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Steakhouse High Yield USDC

Risk reportBase0xbeef…8100

Risk

Depositing into Steakhouse High Yield 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)

18%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 <1% of deposit

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

CollateralAllocationMarket ExposureOracle Exposure

cbXRPMarketChainlink78%of vault · bad debt · $22.61mOracle exposure 9%

86%of vault · $25.09m78%of vault · $22.61m9%separate path

What it's made of

cbXRP token page

Market· Chainlink(aggregator)

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

BaseXRP / USDMarketChainlink

Markets this collateral backs · 2

→ USDC63% LLTV0x031b…0fdeChainlink
→ USDC77% LLTV0x031b…0fdeChainlink

Aggregate Collateral Trust (ACT):$6.75m16 vaultsToken:0xcb58…a4afAllocation: 86% of the vault · $25.09m

If it breaks

−30% default

At −30%:no modeled bad debtUses 2 market LLTV curves · capped at allocation $25.09m · drag to set this asset's drop

Oracle exposure: up to 9% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

cbDOGEMarketChainlink5%of vault · bad debt · $1.44mOracle exposure 0.5%

5%of vault · $1.6m5%of vault · $1.44m0.5%separate path

What it's made of

cbDOGE token page

Market· Chainlink(aggregator)

cbDOGE is priced via DOGE / USD — market-rate feed (Chainlink).

BaseDOGE / USDMarketChainlink

Markets this collateral backs · 1

→ USDC63% LLTV0xa9d3…91b2Chainlink

Aggregate Collateral Trust (ACT):$273,10911 vaultsToken:0xcbd0…b510Allocation: 5% of the vault · $1.6m

If it breaks

−30% default

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $1.6m · 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

cbADAMarketChainlink4%of vault · bad debt · $1.19mOracle exposure 0.4%

5%of vault · $1.32m4%of vault · $1.19m0.4%separate path

What it's made of

cbADA token page

Market· Chainlink(aggregator)

cbADA is priced via ADA / USD — market-rate feed (Chainlink).

BaseADA / USDMarketChainlink

Markets this collateral backs · 2

→ USDC63% LLTV0x35d8…e45fChainlink
→ USDC77% LLTV0x35d8…e45fChainlink

Aggregate Collateral Trust (ACT):$533,08411 vaultsToken:0xcbad…7b8cAllocation: 5% of the vault · $1.32m

If it breaks

−30% default

At −30%:no modeled bad debtUses 2 market LLTV curves · capped at allocation $1.32m · drag to set this asset's drop

Oracle exposure: up to 0.4% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

cbLTCMarketChainlink1%of vault · bad debt · $375,464Oracle exposure 0.1%

1%of vault · $415,3301%of vault · $375,4640.1%separate path

What it's made of

cbLTC token page

Market· Chainlink(aggregator)

cbLTC is priced via LTC / USD — market-rate feed (Chainlink).

BaseLTC / USDMarketChainlink

Markets this collateral backs · 1

→ USDC63% LLTV0x47f9…a00dChainlink

Aggregate Collateral Trust (ACT):$115,09211 vaultsToken:0xcb17…445fAllocation: 1% of the vault · $415,330

If it breaks

−30% default

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $415,330 · 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

AEROMarketChainlink1%of vault · bad debt · $332,300Oracle exposure 0.1%

1%of vault · $368,8761%of vault · $332,3000.1%separate path

What it's made of

AERO token page

Market· Chainlink(aggregator)

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

Markets this collateral backs · 1

→ USDC63% LLTV0x96f1…2269Chainlink

Aggregate Collateral Trust (ACT):$207,3485 vaultsToken:0x9401…8631Allocation: 1% of the vault · $368,876

If it breaks

−30% default

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $368,876 · 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

cbBTCMarketChainlink0.4%of vault · bad debt · $102,517Oracle exposure <0.1%

0.4%of vault · $113,6630.4%of vault · $102,517<0.1%separate path

What it's made of

cbBTC token page

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):$247.1m53 vaultsToken:0xcbb7…33bfAllocation: 0.4% of the vault · $113,663

If it breaks

−30% default

At −30%:est. bad debt up to 0.1% of depositUses 1 market LLTV curve · capped at allocation $113,663 · 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

SOLMarketChainlink0.2%of vault · bad debt · $45,491Oracle exposure <0.1%

0.2%of vault · $50,3300.2%of vault · $45,491<0.1%separate path

What it's made of

SOL token page

Market· Chainlink(aggregator)

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

BaseSOL / USDMarketChainlink

Markets this collateral backs · 1

→ USDC63% LLTV0xe972…5dc7Chainlink

Aggregate Collateral Trust (ACT):$728,9936 vaultsToken:0x3119…cf82Allocation: 0.2% of the vault · $50,330

If it breaks

−30% default

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $50,330 · 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

cbZECMarketChainlink0.2%of vault · bad debt · $45,393Oracle exposure <0.1%

0.2%of vault · $49,8930.2%of vault · $45,393<0.1%separate path

What it's made of

cbZEC token page

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):$190,1349 vaultsToken:0xb200…b2ecAllocation: 0.2% of the vault · $49,893

If it breaks

−30% default

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $49,893 · 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

+10 markets with no current position

Oracle dependencies

2 feeds2 control points

Up to10%of vault drainable if these feeds are mispriced · $2.87m

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 / RedStone·a 4/9 Safe multisigprices wstETH, NVDAc, cbXRP, WETH, weETH, cbBTC, cbETH, cbADA, AERO, cbZEC, SPCXc, cbDOGE, cbHYPE, METAc, sUSDe, PT-USDai-18JUN2026-(ARB), AAPLc, GOOGLc, cbLTC, SOL, syrupUSDC, LBTC, JitoSOL0xf0db…5b1b10% of vault · $2.87mdrainable if it is compromised
Chronicle·a control contractprices wsrUSD0x9e2c…9429<1% of vault · $0.000000014drainable if it is compromised
Chronicle· onchain control not resolvedprices wsrUSD, deSPXA<1% of vault · $2,402mispriceable if this feed lies


Full-deposit & protocol-level(2)
	100%	Full deposit	Instant
	<1%	up to 90%	Instant
Price-driven collateral stress(1)
	<1%	up to 90%	Instant
Oracle & liquidation failures(6)
	<1%	up to 90%	Instant
	<1%	up to 90%	Instant
	—	up to 10%	Instant
	<1%	up to <1%	Instant
	<1%	up to <1%	Instant
	<1%	up to <1%	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

Sentinels11 contractSafety 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.

contract0xfbc2…c8c0

Allocators61 multisig2 contracts3 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

CertoraDec 15, 2025report
BlackthornDec 4, 2025report
SpearbitDec 4, 2025report
BlackthornSep 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

11 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 36min agoSources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql

Steakhouse High Yield 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

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