Steakhouse High Yield USDC v1.1

Risk reportBase0xbeef…878f

Risk

Depositing into Steakhouse High Yield USDC v1.1 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)

22%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 4% of deposit

Driven by USDe −30% 3% · cbETH −30% <1% · mGLO −30% <1% · other <1% · −100% 90% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

cbXRPMarketChainlink50%of vault · bad debt · $497,719Oracle exposure 6%

55%of vault · $553,07650%of vault · $497,7196%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

Room to grow: $553,076 of $20.99m cap (3% used)Aggregate Collateral Trust (ACT):$6.85m15 vaultsToken:0xcb58…a4afAllocation: 55% of the vault · $553,076

If it breaks

−30% default

At −30%:no modeled bad debtUses 2 market LLTV curves · capped at allocation $553,076 · 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

USDeHybridChainlink13%of vault · bad debt · $129,619Oracle exposure 1%

14%of vault · $143,96313%of vault · $129,6191%separate path

What it's made of

Hybrid· Chainlink(managed)

USDe 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

→ USDC92% LLTV0xf4b1…9a47Chainlink

Room to grow: $143,963 of $5m cap (3% used)Aggregate Collateral Trust (ACT):$38.91m4 vaultsToken:0x5d3a…ef34Allocation: 14% of the vault · $143,963

If it breaks

−30% default

At −30%:est. bad debt up to 3% of depositUses 1 market LLTV curve · capped at allocation $143,963 · 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

cbADAMarketChainlink12%of vault · bad debt · $116,088Oracle exposure 1%

13%of vault · $129,01412%of vault · $116,0881%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

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

Room to grow: $129,014 of $13m cap (<1% used)Aggregate Collateral Trust (ACT):$491,23011 vaultsToken:0xcbad…7b8cAllocation: 13% of the vault · $129,014

If it breaks

−30% default

At −30%:no modeled bad debtUses 2 market LLTV curves · capped at allocation $129,014 · 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

cbLTCMarketChainlink5%of vault · bad debt · $51,496Oracle exposure 0.7%

6%of vault · $58,7525%of vault · $51,4960.7%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

Room to grow: $58,752 of $5m cap (1% used)Aggregate Collateral Trust (ACT):$148,86711 vaultsToken:0xcb17…445fAllocation: 6% of the vault · $58,752

If it breaks

−30% default

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $58,752 · 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

cbETHMarketChainlink5%of vault · bad debt · $47,652Oracle exposure 0.5%

5%of vault · $52,9235%of vault · $47,6520.5%separate path

What it's made of

Market· Chainlink(aggregator)

cbETH is priced via CBETH / ETH × ETH / USD, quoted in USDC / USD — 3-hop market-rate feeds (Chainlink).

BaseCBETH / ETHMarketChainlinkETH / USDMarketChainlinkQuoteUSDC / USDMarketChainlink

Markets this collateral backs · 2

→ USDC77% LLTV0x97ff…8295Chainlink
→ USDC86% LLTV0xb40d…cd96Chainlink

Room to grow: $52,923 of $109.96m cap (<1% used)Aggregate Collateral Trust (ACT):$37.03m44 vaultsToken:0x2ae3…ec22Allocation: 5% of the vault · $52,923

If it breaks

−30% default

At −30%:est. bad debt up to 0.4% of depositUses 2 market LLTV curves · capped at allocation $52,923 · 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

cbHYPEMarketChainlink2%of vault · bad debt · $23,121Oracle exposure 0.2%

2%of vault · $24,8452%of vault · $23,1210.2%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% LLTV0x7fad…4bffChainlink

Room to grow: $24,845 of $999,636 cap (2% used)Aggregate Collateral Trust (ACT):$27,9158 vaultsToken:0xb200…479eAllocation: 2% of the vault · $24,845

If it breaks

−30% default

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $24,845 · 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

SOLMarketChainlink2%of vault · bad debt · $21,271Oracle exposure 0.2%

2%of vault · $23,5262%of vault · $21,2710.2%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

Room to grow: $23,526 of $19.99m cap (<1% used)Aggregate Collateral Trust (ACT):$713,3116 vaultsToken:0x3119…cf82Allocation: 2% of the vault · $23,526

If it breaks

−30% default

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $23,526 · 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

cbZECMarketChainlink0.6%of vault · bad debt · $6,142Oracle exposure 0.1%

0.7%of vault · $6,7330.6%of vault · $6,1420.1%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% LLTV0xa3cb…a272Chainlink

Room to grow: $6,733 of $999,636 cap (<1% used)Aggregate Collateral Trust (ACT):$140,4879 vaultsToken:0xb200…b2ecAllocation: 0.7% of the vault · $6,733

If it breaks

−30% default

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $6,733 · 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 · $100,932

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 wstETH, NVDAc, cbXRP, WETH, weETH, cbBTC, cbETH, cbADA, AERO, cbZEC, cbDOGE, SPCXc, cbHYPE, AAPLc, METAc, GOOGLc, cbLTC, SOL, USDe, JitoSOL0xf0db…5b1b10% of vault · $100,485drainable if it is compromised
Chronicle· on-chain control not resolvedprices deSPXA<1% of vault · $0.39mispriceable if this feed lies
Unidentified feeds· vendor and on-chain control not resolvedprices mGLO<1% of vault · $446.12mispriceable if these feeds lie


Full-deposit & protocol-level(2)
	100%	Full deposit	Instant
	4%	up to 90%	Instant
Price-driven collateral stress(1)
	4%	up to 90%	Instant
Oracle & liquidation failures(6)
	4%	up to 90%	Instant
	4%	up to 90%	Instant
	4%	up to 18%	Instant
	1%	up to 14%	Instant
	3%	up to 13%	Instant
	—	up to 10%	Instant
Vault role & allocator(4)
	—	Full deposit	3 days
	—	Full deposit	Instant
	—	up to 60%	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

Owner5-of-10 multisig0x0a0e…f8dd

Curator2-of-6 multisig0x827e…ecdb

Guardiancontract0xf894…621c

Allocators6 · 1 multisig · 2 contracts · 3 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.

single key (EOA)0x7a17…4e8d
single key (EOA)0xfc58…d827
1-of-6 multisig0x0000…9da8
contract0x08bb…1b00
contract0xa090…0467
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 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 30min agoSources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql

Steakhouse High Yield USDC v1.1

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