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Steakhouse EURC

Risk reportBase0xbeef…6ab5

Risk

Depositing into Steakhouse EURC 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?
34%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 15% of deposit

Driven by cbBTC −30% 13% · wstETH −30% 1% · cbETH −30% <1% · other <1% · −100% 82% modeled all-to-zero bad-debt ceiling

cbBTCcbBTCMarket72%of vault · bad debt · $651,825.41Oracle exposure 16%

What it's made of

Market· Chainlink(aggregator)

cbBTC is priced via BTC / USD, quoted in EUR / USD — 2-hop market-rate feeds (Chainlink).

BaseBTC / USDMarketChainlinkQuoteEUR / USDMarketChainlink
Markets this collateral backs · 1
  • → EURC86% LLTV0xa857…d799Chainlink
Room to grow: $797,540.88 of $11.59m cap (7% used)Aggregate Collateral Trust (ACT):$190.01m64 vaultsToken:0xcbb7…33bfAllocation: 89% of the vault · $797,540.88

If it breaks

−30% default
At −30%:est. bad debt up to 13% of depositUses 1 market LLTV curve · capped at allocation $797,540.88 · drag to set this asset's drop
Oracle exposure: up to 16% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price
wstETHwstETHMarket8%of vault · bad debt · $69,105Oracle exposure 1%

What it's made of

Market· Chainlink(aggregator)

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

BaseWSTETH / ETHMarketChainlinkETH / USDMarketChainlinkQuoteEUR / USDMarketChainlink
Markets this collateral backs · 1
  • → EURC86% LLTV0xa541…54f4Chainlink
Room to grow: $81,911.43 of $11.59m cap (<1% used)Aggregate Collateral Trust (ACT):$51.71m50 vaultsToken:0xc1cb…e452Allocation: 9% of the vault · $81,911.43

If it breaks

−30% default
At −30%:est. bad debt up to 1% of depositUses 1 market LLTV curve · capped at allocation $81,911.43 · drag to set this asset's drop
Oracle exposure: up to 1% of vault drainable if the feed is compromisedseparate path: an attacker borrows against a fake price
cbETHcbETHHybrid1%of vault · bad debt · $11,935.25Oracle exposure 0.2%

What it's made of

Hybrid· Chainlink(aggregator)

Mixes market and exchange-rate inputs — partial depeg insulation, partial market exposure.

Markets this collateral backs · 1
  • → EURC86% LLTV0x8c87…fe2fChainlink
Room to grow: $13,924.28 of $11.59m cap (<1% used)Aggregate Collateral Trust (ACT):$75.64m59 vaultsToken:0x2ae3…ec22Allocation: 2% of the vault · $13,924.28

If it breaks

−30% default
At −30%:est. bad debt up to 0.2% of depositUses 1 market LLTV curve · capped at allocation $13,924.28 · 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
WETHWETHMarket0.6%of vault · bad debt · $5,257.62Oracle exposure 0.1%

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
  • → EURC86% LLTV0xe1bb…4b37Chainlink
Room to grow: $6,595.22 of $11.59m cap (<1% used)Aggregate Collateral Trust (ACT):$62.3m50 vaultsToken:0x4200…0006Allocation: 0.7% of the vault · $6,595.22

If it breaks

−30% default
At −30%:est. bad debt up to 0.1% of depositUses 1 market LLTV curve · capped at allocation $6,595.22 · 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 to18%of vault drainable if these feeds are mispriced · $161,848.53

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 wstETH, WETH, cbBTC, cbETH0xf0db…5b1b18% of vault · $161,848.53drainable if it is compromised
Updated Sep 12, 2026Sources:on-chain reads via @defillama/sdkhttps://hub.snapshot.org/graphqlhttps://api.morpho.org/graphql