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)

25%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 6% of deposit

Driven by mGLO −30% 6% · deSPXA −30% <1% · cUSDO −30% <1% · other <1% · −100% 90% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

cbXRPMarketChainlink52%of vault · bad debt · $13.97mOracle exposure 6%

58%of vault · $15.51m52%of vault · $13.97m6%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 · 2

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

Aggregate Collateral Trust (ACT):$4.01m12 vaultsToken:0xcb58…a4afAllocation: 58% of the vault · $15.51m

If it breaks

−30% default

At −30%:no modeled bad debtUses 2 market LLTV curves · capped at allocation $15.51m · 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

mGLOHybrid27%of vault · bad debt · $7.21mOracle exposure 3%

30%of vault · $7.99m27%of vault · $7.21m3%separate path

What it's made of

Hybrid(composite)

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

Markets this collateral backs · 1

→ USDC92% LLTV0x182e…a109

Aggregate Collateral Trust (ACT):$3.59m5 vaultsToken:0xfcc9…2584Allocation: 30% of the vault · $7.99m

If it breaks

−30% default

At −30%:est. bad debt up to 6% of depositUses 1 market LLTV curve · capped at allocation $7.99m · 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

cbADAMarketChainlink4%of vault · bad debt · $1mOracle exposure 0.4%

4%of vault · $1.11m4%of vault · $1m0.4%separate path

What it's made of

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):$340,902.528 vaultsToken:0xcbad…7b8cAllocation: 4% of the vault · $1.11m

If it breaks

−30% default

At −30%:no modeled bad debtUses 2 market LLTV curves · capped at allocation $1.11m · 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

SOLMarketChainlink3%of vault · bad debt · $919,970.99Oracle exposure 0.4%

4%of vault · $1.02m3%of vault · $919,970.990.4%separate path

What it's made of

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):$399,636.246 vaultsToken:0x3119…cf82Allocation: 4% of the vault · $1.02m

If it breaks

−30% default

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $1.02m · 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

cbDOGEMarketChainlink3%of vault · bad debt · $741,741.41Oracle exposure 0.4%

3%of vault · $839,668.113%of vault · $741,741.410.4%separate path

What it's made of

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):$227,639.648 vaultsToken:0xcbd0…b510Allocation: 3% of the vault · $839,668.11

If it breaks

−30% default

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $839,668.11 · 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

cbLTCMarketChainlink0.9%of vault · bad debt · $248,907.67Oracle exposure 0.1%

1%of vault · $277,593.920.9%of vault · $248,907.670.1%separate path

What it's made of

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):$80,426.618 vaultsToken:0xcb17…445fAllocation: 1% of the vault · $277,593.92

If it breaks

−30% default

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $277,593.92 · 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

AEROMarketChainlink0.4%of vault · bad debt · $112,129.32Oracle exposure <0.1%

0.5%of vault · $125,557.690.4%of vault · $112,129.32<0.1%separate path

What it's made of

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):$81,517.15 vaultsToken:0x9401…8631Allocation: 0.5% of the vault · $125,557.69

If it breaks

−30% default

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $125,557.69 · 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

JitoSOLHybridChainlink0.2%of vault · bad debt · $56,002.25Oracle exposure <0.1%

0.2%of vault · $62,183.740.2%of vault · $56,002.25<0.1%separate path

What it's made of

Hybrid· Chainlink(managed)

JitoSOL 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

→ USDC63% LLTV0x78f7…be1cChainlink

Aggregate Collateral Trust (ACT):$92,172.526 vaultsToken:0x97be…34deAllocation: 0.2% of the vault · $62,183.74

If it breaks

−30% default

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $62,183.74 · 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

+9 markets with no current position

Oracle dependencies

2 feeds · 1 control point

Up to10%of vault drainable if these feeds are mispriced · $2.68m

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 / RedStone·a 4/9 Safe multisigprices wstETH, cbXRP, WETH, weETH, cbBTC, cbETH, cbADA, AERO, sUSDe, PT-USDai-18JUN2026-(ARB), cbLTC, SOL, cbDOGE, syrupUSDC, LBTC, JitoSOL0xf0db…5b1b7% of vault · $1.89mdrainable if it is compromised
Chronicle· on-chain control not resolvedprices wsrUSD, deSPXA<1% of vault · $2,470.17mispriceable if this feed lies
Unidentified feeds· vendor and on-chain control not resolvedprices mGLO3% of vault · $785,947.65mispriceable if these feeds lie
On-chain exchange rate· no external feed or adminprices reUSD<1% of vault · $0.033mispriceable only via the issuing contract

Loss scenarios

Each row is a distinct failure, and every loss is a share of your deposit — the same percentage whatever you deposited. Loss is that share at a −30% collateral crash, the standard stress; Worst case is the ceiling if everything goes wrong, a conditional loss if it happens rather than a likelihood. Open a row for the loss at every crash depth, the dollar amounts, conditions, and the math.

12 scenarios · 10 with no time to exit · loss as % of deposit


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 27%	Instant
	—	up to 10%	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

Sentinels1 · 1 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

Allocators3 · 1 multisig · 1 contract · 1 EOAReaches 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
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 254,036.33

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 Aug 10, 2026Sources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql