Audited
YesSpearbit, Cantina, OpenZeppelin, ChainSecurity, Pessimistic, Certora, Runtime Verification
Verified
—
Depositor concentration
—
Depeg risk
—
Stablecoin safety (Pharos)
Not graded by Pharos
Admin key
—
Audited

Yeelds Grade

C+

63/100

higher = safer

Stablecoin safety · Pharos

Not graded by Pharos

Graded 2026-06-10 · methodology v1.1 · a dated opinion, not a guarantee · how it's graded

Governance & Security

On-chain key-management — who controls the vault and how slowly they can move.

Multi-sig governed
Owner5-of-8 Safe
Curator2-of-6 Safe
Catastrophic timelock72h
SentinelIndependent sentinel
OperatorNamed / verified operator

Read on-chain · Jun 17, 2026 · vault contract ↗

Exposure

StrategyVault
Typesingle
Categorystablecoin
Yield sourceLending interest
Underlying tokensUSDTB

Vault Allocations

Vault:Steakhouse Ethena USDtb
Deposits:USDtb
Curator:Steakhouse Financial
Performance fee:5%
Market ExposureVault Allocation (USDtb)APY
sUSDe / USDtb92%
$25.9M8.01%
USDe / USDtb92%
$90.70%

Incentive Campaigns

Campaign details available after Merkl/Metrom integration.