This post provides a high level overview of the different Steakhouse branded vaults in production across vault lines to help people understand if a vault is a possible consideration. Nothing here is financial advice and please remember to perform your own due diligence. This page will be updated from times to times with new information.
Disclaimer: Morpho vaults under the curator brand Steakhouse Financial are curated by Carniceria Tropical Inc., incorporated in Panama. Read further disclaimers on our website.
Steakhouse vaults
The Steakhouse series is designed to be institutional grade. Therefore, only the most bluechips assets are considered for inclusion. It can be both cryptocurrencies (ETH and wstETH, tokenized BTC) or TradFi assets (wUSDM, USYC, etc). Asset curation is dependent on the quality of the loan asset, meaning the higher quality the loan asset, the less risk will be taken on collaterals. The quality of a loan asset is assessed with in-house expertise and contrasted with S&P and Bluechip ratings, where available. The vaults themselves are designed to use protection features offered by Morpho. Any collateral onboarding choice is typically announced in advance. Liquidity providers have a long 7-days timelock and an Aragon DAO guardian, meaning they can easily veto a major change in the vault.
Standard fees are 5% for non-yield bearing assets (ETH, USDC, …) and 10% for yield bearing assets (e.g. wUSDM).
- steakUSDC: Ethereum and Base
- steakETH: Ethereum and Base
- steakPYUSD: Ethereum
- steakUSDM: Base
- steakPAXG: Ethereum
- steakUSDT: Ethereum
Smokehouse vaults
Smokehouse vaults are for frontiersmen and women who are not afraid of exotic collateral types. It will use a wide range of collateral to allow vaults to be exposed to the most diverse possible types of borrowing activity.
The fees on Smokehouse vault are 10% with some temporary waivers. This reflects the higher cost to operate such a vault, both in terms of reallocation and analysis. As the objective is to provide lenders the highest yield possible it could lead to concentration in some key markets.
Security wise, the timelock is set at 3-days and the vault is protected by an Aragon DAO guardian, meaning any liquidity provider can easily veto a major change in the vault. Liquidity providers should pay close attention to collateral onboarding choices on-chain, which won’t necessarily be announced.
Partnership vaults
We also curate vaults for, or in partnership with, third parties.
- csUSDL (Ethereum): Vault curated in partnership with Coinshift, you can read more in the introduction post.
- csUSDC (Ethereum): Vault curated in partnership with Coinshift, you can read more in the introduction post.
- steakUSDA (Base): Vault curated for Angle Protocol.
- steakEURA (Base): Vault curated for Angle Protocol.
- steakRUSD (Ethereum): Vault curated for Reservoir Protocol
- steakUSDCrwa (Base): Vault launched in partnership with Centrifuge to foster the real-world assets ecosystem on Base.
- steakUSDCrwa (Ethereum): Vault launched in partnership with Superstate to foster the real-world assets ecosystem on Ethereum.