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morpho

Morpho

Steakhouse Prime ETHVault

WETH lent 100% against Lido wstETH in deep markets, top curator; dinged by 83% top-5.

EthereumEthereum1.62% APY$20.9M TVLView on Morpho↗

Risk signals

A90Risk profile breakdown

Steakhouse's V2 Prime WETH vault lends 100% against Lido wstETH in two deep shared Morpho markets via the canonical exchange-rate oracle, with ~58% instant liquidity and a fully organic 1.5% APY — an A 90 (S2×P1 anchor, best-in-class curator +2) dinged only by 83% top-5 holder concentration.

Risk profile

  • ProtocolMorphoA⁺ (95)
  • StrategyBlue-chip collateral lendingA (88)
  • Collateralno collateral flagA (90)
  • Liquidity58.2% withdrawable at snapshotA⁺ (95)
  • Governanceno flags foundA (92)
  • Concentrationtop-5 = 83.00%C⁻ (49)
  • Exposure100% wstETH (Lido)
Profile shown. The grade is computed with hard caps, not an average of these axes.

Risks

  • Medium

    Mono-collateral book

    100% wstETH — Lido stETH slashing or a sustained secondary-market stETH discount is the single inherited risk for the entire deployed book (no delta per MEV 97%-wstETH precedent, but zero diversification)

  • Medium

    Oracle prices stETH 1:1 to ETH (wstETH/stETH exchange-rate adapter, QUOTE_FEED_1=0x0)

    an stETH market discount never triggers liquidations by design on correlated pairs — lenders bear the unwind/exit tail during a depeg rather than the liquidation machinery

  • Medium

    Top-5 holders 83.0%

    one ecosystem-DAO allocator decision can move 41% of TVL, spiking utilization for remaining depositors (instant liquidity covers ~58-73% today)

What makes the score

  • AnchorS2 blue-chip collateral lending × P1 institutional90
  • Score / 100Composite grade A90
  • +2 · Curator quality
  • −2 · Depositor concentration

Contract & governance

Contract age
—
Audited
YesSpearbit, Cantina, OpenZeppelin, ChainSecurity, Pessimistic, Certora, Runtime Verification
Verified
—
Depositor concentrationShare of the vault held by the top 5 wallets. Lower = more distributed. High concentration means one large depositor exiting can drain liquidity.
—
Depeg risk
—
Admin key
—
Audited

Yeelds Grade

A

90/100

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
OwnerContract⚠single key
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 Prime ETH
Deposits:WETH
Curator:Steakhouse Financial
Liquidity:$9.5M
Performance fee:5%
Routes ToAllocation
Morpho Blue marketsdirect markets
$20.8M · 100.0%

Incentive Campaigns

Campaign details available after Merkl/Metrom integration.

Opportunity review

WETH lent 100% against Lido wstETH in deep markets, top curator; dinged by 83% top-5.

Yield composition

1.62%
Lending interest: 1.62%Incentive rewards: 0.00%
Organic ratio: 100%

Rewards simulation

on a $1,000 deposit

$0.04
per day
$1.33
per month
$16.18
per year

Estimates based on current APY. Actual returns may vary.

Deposit on Morpho→