Steakhouse USDC

Risk reportEthereum0xbeef…64cb

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?

Your deposit (optional)

$29.4mrealistic worst · −50% collateral crashup to $77.16mSmart-contract bug · extreme only

−10%−30%−50%extreme

Left to right, a deeper collateral crash. Hover any point for the scenarios that drive the loss — only a smart-contract bug reaches a total loss.

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 dropvault-wide · no liquidations · stress estimate

−30%est. bad debt up to $13.25m

tap a preset or drag

Driven by cbBTC $10.96m · steakEURCV $1.31m · wstETH $583,338.11 · other $396,590.37 · −100% $69.78m modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

cbBTCMarketChainlink$58.9m76% of vault · bad debtOracle exposure $6.23m

$65.13m84% of vault$58.9m76% of vault$6.23mseparate path

What it's made of

Market· Chainlink(managed, aggregator)

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

BaseBTC / USDMarketChainlink

Heartbeat 1h · Deviation 50bps

Markets this collateral backs · 2

→ USDC86% LLTV0x9f98…34d2Chainlink
→ USDC86% LLTV0xa6d6…182aChainlink

Room to grow: $65.13m of $2b cap (3% used)Aggregate Collateral Trust (ACT):$262.65m147 vaultsToken:0xcbb7…33bfAllocation: $65.13m · 84% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $10.96mUses 2 market LLTV curves · capped at allocation $65.13m · inherits vault-wide stress

Oracle exposure: up to $6.23m drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

steakEURCVMarketChainlink$5.57m7% of vault · bad debtOracle exposure $589,614.23

$6.16m8% of vault$5.57m7% of vault$589,614.23separate 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

→ USDC92% LLTV0xf3ef…b0f6Chainlink

Room to grow: $6.16m of $10m cap (62% used)Aggregate Collateral Trust (ACT):$674,877.832 vaultsToken:0xbeef…db2fAllocation: $6.16m · 8% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $1.31mUses 1 market LLTV curve · capped at allocation $6.16m · inherits vault-wide stress

Oracle exposure: up to $589,614.23 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

wstETHMarketChainlink$3.14m4% of vault · bad debtOracle exposure $331,847.14

$3.47m4% of vault$3.14m4% of vault$331,847.14separate path

What it's made of

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 24h · Deviation 100bps

Markets this collateral backs · 2

→ USDC86% LLTV0xe087…9f9fChainlink
→ USDC86% LLTV0x48f7…40e2Chainlink

Room to grow: $3.47m of $399.92m cap (<1% used)Aggregate Collateral Trust (ACT):$725.54m164 vaultsToken:0x7f39…2ca0Allocation: $3.47m · 4% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $583,338.11Uses 2 market LLTV curves · capped at allocation $3.47m · inherits vault-wide stress

Oracle exposure: up to $331,847.14 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

WBTCMarketChainlink$1.92m2% of vault · bad debtOracle exposure $203,017.24

$2.12m3% of vault$1.92m2% of vault$203,017.24separate path

What it's made of

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

Room to grow: $2.12m of $399.92m cap (<1% used)Aggregate Collateral Trust (ACT):$380.28m144 vaultsToken:0x2260…c599Allocation: $2.12m · 3% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $357,132.49Uses 2 market LLTV curves · capped at allocation $2.12m · inherits vault-wide stress

Oracle exposure: up to $203,017.24 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

WETHMarketChainlink$164,543.70.2% of vault · bad debtOracle exposure $17,410.2

$181,953.90.2% of vault$164,543.70.2% of vault$17,410.2separate path

What it's made of

Market· Chainlink(aggregator)

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

BaseETH / USDMarketChainlink

Markets this collateral backs · 1

→ USDC86% LLTV0x0f94…4580Chainlink

Room to grow: $181,953.9 of $199.96m cap (<1% used)Aggregate Collateral Trust (ACT):$1.515b96 vaultsToken:0xc02a…6cc2Allocation: $181,953.9 · 0.2% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $30,612.78Uses 1 market LLTV curve · capped at allocation $181,953.9 · inherits vault-wide stress

Oracle exposure: up to $17,410.2 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

weETHHybridChainlink$97,296.090.1% of vault · bad debtOracle exposure $10,358

$107,654.090.1% of vault$97,296.090.1% of vault$10,358separate path

What it's made of

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 · 1

→ USDC77% LLTV0xa3a7…8411Chainlink

Room to grow: $107,654.09 of $20m cap (<1% used)Aggregate Collateral Trust (ACT):$301.21m106 vaultsToken:0xcd5f…b7eeAllocation: $107,654.09 · 0.1% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $8,845.1Uses 1 market LLTV curve · capped at allocation $107,654.09 · inherits vault-wide stress

Oracle exposure: up to $10,358 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

+1 market with no current position

Oracle dependencies

1 feed · 1 control point

Up to$7.38mdrainable if these feeds are mispriced · 10% of vault

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 cbBTC, WBTC, wstETH, FLHYon, WETH, weETH, steakEURCV0x21f7…73ca$7.38m · 10% of vaultdrainable if it is compromised

Loss scenarios

Each row is a distinct failure. Possible loss is the share of your deposit at the selected collateral drop; Worst case is the ceiling if everything goes wrong — a conditional loss if it happens, not a likelihood. Price-scaling rows move with the drop selector; the rest are fixed. Enter a deposit to see the dollar figures as your own. Open a row for conditions, mitigations, and the math.

12 scenarios · 10 with no time to exit

Collateral drop


Full-deposit & protocol-level(2)
	100%	$77.16m	Full deposit	Instant
	17%	$13.25m	up to $69.78m	Instant
Price-driven collateral stress(1)
	17%	$13.25m	up to $69.78m	Instant
Oracle & liquidation failures(5)
	17%	$13.25m	up to $69.78m	Instant
	17%	$13.11m	up to $69.08m	Instant
	—	—	up to $7.38m	Instant
	<1%	$159,251.69	up to $1.66m	Instant
	<1%	$270,789.17	up to $1.51m	Instant
Vault role & allocator(4)
	—	—	Full deposit	7 days
	—	—	Full deposit	Instant
	—	—	up to $69.78m	Instant
	—	—	up to $38.58m	7 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 7 days to exit before owner/curator actions land

Owner5-of-10 multisig0x0a0e…f8dd

Curator2-of-7 multisig0x827e…ecdb

Guardiancontract0xaa05…c03d

Allocators4 · 1 multisig · 2 contracts · 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-7 multisig0x0000…9da8
contract0x9e91…f9e1
single key (EOA)0xfeed…3c9a
contract0xfd32…c75d

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 proposer3-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

9 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 Jul 28, 2026Sources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql