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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)

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% · −100% 90% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

cbXRPMarketChainlink67%of vault · bad debt · $574,223Oracle exposure 7%

74%of vault · $636,40267%of vault · $574,2237%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

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

Room to grow: $636,402 of $21m cap (3% used)Aggregate Collateral Trust (ACT):$6.34m15 vaultsToken:0xcb58…a4afAllocation: 74% of the vault · $636,402

If it breaks

−30% default

At −30%:no modeled bad debtUses 2 market LLTV curves · capped at allocation $636,402 · 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 · $92,841Oracle exposure 1%

12%of vault · $103,09811%of vault · $92,8411%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 · 1

→ USDC92% LLTV0x182e…a109

Room to grow: $103,098 of $10m cap (1% used)Aggregate Collateral Trust (ACT):$9.35m8 vaultsToken:0xfcc9…2584Allocation: 12% of the vault · $103,098

If it breaks

−30% default

At −30%:est. bad debt up to 3% of depositUses 1 market LLTV curve · capped at allocation $103,098 · 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

cbADAMarketChainlink5%of vault · bad debt · $44,035Oracle exposure 0.6%

6%of vault · $48,8345%of vault · $44,0350.6%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

Room to grow: $48,834 of $13m cap (<1% used)Aggregate Collateral Trust (ACT):$1.41m10 vaultsToken:0xcbad…7b8cAllocation: 6% of the vault · $48,834

If it breaks

−30% default

At −30%:no modeled bad debtUses 2 market LLTV curves · capped at allocation $48,834 · drag to set this asset's drop

Oracle exposure: up to 0.6% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

cbLTCMarketChainlink4%of vault · bad debt · $34,156Oracle exposure 0.4%

4%of vault · $37,9244%of vault · $34,1560.4%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

Room to grow: $37,924 of $5m cap (<1% used)Aggregate Collateral Trust (ACT):$91,85111 vaultsToken:0xcb17…445fAllocation: 4% of the vault · $37,924

If it breaks

−30% default

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $37,924 · 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

cbDOGEMarketChainlink2%of vault · bad debt · $21,014Oracle exposure 0.3%

3%of vault · $23,3272%of vault · $21,0140.3%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

Room to grow: $23,327 of $5m cap (<1% used)Aggregate Collateral Trust (ACT):$277,23611 vaultsToken:0xcbd0…b510Allocation: 3% of the vault · $23,327

If it breaks

−30% default

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $23,327 · 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

cbZECMarketChainlink1%of vault · bad debt · $8,733Oracle exposure 0.1%

1%of vault · $9,6521%of vault · $8,7330.1%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

Room to grow: $9,652 of $999,793 cap (<1% used)Aggregate Collateral Trust (ACT):$309,2499 vaultsToken:0xb200…b2ecAllocation: 1% of the vault · $9,652

If it breaks

−30% default

At −30%:no modeled bad debtUses 1 market LLTV curve · capped at allocation $9,652 · 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 · $951Oracle exposure <0.1%

0.1%of vault · $1,0540.1%of vault · $951<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

Room to grow: $1,054 of $10m cap (<1% used)Aggregate Collateral Trust (ACT):$2,6925 vaultsToken:0x9c5c…9685Allocation: 0.1% of the vault · $1,054

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $1,054 · 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

+10 markets with no current position

Oracle dependencies

2 feeds1 control point

Up to10%of vault drainable if these feeds are mispriced · $84,338

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 wstETH, cbXRP, WETH, weETH, cbBTC, cbETH, cbADA, cbZEC, cbDOGE, cbHYPE, cbLTC, SOL, USDe, JitoSOL0xf0db…5b1b9% of vault · $73,978drainable if it is compromised
Chronicle· onchain control not resolvedprices deSPXA<1% of vault · $102.74mispriceable if this feed lies
Unidentified feeds· vendor and onchain control not resolvedprices mGLO1% of vault · $10,258mispriceable if these feeds lie


Full-deposit & protocol-level(2)
	100%	Full deposit	Instant
	3%	up to 90%	Instant
Price-driven collateral stress(1)
	3%	up to 90%	Instant
Oracle & liquidation failures(4)
	3%	up to 90%	Instant
	3%	up to 90%	Instant
	3%	up to 11%	Instant
	—	up to 10%	Instant
Vault role & allocator(4)
	—	Full deposit	3 days
	—	Full deposit	Instant
	—	up to 78%	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

Curator3-of-9 multisig0x827e…ecdb

Guardiancontract0xf894…621c

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.

contract0xbeef…beef
single key (EOA)0x7a17…4e8d
single key (EOA)0xfc58…d827
1-of-7 multisig0x0000…9da8
contract0x08bb…1b00
contract0xa090…0467
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 4min 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

Oracle dependencies

Loss scenarios

Trust and control

Vault operators

Audits

Governance & control

Dependencies that can affect your deposit

Market Specific oracle