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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?
40%of your deposit if collateral falls 50%Only oracle compromise (full drain) 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 21% of deposit

Driven by USDe −30% 21% · cbBTC −30% <1% · −100% 89% modeled all-to-zero bad-debt ceiling

USDeHybrid89%of vault · bad debt · $23.12mOracle exposure 11%

What it's made of

USDe token page
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):$40.61m4 vaultsToken:0x5d3a…ef34Allocation: 100% of the vault · $25.93m

If it breaks

−30% default
At −30%:est. bad debt up to 21% of depositUses 1 market LLTV curve · capped at allocation $25.93m · drag to set this asset's drop
Oracle exposure: up to 11% 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 feed1 control point

Up to11%of vault drainable if these feeds are mispriced · $2.81m

Each price traces to a feed and the onchain 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…5b1b11% of vault · $2.81mdrainable if it is compromised
Updated 27min agoSources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql