Ethena x Steakhouse USDC on Base
V2A Morpho V2 vault on Base that lends out USDC deposits, curated by Steakhouse Financial. Depositors earn 3.89% a year right now after a 5% performance fee.
Data from Morpho's API · updated
Net APY
3.89%
after fees, paid to depositors
30-day APY
2.96%
7-day 4.19%, from the share price
Deposits
$100.9M
100.92M USDC
Withdrawable now
$41.30M
41% of deposits
Performance fee
5%
of the interest earned
Depositors
141
largest holds 0.0%
Ethena x Steakhouse USDC APY history
Net APY earned each day, from the vault's share price: after fees, without token rewards
| Day | Deposits | Net APY |
|---|
Deposits over time
Where the money goes
The markets this vault lends to right now, largest first
| Market | Lent | Share |
|---|---|---|
| USDe / USDCLLTV 91.5% | $107K | 100.0% |
| cbBTC / USDCLLTV 86% | $10.00 | <0.01% |
The curator decides which markets the vault may use and how much it may put in each (the cap). Allocators then move money between those markets within the caps. How vaults work.
What the loans are backed by
Share of this vault's lending by the collateral borrowers put up
| USDe | 100.0% |
|---|
Returns over time
Net APY actually earned over each period, from the share price: after fees, without token rewards
| Last day | 3.86% |
|---|---|
| Last 7 days | 4.19% |
| Last 30 days | 2.96% |
| Last 90 days | 3.73% |
Who controls this vault
| Curator | Steakhouse Financial |
|---|---|
| Owner | 0x639b…C5D6 |
| Timelock to raise a cap | 7 dayswait before more can go into a market |
| Timelock to add an adapter | 7 dayswait before a new kind of investment |
| Timelock to raise fees | None |
| Allocators | 7addresses that move money between markets |
| Sentinels | 0can pull money back or cut caps in an emergency |
| Created | June 12, 2026 |
Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.
Details
| Deposit asset | USDCprice $0.9997 |
|---|---|
| Vault version | Morpho Vault V2 |
| APY before fees | 4.10% |
| Vault contract | 0xBeEf…739e |
| USDC token | 0x8335…2913 |
| Network | Base |
The curator's description: "Vault designed for Ethena balance sheet allocation."
Largest depositors
141 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0x00C0…CF94 | $50.0K | 0.0% |
| 0x255c…085a | $37.0K | 0.0% |
| 0xAaFC…7Ddd | $10.1K | <0.01% |
| 0x0943…494d | $5.0K | <0.01% |
| 0x4B57…d421 | $1.4K | <0.01% |
| 0x6B4A…1707 | $1.0K | <0.01% |
| 0x0A14…49f2 | $501 | <0.01% |
| 0xCd3c…6E3C | $402 | <0.01% |
| 0x9049…f94d | $302 | <0.01% |
| 0xaABc…bbAf | $300 | <0.01% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About Ethena x Steakhouse USDC
Ethena x Steakhouse USDC is a Morpho V2 vault on Base, created on June 12, 2026. It takes USDC deposits and lends them to borrowers in 2 Morpho markets. The curator, Steakhouse Financial, decides which markets it may use and how much can go into each.
It holds $100.9M (100.92M USDC) from 141 depositors and pays a net APY of 3.89% after its 5% performance fee. Over the last 30 days depositors actually earned 2.96% a year.
Its largest position is USDe / USDC at 100% of its deposits, followed by cbBTC / USDC (<0.01%). Counting every market, its loans are backed mainly by USDe (100%). 41% of deposits could be withdrawn right now.
Adding a market or raising how much can go into one waits behind a timelock of 7 days, which gives depositors time to leave first. Morpho's app shows no warnings for this vault.
Ethena x Steakhouse USDC: quick answers
What is the APY of Ethena x Steakhouse USDC on Base?
Ethena x Steakhouse USDC pays 3.89% net APY right now, after its fees. Measured from the growth of its share price, it paid 2.96% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Ethena x Steakhouse USDC lend against?
It lends USDC through 2 Morpho markets. The biggest is USDe / USDC with 100% of its deposits. Overall its loans are backed mainly by USDe (100%).
Can I withdraw from Ethena x Steakhouse USDC right now?
About $41.30M of its $100.9M in deposits (41%) could be withdrawn immediately. The rest is lent out and frees up as borrowers repay or as higher rates bring in new lenders.
Who runs Ethena x Steakhouse USDC and what does it charge?
Steakhouse Financial curates it. It keeps 5% of the interest earned as a performance fee. The net APY shown is after these fees.
What are the risks of Ethena x Steakhouse USDC?
Like every Morpho vault, it can lose money if a borrower's collateral crashes faster than it can be liquidated, if a price oracle fails, or through a smart contract bug. Withdrawals can wait when its markets are fully borrowed. Adding a market or raising a cap waits behind a timelock of 7 days. This is not advice.
Other USDC vaults
The same deposit asset, other curators and networks
