Smokehouse USDC on Ethereum
A Morpho vault on Ethereum that lends out USDC deposits, curated by Steakhouse Financial. Depositors earn 5.56% a year right now after a 10% performance fee.
Data from Morpho's API · updated
Net APY
5.56%
after fees, paid to depositors
30-day APY
6.20%
7-day 6.16%, from the share price
Deposits
$10.74M
10.74M USDC
Withdrawable now
$10.74M
100% of deposits
Performance fee
10%
of the interest earned
Depositors
427
largest holds 31.0%
Smokehouse 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 |
|---|---|---|
| wFalconX / USDCLLTV 91.5% | $3.90M | 31.6% |
| PT-reUSD-10DEC2026 / USDCLLTV 91.5% | $2.96M | 24.0% |
| weETH / USDCLLTV 86% | $2.69M | 21.8% |
| mF-ONE / USDCLLTV 91.5% | $2.66M | 21.6% |
| PT-sUSDS-26NOV2026 / USDCLLTV 91.5% | $123K | 1.0% |
| TSLAon / USDCLLTV 62.5% · under $1,000, not tracked here | $11.00 | <0.01% |
| reUSD / USDCLLTV 91.5% | $0 | 0.0% |
| cbBTC / USDCLLTV 86% | $0 | 0.0% |
| AA_FalconXUSDC / USDCLLTV 77% | $0 | 0.0% |
| cbBTC / USDCLLTV 86% | $0 | 0.0% |
| weETH / USDCLLTV 77% | $0 | 0.0% |
| sUSDe / USDCLLTV 91.5% | $0 | 0.0% |
| steakEURCV / USDCLLTV 91.5% | $0 | 0.0% |
| FLHYon / USDCLLTV 86% · under $1,000, not tracked here | $0 | 0.0% |
| USCC / USDCLLTV 91.5% · under $1,000, not tracked here | $0 | 0.0% |
| Idle cashnot lent out | $0 | 0.0% |
| wstETH / USDCLLTV 86% | $0 | 0.0% |
| WETH / USDCLLTV 86% | $0 | 0.0% |
| weETH / USDCLLTV 86% | $0 | 0.0% |
| WBTC / USDCLLTV 86% | $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
| mF-ONE | 33.0% |
|---|---|
| wFalconX | 32.0% |
| PT-reUSD-10DEC2026 | 24.3% |
| steakEURCV | 7.6% |
| PT-sUSDS-26NOV2026 | 1.8% |
| cbBTC | 1.4% |
Returns over time
Net APY actually earned over each period, from the share price: after fees, without token rewards
| Last day | 5.58% |
|---|---|
| Last 7 days | 6.16% |
| Last 30 days | 6.20% |
| Last 90 days | 5.16% |
| Last year | 5.38% |
Who controls this vault
| Curator | Steakhouse Financial |
|---|---|
| Owner | 0x0A0e…f8DD5-of-10 multisig |
| Guardian | 0x94aa…27D3 |
| Timelock | 3 dayswait before risky changes take effect |
| Allocators | 7addresses that move money between markets |
| Created | December 5, 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 | 6.19% |
| Public allocator | Onborrowers can pull liquidity between this vault's markets |
| Vault contract | 0xBEeF…f5bC |
| USDC token | 0xA0b8…eB48 |
| Network | Ethereum |
The curator's description: "The Smokehouse USDC vault aims to optimize for yield on a wide range of collaterals."
Largest depositors
427 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0xEA1C…3B36 | $3.33M | 31.0% |
| 0x6bB9…adf3 | $1.60M | 14.9% |
| 0x4fD0…12Da | $980K | 9.1% |
| 0x39be…705D | $554K | 5.2% |
| 0x4D0E…0B65 | $522K | 4.9% |
| 0xdb4F…DC00 | $500K | 4.7% |
| 0x1eB1…F2bb | $456K | 4.2% |
| 0xaD26…9a76 | $390K | 3.6% |
| 0x0547…74f3 | $349K | 3.3% |
| 0x774d…d587 | $347K | 3.2% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About Smokehouse USDC
Smokehouse USDC is a MetaMorpho vault (Morpho V1) on Ethereum, created on December 5, 2024. It takes USDC deposits and lends them to borrowers in 6 Morpho markets. The curator, Steakhouse Financial, decides which markets it may use and how much can go into each.
It holds $10.74M (10.74M USDC) from 427 depositors and pays a net APY of 5.56% after its 10% performance fee. Over the last 30 days depositors actually earned 6.20% a year, and 5.38% over the last year.
Its largest position is wFalconX / USDC at 32% of its deposits, followed by PT-reUSD-10DEC2026 / USDC (24%) and weETH / USDC (22%). Counting every market, its loans are backed mainly by mF-ONE (33%), wFalconX (32%) and PT-reUSD-10DEC2026 (24%). 100% of deposits could be withdrawn right now.
Adding a market or raising how much can go into one waits behind a timelock of 3 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.
Smokehouse USDC: quick answers
What is the APY of Smokehouse USDC on Ethereum?
Smokehouse USDC pays 5.56% net APY right now, after its fees. Measured from the growth of its share price, it paid 6.20% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Smokehouse USDC lend against?
It lends USDC through 6 Morpho markets. The biggest is wFalconX / USDC with 32% of its deposits. Overall its loans are backed mainly by mF-ONE (33%), wFalconX (32%) and PT-reUSD-10DEC2026 (24%).
Can I withdraw from Smokehouse USDC right now?
Yes: all of its $10.74M 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 Smokehouse USDC and what does it charge?
Steakhouse Financial curates it. It keeps 10% of the interest earned as a performance fee. The net APY shown is after these fees.
What are the risks of Smokehouse 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 3 days. This is not advice.
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