Steakhouse High Yield USDC Edition

Risk reportBase0xbeef…8845

Risk

Depositing into Steakhouse High Yield USDC Edition means underwriting risks you usually can't see: how much you could lose, whether you'd get out in time, and what would cover it.

Morpho BlueVault (aggregates across markets)

How much could be lost?

Your deposit (optional)

40%of your deposit if collateral falls 50%Only smart-contract bug reaches a total 100%, with no warning to exit.

Can I exit?

Via underlying marketsonly governance changes give a 3-day timelock to exit — every other modeled failure is no-warning

What backs it?

No committed backstopnothing committed would cover a loss

Track record

No pool-level losses recorded36 audits, latest Dec 15, 2025

Collateral and oracle exposure

Each token you're exposed to, and the market it backs. If that market breaks, this is how much the vault loses, in dollars and as a share of the vault. Open a row for the price feed, stress curve, and supply-cap detail. Below, the oracles those prices depend on and what is at stake if one is compromised.

If collateral prices dropper asset · no liquidations · stress estimate

est. bad debt up to 20% of deposit

Driven by USDe −30% 18% · mGLO −30% 1% · cbBTC −30% <1% · other <1% · −100% 90% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

USDeHybridChainlink76%of vault · bad debt · $352.55mOracle exposure 8%

85%of vault · $390.96m76%of vault · $352.55m8%separate path

What it's made of

Hybrid· Chainlink(managed)

USDe uses a deviation/timelock managed oracle over Chainlink price-source leg(s), not a direct raw market-rate feed.

BaseDeviation/timelock managed oracle wrapperQuoteChainlink underlying price-source leg(s)

Markets this collateral backs · 1

→ USDC92% LLTV0xf4b1…9a47Chainlink

Aggregate Collateral Trust (ACT):$38.43m4 vaultsToken:0x5d3a…ef34Allocation: 85% of the vault · $390.96m

If it breaks

−30% default

At −30%:est. bad debt up to 18% of depositUses 1 market LLTV curve · capped at allocation $390.96m · drag to set this asset's drop

Oracle exposure: up to 8% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

mGLOHybrid6%of vault · bad debt · $28.96mOracle exposure 0.7%

7%of vault · $32.21m6%of vault · $28.96m0.7%separate path

What it's made of

Hybrid(composite)

Mixes market and exchange-rate inputs — partial depeg insulation, partial market exposure.

Markets this collateral backs · 1

→ USDC92% LLTV0x182e…a109

Aggregate Collateral Trust (ACT):$3.91m7 vaultsToken:0xfcc9…2584Allocation: 7% of the vault · $32.21m

If it breaks

−30% default

At −30%:est. bad debt up to 1% of depositUses 1 market LLTV curve · capped at allocation $32.21m · drag to set this asset's drop

Oracle exposure: up to 0.7% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

cbBTCMarketChainlink5%of vault · bad debt · $21.4mOracle exposure 0.5%

5%of vault · $23.72m5%of vault · $21.4m0.5%separate path

What it's made of

Market· Chainlink(aggregator)

cbBTC is priced via BTC / USD — market-rate feed (Chainlink).

BaseBTC / USDMarketChainlink

Markets this collateral backs · 1

→ USDC86% LLTV0x663b…39b9Chainlink

Aggregate Collateral Trust (ACT):$243.7m52 vaultsToken:0xcbb7…33bfAllocation: 5% of the vault · $23.72m

If it breaks

−30% default

At −30%:est. bad debt up to 0.9% of depositUses 1 market LLTV curve · capped at allocation $23.72m · drag to set this asset's drop

Oracle exposure: up to 0.5% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

cbXRPMarketChainlink3%of vault · bad debt · $12.16mOracle exposure 0.3%

3%of vault · $13.5m3%of vault · $12.16m0.3%separate path

What it's made of

Market· Chainlink(aggregator)

cbXRP is priced via XRP / USD — market-rate feed (Chainlink).

BaseXRP / USDMarketChainlink

Markets this collateral backs · 1

→ USDC63% LLTV0x031b…0fdeChainlink

Aggregate Collateral Trust (ACT):$6.63m15 vaultsToken:0xcb58…a4afAllocation: 3% of the vault · $13.5m

If it breaks

−30% default

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $13.5m · drag to set this asset's drop

Oracle exposure: up to 0.3% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

cbZECMarketChainlink0.2%of vault · bad debt · $981,757Oracle exposure <0.1%

0.2%of vault · $1.08m0.2%of vault · $981,757<0.1%separate path

What it's made of

Market· Chainlink(aggregator)

Priced off live market data — a depeg moves the price and can liquidate positions.

Markets this collateral backs · 1

→ USDC63% LLTV0xa3cb…a272Chainlink

Aggregate Collateral Trust (ACT):$151,0739 vaultsToken:0xb200…b2ecAllocation: 0.2% of the vault · $1.08m

If it breaks

−30% default

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $1.08m · drag to set this asset's drop

Oracle exposure: up to <0.1% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

cbHYPEMarketChainlink<0.1%of vault · bad debt · $116,506Oracle exposure <0.1%

<0.1%of vault · $126,309<0.1%of vault · $116,506<0.1%separate path

What it's made of

Market· Chainlink(aggregator)

Priced off live market data — a depeg moves the price and can liquidate positions.

Markets this collateral backs · 1

→ USDC63% LLTV0x7fad…4bffChainlink

Aggregate Collateral Trust (ACT):$29,1569 vaultsToken:0xb200…479eAllocation: <0.1% of the vault · $126,309

If it breaks

−30% default

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $126,309 · drag to set this asset's drop

Oracle exposure: up to <0.1% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

cbETHMarketChainlink<0.1%of vault · bad debt · $17,841Oracle exposure <0.1%

<0.1%of vault · $19,789<0.1%of vault · $17,841<0.1%separate path

What it's made of

Market· Chainlink(aggregator)

cbETH is priced via CBETH / USD — market-rate feed (Chainlink).

BaseCBETH / USDMarketChainlink

Markets this collateral backs · 1

→ USDC77% LLTV0x97ff…8295Chainlink

Aggregate Collateral Trust (ACT):$34.26m44 vaultsToken:0x2ae3…ec22Allocation: <0.1% of the vault · $19,789

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $19,789 · drag to set this asset's drop

Oracle exposure: up to <0.1% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

+3 markets with no current position

Oracle dependencies

1 feed · 1 control point

Up to10%of vault drainable if these feeds are mispriced · $45.42m

Each price traces to a feed and the on-chain admin that can move it. Compromise either to misprice the collateral and borrow against it. Per-row amounts overlap and are not summed.

Chainlink·a 4/9 Safe multisigprices cbXRP, cbBTC, cbETH, cbZEC, cbHYPE, sUSDe, USDe, JitoSOL0xf0db…5b1b9% of vault · $42.17mdrainable if it is compromised
Unidentified feeds· vendor and on-chain control not resolvedprices mGLO<1% of vault · $3.25mmispriceable if these feeds lie


Full-deposit & protocol-level(2)
	100%	Full deposit	Instant
	20%	up to 90%	Instant
Price-driven collateral stress(1)
	20%	up to 90%	Instant
Oracle & liquidation failures(6)
	20%	up to 90%	Instant
	20%	up to 90%	Instant
	20%	up to 87%	Instant
	8%	up to 85%	Instant
	18%	up to 76%	Instant
	—	up to 10%	Instant
Vault role & allocator(3)
	—	Full deposit	3 days
	—	Full deposit	Instant
	—	up to 50%	3 days

Trust and control

The people and processes that can change this protocol under you.

Track record · no pool-level losses recorded · 5 protocol incidents · 36 audits

Vault operators

The roles that can actually move your deposit — the real principal-loss path.

Reaches deposit, no delayReaches deposit, timelockedCan't reach deposit

Role timelock 3 days to exit before owner/curator actions land

Ownercontract0x639b…c5d6

Curator2-of-6 multisig0x827e…ecdb

Sentinels2 · 1 contract · 1 EOASafety role · veto only

Safety role, not an attack role: can revoke ANY pending timelocked curator change, instantly cut caps, and pull funds from adapters back to idle. Strictly risk-reducing — a captured sentinel cannot introduce new risk.

contract0x639b…c5d6
single key (EOA)0x9e0f…eaf5

Allocators6 · 1 multisig · 2 contracts · 3 EOAsReaches deposit · instant

Moves funds between markets the curator has ALREADY approved — instantly, with NO timelock and no exit window. Cannot reach a brand-new market, but can concentrate you into an approved-but-stressed market or order withdrawals so you hit weak liquidity first.

1-of-6 multisig0x0000…9da8
contract0x1be9…0e36
contract0xaed2…e412
single key (EOA)0xbbf1…bceb
single key (EOA)0xfc58…d827
single key (EOA)0xfeed…3c9a

Audits

361 critical, 13 high findings logged

Certora· Dec 15, 2025report
Blackthorn· Dec 4, 2025report
Spearbit· Dec 4, 2025report
Blackthorn· Sep 15, 2025report

+32 more audits

Governance & control

Protocol-wide governance: bounded context, not the path to your deposit.

Governance owner5-of-912 chains0xcba2…9afa

Rewards owner3-of-70xf057…b2e9

Rewards updater3-of-50x5eb9…3297

Snapshot proposer5-of-80x6abf…f6a2

Governance contract0xcBa2…9AFa

Top-10 voter concentration100.0%

Quorum to pass500,000 MORPHO· top 10 hold 2.49m

Voting token

MORPHO0x58D9…c2B2

Dependencies that can affect your deposit

9 things this pool relies on but doesn't control. Select one for its story.

Morpho Blue

oracles

Market Specific oracle

Every Morpho Blue market chooses an immutable oracle contract at creation; implementations can be Chainlink-like, exchange-rate, fixed-price, or custom. Failure modes: attacker-favourable price feed (covered in market-oracle-compromise) or price() revert / staleness blocking liquidations (covered in oracle-liveness-or-malfunction).

No quantified loss scenario references this dependency directly.

Updated 16min agoSources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql

Steakhouse High Yield USDC Edition

Risk

Collateral and oracle exposure

What it's made of

If it breaks

What it's made of

If it breaks

What it's made of

If it breaks

What it's made of

If it breaks

What it's made of

If it breaks

What it's made of

If it breaks

What it's made of

If it breaks

Oracle dependencies

Loss scenarios

Trust and control

Vault operators

Audits

Governance & control

Dependencies that can affect your deposit

Market Specific oracle