Steakhouse is in advanced discussions to partner with a leading institutional actor for the next phase of development of Base Steakhouse USDC and Base Smokehouse USDC.
As part of this potential collaboration, the following changes are being considered, on the existing Steakhouse USDC and Smokehouse USDC on Base only:
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A performance fee of 25% will be implemented on August 11th, 2025;
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The guardian role of the vaults will be transferred to a partnering institution at a later date. This will be subject to the veto of existing vault holders.
These changes are intended to bring greater institutional alignment and scalability to the Steakhouse vault strategy on Base.
The vaults remain fully liquid, and no action is required unless you wish to adjust your position. For depositors who prefer to transition, we’re offering two new vaults with equivalent strategies:
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Steakhouse Prime USDC (equivalent to Steakhouse USDC)
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Steakhouse High Yield (equivalent to Smokehouse USDC)
To support depositors who choose to migrate, all standard fees on these new vaults will be waived for the coming months.
We’re genuinely excited about the continued growth of the Morpho ecosystem and look forward to contributing to its evolution alongside top-tier partners.