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)

40%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 19% of deposit

Driven by WBTC −30% 9% · steakUSDC −30% 6% · eurSAFO −30% 2% · other 2% · −100% 91% modeled all-to-zero bad-debt ceiling

CollateralAllocationMarket ExposureOracle Exposure

WBTCMarketChainlink47%of vault · bad debt · $855,265.89Oracle exposure 5%

52%of vault · $945,920.847%of vault · $855,265.895%separate path

What it's made of

Market· Chainlink(managed, aggregator)

WBTC is priced via WBTC / BTC × BTC / USD, quoted in EUR / USD — 3-hop market-rate feeds (Chainlink).

BaseWBTC / BTCMarketChainlinkBTC / USDMarketChainlinkQuoteEUR / USDMarketChainlink

Heartbeat 24h · Deviation 50bps

Markets this collateral backs · 2

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

Room to grow: $945,920.8 of $69.65m cap (1% used)Aggregate Collateral Trust (ACT):$424.62m140 vaultsToken:0x2260…c599Allocation: 52% of the vault · $945,920.8

If it breaks

−30% default

At −30%:est. bad debt up to 9% of depositUses 2 market LLTV curves · capped at allocation $945,920.8 · 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

steakUSDCHybridChainlink27%of vault · bad debt · $482,855.94Oracle exposure 2%

29%of vault · $518,204.0727%of vault · $482,855.942%separate 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: $518,204.07 of $11.61m cap (4% used)Aggregate Collateral Trust (ACT):$45,615.285 vaultsToken:0xbeef…0f51Allocation: 29% of the vault · $518,204.07

If it breaks

−30% default

At −30%:est. bad debt up to 6% of depositUses 1 market LLTV curve · capped at allocation $518,204.07 · 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

eurSAFOMarketChainlink9%of vault · bad debt · $163,257.24Oracle exposure 1.0%

10%of vault · $180,916.39%of vault · $163,257.241.0%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

→ EURCV95% LLTV0x8bb5…1409Chainlink

Room to grow: $180,916.3 of $5.8m cap (3% used)Aggregate Collateral Trust (ACT):$29,779.953 vaultsToken:0x0990…c8b0Allocation: 10% of the vault · $180,916.3

If it breaks

−30% default

At −30%:est. bad debt up to 2% of depositUses 1 market LLTV curve · capped at allocation $180,916.3 · drag to set this asset's drop

Oracle exposure: up to 1.0% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price

wstETHMarketChainlink6%of vault · bad debt · $115,018.52Oracle exposure 0.7%

7%of vault · $127,198.96%of vault · $115,018.520.7%separate 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: $127,198.9 of $174.11m cap (<1% used)Aggregate Collateral Trust (ACT):$951.67m162 vaultsToken:0x7f39…2ca0Allocation: 7% of the vault · $127,198.9

If it breaks

−30% default

At −30%:est. bad debt up to 1% of depositUses 2 market LLTV curves · capped at allocation $127,198.9 · 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

cbBTCMarketChainlink2%of vault · bad debt · $36,923.63Oracle exposure 0.2%

2%of vault · $40,839.422%of vault · $36,923.630.2%separate 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: $40,839.42 of $174.11m cap (<1% used)Aggregate Collateral Trust (ACT):$341.69m153 vaultsToken:0xcbb7…33bfAllocation: 2% of the vault · $40,839.42

If it breaks

−30% default

At −30%:est. bad debt up to 0.4% of depositUses 2 market LLTV curves · capped at allocation $40,839.42 · 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

EUTBLHybridChainlink<0.1%of vault · bad debt · $99.19Oracle exposure <0.1%

<0.1%of vault · $110.05<0.1%of vault · $99.19<0.1%separate 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: $110.05 of $116.08m cap (<1% used)Aggregate Collateral Trust (ACT):$300,842.44 vaultsToken:0xa076…fc80Allocation: <0.1% of the vault · $110.05

If it breaks

−30% default

At −30%:est. bad debt up to <0.1% of depositUses 1 market LLTV curve · capped at allocation $110.05 · 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

Oracle dependencies

1 feed · 1 control point

Up to9%of vault drainable if these feeds are mispriced · $159,769.13

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…73ca9% of vault · $159,769.13drainable if it is compromised

Loss scenarios

Each row is a distinct failure, and every loss is a share of your deposit — the same percentage whatever you deposited. Loss is that share at a −30% collateral crash, the standard stress; Worst case is the ceiling if everything goes wrong, a conditional loss if it happens rather than a likelihood. Open a row for the loss at every crash depth, the dollar amounts, conditions, and the math.

12 scenarios · 10 with no time to exit · loss as % of deposit


Full-deposit & protocol-level(2)
	100%	Full deposit	Instant
	19%	up to 91%	Instant
Price-driven collateral stress(1)
	19%	up to 91%	Instant
Oracle & liquidation failures(5)
	19%	up to 91%	Instant
	16%	up to 77%	Instant
	6%	up to 70%	Instant
	13%	up to 64%	Instant
	—	up to 9%	Instant
Vault role & allocator(4)
	—	Full deposit	7 days
	—	Full deposit	Instant
	—	up to 91%	Instant
	—	up to 50%	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· 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 2.56m

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 Sep 5, 2026Sources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql