Steakhouse EURCV

Risk reportEthereum0x7574…e3ff

Risk

Depositing into Steakhouse EURCV 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)

$1.14mrealistic worst · −50% collateral crashup to $2.94mSmart-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 15 Dec, 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 $536,112

tap a preset or drag

Driven by WBTC $199,972 · wstETH $151,849 · EUTBL $108,144 · other $76,146 · −100% $2.66m modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

WBTCMarketChainlink$1.07m37% of vault · bad debtOracle exposure $112,341

$1.19m40% of vault$1.07m37% of vault$112,341separate 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 / USDMarketChainlinkQuoteEUR / USDMarketChainlink

Markets this collateral backs · 2

→ EURCV86% LLTV0x4072…a8e4Chainlink
→ EURCV86% LLTV0xd954…0415Chainlink

Room to grow: $1.19m of $68.58m cap (2% used)Aggregate Collateral Trust (ACT):$430.62m144 vaultsToken:0x2260…c599Allocation: $1.19m · 40% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $199,972Uses 2 market LLTV curves · capped at allocation $1.19m · inherits vault-wide stress

Oracle exposure: up to $112,341 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

wstETHMarketChainlink$816,19128% of vault · bad debtOracle exposure $85,817

$902,00831% of vault$816,19128% of vault$85,817separate path

What it's made of

Market· Chainlink(composite)

wstETH is priced via Custom price feed for wstETH / ETH × ETH / USD, quoted in EUR / USD — 3-hop market-rate feeds (Chainlink).

BaseCustom price feed for wstETH / ETHMarketETH / USDMarketChainlinkQuoteEUR / USDMarketChainlink

Markets this collateral backs · 2

→ EURCV86% LLTV0x44d6…dd90Chainlink
→ EURCV86% LLTV0xf13b…c5a1Chainlink

Room to grow: $902,008 of $171.45m cap (<1% used)Aggregate Collateral Trust (ACT):$831.51m163 vaultsToken:0x7f39…2ca0Allocation: $902,008 · 31% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $151,849Uses 2 market LLTV curves · capped at allocation $902,008 · inherits vault-wide stress

Oracle exposure: up to $85,817 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

EUTBLHybridChainlink$393,80813% of vault · bad debtOracle exposure $41,094

$434,90215% of vault$393,80813% of vault$41,094separate path

What it's made of

Hybrid· Chainlink(aggregator)

EUTBL is priced from an exchange-rate/NAV leg (EUTBL NAV) — no market-rate feed, so it tracks redemption value, not market price.

BaseEUTBL NAVNAVChainlink

Heartbeat 27h

Markets this collateral backs · 1

→ EURCV97% LLTV0xf071…43d9Chainlink

Room to grow: $434,902 of $114.3m cap (<1% used)Aggregate Collateral Trust (ACT):$276,1544 vaultsToken:0xa076…fc80Allocation: $434,902 · 15% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $108,144Uses 1 market LLTV curve · capped at allocation $434,902 · inherits vault-wide stress

Oracle exposure: up to $41,094 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

cbBTCMarketChainlink$259,5069% of vault · bad debtOracle exposure $27,763

$287,26910% of vault$259,5069% of vault$27,763separate path

What it's made of

Market· Chainlink(aggregator, composite, managed)

cbBTC uses a composite oracle path; verified external provider(s): Chainlink.

BaseBTC / USDMarketChainlinkQuoteEUR / USDMarketChainlink

Markets this collateral backs · 2

→ EURCV86% LLTV0xba75…6e47Chainlink
→ EURCV86% LLTV0xd08d…1c0eChainlink

Room to grow: $287,269 of $171.45m cap (<1% used)Aggregate Collateral Trust (ACT):$284.96m147 vaultsToken:0xcbb7…33bfAllocation: $287,269 · 10% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $48,280Uses 2 market LLTV curves · capped at allocation $287,269 · inherits vault-wide stress

Oracle exposure: up to $27,763 drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

steakUSDCHybridChainlink$118,5924% of vault · bad debtOracle exposure $12,363

$130,9554% of vault$118,5924% of vault$12,363separate path

What it's made of

Hybrid· Chainlink(managed)

steakUSDC 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

→ EURCV92% LLTV0x74ec…44c2Chainlink

Room to grow: $118,644 of $11.43m cap (1% used)Aggregate Collateral Trust (ACT):$12,8764 vaultsToken:0xbeef…0f51Allocation: $130,955 · 4% of the vault

If it breaks

vault −30%

At −30%:est. bad debt up to $27,866Uses 1 market LLTV curve · capped at allocation $130,955 · inherits vault-wide stress

Oracle exposure: up to $12,363 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$279,378drainable if these feeds are mispriced · 9% 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, steakUSDC, EUTBL, eurSAFO0x21f7…73ca$279,378 · 9% 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.

11 scenarios · 9 with no time to exit

Collateral drop


Full-deposit & protocol-level(2)
	100%	$2.94m	Full deposit	Instant
	18%	$536,112	up to $2.66m	Instant
Price-driven collateral stress(1)
	18%	$536,112	up to $2.66m	Instant
Oracle & liquidation failures(4)
	18%	$536,112	up to $2.66m	Instant
	13%	$390,232	up to $1.88m	Instant
	10%	$303,139	up to $1.41m	Instant
	—	—	up to $279,378	Instant
Vault role & allocator(4)
	—	—	Full deposit	7 days
	—	—	Full deposit	Instant
	—	—	up to $2.66m	Instant
	—	—	up to $1.47m	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

Guardiancontract0x82c7…c36a

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.

contract0x9e91…f9e1
1-of-5 multisig0x29d4…74f7
contract0xfd32…c75d
single key (EOA)0xfeed…3c9a

Audits

361 critical, 13 high findings logged

Certora· 15 Dec, 2025report
Blackthorn· 4 Dec, 2025report
Spearbit· 4 Dec, 2025report
Blackthorn· 15 Sep, 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

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