Back to pool details

Steakhouse Prime USDC

Risk reportEthereum0xbeef…0f51

Risk

Depositing into Steakhouse Prime 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% 8% · weETH −30% 4% · WBTC −30% 3% · other 2% · −100% 90% modeled all-to-zero bad-debt ceiling

cbBTCcbBTCMarket42%of vault · bad debt · $46.98mOracle exposure 5%

What it's made of

cbBTC token page
Market· Chainlink(aggregator, managed)

cbBTC uses a deviation/timelock managed oracle over Chainlink price-source leg(s), not a direct raw market-rate feed.

BaseBTC / USDMarketChainlink
Markets this collateral backs · 2
  • → USDC86% LLTV0xa6d6…182aChainlink
  • → USDC86% LLTV0x9f98…34d2Chainlink
Aggregate Collateral Trust (ACT):$447.92m102 vaultsToken:0xcbb7…33bfAllocation: 47% of the vault · $52.15m

If it breaks

−30% default
At −30%:est. bad debt up to 8% of depositUses 2 market LLTV curves · capped at allocation $52.15m · drag to set this asset's drop
Oracle exposure: up to 5% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price
weETHweETHHybrid21%of vault · bad debt · $23.16mOracle exposure 2%

What it's made of

weETH token page
Hybrid· Chainlink(composite)

weETH mixes exchange-rate/NAV (weETH/ETH exchange rate, Dummy feed with 12 decimals) with market-rate (ETH / USD) — insulated from weETH/ETH exchange rate, Dummy feed with 12 decimals market deviation, but exposed to ETH / USD.

BaseweETH/ETH exchange rateExchange rateETH / USDMarketChainlinkQuoteDummy feed with 12 decimalsNAV
Markets this collateral backs · 2
  • → USDC86% LLTV0xa3a7…8411Chainlink
  • → USDC77% LLTV0xa3a7…8411Chainlink
Aggregate Collateral Trust (ACT):$400m51 vaultsToken:0xcd5f…b7eeAllocation: 23% of the vault · $25.71m

If it breaks

−30% default
At −30%:est. bad debt up to 4% of depositUses 2 market LLTV curves · capped at allocation $25.71m · drag to set this asset's drop
Oracle exposure: up to 2% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price
WBTCWBTCMarket18%of vault · bad debt · $20.63mOracle exposure 2%

What it's made of

WBTC token page
Market· Chainlink(aggregator, managed)

WBTC uses a deviation/timelock managed oracle over Chainlink price-source leg(s), not a direct raw market-rate feed.

BaseWBTC / BTCMarketChainlinkBTC / USDMarketChainlinkQuoteUSDC / USDMarketChainlink
Markets this collateral backs · 2
  • → USDC86% LLTV0xdddd…6b83Chainlink
  • → USDC86% LLTV0xf156…0cf4Chainlink
Aggregate Collateral Trust (ACT):$379.6m90 vaultsToken:0x2260…c599Allocation: 21% of the vault · $22.9m

If it breaks

−30% default
At −30%:est. bad debt up to 3% of depositUses 2 market LLTV curves · capped at allocation $22.9m · drag to set this asset's drop
Oracle exposure: up to 2% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price
wstETHwstETHMarket7%of vault · bad debt · $7.58mOracle exposure 0.7%

What it's made of

wstETH token page
Market· Chainlink(composite)

wstETH is priced via Custom price feed for wstETH / ETH, quoted in USDC / ETH — 2-hop market-rate feeds (Chainlink).

BaseCustom price feed for wstETH / ETHMarketQuoteUSDC / ETHMarketChainlink
Heartbeat 24hDeviation 100bps
Markets this collateral backs · 2
  • → USDC86% LLTV0xe087…9f9fChainlink
  • → USDC86% LLTV0x48f7…40e2Chainlink
Aggregate Collateral Trust (ACT):$801.46m108 vaultsToken:0x7f39…2ca0Allocation: 8% of the vault · $8.42m

If it breaks

−30% default
At −30%:est. bad debt up to 1% of depositUses 2 market LLTV curves · capped at allocation $8.42m · drag to set this asset's drop
Oracle exposure: up to 0.7% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price
WETHWETHMarket2%of vault · bad debt · $1.85mOracle exposure 0.2%

What it's made of

WETH token page
Market· Chainlink(aggregator)

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

BaseETH / USDMarketChainlink
Markets this collateral backs · 1
  • → USDC86% LLTV0x0f94…4580Chainlink
Aggregate Collateral Trust (ACT):$1.295b29 vaultsToken:0xc02a…6cc2Allocation: 2% of the vault · $2.05m

If it breaks

−30% default
At −30%:est. bad debt up to 0.3% of depositUses 1 market LLTV curve · capped at allocation $2.05m · 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

Oracle dependencies

1 feed1 control point

Up to10%of vault drainable if these feeds are mispriced · $11.03m

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 cbBTC, WBTC, wstETH, WETH, weETH0x21f7…73ca10% of vault · $11.03mdrainable if it is compromised
Updated 46min agoSources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql