Steakhouse USDC on Base
A Morpho vault on Base that lends out USDC deposits, curated by Steakhouse Financial. Depositors earn 3.37% a year right now after a 25% performance fee.
Data from Morpho's API · updated
Net APY
3.37%
after fees, paid to depositors
30-day APY
3.87%
7-day 3.99%, from the share price
Deposits
$104.5M
104.50M USDC
Withdrawable now
$104.4M
100% of deposits
Performance fee
25%
of the interest earned
Depositors
84,634
largest holds 4.2%
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 |
|---|---|---|
| cbBTC / USDCLLTV 86% | $111.6M | 97.3% |
| cbETH / USDCLLTV 77% | $3.01M | 2.6% |
| WETH / USDCLLTV 86% | $61.5K | 0.1% |
| cbETH / USDCLLTV 86% | $50.2K | 0.0% |
| wstETH / USDCLLTV 86% | $2.00 | <0.01% |
| Idle cashnot lent out | $0 | 0.0% |
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
| cbBTC | 92.7% |
|---|---|
| WETH | 4.5% |
| cbETH | 2.7% |
Returns over time
Net APY actually earned over each period, from the share price: after fees, without token rewards
| Last day | 3.36% |
|---|---|
| Last 7 days | 3.99% |
| Last 30 days | 3.87% |
| Last 90 days | 3.33% |
| Last year | 3.44% |
Who controls this vault
| Curator | Steakhouse Financial |
|---|---|
| Owner | 0x0A0e…f8DD5-of-10 multisig |
| Guardian | 0x9e0F…eAf5 |
| Timelock | 7 dayswait before risky changes take effect |
| Allocators | 7addresses that move money between markets |
| Created | May 31, 2024 |
Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.
Details
| Deposit asset | USDCprice $0.9997 |
|---|---|
| Vault version | MetaMorpho (V1) |
| APY before fees | 4.52% |
| Public allocator | Onborrowers can pull liquidity between this vault's markets |
| Vault contract | 0xbeeF…8183 |
| USDC token | 0x8335…2913 |
| Network | Base |
The curator's description: "The Steakhouse USDC vault aims to optimize yields by lending USDC against blue chip crypto and real world asset (RWA) collateral markets, depending on market conditions. We call this the “dual engine.”"
Largest depositors
84,634 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0xE612…7f80 | $4.43M | 4.2% |
| 0xA223…116F | $4.13M | 4.0% |
| 0xF778…151e | $1.88M | 1.8% |
| 0x2Bf8…1030 | $1.32M | 1.3% |
| 0x7505…3A4d | $1.12M | 1.1% |
| 0x794e…61A1 | $1.08M | 1.0% |
| 0x7d03…692d | $1.02M | 1.0% |
| 0xfFa1…043F | $1.02M | 1.0% |
| 0x2100…7453 | $1.02M | 1.0% |
| 0x8087…9C27 | $857K | 0.8% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About Steakhouse USDC
Steakhouse USDC is a MetaMorpho vault (Morpho V1) on Base, created on May 31, 2024. It takes USDC deposits and lends them to borrowers in 5 Morpho markets. The curator, Steakhouse Financial, decides which markets it may use and how much can go into each.
It holds $104.5M (104.50M USDC) from 84,634 depositors and pays a net APY of 3.37% after its 25% performance fee. Over the last 30 days depositors actually earned 3.87% a year, and 3.44% over the last year.
Its largest position is cbBTC / USDC at 97% of its deposits, followed by cbETH / USDC (3%) and WETH / USDC (0%). Counting every market, its loans are backed mainly by cbBTC (93%), WETH (4%) and cbETH (3%). 100% 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. The owner is a 5-of-10 multisig wallet. Morpho's app shows no warnings for this vault.
Steakhouse USDC: quick answers
What is the APY of Steakhouse USDC on Base?
Steakhouse USDC pays 3.37% net APY right now, after its fees. Measured from the growth of its share price, it paid 3.87% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Steakhouse USDC lend against?
It lends USDC through 5 Morpho markets. The biggest is cbBTC / USDC with 97% of its deposits. Overall its loans are backed mainly by cbBTC (93%), WETH (4%) and cbETH (3%).
Can I withdraw from Steakhouse USDC right now?
Yes: all of its $104.5M in deposits could be withdrawn immediately, because the markets it lends to have enough unborrowed USDC left. That can change quickly when borrowing picks up.
Who runs Steakhouse USDC and what does it charge?
Steakhouse Financial curates it. It keeps 25% of the interest earned as a performance fee. The net APY shown is after these fees.
What are the risks of 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
