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morpho

Morpho

Steakhouse ETHVault

WETH lent 99% against blue-chip wstETH, top curator; off A+ only by 91% institutional top-5.

EthereumEthereum1.65% APY$21.3M TVLView on Morpho

Risk signals

A91Risk profile breakdown

Steakhouse's flagship 27-month-old WETH lender routes 99.4% into blue-chip wstETH at correlated-pair LLTVs with fully organic ~1.5% yield, a zero-bad-debt registry-verified curator, 7-day DAO-guarded timelock and 53% withdrawable-now - held off A+ only by the S2 anchor and 91% institutional-led top-5 concentration.

Risk profile

  • ProtocolMorphoA⁺ (95)
  • StrategyBlue-chip collateral lendingA (88)
  • Collateralno collateral flagA (90)
  • Liquidity53.2% withdrawable at snapshotA⁺ (95)
  • Governanceno flags foundA (92)
  • Concentrationtop-5 = 91.47%D (32)
  • Exposure99% wstETH (Lido)
Profile shown. The grade is computed with hard caps, not an average of these axes.

Risks

  • Medium

    stETH/ETH basis is liquidation-blind

    the wstETH/stETH exchange-rate oracle hardcodes stETH=ETH, so a secondary-market stETH depeg (June-2022 ~7% shape) liquidates nothing - WETH lenders carry the basis until Lido redemptions clear (system-standard Morpho LST design, shared with Gauntlet/MEV wstETH markets)

  • Medium

    Single-collateral book

    99.4% of TVL against one collateral/issuer (Lido wstETH) - Lido slashing/governance tail is effectively the whole book

  • Medium

    Top-5 holders 91.5%

    Nexus Mutual treasury (43.6%) or the fund Safe (22.9%) exiting alone exceeds the $10.4M withdrawable-now; pro-rata everyone-runs stress floor is only ~11.9% of TVL

What makes the score

  • AnchorS2 blue-chip collateral lending × P1 institutional90
  • Adjustmentscurator quality +2 · depositor concentration −2 · timelock role separation +1+1
  • Score / 100Composite grade A91
  • +2 · Curator quality
  • −2 · Depositor concentration
  • +1 · Timelock / role separation

Contract & governance

Contract age
—
Audited
YesSpearbit, Cantina, OpenZeppelin, ChainSecurity, Pessimistic, Certora, Runtime Verification
Verified
—
Depositor concentration
—
Depeg risk
—
Admin key
—
Audited

Yeelds Grade

A

91/100

higher = safer

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 timelock7d
SentinelIndependent sentinel
OperatorNamed / verified operator

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

Exposure

StrategyVault
Typesingle
Categoryblue chip
Yield sourceLending interest
Underlying tokensWETH

Vault Allocations

Vault:Steakhouse ETH
Deposits:WETH
Curator:Steakhouse Financial
Performance fee:5%
Market ExposureVault Allocation (WETH)APY
wstETH / WETH97%
$17.3M1.67%
wstETH / WETH95%
$3.7M2.06%
cbBTC / WETH92%
$74.3K1.18%
WBTC / WETH92%
$42.6K1.60%
WBTC / WETH92%
$2.2K1.62%
cbBTC / WETH92%
$171.57%

Incentive Campaigns

Campaign details available after Merkl/Metrom integration.