Steakhouse ETH (Base) Morpho VaultPrice

(STEAKETH)

The Steakhouse ETH Morpho Vault is a specialized lending pool, often referred to as a "MetaMorpho" vault, developed on the Morpho protocol. It functions as a curated product where users can deposit their ETH. This deposited ETH is then strategically lent out across diverse markets with the primary goal of generating interest for the depositors.

STEAKETH serves as the unique "receipt token" issued to users upon depositing ETH into the vault. Its fundamental design dictates that its value appreciates relative to ETH as the accrued interest from the lending activities automatically compounds. Consequently, over time, the value of a single STEAKETH token will naturally exceed that of one ETH, reflecting the accumulated yield.

The vault employs a sophisticated "Dual Engine" strategy to generate yield. It strategically lends deposited ETH against two distinct categories of collateral. Firstly, it lends against blue-chip cryptocurrencies, such as wrapped staked ETH or wrapped Bitcoin, provided by borrowers. Secondly, it also lends against Real-World Assets (RWAs), which typically involve tokenized traditional financial products like treasury bills. This diversified approach aims to optimize interest earnings.

Users face several key risks. Collateral risk arises if the underlying assets securing loans decline rapidly in value, potentially leading to principal loss if liquidations are insufficient. Curator risk involves trusting Steakhouse Financial's expertise in market selection and strategy management. Furthermore, smart contract risk pertains to potential vulnerabilities or bugs within the Morpho protocol or the vault's specific code, which could be exploited.

The Steakhouse ETH Morpho Vault implements a performance-based fee structure. It typically levies a 5% performance fee, which is calculated solely on the yield generated, not on the initial deposited principal. This fee is automatically subtracted from the Annual Percentage Yield (APY) earned by the vault before the net yield is reflected in the value appreciation of your STEAKETH tokens.

While withdrawals are generally available at any time, instant access to your ETH is subject to the vault's current liquidity. If the vault experiences extremely high utilization, meaning nearly all deposited ETH is actively lent out to borrowers, you might encounter a temporary delay. In such scenarios, withdrawal availability depends on borrowers repaying their loans or new lenders depositing ETH into the vault, increasing the available liquidity.