Ethena x Steakhouse USDC

Risk reportBase0xbeef…739e

Risk

Depositing into Ethena x Steakhouse USDC 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)

26%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 7-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 6% of deposit

Driven by cbBTC −30% 5% · cbETH −30% <1% · USDe −30% <1% · −100% 90% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

cbXRPMarketChainlink53%of vault · bad debt · $16.49mOracle exposure 6%

59%of vault · $18.32m53%of vault · $16.49m6%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):$6.49m15 vaultsToken:0xcb58…a4afAllocation: 59% of the vault · $18.32m

If it breaks

−30% default

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $18.32m · drag to set this asset's drop

Oracle exposure: up to 6% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

cbBTCMarketChainlink27%of vault · bad debt · $8.25mOracle exposure 3%

30%of vault · $9.16m27%of vault · $8.25m3%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):$196.1m51 vaultsToken:0xcbb7…33bfAllocation: 30% of the vault · $9.16m

If it breaks

−30% default

At −30%:est. bad debt up to 5% of depositUses 1 market LLTV curve · capped at allocation $9.16m · drag to set this asset's drop

Oracle exposure: up to 3% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

cbETHMarketChainlink8%of vault · bad debt · $2.32mOracle exposure 0.8%

8%of vault · $2.57m8%of vault · $2.32m0.8%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):$20.39m43 vaultsToken:0x2ae3…ec22Allocation: 8% of the vault · $2.57m

If it breaks

−30% default

At −30%:est. bad debt up to 0.7% of depositUses 1 market LLTV curve · capped at allocation $2.57m · drag to set this asset's drop

Oracle exposure: up to 0.8% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

USDeHybridChainlink2%of vault · bad debt · $767,462Oracle exposure 0.3%

3%of vault · $849,1222%of vault · $767,4620.3%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):$35.32m4 vaultsToken:0x5d3a…ef34Allocation: 3% of the vault · $849,122

If it breaks

−30% default

At −30%:est. bad debt up to 0.6% of depositUses 1 market LLTV curve · capped at allocation $849,122 · 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

Oracle dependencies

1 feed · 1 control point

Up to10%of vault drainable if these feeds are mispriced · $3.08m

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, USDe0xf0db…5b1b10% of vault · $3.08mdrainable if it is compromised


Full-deposit & protocol-level(2)
	100%	Full deposit	Instant
	6%	up to 90%	Instant
Price-driven collateral stress(1)
	6%	up to 90%	Instant
Oracle & liquidation failures(6)
	6%	up to 90%	Instant
	6%	up to 90%	Instant
	6%	up to 37%	Instant
	—	up to 10%	Instant
	<1%	up to 3%	Instant
	<1%	up to 2%	Instant
Vault role & allocator(3)
	—	Full deposit	7 days
	—	Full deposit	Instant
	—	up to 50%	7 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 7 days to exit before owner/curator actions land

Ownercontract0x639b…c5d6

Curator2-of-6 multisig0x827e…ecdb

Guardiannone appointed

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 Sep 29, 2026Sources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql

Ethena x Steakhouse USDC

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

Oracle dependencies

Loss scenarios

Trust and control

Vault operators

Audits

Governance & control

Dependencies that can affect your deposit

Market Specific oracle