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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)

21%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 3% of deposit

Driven by mGLO −30% 3% · deSPXA −30% <1% · cbXRP −30% <1% · other <1% · −100% 91% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

cbXRPMarketChainlink75%of vault · bad debt · $22.37mOracle exposure 7%

83%of vault · $24.52m75%of vault · $22.37m7%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):$5.83m15 vaultsToken:0xcb58…a4afAllocation: 83% of the vault · $24.52m

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 2 market LLTV curves · capped at allocation $24.52m · drag to set this asset's drop

Oracle exposure: up to 7% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

mGLOHybrid11%of vault · bad debt · $3.34mOracle exposure 1%

12%of vault · $3.64m11%of vault · $3.34m1%separate path

What it's made of

mGLO token page

Hybrid(composite)

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

Markets this collateral backs · 2

→ USDC92% LLTV0xbfa7…c5be
→ USDC92% LLTV0x182e…a109

Aggregate Collateral Trust (ACT):$7.74m8 vaultsToken:0xfcc9…2584Allocation: 12% of the vault · $3.64m

If it breaks

−30% default

At −30%:est. bad debt up to 3% of depositUses 2 market LLTV curves · capped at allocation $3.64m · drag to set this asset's drop

Oracle exposure: up to 1% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

cbADAMarketChainlink3%of vault · bad debt · $798,272Oracle exposure 0.3%

3%of vault · $892,7853%of vault · $798,2720.3%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):$364,91410 vaultsToken:0xcbad…7b8cAllocation: 3% of the vault · $892,785

If it breaks

−30% default

At −30%:no modeled bad debtUses 2 market LLTV curves · capped at allocation $892,785 · 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

cbDOGEMarketChainlink0.8%of vault · bad debt · $240,240Oracle exposure 0.1%

0.9%of vault · $262,8840.8%of vault · $240,2400.1%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):$239,86611 vaultsToken:0xcbd0…b510Allocation: 0.9% of the vault · $262,884

If it breaks

−30% default

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $262,884 · 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

cbZECMarketChainlink0.7%of vault · bad debt · $205,052Oracle exposure 0.1%

0.8%of vault · $224,2740.7%of vault · $205,0520.1%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):$318,5319 vaultsToken:0xb200…b2ecAllocation: 0.8% of the vault · $224,274

If it breaks

−30% default

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $224,274 · 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

cbLTCMarketChainlink0.1%of vault · bad debt · $25,911Oracle exposure <0.1%

0.1%of vault · $28,4810.1%of vault · $25,911<0.1%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):$81,84611 vaultsToken:0xcb17…445fAllocation: 0.1% of the vault · $28,481

If it breaks

−30% default

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $28,481 · 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

deSPXAMarketChronicle0.1%of vault · bad debt · $21,543Oracle exposure <0.1%

0.1%of vault · $23,6060.1%of vault · $21,543<0.1%separate path

What it's made of

deSPXA token page

Market· Chronicle(aggregator)

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

Markets this collateral backs · 1

→ USDC77% LLTV0x98c2…5b6dChronicle

Aggregate Collateral Trust (ACT):$2,3395 vaultsToken:0x9c5c…9685Allocation: 0.1% of the vault · $23,606

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $23,606 · 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

AAPLcMarketChainlink<0.1%of vault · bad debt · $14,519Oracle exposure <0.1%

0.1%of vault · $16,052<0.1%of vault · $14,519<0.1%separate path

What it's made of

AAPLc 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% LLTV0xecc5…ab0eChainlink

Aggregate Collateral Trust (ACT):$1,8583 vaultsToken:0xb200…d1fbAllocation: 0.1% of the vault · $16,052

If it breaks

−30% default

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $16,052 · 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

+13 markets with no current position

Oracle dependencies

2 feeds2 control points

Up to9%of vault drainable if these feeds are mispriced · $2.6m

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, PAXG, cbLTC, SOL, syrupUSDC, LBTC, JitoSOL0xf0db…5b1b8% of vault · $2.29mdrainable if it is compromised
Chronicle·a control contractprices wsrUSD0x9e2c…9429<1% of vault · $0.000001drainable if it is compromised
Chronicle· onchain control not resolvedprices wsrUSD, deSPXA<1% of vault · $2,063mispriceable if this feed lies
Unidentified feeds· vendor and onchain control not resolvedprices mGLO1% of vault · $301,156mispriceable if these feeds lie


Full-deposit & protocol-level(2)
	100%	Full deposit	Instant
	3%	up to 91%	Instant
Price-driven collateral stress(1)
	3%	up to 91%	Instant
Oracle & liquidation failures(6)
	3%	up to 91%	Instant
	2%	up to 89%	Instant
	3%	up to 11%	Instant
	—	up to 9%	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

Curator3-of-9 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.

contract0x639b…c5d6

Allocators71 multisig3 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-7 multisig0x0000…9da8
contract0x1be9…0e36
contract0xaed2…e412
single key (EOA)0xbbf1…bceb
contract0xbeef…beef
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 TokenMORPHO0x58D9…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 10min 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