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Steakhouse USDC

Risk reportBase0xbeef…8183

Risk

Depositing into 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?
38%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 17% of deposit

Driven by cbBTC −30% 16% · cbETH −30% <1% · wstETH −30% <1% · other <1% · −100% 90% modeled all-to-zero bad-debt ceiling

cbBTCcbBTCMarket88%of vault · bad debt · $107.58mOracle exposure 10%

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
Room to grow: $119.46m of $999.67m cap (12% used)Aggregate Collateral Trust (ACT):$244.97m51 vaultsToken:0xcbb7…33bfAllocation: 97% of the vault · $119.46m

If it breaks

−30% default
At −30%:est. bad debt up to 16% of depositUses 1 market LLTV curve · capped at allocation $119.46m · drag to set this asset's drop
Oracle exposure: up to 10% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price
cbETHcbETHMarket2%of vault · bad debt · $2.51mOracle exposure 0.2%

What it's made of

Market· Chainlink(aggregator)

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

BaseCBETH / USDMarketChainlink
Markets this collateral backs · 2
  • → USDC86% LLTV0xb40d…cd96Chainlink
  • → USDC77% LLTV0x97ff…8295Chainlink
Room to grow: $2.78m of $249.92m cap (1% used)Aggregate Collateral Trust (ACT):$37.25m44 vaultsToken:0x2ae3…ec22Allocation: 2% of the vault · $2.78m

If it breaks

−30% default
At −30%:est. bad debt up to 0.2% of depositUses 2 market LLTV curves · capped at allocation $2.78m · drag to set this asset's drop
Oracle exposure: up to 0.2% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price
wstETHwstETHMarket0.2%of vault · bad debt · $274,484Oracle exposure <0.1%

What it's made of

Market· Chainlink(aggregator)

wstETH is priced via WSTETH / ETH × ETH / USD, quoted in USDC / USD — 3-hop market-rate feeds (Chainlink).

BaseWSTETH / ETHMarketChainlinkETH / USDMarketChainlinkQuoteUSDC / USDMarketChainlink
Markets this collateral backs · 1
  • → USDC86% LLTV0xd7a1…289aChainlink
Room to grow: $305,006 of $49.98m cap (<1% used)Aggregate Collateral Trust (ACT):$30.85m33 vaultsToken:0xc1cb…e452Allocation: 0.2% of the vault · $305,006

If it breaks

−30% default
At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $305,006 · 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
WETHWETHMarket0.2%of vault · bad debt · $209,583Oracle exposure <0.1%

What it's made of

Market· Chainlink(aggregator)

WETH is priced via ETH / USD, quoted in USDC / USD — 2-hop market-rate feeds (Chainlink).

BaseETH / USDMarketChainlinkQuoteUSDC / USDMarketChainlink
Markets this collateral backs · 1
  • → USDC86% LLTV0xfea2…afe4Chainlink
Room to grow: $232,561 of $199.93m cap (<1% used)Aggregate Collateral Trust (ACT):$62.65m33 vaultsToken:0x4200…0006Allocation: 0.2% of the vault · $232,561

If it breaks

−30% default
At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $232,561 · 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

Oracle dependencies

1 feed · 1 control point

Up to10%of vault drainable if these feeds are mispriced · $12.22m

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 wstETH, WETH, cbBTC, cbETH0xf0db…5b1b10% of vault · $12.22mdrainable if it is compromised
Updated 58min agoSources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql