# Table of Contents - [Information Hub | Steakhouse Financial](#information-hub-steakhouse-financial) - [Privacy Policy | Documents | Steakhouse Financial](#privacy-policy-documents-steakhouse-financial) - [Terms & Conditions | Documents | Steakhouse Financial](#terms-conditions-documents-steakhouse-financial) - [Market Overview | Markets | Steakhouse Financial](#market-overview-markets-steakhouse-financial) - [Documents | Steakhouse Financial](#documents-steakhouse-financial) - [Steakhouse Financial Products | Products | Steakhouse Financial](#steakhouse-financial-products-products-steakhouse-financial) - [Overview of the Risk Framework | Risk Management | Steakhouse Financial](#overview-of-the-risk-framework-risk-management-steakhouse-financial) - [Ongoing Risk Monitoring | Risk Management | Steakhouse Financial](#ongoing-risk-monitoring-risk-management-steakhouse-financial) - [Collateral Standards | Risk Management | Steakhouse Financial](#collateral-standards-risk-management-steakhouse-financial) - [DeFi Vaults | Documents | Steakhouse Financial](#defi-vaults-documents-steakhouse-financial) - [Adjusted Asset Rating | Risk Management | Steakhouse Financial](#adjusted-asset-rating-risk-management-steakhouse-financial) - [Vault Setup and Controls | Risk Management | Steakhouse Financial](#vault-setup-and-controls-risk-management-steakhouse-financial) - [Allocation Process | Risk Management | Steakhouse Financial](#allocation-process-risk-management-steakhouse-financial) - [Morpho Vaults | Products | Steakhouse Financial](#morpho-vaults-products-steakhouse-financial) - [Portfolio Monitoring | Risk Management | Steakhouse Financial](#portfolio-monitoring-risk-management-steakhouse-financial) - [Final Market Rating | Risk Management | Steakhouse Financial](#final-market-rating-risk-management-steakhouse-financial) - [Alert System | Risk Management | Steakhouse Financial](#alert-system-risk-management-steakhouse-financial) - [Market Rating (Layer 3) | Risk Management | Steakhouse Financial](#market-rating-layer-3-risk-management-steakhouse-financial) - [Platform Rating (Layer 2) | Risk Management | Steakhouse Financial](#platform-rating-layer-2-risk-management-steakhouse-financial) - [Layers, Pillars and Criteria | Risk Management | Steakhouse Financial](#layers-pillars-and-criteria-risk-management-steakhouse-financial) - [Assets | Documents | Steakhouse Financial](#assets-documents-steakhouse-financial) - [Privacy Policy | Documents | Steakhouse Financial](#privacy-policy-documents-steakhouse-financial) - [Asset Rating (Layer 1) | Risk Management | Steakhouse Financial](#asset-rating-layer-1-risk-management-steakhouse-financial) - [Morpho V1 Markets | Markets | Steakhouse Financial](#morpho-v1-markets-markets-steakhouse-financial) - [Assets | Documents | Steakhouse Financial](#assets-documents-steakhouse-financial) --- # Information Hub | Steakhouse Financial [](https://www.steakhouse.financial/docs#steakhouse-financial-or-information-hub) Steakhouse Financial | Information Hub ----------------------------------------------------------------------------------------------------------------------------- Repository for risk management, policies and more in-depth information about how we work. [Get in touch](https://steakhouse.notion.site/258a4ef3031c809e88e7c50331ca1236?pvs=105) * * * [](https://www.steakhouse.financial/docs/risk-management/collateral/collateral-standards) ![Cover](https://steakhouse.financial/docs/~gitbook/image?url=https%3A%2F%2F740060604-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDWw0nUOnCQSKc6FatMQ3%252Fuploads%252FCc03EzmNiKLvRBZu8mfW%252FCollateral%2520Risk%2520Framework.png%3Falt%3Dmedia%26token%3Dd6f7541e-aa5a-409d-973a-acdf91084d9f&width=490&dpr=4&quality=100&sign=4581967a&sv=2) #### [](https://www.steakhouse.financial/docs#undefined) **Collateral Risk Framework** Understand our underwriting framework and collateral onboarding selection [](https://www.steakhouse.financial/docs/risk-management/monitoring/ongoing-risk-monitoring) ![Cover](https://steakhouse.financial/docs/~gitbook/image?url=https%3A%2F%2F740060604-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDWw0nUOnCQSKc6FatMQ3%252Fuploads%252F8HM6tuDne9a6rsp9jdI0%252FRisk%2520Monitoring.png%3Falt%3Dmedia%26token%3D16e16b28-015e-46d2-aa45-f8e63c935ab5&width=490&dpr=4&quality=100&sign=f5df1015&sv=2) **Risk Monitoring** Overview of our ongoing risk monitoring and management policies [](https://steakhouse.financial/docs/markets/) ![Cover](https://steakhouse.financial/docs/~gitbook/image?url=https%3A%2F%2F740060604-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDWw0nUOnCQSKc6FatMQ3%252Fuploads%252F4y0yTvFfRfi68qnnCbmG%252FMarket%2520Overview.png%3Falt%3Dmedia%26token%3D390ac5e8-6414-4ee4-ad34-e63c79c48fa2&width=490&dpr=4&quality=100&sign=d58fd5a7&sv=2) #### [](https://www.steakhouse.financial/docs#undefined-1) **Market Overview** Updated repository with collateral risk scoring for each market we expose users to [](https://steakhouse.financial/docs/products/) ![Cover](https://steakhouse.financial/docs/~gitbook/image?url=https%3A%2F%2F740060604-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDWw0nUOnCQSKc6FatMQ3%252Fuploads%252FnahOMjFuuXp1iJUsulZT%252FProduct%2520Overview.png%3Falt%3Dmedia%26token%3Dd9ac41ac-4834-4b6a-835e-e604c690858d&width=490&dpr=4&quality=100&sign=9c55f398&sv=2) **Product Overview** Overview of our range of products [](https://steakhouse.financial/docs/documents/) ![Cover](https://steakhouse.financial/docs/~gitbook/image?url=https%3A%2F%2F740060604-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDWw0nUOnCQSKc6FatMQ3%252Fuploads%252FKPtHZwBwzLlOTDpYnYsn%252FDocuments.png%3Falt%3Dmedia%26token%3De5e02799-b0a2-4727-9a3d-e5dfbec75595&width=490&dpr=4&quality=100&sign=ca721984&sv=2) **Documents** Key terms & conditions and disclosures [](https://steakhouse.financial/) ![Cover](https://steakhouse.financial/docs/~gitbook/image?url=https%3A%2F%2F740060604-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDWw0nUOnCQSKc6FatMQ3%252Fuploads%252FpdgjtFEEjey7TtbuP32Q%252FGitbook.png%3Falt%3Dmedia%26token%3D659ac12b-4502-4f9d-8461-93c26a9b2960&width=490&dpr=4&quality=100&sign=7eb8ea14&sv=2) **Home** Return to the main site * * * ### [](https://www.steakhouse.financial/docs#build-with-steakhouse) Build with Steakhouse We work together with our partners to build winning products with all the guarantees and transparency of onchain applications. Use or offer winning products at institutional scale. [Get in touch](https://steakhouse.notion.site/ebd/258a4ef3031c809e88e7c50331ca1236) ![](https://steakhouse.financial/docs/~gitbook/image?url=https%3A%2F%2F740060604-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDWw0nUOnCQSKc6FatMQ3%252Fuploads%252F6D4RTKR9IQKG1QODUItO%252FCreds.svg%3Falt%3Dmedia%26token%3D054d5cfe-e018-486f-b6d6-7f2b98d04dcb&width=768&dpr=4&quality=100&sign=bdd7b933&sv=2)![](https://steakhouse.financial/docs/~gitbook/image?url=https%3A%2F%2F740060604-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FDWw0nUOnCQSKc6FatMQ3%252Fuploads%252FY1BqfJa9bAkVubYcFeM4%252FCreds-dark.svg%3Falt%3Dmedia%26token%3D40a552c3-8daa-4668-b13a-62a1fa044684&width=768&dpr=4&quality=100&sign=78c72374&sv=2) --- # Privacy Policy | Documents | Steakhouse Financial **Scope of this Privacy Policy** This Privacy Policy applies to your use of the website/s located at [steakhouse.financial](http://steakhouse.financial/) (the “Website”), which is operated by Steakhouse Financial Ltd, a company incorporated under the laws of the Cayman Islands. It also applies to any user interfaces or applications related to Vaults (the “Vault Interfaces”) provided by Carniceria Tropical Inc., a company incorporated under the laws of the Republic of Panama. For purposes of this Privacy Policy, Steakhouse Financial Ltd and Carniceria Tropical Inc. are collectively referred to as “we,” “us,” or “our.” While we do not require users to provide names or emails to access Vaults, we may collect data linked to blockchain addresses and device metadata, which may be considered Personal Information under applicable laws. This policy describes how we collect, use, share, and protect personal information in accordance with the laws of the Republic of Panama and, where applicable, other privacy regulations such as the General Data Protection Regulation (GDPR), UK GDPR, and California Consumer Privacy Act (CCPA), among others. **Information We Collect** We may collect the following categories of information: * Device Information: IP address, browser type, operating system, and access timestamps. * Usage Data: Interactions with our Services, including page visits, clicks, and referral URLs. * Wallet Data: Wallet addresses connected to our Vaults, including transaction history viewable on public blockchains. * Cookies and Tracking Technologies: Information collected via cookies or similar technologies (see “Cookies” section below). * Voluntarily Provided Data: Information you provide if you contact us or complete any optional forms. We do not knowingly collect information that directly identifies individuals unless voluntarily submitted. **Use of Personal Information** We may use the collected information to: * Operate, maintain, and improve our Services; * Provide analytics and usage insights; * Detect, prevent, or address fraud, abuse, or technical issues; * Comply with legal obligations and enforce our terms; * Respond to user inquiries. **Cookies** We may use cookies and other tracking technologies to analyze traffic and usage patterns. You can control or disable cookies through your browser settings, but doing so may affect your experience on our website. **Third-Party Services** We may use third-party service providers (e.g., analytics platforms, hosting providers) to support the Services. These providers may collect or process data on our behalf under contractual obligations of confidentiality and data protection. **No Sale of Personal Data** We do not sell your Personal Information and have not sold any Personal Information in the past 12 months. We do not share Personal Information with third parties for cross-context behavioral advertising or similar monetization purposes. **Disclosure of Your Personal Information** We do not share your Personal Information except in the following circumstances: * With service providers performing services on our behalf; * When required by law, legal process, or regulatory obligation; * To enforce our Terms of Use or protect our rights, privacy, safety, or property; * In connection with a merger, acquisition, or sale of assets. **Retention of Information** We retain Personal Information only as long as reasonably necessary to provide the Services or comply with legal obligations. Blockchain-related data is publicly available and retained indefinitely on public networks. **Your Rights** Depending on your jurisdiction, you may have the right to: * Access the personal data we hold about you; * Request correction or deletion of your data; * Object to or restrict certain data processing; * Withdraw consent where applicable; * Lodge a complaint with a data protection authority. To exercise your rights, contact us at legal@steakhouse.financial. We may request verification of your identity before responding. **Data Security** We implement appropriate technical and organizational measures to protect your data. However, no online transmission or storage is completely secure, and we cannot guarantee absolute security. **Children’s Privacy** The Services are not intended for individuals under the age of 18 or the age of legal majority in their jurisdiction. We do not knowingly collect personal information from minors. **International Transfers** Your Personal Information may be transferred to and processed in countries outside your jurisdiction. By using our Services, you consent to such transfers in accordance with this Policy. **Changes to This Policy** We may update this Privacy Policy from time to time. If we make material changes, we will post the revised version with an updated “Last Updated” date. Continued use of the Services indicates acceptance of the changes. **Contact Us** If you have any questions or concerns regarding this Privacy Policy, please contact us at: legal@steakhouse.financial [PreviousDeFi Vaults](https://www.steakhouse.financial/docs/documents/disclaimers/vaults) [NextTerms & Conditions](https://www.steakhouse.financial/docs/documents/general/tcs) Last updated 2 months ago --- # Terms & Conditions | Documents | Steakhouse Financial These Website Terms of Use (“Terms”) govern your access to and use of the public-facing portions of the Steakhouse Financial website/s located at [steakhouse.financial](http://www.steakhouse.financial/) (the “Website”). By accessing or using the Website, you agree to be bound by these Terms, along with our Privacy Policy and any additional legal notices or policies posted on the Website. If you do not agree to these Terms, you must not access or use the Website. 1. [](https://www.steakhouse.financial/docs/documents/general/tcs#operator) Operator -------------------------------------------------------------------------------------- The Website is operated by Steakhouse Financial Ltd, a company incorporated under the laws of the Cayman Islands (“Steakhouse,” “we,” “us,” or “our”). The Website is provided for informational purposes only and is not intended to offer, solicit, or provide investment, legal, tax, or financial advice. These Terms do not govern your use of any Steakhouse-branded Vaults or other services relating to the Morpho protocol. If you access or use Morpho services or other Vaults, your use is governed by a separate set of Terms of Use available [here](https://www.steakhouse.financial/docs/documents/disclaimers/vaults) . 1. [](https://www.steakhouse.financial/docs/documents/general/tcs#modifications-to-terms) Modifications to Terms ------------------------------------------------------------------------------------------------------------------ We reserve the right to modify or update these Terms at any time without prior notice. If we make material changes, we will post the updated Terms to the Website and revise the “Last Updated” date above. Your continued use of the Website following any such changes constitutes your acceptance of the modified Terms. 1. [](https://www.steakhouse.financial/docs/documents/general/tcs#access-and-use-of-the-website) Access and Use of the Website -------------------------------------------------------------------------------------------------------------------------------- You may access and use the Website solely for lawful purposes and in accordance with these Terms. We reserve the right to restrict or terminate your access to the Website at any time and for any reason, without notice or liability. You agree not to: * Use the Website in any manner that violates applicable law or regulation; * Attempt to probe, scan, or test the vulnerability of the Website or any related systems; * Interfere with the functionality or performance of the Website; * Access or use the Website for any purpose that competes with Steakhouse Financial or that misrepresents your affiliation with us. 1. [](https://www.steakhouse.financial/docs/documents/general/tcs#no-investment-advice) No Investment Advice -------------------------------------------------------------------------------------------------------------- All content available on or through the Website is provided for general informational purposes only and should not be construed as investment, financial, legal, or tax advice. You are solely responsible for evaluating any information and for all decisions based on such information. No material on this Website constitutes or should be interpreted as: * An offer to sell, or a solicitation of an offer to buy, any securities or digital assets; * A recommendation to invest in or use any product or protocol. 1. [](https://www.steakhouse.financial/docs/documents/general/tcs#intellectual-property) Intellectual Property ---------------------------------------------------------------------------------------------------------------- All rights, title, and interest in and to the Website, including its text, graphics, design, trademarks, logos, audio, video, and code, are the property of Steakhouse Financial Ltd or its licensors and are protected by applicable intellectual property laws. You may not: * Copy, reproduce, distribute, modify, or create derivative works based on any part of the Website without our prior written consent; * Remove or alter any copyright, trademark, or proprietary notices; * Use any automated systems or software (including bots, scrapers, or spiders) to extract data from the Website without our express written permission. All rights not expressly granted to you under these Terms are reserved by Steakhouse. 1. [](https://www.steakhouse.financial/docs/documents/general/tcs#prohibited-conduct) Prohibited Conduct ---------------------------------------------------------------------------------------------------------- You agree not to use the Website: * To violate any applicable law or regulation; * To transmit any harmful, disruptive, or malicious code or content; * To attempt to gain unauthorized access to our systems or the accounts of others; * To interfere with or disrupt the Website’s infrastructure, content, or services. We may investigate any suspected violations of these Terms and take any action we deem appropriate, including blocking access, reporting to authorities, or pursuing legal remedies. 1. [](https://www.steakhouse.financial/docs/documents/general/tcs#third-party-content) Third-Party Content ------------------------------------------------------------------------------------------------------------ The Website may contain links to third-party websites, tools, or materials. These links are provided for convenience only. We do not control or endorse any third-party content and disclaim any responsibility for your use of such content. Your access to third-party resources is at your own risk and subject to the terms of those third parties. 1. [](https://www.steakhouse.financial/docs/documents/general/tcs#disclaimer-of-warranties) Disclaimer of Warranties ---------------------------------------------------------------------------------------------------------------------- The Website is provided on an “as is” and “as available” basis. We make no representations or warranties of any kind, express or implied, regarding the Website, including: * That the Website will be accurate, complete, secure, or error-free; * That access will be uninterrupted or free from viruses or other harmful components. To the maximum extent permitted by law, we disclaim all warranties, including any implied warranties of merchantability, fitness for a particular purpose, and non-infringement. 1. [](https://www.steakhouse.financial/docs/documents/general/tcs#limitation-of-liability) Limitation of Liability -------------------------------------------------------------------------------------------------------------------- TO THE MAXIMUM EXTENT PERMITTED BY LAW, STEAKHOUSE FINANCIAL LTD AND ITS AFFILIATES SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR EXEMPLARY DAMAGES ARISING OUT OF OR IN CONNECTION WITH YOUR ACCESS TO OR USE OF THE WEBSITE. THIS INCLUDES, WITHOUT LIMITATION, LOSS OF DATA, PROFITS, OR GOODWILL, EVEN IF WE WERE ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. 1. [](https://www.steakhouse.financial/docs/documents/general/tcs#indemnification) Indemnification ---------------------------------------------------------------------------------------------------- You agree to indemnify and hold harmless Steakhouse Financial Ltd and its affiliates, officers, directors, employees, and agents from and against any and all claims, liabilities, damages, losses, and expenses (including reasonable legal fees) arising out of or related to your violation of these Terms or your use of the Website. 1. [](https://www.steakhouse.financial/docs/documents/general/tcs#governing-law) Governing Law ------------------------------------------------------------------------------------------------ These Terms shall be governed by and construed in accordance with the laws of the Cayman Islands, without regard to its conflict of law principles. Any disputes arising out of or relating to these Terms or the Website shall be subject to the exclusive jurisdiction of the courts of the Cayman Islands. 1. [](https://www.steakhouse.financial/docs/documents/general/tcs#contact-information) Contact Information ------------------------------------------------------------------------------------------------------------ If you have any questions or concerns regarding these Terms or the Website, please contact us at: legal@steakhouse.financial. [PreviousPrivacy Policy](https://www.steakhouse.financial/docs/documents/general/privacy) [NextAssets](https://www.steakhouse.financial/docs/documents/press-kit/assets) Last updated 2 months ago --- # Market Overview | Markets | Steakhouse Financial Overview of our current risk ratings for collateral tokens, Morpho repo markets, Kamino lending markets and more. [NextMorpho V1 Markets](https://www.steakhouse.financial/docs/markets/readme/morpho-v1) Last updated 2 months ago --- # Documents | Steakhouse Financial Please note that the English version prevails over alternative languages that are machine translated and presented for convenience. ### [](https://www.steakhouse.financial/docs/documents#jump-right-in) Jump right in [](https://www.steakhouse.financial/docs/documents/general/privacy) **Privacy Policy** [](https://www.steakhouse.financial/docs/documents/general/tcs) **Terms & Conditions** [](https://www.steakhouse.financial/docs/documents/disclaimers/vaults) **DeFi Vault Disclaimers** [NextDeFi Vaults](https://www.steakhouse.financial/docs/documents/disclaimers/vaults) Last updated 2 months ago --- # Steakhouse Financial Products | Products | Steakhouse Financial Steakhouse Financial curates vaults on Morpho on Ethereum blockchains. Find below our product line of Morpho Vaults. [Morpho Vaults](https://www.steakhouse.financial/docs/products/steakhouse-financial-products/morpho-vaults) [NextMorpho Vaults](https://www.steakhouse.financial/docs/products/steakhouse-financial-products/morpho-vaults) Last updated 2 months ago --- # Overview of the Risk Framework | Risk Management | Steakhouse Financial ![Upstream risk management and automation allow us to concentrate efforts on fewer places and create a wider universe of opportunities, underwritten by the same tech and risk stack](https://steakhouse.financial/docs/~gitbook/image?url=https%3A%2F%2F2662664176-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FkutwHNo7H236lMOzCyJa%252Fuploads%252FHioaCNChn40y0Lmx7mRx%252FUpstream.svg%3Falt%3Dmedia%26token%3D0f355ba4-5eba-4086-80c7-5afb383d6ac8&width=768&dpr=4&quality=100&sign=dcab848d&sv=2)![Upstream risk management and automation allow us to concentrate efforts on fewer places and create a wider universe of opportunities, underwritten by the same tech and risk stack](https://steakhouse.financial/docs/~gitbook/image?url=https%3A%2F%2F2662664176-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FkutwHNo7H236lMOzCyJa%252Fuploads%252FExEwAq1G9S3KQrZMbf3u%252FUpstream-dark.svg%3Falt%3Dmedia%26token%3D8d4bf7fb-7cd8-4d1b-986b-f2036dd5e63f&width=768&dpr=4&quality=100&sign=60eb1f98&sv=2) Upstream risk management and automation allow us to concentrate efforts on fewer places and create a wider universe of opportunities, underwritten by the same tech and risk stack Steakhouse’s primary responsibility is to preserve principal and enable liquidity for our users. Every Steakhouse onchain opportunity is powered by the same team, technology stack, and risk management system. Our philosophy is to mitigate as much risk as possible upstream - generally at the market creation and vault governance levels - while instituting automated processes, with manual overrides, downstream to minimize risk and maximize liquidity provision. Therefore, Steakhouse’s risk management framework is focused around three activities: 1. Market selection and configuration 2. Vault setup and controls 3. Portfolio monitoring and reallocation Each step reduces the credit risk exposure of all users of Steakhouse onchain products, while the third is primarily responsible for maximizing liquidity available to users who wish to withdraw their assets from any Steakhouse vault. Our **Prime** mandate is stability, allocating to or lending against only against the most liquid and robust collateral in crypto. Our **High Yield** mandate involves underwriting longer tail and higher-risk assets with higher underlying yields. These assets - for instance, Pendle PTs or productive stablecoins - have relatively price-inelastic borrowers that supply yield to lenders. Each asset considered by any of our vaults is underwritten with extreme scrutiny and subject to collateral assessment around credit risk, operational risk, governance risk, technical risk, and quantitative liquidity risk modeling. Constant open lines with issuers is a non-negotiable threshold for collateral onboarding to ensure we can maintain our market-leading incident response time. If an asset meets our bar, our expertise in market design mitigates risk upfront. Understanding the asset, setting responsible LLTV parameters, and ensuring robust oracle infrastructure enables our automated risk management and reallocation engines to operate with high availability and accuracy. ### [](https://www.steakhouse.financial/docs/risk-management#collateral-standards) Collateral Standards Our collateral standards drive our underwriting process. We generally focus on issuer-risk to understand risks to solvency at the asset level. Platform risk is the resilience of an additional DeFi protocol layer built on the collateral or underlying asset, for example, in derivative or interest rate markets. Market risks derive from an exposure's liquidity, price volatility or LLTV levels. For more, consult our [Collateral Risk Framework](https://www.steakhouse.financial/docs/risk-management/collateral/collateral-standards) . ### [](https://www.steakhouse.financial/docs/risk-management#risk-monitoring-and-management) Risk Monitoring and Management We monitor risks actively both through manual observation and automated alerting systems developed in coordination with our partners. We aim to configure any of the platforms we create opportunities on with setups that meet our standards for counterparty risk exposure. We aim to maintain configurations that ensure non-custodial access to these products as a primary way of minimizing counterparty exposure. For more, consult our [Risk Monitoring & Management](https://www.steakhouse.financial/docs/risk-management/monitoring/ongoing-risk-monitoring) . * * * **Collateral Standards** [](https://www.steakhouse.financial/docs/risk-management/monitoring/ongoing-risk-monitoring) **Risk Monitoring & Management** [NextCollateral Standards](https://www.steakhouse.financial/docs/risk-management/collateral/collateral-standards) Last updated 2 months ago --- # Ongoing Risk Monitoring | Risk Management | Steakhouse Financial ![Our automated real-time monitoring draws from a unified risk parameter repository that continuously supervises and acts on vaults to minimize risk when market conditions turn](https://steakhouse.financial/docs/~gitbook/image?url=https%3A%2F%2F2662664176-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FkutwHNo7H236lMOzCyJa%252Fuploads%252FFTj1CYBiuZM5eI3CjNVF%252FRisk%2520Parameter%2520Repository.svg%3Falt%3Dmedia%26token%3Da4057965-1304-4dc1-b45b-74ad74c385f4&width=768&dpr=4&quality=100&sign=bade3d43&sv=2)![Our automated real-time monitoring draws from a unified risk parameter repository that continuously supervises and acts on vaults to minimize risk when market conditions turn](https://steakhouse.financial/docs/~gitbook/image?url=https%3A%2F%2F2662664176-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FkutwHNo7H236lMOzCyJa%252Fuploads%252FzI7VChigWsdTAQey6qRA%252FRisk%2520Parameter%2520Repository-dark.svg%3Falt%3Dmedia%26token%3D28fa1d25-d028-4aa8-b933-e26ce3c5f7e5&width=768&dpr=4&quality=100&sign=2c176727&sv=2) Our automated real-time monitoring draws from a unified risk parameter repository that continuously supervises and acts on vaults to minimize risk when market conditions turn Our approach to risk monitoring and management is common across all our platforms. We focus on upstream risk mitigation to ensure a high quality allocation process, robust vault setups and controls to mitigate counterparty exposure and ongoing real-time portfolio monitoring to review incidents and react ahead of potentially dangerous market events. [PreviousFinal Market Rating](https://www.steakhouse.financial/docs/risk-management/collateral/final-market-rating) [NextAllocation Process](https://www.steakhouse.financial/docs/risk-management/monitoring/allocation-process) Last updated 2 months ago --- # Collateral Standards | Risk Management | Steakhouse Financial The **Multi-Layer Risk Rating** consists of combining the different sources of risk associated with an investment position into a single rating: the [**Final Market Rating**](https://www.steakhouse.financial/docs/risk-management/collateral/final-market-rating) . This rating determines the vault eligibility and quantitative limits in managing investment exposure. ![Multi-Layer Risk Rating Framework triages a wide collateral selection funnel through assessments of issuer risk, market risk and platform risk before rating an exposure, which drives eligibility into different grades of vault](https://steakhouse.financial/docs/~gitbook/image?url=https%3A%2F%2F2662664176-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FkutwHNo7H236lMOzCyJa%252Fuploads%252FvGZFketxcdVqCSZ3xzia%252FMLRR.svg%3Falt%3Dmedia%26token%3D68c17507-9eb6-4efd-810c-65470562e197&width=768&dpr=4&quality=100&sign=6d007468&sv=2)![Multi-Layer Risk Rating Framework triages a wide collateral selection funnel through assessments of issuer risk, market risk and platform risk before rating an exposure, which drives eligibility into different grades of vault](https://steakhouse.financial/docs/~gitbook/image?url=https%3A%2F%2F2662664176-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FkutwHNo7H236lMOzCyJa%252Fuploads%252F2FejR82kHHo2lsAEDKxC%252FMLRR-dark.svg%3Falt%3Dmedia%26token%3D59aa5051-cd77-48ea-83cb-c973a808a227&width=768&dpr=4&quality=100&sign=35071771&sv=2) Multi-Layer Risk Rating Framework triages a wide collateral selection funnel through assessments of issuer risk, market risk and platform risk before rating an exposure, which drives eligibility into different grades of vault An investment position can take various forms, such as: * holding a crypto _asset_ to benefit from its economic value appreciation * holding a Pendle or Spectra _Principal Token (PT)_ to secure yield over a defined time horizon * providing liquidity in a _Liquidity Pool_ to earn swap fees * taking a position in a Morpho _Market_ to generate interests from a lending pool. These positions can also be combined. For example, the _PT-sUSDS/USDC_ pair represents a Morpho lending market for USDC against the sUSDS Principal Token as collateral issued on the Pendle platform. Therefore, we’ve constructed a Multi-Layer analysis with three intermediate independent rating based on the following **layers**: * **Asset Rating** assesses the quality of the collateral and the role of stakeholders in managing the underlying asset. It evaluates the risk of default by the issuer, as well as potential losses stemming from technological vulnerabilities or poor governance. * **Platform Rating** focuses on the resilience of an additional DeFi protocol layer. The platform is the application that transforms the native token into a new one with a different economic purpose. It includes an analysis of the platform’s credibility as an issuer and the risks associated with its technological implementation. * **Market Rating** examines the risk parameters configured on the DeFi lending markets. It evaluates the oracle mechanism, the structure and correlation of trading pairs, liquidity depth, and credit enhancements (measures that mitigate the risk of asset loss or bad debt). [PreviousOverview of the Risk Framework](https://www.steakhouse.financial/docs/risk-management) [NextLayers, Pillars and Criteria](https://www.steakhouse.financial/docs/risk-management/collateral/layers-pillars-and-criteria) Last updated 2 months ago --- # DeFi Vaults | Documents | Steakhouse Financial These Terms of Use (“**Terms**”) govern your access to and use of the DeFi Vaults offered under the Steakhouse Financial brand (the “**Vaults**”), the Steakhouse Financial website ([www.steakhouse.financial](http://www.steakhouse.financial/) ) and its subdomains (the “**Website**”), as well as any related applications, interfaces, services, or content (collectively, the “**Services**”). The Services are provided by Carniceria Tropical Inc., a company incorporated under the laws of the Republic of Panama (“**we**,” “**us**,” or “**our**”). Carniceria Tropical Inc. is a wholly owned subsidiary of Steakhouse Financial Ltd. Although the Vaults are branded and marketed under the Steakhouse Financial name, all Vault-related smart contracts, user interfaces, and associated services are exclusively developed and operated by Carniceria Tropical Inc, except where indicated otherwise. For the avoidance of doubt, neither Steakhouse Financial Ltd nor any of its other subsidiaries or affiliates (other than Carniceria Tropical Inc.) shall be deemed to provide, operate, maintain, or be responsible for any part of the Services, nor shall they have any liability whatsoever in connection with your use of the Vaults. Steakhouse Financial Ltd may, in its discretion, enter into agreements with third-party platforms, including centralized exchanges, aggregators, or other service providers, for the limited purpose of facilitating the promotion, listing, or integration of Vault-related materials. Any such arrangement is solely for user interface or informational purposes and shall not confer on any third party the role of operator, service provider, custodian, or fiduciary. Your sole relationship in respect of the Services is with Carniceria Tropical Inc. The Vaults provide a means of accessing decentralized finance (“**DeFi**”) protocols, including the Morpho protocol (“**Morpho**”), a DeFi credit protocol comprised of open-source, self-executing smart contracts deployed on various permissionless public blockchains, including Ethereum. We do not control or operate DeFi protocols including Morpho, nor do we maintain or host any version of these DeFi protocols. We act solely as Vault curators, establishing strategy parameters through the Vault smart contracts and related interfaces. These Vaults are one of several front-end applications through which users, using self-custodial wallets, may interact with DeFiprotocols. YOU ACKNOWLEDGE AND AGREE THAT WE ARE NOT A BROKER, INTERMEDIARY, AGENT, CUSTODIAN, OR ADVISOR. WE HAVE NO FIDUCIARY RELATIONSHIP OR OBLIGATION TO YOU IN CONNECTION WITH YOUR USE OF THE SERVICES OR MORPHO. WE DO NOT PROVIDE INVESTMENT, FINANCIAL, LEGAL, OR TAX ADVICE, AND NO COMMUNICATION OR INFORMATION PROVIDED BY US SHALL BE CONSTRUED AS SUCH ADVICE. WE DO NOT INTEND FOR ANY VAULT, TOKEN, OR TRANSACTION FACILITATED VIA THE SERVICES TO CONSTITUTE A “SECURITY” UNDER ANY APPLICABLE LAW. IN THE EVENT THAT ANY VAULT OR TOKEN IS DEEMED TO BE A SECURITY, YOU AGREE THAT WE SHALL NOT BE HELD LIABLE, AND WE RESERVE THE RIGHT TO DISCONTINUE THE AFFECTED VAULT(S) AT ANY TIME WITHOUT PRIOR NOTICE. YOU UNDERSTAND AND AGREE THAT DECISIONS MADE IN CONNECTION WITH THE VAULTS ARE PROGRAMMATIC AND NON-DISCRETIONARY, AND ARE NOT TAILORED TO YOUR INDIVIDUAL FINANCIAL CIRCUMSTANCES, RISK PROFILE, OR OBJECTIVES. By accessing or using our Services, you are entering into a binding agreement with us that includes these Terms, our [Privacy Policy](https://www.steakhouse.financial/docs/documents/general/privacy) , and any other legal notices or policies referenced herein (collectively, the “**Agreement**”). It is your responsibility to read and understand these Terms before proceeding. If you do not agree to all of the Terms and conditions, you must not access or use the Services. To the extent there is a conflict between these Terms and any additional terms governing a particular feature or Vault, these Terms shall prevail unless expressly stated otherwise. If you do not agree to these Terms, you may not use the Services and must refrain from visiting the Website or otherwise engaging with the Services. 1. [](https://www.steakhouse.financial/docs/documents/disclaimers/vaults#services) Services --------------------------------------------------------------------------------------------- The Website and all content provided in connection with your use of the Services, including blog posts, data, articles, links to third-party content, Discord posts, news feeds, tutorials, social media content, and videos, are provided for informational purposes only. This content does not constitute financial, investment, legal, regulatory, or tax advice.The Vaults are a non-custodial interfaces that allow users to interact directly with the Morpho Protocol using self-custodial wallets and should be used only by individuals who understand and accept the risks of interacting with decentralized protocols. While we aim to keep content accurate and up to date, it may become outdated or subject to change without notice and is provided without any warranty of accuracy or completeness. You are solely responsible for evaluating whether any information is appropriate for your use. We disclaim all liability for any damage or loss resulting from reliance on content provided by us or linked third-party sources. References to assets are informational only and do not constitute recommendations or offers to buy, sell, or hold any particular asset. Content may change without notice and may include forward-looking statements that are subject to uncertainty and are not guarantees of future performance. We do not access, maintain, or modify DeFi Protocol codebases. Neither we nor any affiliated entity is a party to transactions executed on the blockchain networks underlying DeFi protocols. We do not possess or control any cryptoassets or user funds. You retain full control of your cryptoassets when interacting with underlying Protocols. To interact with the Vaults, you must use a self-custodial wallet provided by a third-party service. Such wallets are governed by separate terms and conditions set by their respective providers. These terms may include additional fees, disclaimers, and risk disclosures. It is your sole responsibility to review and understand the applicable terms of any third-party wallet service before use. We disclaim all responsibility for the functionality, reliability, or security of any wallet service. Due to the non-custodial and decentralized nature of the Vaults and the underlying technology, we are not intermediaries, agents, advisors, or custodians. We do not owe you any fiduciary duty or obligation with respect to any activity you undertake using the Services. We have no information regarding transactions on the underlying Protocol beyond what is publicly accessible via blockchain data. However, we may collect limited user information in accordance with our [Privacy Policy](https://www.steakhouse.financial/docs/documents/general/privacy) . Transactions on supported blockchain networks may be subject to gas fees or other network charges. These fees are non-refundable. We do not deliver, hold, or receive cryptoassets on behalf of users, and we do not provide custodial, brokerage, or money transmission services. We do not guarantee the accuracy, completeness, or availability of any content presented through the Services and disclaim any obligation to update or correct such content. You are responsible for conducting your own due diligence before making any decisions based on information made available through the Services. 1. [](https://www.steakhouse.financial/docs/documents/disclaimers/vaults#use-of-the-services) Use of the Services ------------------------------------------------------------------------------------------------------------------- To use the Services, you must be legally able to enter into this Agreement. By using the Services, you represent and warrant that you are an Eligible User, as defined in Section III of these Terms. If you do not meet these requirements, you must not access or use the Website or any part of the Services. We reserve the right to change, update, or modify the Services, the Agreement, or any part of these Terms at any time and for any reason, at our sole discretion. If material changes are made, we will notify users by posting the updated Terms on the Website. Continued use of the Services following any such update constitutes your agreement to the revised Terms. We may also modify, suspend, or discontinue all or part of the Services at any time, including limiting access through third-party platforms or interfaces. We are not responsible for any losses or inconvenience that may result from changes to the Services. 1. [](https://www.steakhouse.financial/docs/documents/disclaimers/vaults#eligible-users) Eligible Users --------------------------------------------------------------------------------------------------------- An Eligible User is any person or entity that satisfies all of the following conditions. If the user is a natural person, they must be at least 18 years old or of the minimum legal age required under applicable law to enter into a binding agreement. The user must not be physically located in, or a resident of, any Restricted Jurisdiction, and must not be a legal entity incorporated, registered, or organized under the laws of any Restricted Jurisdiction. In addition, the user must not be identified as a Politically Exposed Person (PEP), and must not be listed on any sanctions or restricted persons lists maintained by relevant authorities, including but not limited to the United Nations Security Council sanctions list, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) list, the U.S. Commerce Department’s Denied Persons List, or any equivalent list issued by the governments of Canada, the United Kingdom, the European Union, the Republic of Singapore, or Switzerland. 1. [](https://www.steakhouse.financial/docs/documents/disclaimers/vaults#restricted-jurisdiction) Restricted Jurisdiction --------------------------------------------------------------------------------------------------------------------------- A Restricted Jurisdiction refers to any country, state, or territory that is subject to economic or trade sanctions imposed by the United Nations, the United States, the United Kingdom, the European Union, or Switzerland. It also includes any jurisdiction where the possession, receipt, use, or transfer of cryptoassets is prohibited under local law or regulation; any disputed or self-declared territory that is under international sanctions or lacks widespread international recognition; and any location where dealing in cryptoassets is prohibited or would impose registration, licensing, or other regulatory requirements on us under applicable local laws. 1. [](https://www.steakhouse.financial/docs/documents/disclaimers/vaults#acknowledgement-of-risk) Acknowledgement of Risk --------------------------------------------------------------------------------------------------------------------------- You acknowledge that blockchain-based technologies (including smart contracts, cryptographic tokens, decentralized protocols, and related software and systems) are experimental, speculative, and inherently risky. These technologies may be subject to bugs, malfunctions, cyberattacks, forks, regulatory changes, or other unforeseen events that could disrupt operations or result in partial or total loss of cryptoassets, their value, or digital funds. You understand and accept these risks and agree that we assume no liability or responsibility for them. If you are not prepared to bear these risks, you should not access or use the Services. All transactions facilitated by the Services are processed by smart contracts on decentralized blockchain networks. Neither we nor any affiliated entity controls or operates these underlying networks, nor are we a party to any transaction conducted thereon. We do not hold or have access to your cryptoassets or private keys. You alone are responsible for securing your self-custodial wallet and private keys; any unauthorized access may lead to loss or theft of your assets. We expressly disclaim any responsibility for managing or safeguarding your wallet security. By using the Services, you agree that all blockchain transactions are final, irreversible, and without refunds. You acknowledge that the applicable smart contracts govern the distribution of funds and ownership of cryptoassets in each transaction. You further recognize that the Services may be disrupted or rendered unavailable by factors beyond our control, including cyberattacks, high network congestion, technological failures, maintenance, or unavailability of third-party providers. We make no representations regarding, and disclaim any responsibility for, the content, products, or services of any third parties, including networks, applications, or platforms such as Discord or MetaMask. Your use of any third-party services is at your own risk. To the extent technically possible, we reserve the right to restrict, suspend, or terminate your access to any Steakhouse-branded interfaces, documentation, or tools if we reasonably believe you have violated these Terms, applicable laws, or regulatory requirements, or if such action is necessary to protect the security or integrity of our systems. This includes suspected use of the Services for illicit activity, fraud, misuse of funds, or interaction with sanctioned individuals, entities, wallets, or jurisdictions. You understand that engaging in blockchain transactions requires independent due diligence. By using the Services, you represent that such use is appropriate given your circumstances and financial resources, and that you have independently evaluated the risks involved. 1. [](https://www.steakhouse.financial/docs/documents/disclaimers/vaults#taxes) Taxes --------------------------------------------------------------------------------------- You are solely responsible for determining, reporting, and fulfilling any tax obligations that may apply to you in connection with your use of the Services. This includes, but is not limited to, any taxes, duties, or other assessments imposed now or in the future by any government or tax authority as a result of your use of the Services, your ownership or transfer of cryptoassets, or your interaction with smart contracts. Please note that blockchain-based transactions are still evolving, and the legal and tax treatment of such activities may be uncertain or subject to change. 1. [](https://www.steakhouse.financial/docs/documents/disclaimers/vaults#ownership) Ownership ----------------------------------------------------------------------------------------------- Subject to your continued compliance with this Agreement, we grant you a personal, worldwide, revocable, non-exclusive, and non-transferable license to use the software made available through the Services. This license is granted solely to enable your access to and use of the Services in accordance with these Terms. All rights in and to the Services are and will remain our exclusive property. We retain all right, title, and interest, including all intellectual property rights, in and to all content, source code, data, and other materials made available through the Services. Your use of the Services does not grant you any ownership or proprietary rights, other than the limited license expressly provided above. You may choose to provide us with feedback, including suggestions, ideas, or reports related to the Services. By submitting feedback, you grant us a non-exclusive, royalty-free, perpetual, irrevocable, and sublicensable right to use, reproduce, modify, distribute, and otherwise exploit the feedback without restriction or obligation to you. 1. [](https://www.steakhouse.financial/docs/documents/disclaimers/vaults#intellectual-property-and-use-restrictions) Intellectual Property and Use Restrictions ----------------------------------------------------------------------------------------------------------------------------------------------------------------- All intellectual property rights in and to the Services, the Website, the Vault interfaces, our content, and any related materials are and shall remain the sole and exclusive property of Carniceria Tropical Inc., except where otherwise explicitly stated. You are granted no rights or licenses except as expressly set forth in these Terms. Subject to your continued compliance with this Agreement, you may access and use the Services as permitted under these Terms. You are not granted any right, license, or interest in or to any intellectual property owned or controlled by us, except as expressly provided herein. You agree not to: * Copy, reproduce, republish, upload, repost, modify, transmit, or distribute the Services, the Protocol, or the Website (or any part thereof) without our prior written consent; * Remove, obscure, or alter any copyright, trademark, or proprietary notices contained within the Services or any materials we provide; * Publish, sell, sublicense, or create derivative works based on the Services, or otherwise exploit them in a manner not expressly authorized; * Use any automated tools such as data mining, scraping, spiders, or robots to extract data from the Services or the Website; * Download, redistribute, retransmit, or publicly display any materials except as expressly permitted under applicable law or with our written authorization. If we grant written permission to use or reproduce any materials, you must retain all applicable author attributions, copyright notices, and trademark legends. These restrictions do not apply to materials that are explicitly identified as open source or made available under an open-source license. 1. [](https://www.steakhouse.financial/docs/documents/disclaimers/vaults#prohibited-conduct) Prohibited Conduct ----------------------------------------------------------------------------------------------------------------- You may access and use the Services only if you comply with this Agreement (including these Terms), applicable third-party policies, and all relevant laws, regulations, and official guidance. You may not use the Services for any unlawful, unauthorized, or improper purpose. Prohibited conduct includes, but is not limited to: * Using the Services to promote, facilitate, or engage in illegal activity, including money laundering, terrorist financing, tax evasion, or the trade of illegal drugs, counterfeit goods, contraband, or unlawful weapons. * Distributing malicious software, including viruses, worms, Trojan horses, spyware, or any other code designed to interfere with the proper function of software, smart contracts, or systems. * Attempting to reverse engineer, decompile, copy, reformat, or otherwise misuse any part of the Services, or harvesting data without authorization. * Using the Services under false or misleading pretenses, or for deceptive, fraudulent, or manipulative purposes. * Interfering with other users’ access to the Services or attempting to bypass or compromise any security measures implemented by us or any third-party provider. * Attempting to attack, exploit, or manipulate smart contracts in ways that, while technically possible, violate the intended design of the protocol or applicable law. * Engaging in anticompetitive behavior or other conduct intended to disrupt the fair use of the Services. If we reasonably believe you have violated these Terms or any applicable law, we may, to the extent technically possible, limit, suspend, or permanently restrict your access to Steakhouse-branded interfaces, content, or tools. We also reserve the right to investigate suspected violations and may share relevant information with regulators or enforcement authorities as required by law or regulation. 1. [](https://www.steakhouse.financial/docs/documents/disclaimers/vaults#disclaimers-and-limitation-of-liability) Disclaimers and Limitation of Liability ----------------------------------------------------------------------------------------------------------------------------------------------------------- THE SERVICES ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS. WE AND OUR PARENT, SUBSIDIARIES, AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, AND CONTRACTORS (COLLECTIVELY, THE “INDEMNIFIED PARTIES”) MAKE NO REPRESENTATIONS OR WARRANTIES OF ANY KIND REGARDING THE SERVICES. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE INDEMNIFIED PARTIES DISCLAIM ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT. WE DO NOT GUARANTEE THAT THE SERVICES WILL BE ACCURATE, COMPLETE, CURRENT, RELIABLE, SECURE, UNINTERRUPTED, OR ERROR-FREE. ANY INFORMATION MADE AVAILABLE THROUGH THE SERVICES, INCLUDING DATA ON TRANSACTION VALUES OR OUTCOMES, IS PROVIDED FOR GENERAL INFORMATIONAL PURPOSES ONLY AND SHOULD NOT BE RELIED UPON AS YOUR SOLE BASIS FOR DECISION-MAKING. YOUR USE OF THE SERVICES IS ENTIRELY AT YOUR OWN RISK. WE SPECIFICALLY DISCLAIM LIABILITY FOR ANY HARM OR LOSS RESULTING FROM: * VIRUSES, MALWARE, OR OTHER MALICIOUS CODE AFFECTING THE SERVICES * USER ERRORS, SUCH AS LOST CREDENTIALS OR INCORRECT SMART CONTRACT INTERACTIONS * TECHNICAL FAILURES, INCLUDING OUTAGES OR DATA LOSS * BLOCKCHAIN-RELATED ISSUES, INCLUDING FORKS, CONSENSUS FAILURES, REPLAY ATTACKS, 51% ATTACKS, AND PROTOCOL UPGRADES * CHANGES IN THE VALUE OF ANY CRYPTOASSET * REGULATORY OR LEGAL CHANGES AFFECTING THE SERVICES * ACTS OF THIRD PARTIES, INCLUDING OTHER USERS OR INFRASTRUCTURE PROVIDERS * EVENTS BEYOND OUR REASONABLE CONTROL (FORCE MAJEURE) TO THE MAXIMUM EXTENT PERMITTED BY LAW, THE INDEMNIFIED PARTIES WILL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR EXEMPLARY DAMAGES, INCLUDING LOSS OF PROFITS, DATA, GOODWILL, OR BUSINESS OPPORTUNITIES, ARISING FROM YOUR USE OR INABILITY TO USE THE SERVICES. THIS LIMITATION APPLIES REGARDLESS OF THE LEGAL THEORY UNDER WHICH SUCH LIABILITY IS ASSERTED, INCLUDING CONTRACT, TORT, NEGLIGENCE, OR STRICT LIABILITY, EVEN IF WE WERE ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IN NO EVENT WILL THE TOTAL LIABILITY OF THE INDEMNIFIED PARTIES EXCEED ONE THOUSAND U.S. DOLLARS (USD $1,000.), REGARDLESS OF THE NATURE OF THE CLAIM. UNDER NO CIRCUMSTANCES WILL ANY INDEMNIFIED PARTY BE REQUIRED TO DELIVER CRYPTOASSETS, PERFORM SPECIFIC OBLIGATIONS, OR PROVIDE EQUITABLE RELIEF. IF DAMAGES ARE CALCULATED BASED ON THE VALUE OF CRYPTOASSETS, THE LOWEST VALUE OF THE RELEVANT ASSET BETWEEN THE TIME OF THE EVENT AND THE AWARD OF DAMAGES WILL BE USED. Certain jurisdictions may not permit the exclusion of certain warranties or the limitation of liability for certain types of damages. To the extent that any such laws apply to you, the foregoing disclaimers and limitations shall apply only to the extent permitted by applicable law. In such cases, the liability of the Indemnified Parties shall be limited to the maximum extent permitted under the applicable legal framework. 1. [](https://www.steakhouse.financial/docs/documents/disclaimers/vaults#indemnification) Indemnification ----------------------------------------------------------------------------------------------------------- You agree to indemnify, defend, and hold harmless the Indemnified Parties from and against any and all claims, demands, actions, proceedings, liabilities, losses, damages, judgments, costs, and expenses (including reasonable attorneys’ fees and legal costs) arising out of or related to: * Your breach or alleged breach of this Agreement (including these Terms); * Any content, data, or materials you submit, upload, transmit, or otherwise provide in connection with the Services; * Your improper, unauthorized, or unlawful use of the Services, including any use of related smart contracts or scripts; * Your violation of any applicable law, regulation, rule, ordinance, or governmental order; * Your infringement, misappropriation, or violation of any third party’s rights, including intellectual property, privacy, publicity, confidentiality, or property rights; * Your use of, or reliance on, any third-party products, services, or websites in connection with the Services; or * Any false, misleading, or deceptive statements or representations made by you. We reserve the right, at our sole discretion and at your sole expense, to assume the exclusive defense and control of any matter subject to indemnification by you. In such event, you agree to fully cooperate with our defense of the claim and to refrain from settling or resolving any matter without our prior written consent. 1. [](https://www.steakhouse.financial/docs/documents/disclaimers/vaults#arbitration-agreement-and-waiver-of-rights-including-class-actions) Arbitration Agreement and Waiver of Rights, Including Class Actions ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Before initiating any legal proceeding, including arbitration, you and we agree to make reasonable efforts to resolve any dispute, claim, or controversy arising out of or relating to these Terms or the Services through good faith negotiation. The party initiating the dispute must first provide written notice outlining the basis of the claim. The receiving party shall have 30 days to respond. Within 60 days of the initial notice, both parties must confer in good faith by videoconference or telephone. If the dispute remains unresolved after 90 days from the date of the original notice, either party may elect to proceed with arbitration or agree to mediation. Any unresolved dispute shall be submitted to binding arbitration administered in accordance with the International Arbitration Rules of the International Centre for Dispute Resolution. The arbitration shall be conducted in the Cayman Islands, in English, before one or more arbitrators with relevant experience in software, internet services, financial transactions, and, where feasible, blockchain technology. The arbitrator(s) shall have the authority to award monetary relief, subject to the limitations set forth in the “Disclaimers and Limitation of Liability” section of these Terms. The prevailing party shall be entitled to recover its reasonable attorneys’ fees and costs. Unless required by applicable law, neither party shall disclose the existence, content, or outcome of any arbitration proceeding without the prior written consent of the other party. YOU ACKNOWLEDGE AND AGREE THAT YOU ARE WAIVING THE RIGHT TO A TRIAL BY JURY AND TO PARTICIPATE IN ANY CLASS ACTION, COLLECTIVE ACTION, OR REPRESENTATIVE PROCEEDING. EXCEPT WHERE OTHERWISE AGREED IN WRITING, THE ARBITRATOR SHALL NOT CONSOLIDATE CLAIMS OR PRESIDE OVER ANY FORM OF CLASS OR REPRESENTATIVE PROCEEDING. If you reject any future modifications to these Terms, you agree that any dispute shall be arbitrated in accordance with the last version of the Terms you accepted. 1. [](https://www.steakhouse.financial/docs/documents/disclaimers/vaults#waiver-of-injunctive-or-other-equitable-relief) Waiver of Injunctive or other Equitable Relief ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, YOU AGREE THAT YOU WILL NOT SEEK, AND HEREBY WAIVE ANY RIGHT TO SEEK, INJUNCTIVE OR OTHER EQUITABLE RELIEF THAT WOULD DELAY, RESTRICT, OR OTHERWISE INTERFERE WITH THE DEVELOPMENT, LAUNCH, USE, OR COMMERCIALIZATION OF THE SERVICES OR ANY WEBSITE, APPLICATION, CONTENT, SUBMISSION, PRODUCT, SERVICE, OR INTELLECTUAL PROPERTY OWNED, LICENSED, USED, OR CONTROLLED BY ANY INDEMNIFIED PARTY. 1. [](https://www.steakhouse.financial/docs/documents/disclaimers/vaults#termination) Termination --------------------------------------------------------------------------------------------------- This Agreement will remain in effect unless and until terminated by either you or us. You may terminate this Agreement at any time by ceasing all access to and use of the Services. We may suspend or terminate this Agreement, or, to the extent technically possible, your access to any or all of the Services, at our sole discretion and without prior notice if we reasonably believe that you have violated these Terms or any applicable laws or regulations. We may also restrict, suspend, or discontinue your access to the Services, in whole or in part, at any time and for any reason, including if we determine that: * Your use of the Services creates legal, financial, reputational, or security risk; * You are engaged in fraudulent, abusive, or unlawful activity; or * Continued provision of the Services is no longer commercially viable. These rights are in addition to any other remedies available to us under applicable law or in equity. We reserve the right to modify, suspend, or discontinue the Services, or any part thereof, at any time and without obligation to notify or update. You acknowledge and agree that it is your responsibility to monitor any changes to the Services that may affect you. We may remove or disable access to the Services, or any portion of them, for an indefinite period or permanently, without notice. 1. [](https://www.steakhouse.financial/docs/documents/disclaimers/vaults#severability) Severability ----------------------------------------------------------------------------------------------------- If any provision of this Agreement, including these Terms, is held to be invalid, illegal, or unenforceable under applicable law, such provision shall be enforced to the maximum extent permissible, and the remaining provisions shall remain in full force and effect. The unenforceable portion shall be deemed severed from this Agreement without affecting the validity or enforceability of the remainder. 1. [](https://www.steakhouse.financial/docs/documents/disclaimers/vaults#assignment) Assignment ------------------------------------------------------------------------------------------------- We may assign or transfer this Agreement, including these Terms, without your prior consent in connection with any business associated with the Services, including by merger, acquisition, reorganization, or sale of assets. You may not assign or transfer any of your rights or obligations under this Agreement without our prior written consent. Any attempted assignment or transfer in violation of this provision shall be null and void. 1. [](https://www.steakhouse.financial/docs/documents/disclaimers/vaults#entire-agreement) Entire Agreement ------------------------------------------------------------------------------------------------------------- This Agreement, including these Terms, the [Privacy Policy](https://www.steakhouse.financial/docs/documents/general/privacy) , and any additional policies or operating rules posted on or incorporated into the Services, constitutes the entire agreement between you and us regarding your use of the Services. It supersedes and replaces any prior or contemporaneous understandings, agreements, communications, or proposals, whether oral or written, between you and us, including any earlier versions of these Terms. Our failure to exercise or enforce any right or provision under this Agreement shall not constitute a waiver of such right or provision. 1. [](https://www.steakhouse.financial/docs/documents/disclaimers/vaults#governing-law) Governing Law ------------------------------------------------------------------------------------------------------- These Terms, together with any separate agreements under which we provide you Services, shall be governed by and construed in accordance with the laws of the Cayman Islands, without giving effect to any principles of conflicts of law that would require the application of the laws of any other jurisdiction. 1. [](https://www.steakhouse.financial/docs/documents/disclaimers/vaults#contact-us) Contact Us ------------------------------------------------------------------------------------------------- If you have any questions regarding your use of the Services, feel free to contact us at: legal@steakhouse.financial. [PreviousDocuments](https://www.steakhouse.financial/docs/documents) [NextPrivacy Policy](https://www.steakhouse.financial/docs/documents/general/privacy) Last updated 2 months ago --- # Adjusted Asset Rating | Risk Management | Steakhouse Financial The Adjusted Asset Rating will be included in a recalculation of the Asset Rating by taking the best of the Credit Risk and the Credit Enhancement. Asset Layer Pillars Asset Rating Pillars [Issuer Risk](https://www.steakhouse.financial/docs/risk-management/collateral/layers-pillars-and-criteria/asset-rating-layer-1/issuer-pillar-1) [Credit Enhancement](https://www.steakhouse.financial/docs/risk-management/collateral/layers-pillars-and-criteria/market-rating-layer-3/credit-enhancement) : Best Rating of (Credit Risk at the asset-level, Credit Enhancement at the market-level) [Operational Risk](https://www.steakhouse.financial/docs/risk-management/collateral/layers-pillars-and-criteria/asset-rating-layer-1/operational-risk-pillar-3) **Adjusted Asset Rating** **Worst Rating of the Criteria** [PreviousCredit Enhancement](https://www.steakhouse.financial/docs/risk-management/collateral/layers-pillars-and-criteria/market-rating-layer-3/credit-enhancement) [NextFinal Market Rating](https://www.steakhouse.financial/docs/risk-management/collateral/final-market-rating) Last updated 2 months ago --- # Vault Setup and Controls | Risk Management | Steakhouse Financial Steakhouse has consistently taken a depositor-centric approach towards risk management, co-inventing significant innovations - such as [Aragon DAO guardian for Morpho vaults](https://forum.morpho.org/t/steakhouse-metamorpho-vaults-are-upgrading-their-guardian-setups-to-fully-trustless/527) - on top of the Morpho protocol. Vault setup is paramount for lender safety because, despite the non-custodial nature of Morpho vaults, nefarious curators could add malicious markets and extract depositor capital through a variety of potential attack vectors. To root out these risks at the source, we utilize a multi-layered approach to ensure multiple lines of defense for our vault depositors. Below is a canonical example for our Morpho vaults for clarity: ![Overview of a typical Morpho vault deployment, with users taking Guardian roles through an Aragon DAO multisig and reallocations executed autonomously by our automated engine](https://steakhouse.financial/docs/~gitbook/image?url=https%3A%2F%2F2662664176-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FkutwHNo7H236lMOzCyJa%252Fuploads%252FWODPQTy9tOmvN6MzOhND%252FStructure.svg%3Falt%3Dmedia%26token%3D1372aa11-1fbf-4aed-a4a9-66497bfdc180&width=768&dpr=4&quality=100&sign=999b802f&sv=2)![Overview of a typical Morpho vault deployment, with users taking Guardian roles through an Aragon DAO multisig and reallocations executed autonomously by our automated engine](https://steakhouse.financial/docs/~gitbook/image?url=https%3A%2F%2F2662664176-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FkutwHNo7H236lMOzCyJa%252Fuploads%252FXiqqvT4G5VXI0tRSxZNN%252FStructure-dark.svg%3Falt%3Dmedia%26token%3D18e575ee-99a4-4205-b589-054833456c36&width=768&dpr=4&quality=100&sign=6c4bd0bc&sv=2) Overview of a typical Morpho vault deployment, with users taking Guardian roles through an Aragon DAO multisig and reallocations executed autonomously by our automated engine **“Owner” Multisig:** Within the Morpho protocol, the “Owner” role dictates the ability to make significant changes to the governance of a particular curator’s vault. Specifically, the “Owner” role has the ability to delegate the power to onboard new markets, change performance fees and fee deposit addresses, and more to specific actors. Steakhouse’s “owner” employs a Safe multisig with a quorum of five keys, meaning that five persons must coordinate to introduce any owner-level operations. Any “owner” action also requires an internal process to ensure proper signature is enforced internally and ensure the signers of the validity of the operation. Steakhouse also monitors all major changes in permissions - if a role downstream of “owner” is compromised, we can easily coordinate and revoke access rights through the “owner” multisig. Some of our vault configurations can have different owner multisigs, such as vaults that are integrated in fintech apps or wallets. For vault users more generally, it is advisable to closely audit what address plays the role of an owner and who the signers are on the multisig, particularly if the signers are shared with other key roles. **Action Timelock:** Every time a vault onboards a new market, there is a potential change in the risk profile of that particular vault. Steakhouse vaults 7-day timelocks (above the minimum, protocol-enforced 3-day timelock), forcing a 7-day delay between any proposed market into a Steakhouse vault and the ability to deploy deposited assets into the new market. Longer timelocks restrict the flexibility of a given curator and provide ample time for depositors to either withdraw deposited assets from the pool or utilize the veto line of defense. **Veto Mechanism:** Seeking to provide depositors with even more control over their funds and curated vaults, Steakhouse introduced the [Aragon DAO guardian](https://forum.morpho.org/t/steakhouse-metamorpho-vaults-are-upgrading-their-guardian-setups-to-fully-trustless/527) to enable vault depositors to veto critical actions made by the curator. This mechanism was recognized as best-in-class by [Credora](https://www.credora.network/) , an independent risk assessor, and led to Steakhouse vaults receiving a market-leading 5 of 6 “A+” ratings. While these controls are primarily beneficial to vault depositors, Steakhouse monitors key vault parameters and any changes are reported internally. Therefore, even in the unlikely case of a compromised owner multisig, we can use the timelock and guardian capabilities to delay any nefarious actions and correct it during the timelock delay and veto process. Each Steakhouse vault is scrutinized through our in-house Vault DDQ process, which involves at least 2 internal and 1 external reviewer before a Steakhouse vault goes live. Aragon DAOs are an example of a multi-user multisig where token ownership grants signer roles instead. In practice, it means that vault users become vault guardians proportionally to the size of their deposit. This helps keep the Guardian role aligned with the incentive of the vault users and mitigates the risk of a security breach compromising the role [PreviousAllocation Process](https://www.steakhouse.financial/docs/risk-management/monitoring/allocation-process) [NextPortfolio Monitoring](https://www.steakhouse.financial/docs/risk-management/monitoring/portfolio-monitoring) Last updated 2 months ago --- # Allocation Process | Risk Management | Steakhouse Financial The primary focus for any onchain allocation is to avoid exposing users to markets where collateral is exposed to idiosyncratic risks or volatile price action. Principal loss (or bad debt in the case of onchain repo, e.g. Morpho) in a market is generally preceded by a downward price movement in deposited collateral (e.g. cbBTC), as reflected by a market’s chosen oracle, below a price implied by the market’s LLTV. At this stage, liquidators - generally bots or sophisticated market participants that “listen” for profitable arbitrage opportunities - can buy the collateral out of the market, satisfy lenders at par, and pocket an incentive fee. If the downward price movement is sudden and severe, however, the liquidator may not purchase the deposited collateral at a price that satisfies lenders at par, resulting in the loss of lender principal. Even with very low [historical default rates](https://morpho.blockanalitica.com/ethereum/liquidations?days_ago=30) on overcollateralized crypto repo lending, Steakhouse expends significant resources to underwrite and mitigate the risk of undercollateralization, liquidation, and illiquidity along the following vectors: ### [](https://www.steakhouse.financial/docs/risk-management/monitoring/allocation-process#credit-risk) Credit risk: * Issue: A deposited asset suffers a credit impairment (e.g. loss of asset collateralization), triggering a potential undercollateralization of a lender’s position * Mitigant(s): Asset selection process and suitability for the intended customer profile, automated solvency and 24/7 price monitoring, and direct connectivity to asset issuers ### [](https://www.steakhouse.financial/docs/risk-management/monitoring/allocation-process#counterparty-risk) Counterparty risk: * Issue: The “management team” behind a deposited asset acts nefariously and against the interests of their tokenholders * Mitigant(s): Only lending to sufficiently decentralized or regulated collateral (i.e. steakUSDC); deep underwriting of issuer’s team, signer process, and operational controls * See: [Collateral Standards](https://www.steakhouse.financial/docs/risk-management/collateral/collateral-standards) ### [](https://www.steakhouse.financial/docs/risk-management/monitoring/allocation-process#liquidity-risk-for-a-deposited-asset) Liquidity risk (for a deposited asset): * Issue: Limited secondary liquidity for a deposited asset, particularly across distressed market regimes, resulting in higher risk of severe negative price action * Mitigant(s): Historical liquidity and venue analysis for selected assets, 24/7 liquidity depth monitoring and forecasting, and deep relationships to source OTC liquidity if necessary ### [](https://www.steakhouse.financial/docs/risk-management/monitoring/allocation-process#oracle-risk) Oracle risk: * Issue: Compromised oracle asset feed triggers an incorrect liquidation due to basis risk (wstETH/ETH), improper updates, and/or hard coded oracles * Mitigant(s): Deep expertise with oracle configurations, backup and failsafe oracle procedures, and primary rate oracles for issuers with primary redemption at par ### [](https://www.steakhouse.financial/docs/risk-management/monitoring/allocation-process#smart-contract-risk) Smart contract risk: * Issue: Unforeseen risk in the underlying protocols (e.g. Morpho), upon which the individual borrow/lend markets are deployed * Mitigant(s): Deep in-house technical knowledge and competency to perform proprietary audits, usage of platforms with minimal code (i.e. minimal surface area for attack), and requirement of multiple third-party auditors ([10 instances for Morpho & Morpho Vaults](https://docs.morpho.org/morpho-vaults/concepts/security/) ) ### [](https://www.steakhouse.financial/docs/risk-management/monitoring/allocation-process#liquidity-trap-risk-market) Liquidity trap risk (market): * Issue: Insufficient market utilization, leading to artificially low “borrow rates” that do not sufficiently disincentivize borrowers to pay withdrawing lenders back * Mitigant(s): Conservative market listing procedures (e.g. typically “second-movers” to more aggressive curators or “first-movers” after extensive underwriting and due diligence) and minimum target borrow rates. Before listing any market, at least 2+ members of the Steakhouse risk management team perform an asset and market configuration quality control process. ### [](https://www.steakhouse.financial/docs/risk-management/monitoring/allocation-process#deployments) Deployments Automated and robust deployment pipelines help minimize the risk of manual errors or misconfigurations. For instance, our Morpho Market Factory performs automated checks on certain key market configuration parameters (latest version [here](https://etherscan.io/address/0xD8c846Cee3D5EFDdEda4d36784a2d88858901220#code) ). This process helped us identify a [market with a misconfigured oracle](https://app.morpho.org/ethereum/market/0xcce802466ea61ec62007fe60d7b4370a10e765f9f223592790b2b7178abb9383/pt-sdeusd-1753142406-usdc) (0.97 vs. 0.94 starting price) but was listed by less experienced curators, whom we alerted to the case. [PreviousOngoing Risk Monitoring](https://www.steakhouse.financial/docs/risk-management/monitoring/ongoing-risk-monitoring) [NextVault Setup and Controls](https://www.steakhouse.financial/docs/risk-management/monitoring/vault-setup-and-controls) Last updated 2 months ago --- # Morpho Vaults | Products | Steakhouse Financial _Each depositor acknowledges having read and understood our_ [_Disclaimers_](https://www.steakhouse.financial/docs/documents/disclaimers/vaults) _. All Steakhouse Vaults are curated and operated by Carniceria Tropical SA._ [](https://www.steakhouse.financial/docs/products/steakhouse-financial-products/morpho-vaults#products-range-risk-profile) Products Range: Risk Profile ------------------------------------------------------------------------------------------------------------------------------------------------------------ ### [](https://www.steakhouse.financial/docs/products/steakhouse-financial-products/morpho-vaults#p-2396-steakhouse-vaults-1) Prime Vaults The Prime vault (formerly _Steakhouse)_ series is designed to be institutional grade. Therefore, only the most bluechips assets are considered for inclusion. It can be both cryptocurrencies (ETH and wstETH, tokenized BTC) or TradFi assets (wUSDM, USYC, etc). Asset curation is dependent on the quality of the loan asset, meaning the higher quality the loan asset, the less risk will be taken on collaterals. The quality of a loan asset is assessed with in-house expertise according to our [Counterparty Risk Framework](https://www.steakhouse.financial/docs/risk-management/collateral/collateral-standards) . The vaults themselves are designed to use protection features offered by Morpho. Any collateral onboarding choice is typically announced in advance. Liquidity providers have a long 7-days timelock and [an Aragon DAO guardian](https://forum.morpho.org/t/steakhouse-metamorpho-vaults-are-upgrading-their-guardian-setups-to-fully-trustless/527) , meaning they can easily veto a major change in the vault. ### [](https://www.steakhouse.financial/docs/products/steakhouse-financial-products/morpho-vaults#p-2396-smokehouse-vaults-2) High Yield Vaults High Yield vaults (formerly [Smokehouse](https://forum.morpho.org/t/introducing-the-smokehouse-product-line-bbqusdc-and-bbqdai/1182) ) are for frontiersmen and women who are not afraid of exotic collateral types. It will use a wide range of collateral to allow vaults to be exposed to the most diverse possible types of borrowing activity. The fees on Smokehouse vault are typically 10% with some temporary waivers. This reflects the higher cost to operate such a vault, both in terms of reallocation and analysis. As the objective is to provide lenders higher risk-adjusted yields, dependent on unique market opportunities, it could lead to concentration in some key markets. Security wise, the timelock is set at 3-days and the vault is protected by an [Aragon DAO guardian](https://forum.morpho.org/t/steakhouse-metamorpho-vaults-are-upgrading-their-guardian-setups-to-fully-trustless/527) , meaning any liquidity provider can easily veto a major change in the vault. Liquidity providers should pay close attention to collateral onboarding choices on-chain, which won’t necessarily be announced. [](https://www.steakhouse.financial/docs/products/steakhouse-financial-products/morpho-vaults#products-by-blockchain) Products by blockchain ------------------------------------------------------------------------------------------------------------------------------------------------- Steakhouse Morpho vaults are currently deployed on multiple blockchains: * [Ethereum](https://www.steakhouse.financial/docs/products/steakhouse-financial-products/morpho-vaults#ethereum) * [Partnership vaults on Ethereum](https://www.steakhouse.financial/docs/products/steakhouse-financial-products/morpho-vaults#p-2396-steakhouse-vaults-1-1) * [Base](https://www.steakhouse.financial/docs/products/steakhouse-financial-products/morpho-vaults#p-2396-steakhouse-vaults-1-2) * [Partnership vaults on Base](https://www.steakhouse.financial/docs/products/steakhouse-financial-products/morpho-vaults#p-2396-steakhouse-vaults-1-3) * [Arbitrum](https://www.steakhouse.financial/docs/products/steakhouse-financial-products/morpho-vaults#p-2396-steakhouse-vaults-1-4) * [Katana](https://www.steakhouse.financial/docs/products/steakhouse-financial-products/morpho-vaults#katana) * [Polygon](https://www.steakhouse.financial/docs/products/steakhouse-financial-products/morpho-vaults#polygon) * [Unichain](https://www.steakhouse.financial/docs/products/steakhouse-financial-products/morpho-vaults#unichain) * [Corn](https://www.steakhouse.financial/docs/products/steakhouse-financial-products/morpho-vaults#corn) [](https://www.steakhouse.financial/docs/products/steakhouse-financial-products/morpho-vaults#ethereum) Ethereum --------------------------------------------------------------------------------------------------------------------- Symbol Name Guardian Risk Profile steakUSDC [Steakhouse USDC](https://app.morpho.org/vault?vault=0xBEEF01735c132Ada46AA9aA4c54623cAA92A64CB&network=mainnet) [Guardian](https://app.aragon.org/dao/ethereum-mainnet-0xaa0500198B4425DfC4E272FbE42C8E64E21fc03d/dashboard) Prime bbqUSDC [Smokehouse USDC](https://app.morpho.org/ethereum/vault/0xBEeFFF209270748ddd194831b3fa287a5386f5bC/smokehouse-usdc) [Guardian](https://app.aragon.org/dao/ethereum-mainnet-0x94aa34975987119197e53e760AF1ee5aC80A27D3/dashboard) High Yield steakUSDT [Steakhouse USDT](https://app.morpho.org/ethereum/vault/0xbEef047a543E45807105E51A8BBEFCc5950fcfBa/steakhouse-usdt) [Guardian](https://app.aragon.org/dao/ethereum-mainnet-0xaeC761545Fd135db6d04D27C92BCB3951668c67F/dashboard) Prime bbqUSDT [Smokehouse USDT](https://app.morpho.org/ethereum/vault/0xA0804346780b4c2e3bE118ac957D1DB82F9d7484/smokehouse-usdt) [Guardian](https://app.aragon.org/dao/ethereum-mainnet-0x4fCD92bF530abdEb5Eb7413A63a8EB8F5a62C1dD/dashboard) High Yield steakETH [Steakhouse ETH](https://app.morpho.org/ethereum/vault/0xBEEf050ecd6a16c4e7bfFbB52Ebba7846C4b8cD4/steakhouse-eth) [Guardian](https://app.aragon.org/dao/ethereum-mainnet-0x4ef090B2c36b34974e244f3699DF998e2b9D4FE9/dashboard) Prime bbqETH [Smokehouse ETH](https://app.morpho.org/ethereum/vault/0xbEEF36A5C1372F8D7d211527FCE9f83FE02d8A73/smokehouse-eth) [Guardian](https://app.aragon.org/dao/ethereum-mainnet-0x23c47911E3de590Cb31E5D788A89F6D84bcb57f5/dashboard) High Yield bbqWSTETH [Smokehouse WSTETH](https://app.morpho.org/ethereum/vault/0x833AdaeF212c5cD3f78906B44bBfb18258F238F0/smokehouse-wsteth) [Guardian](https://app.aragon.org/dao/ethereum-mainnet-0xc7645103984F27fb2221E16bFb6b4d650Ea03695/dashboard) High Yield steakWBTC [Steakhouse WBTC](https://app.morpho.org/ethereum/vault/0xbeEf094333AEdD535c130958c204E84f681FD9FA/steakhouse-wbtc?tab=vault) [Guardian](https://app.aragon.org/dao/ethereum-mainnet-0x435fB04bBcD0086134236596C8e9435763c97491/dashboard) Prime bbqCBBTC [Smokehouse cbBTC](https://app.morpho.org/ethereum/vault/0xbEEF8DF2Ce4BaB5420123F9BF80dea4c65673257/smokehouse-cbbtc) [Guardian](https://app.aragon.org/dao/ethereum-mainnet-0xAa5BD13E90428dCc33a5b367Cfebc7FFaB7E2d9e/dashboard) High Yield steakPAXG [Steakhouse PAXG](https://app.morpho.org/ethereum/vault/0xBeeF7959aE71D4e45e1863dae0B94C35244AF816/steakhouse-paxg) [Guardian](https://app.aragon.org/dao/ethereum-mainnet-0x5148Db8942C69A431167C1B7FA7590c15DF934f1/dashboard) Prime bbqDAI [Smokehouse DAI](https://app.morpho.org/ethereum/vault/0xbeeFfF68CC520D68f82641EFF84330C631E2490E/smokehouse-dai) [Guardian](https://app.aragon.org/dao/ethereum-mainnet-0xbdb791B5D2c61Ab8C2CcAC3cB802Ce8679b7a36b/dashboard) High Yield steakPYUSD [Steakhouse PYUSD](https://app.morpho.org/ethereum/vault/0xbEEF02e5E13584ab96848af90261f0C8Ee04722a/steakhouse-pyusd) [Guardian](https://app.aragon.org/dao/ethereum-mainnet-0xCcFd0E9CEC732fb839fadDeCc72B6154530bC90f/dashboard) Prime steakEURCV [Steakhouse EURCV](https://app.morpho.org/ethereum/vault/0x75741A12B36D181f44F389E0c6B1E0210311e3Ff/steakhouse-eurcv) [Guardian](https://app.aragon.org/dao/ethereum-mainnet-0x82c79B5bF298DE4AEc73CbFb248502Ba248fC36A/dashboard) Prime ### [](https://www.steakhouse.financial/docs/products/steakhouse-financial-products/morpho-vaults#p-2396-steakhouse-vaults-1-1) Partnership vaults Symbol Name Guardian Risk Profile vbshUSDC [Vault Bridge USDC](https://app.morpho.org/ethereum/vault/0xBEefb9f61CC44895d8AEc381373555a64191A9c4/vault-bridge-usdc) Prime steakRUSD [Steakhouse RUSD](https://app.morpho.org/ethereum/vault/0xBeEf11eCb698f4B5378685C05A210bdF71093521/steakhouse-rusd) [Guardian](https://app.aragon.org/dao/ethereum-mainnet-0x21b2a1CAb4456bfC5f043A8F1D164b305CE36558/dashboard) Prime csUSDL [Coinshift USDL](https://app.morpho.org/ethereum/vault/0xbEeFc011e94f43b8B7b455eBaB290C7Ab4E216f1/coinshift-usdl) [Guardian](https://app.aragon.org/dao/ethereum-mainnet-0x28066D14e9176cDE5C01Bf5Fd087e4E6B6525f72/dashboard) Prime csUSDC [Coinshift USDC](https://app.morpho.org/ethereum/vault/0x7204B7Dbf9412567835633B6F00C3Edc3a8D6330/coinshift-usdc) [Guardian](https://app.aragon.org/dao/ethereum-mainnet-0x8949f991EAB43d69B78c1d2fF2C9C047373d5730/dashboard) Prime cronosUSDC [Cronos USDC](https://app.morpho.org/ethereum/vault/0xbeEf96B330ef1Fe7Ebe41eCe0Bd4a41A94Bc03DC/cronos-usdc) [Guardian](https://app.aragon.org/dao/ethereum-mainnet/cronosusdc-guardia.dao.eth) High Yield steakUSDCinfinifi [Steakhouse infiniFi USDC](https://app.morpho.org/ethereum/vault/0xBEeF1f5Bd88285E5B239B6AAcb991d38ccA23Ac9/steakhouse-infinifi-usdc) [Guardian](https://app.aragon.org/dao/ethereum-mainnet/steakusdcinfinifig.dao.eth/dashboard) High Yield steakUSDTBethena [Steakhouse Ethena USDtb](https://app.morpho.org/ethereum/vault/0xBeEFC1CDAfc5b4a649b54D07AFc6bF0f75C6F4E2/steakhouse-ethena-usdtb) [Guardian](https://app.aragon.org/dao/ethereum-mainnet/0xdc4c05B966d2aB92aA36d222ae8F5926Ec0333fa) High Yield steakUSDClevel [Steakhouse Level USDC](https://app.morpho.org/ethereum/vault/0xbEEf11C63d7173BdCC2037e7220eE9Bd0cCDA862/steakhouse-level-usdc) [Guardian](https://app.aragon.org/dao/ethereum-mainnet-0xC56a95E8041b9d4F222Aaf06aFe924D091A6CC2f/dashboard) High Yield steakUSDCrwa [Steakhouse USDC RWA](https://app.morpho.org/ethereum/vault/0x6D4e530B8431a52FFDA4516BA4Aadc0951897F8C/steakhouse-usdc-rwa) [Guardian](https://app.aragon.org/dao/ethereum-mainnet-0xf419cd5eDDd3Ea5066FEAA00068353DC72B42d3B/dashboard) High Yield [](https://www.steakhouse.financial/docs/products/steakhouse-financial-products/morpho-vaults#p-2396-steakhouse-vaults-1-2) Base ------------------------------------------------------------------------------------------------------------------------------------- Symbol Name Guardian Risk Profile steakUSDC [Steakhouse Prime USDC](https://app.morpho.org/base/vault/0xBEEFE94c8aD530842bfE7d8B397938fFc1cb83b2/steakhouse-prime-usdc) [Guardian](https://app.aragon.org/dao/base-mainnet/0x894d59017Ed0F8dcd8f2B6e89a3C26eF76876D33/) Prime bbqUSDC [Smokehouse USDC](https://app.morpho.org/base/vault/0xBeeFa74640a5f7c28966cbA82466EED5609444E0/smokehouse-usdc) [Guardian](https://app.aragon.org/dao/base-mainnet-0xa9661CD1F988AD11Afbc4D5de8BE600148296571/dashboard) High Yield bbqUSDC [Steakhouse High Yield USDC v1.1](https://app.morpho.org/base/vault/0xBEEFA7B88064FeEF0cEe02AAeBBd95D30df3878F/steakhouse-high-yield-usdc-v11) [Guardian](https://app.aragon.org/dao/base-mainnet/0xF8949d935d4e5Cb0A6641dddB53Db10246C0621C/dashboard) High Yield steakETH [Steakhouse ETH](https://app.morpho.org/base/vault/0xbEEf050a7485865A7a8d8Ca0CC5f7536b7a3443e/steakhouse-eth) [Guardian](https://app.aragon.org/dao/base-mainnet-0x447Da5d18b42C37122e5dE91C7a7CAB2cBCD9086/dashboard) Prime steakEURC [Steakhouse EURC](https://app.morpho.org/base/vault/0xBeEF086b8807Dc5E5A1740C5E3a7C4c366eA6ab5/steakhouse-eurc) [Guardian](https://app.aragon.org/dao/base-mainnet-0x869a7cb9B5bab46d26007A17401BF56e22B9e6bC/dashboard) Prime steakSUSDS [Steakhouse sUSDS](https://app.morpho.org/base/vault/0xB17B070A56043e1a5a1AB7443AfAFDEbcc1168D7/steakhouse-susds) [Guardian](https://app.aragon.org/dao/base-mainnet-0x869a7cb9B5bab46d26007A17401BF56e22B9e6bC/dashboard) Prime ### [](https://www.steakhouse.financial/docs/products/steakhouse-financial-products/morpho-vaults#p-2396-steakhouse-vaults-1-3) Partnership vaults Symbol Name Guardian Risk Profile steakUSDC [Steakhouse USDC](https://app.morpho.org/base/vault/0xbeeF010f9cb27031ad51e3333f9aF9C6B1228183/steakhouse-usdc) Prime sirloinUSDC [Steakhouse High Yield USDC](https://app.morpho.org/base/vault/0xCBeeF01994E24a60f7DCB8De98e75AD8BD4Ad60d/steakhouse-high-yield-usdc) High Yield steakUSDA [Steakhouse USDA](https://app.morpho.org/base/vault/0xbEEfa1aBfEbE621DF50ceaEF9f54FdB73648c92C/steakhouse-usda) Prime steakEURA [Steakhouse EURA](https://app.morpho.org/base/vault/0xBEeFA28D5e56d41D35df760AB53B94D9FfD7051F/steakhouse-eura) Prime steakUSDCrwa [Steakhouse USDC RWA](https://app.morpho.org/base/vault/0xbEefc4aDBE58173FCa2C042097Fe33095E68C3D6/steakhouse-usdc-rwa) [Guardian](https://app.aragon.org/dao/base-mainnet-0xF398807d2D7EBC116Fc66a7BD5657344402c2f08/dashboard) High Yield [](https://www.steakhouse.financial/docs/products/steakhouse-financial-products/morpho-vaults#p-2396-steakhouse-vaults-1-4) Arbitrum ----------------------------------------------------------------------------------------------------------------------------------------- Symbol Name Guardian Risk Profile steakUSDC [Steakhouse Prime USDC](https://app.morpho.org/arbitrum/vault/0x250CF7c82bAc7cB6cf899b6052979d4B5BA1f9ca/steakhouse-prime-usdc) [Guardian](https://app.aragon.org/dao/arbitrum-mainnet/0x49Ece240D6bc57de4Eb99ED7B2082ef50C79d065/proposals) Prime bbqUSDC [Steakhouse High Yield USDC](https://app.morpho.org/arbitrum/vault/0x5c0C306Aaa9F877de636f4d5822cA9F2E81563BA/steakhouse-high-yield-usdc) [Guardian](https://app.aragon.org/dao/arbitrum-mainnet/0x0f8364770547F0b922AeE562438f20Cdf6D0e193/) High Yield steakUSDT0 [Steakhouse Prime USDT0](https://app.morpho.org/arbitrum/vault/0x2281961480216653529A03D6CE03Ee6B8cdF564E/steakhouse-prime-usdt0) [Guardian](https://app.aragon.org/dao/arbitrum-mainnet/0xb682264c3026FBB1ad10467622c7B0E10da57cDf/proposals) Prime bbqUSDT0 [Steakhouse High Yield USDT0](https://app.morpho.org/arbitrum/vault/0x4739E2c293bDCD835829aA7c5d7fBdee93565D1a/steakhouse-high-yield-usdt0) [Guardian](https://app.aragon.org/dao/arbitrum-mainnet/0x095c89BBad3f89A85FfB5E2cd59eE114e24f7965/dashboard?members=guard&proposals=guard) High Yield steakETH [Steakhouse Prime ETH](https://app.morpho.org/arbitrum/vault/0x0623a67D69bB2F59D266897A15dC1509d291D631/steakhouse-prime-eth) [Guardian](https://app.aragon.org/dao/arbitrum-mainnet/0x95152a6573FF9F9399aFA370E48974A76a3CD4Ea/settings) Prime [](https://www.steakhouse.financial/docs/products/steakhouse-financial-products/morpho-vaults#katana) Katana ----------------------------------------------------------------------------------------------------------------- Symbol Name Risk Profile steakUSDC [Steakhouse Prime USDC](https://app.morpho.org/katana/vault/0x61D4F9D3797BA4dA152238c53a6f93Fb665C3c1d/steakhouse-prime-usdc) Prime bbqUSDC [Steakhouse High Yield USDC](https://app.morpho.org/katana/vault/0x1445A01a57D7B7663CfD7B4EE0a8Ec03B379aabD/steakhouse-high-yield-usdc) High Yield steakUSDT0 [Steakhouse Prime AUSD](https://app.morpho.org/katana/vault/0x82c4C641CCc38719ae1f0FBd16A64808d838fDfD/steakhouse-prime-ausd) Prime bbqUSDT0 [Steakhouse High Yield AUSD](https://app.morpho.org/katana/vault/0xdE6a4F28Acfe431DD1CfA2D9c7A3d8301624a841/steakhouse-high-yield-ausd) High Yield [](https://www.steakhouse.financial/docs/products/steakhouse-financial-products/morpho-vaults#polygon) Polygon ------------------------------------------------------------------------------------------------------------------- Symbol Name Guardian Risk Profile steakUSDC [Steakhouse Prime USDC](https://app.morpho.org/arbitrum/vault/0x250CF7c82bAc7cB6cf899b6052979d4B5BA1f9ca/steakhouse-prime-usdc) [Guardian](https://app.aragon.org/dao/polygon-mainnet/0xAab6D6d074E0Fb82fd44cc7B074a05a9d22dbe7E/settings) Prime bbqUSDC [Steakhouse High Yield USDC](https://app.morpho.org/polygon/vault/0x390ceC023dCd8ebfE3e8904233b20CEbEEC26739/steakhouse-prime-usdc) [Guardian](https://app.aragon.org/dao/polygon-mainnet/0x2B6f3B77Aa4C8491187595f947A945aD1d298219/) High Yield steakUSDT0 [Steakhouse Prime USDT0](https://app.morpho.org/polygon/vault/0x057b06D97Ee9c7BE7e26429bB4C9c4cfAEcB23C1/steakhouse-prime-usdt0) [Guardian](https://app.aragon.org/dao/polygon-mainnet/0xAab6D6d074E0Fb82fd44cc7B074a05a9d22dbe7E/settings) Prime bbqUSDT0 [Steakhouse High Yield USDT0](https://app.morpho.org/polygon/vault/0xB7c9988D3922F25a336a469F3bB26CA61FE79e24/steakhouse-high-yield-usdt0) [Guardian](https://app.aragon.org/dao/polygon-mainnet/0xC35EaafB273f9a328dBefF7528e84374F90d30CB/) High Yield steakETH [Steakhouse Prime ETH](https://app.morpho.org/polygon/vault/0xa4EDd2D004CBd422DB53ceD0f511072A50a6fD70/steakhouse-prime-eth) [Guardian](https://app.aragon.org/dao/polygon-mainnet/0x746faCab09E872493FfD28Ce7246A5AD19f0a1aD/dashboard) Prime [](https://www.steakhouse.financial/docs/products/steakhouse-financial-products/morpho-vaults#unichain) Unichain --------------------------------------------------------------------------------------------------------------------- Symbol Name Risk Profile steakETH [Steakhouse ETH](https://app.morpho.org/unichain/vault/0x0993Ae24a988c6925d80aD61344a76B81aA0D34c/steakhouse-eth) Prime bbqWSTETH [Smokehouse WSTETH](https://app.morpho.org/unichain/vault/0x9E111aCef0CF3bd8C38715B88e78BE31C1109F8a/smokehouse-wsteth) High Yield [](https://www.steakhouse.financial/docs/products/steakhouse-financial-products/morpho-vaults#corn) Corn ------------------------------------------------------------------------------------------------------------- Symbol Name Risk Profile bbqBTCNN Smokehouse BTCN High Yield bbqUSDT0 Smokehouse USDT0 High Yield [PreviousSteakhouse Financial Products](https://www.steakhouse.financial/docs/products) Last updated 2 months ago --- # Portfolio Monitoring | Risk Management | Steakhouse Financial Steakhouse has made significant investments into developing a proprietary offchain reallocation engine. This engine monitors all underlying markets and automates efficient rebalancing - the process of depositing and withdrawing liquidity from all underlying markets within a Steakhouse vault - leading to higher yields and more consistent depositor access to liquidity. As a reminder, Morpho markets target 90% utilization, meaning that generally 10% of deposited assets are available to meet immediate withdrawals requests. The standard interest rate model seeks to trigger borrower repayments when utilization is >90% by increasing the interest rate charged; the inverse is true when utilization is <90%. ![](https://steakhouse.financial/docs/~gitbook/image?url=https%3A%2F%2Flh7-qw.googleusercontent.com%2Fdocsz%2FAD_4nXeZPFvagCo0KifdSJKqNinsVSZxZK47fPc9QE4L8PkGpqDGpnO_WRgkX0X4r4FIy6ndHC-86ss__VF3OUgpaWUewBfoo6ugfFQgRbqTHWbpHAPBTInr3Q5_GJsTf3wcgDCe6C2h8A%3Fkey%3DxXwE5eiaMPdnjtprDyN7vWjG&width=768&dpr=4&quality=100&sign=893fe5af&sv=2) Early on, Steakhouse realized that each underlying market became a latency competition to extract liquidity during periods of market distress. Our current infrastructure is able to predict when liquidity crunches may occur, monitor when liquidity in an underlying market returns, and outcompete competitors relying on slower (or manual) processes to actually extract that liquidity into our idle markets and meet withdrawal requests from our vault. In addition, our systems employ a series of automated and manual “killswitches” to avoid deploying into markets where the deposited collateral and/or market is potentially compromised. The triggers include a number of proprietary criteria - such as a deviation between an asset’s “real” price and the price reported by a particular market oracle - and lead to the cessation of deployment into and/or withdrawal from a compromised market. [PreviousVault Setup and Controls](https://www.steakhouse.financial/docs/risk-management/monitoring/vault-setup-and-controls) [NextAlert System](https://www.steakhouse.financial/docs/risk-management/monitoring/alert-system) Last updated 2 months ago --- # Final Market Rating | Risk Management | Steakhouse Financial The final combined Rating is the worst rating of all elements assessed for this investment position: Final Market Rating Layers [Adjusted Asset Rating](https://www.steakhouse.financial/docs/risk-management/collateral/adjusted-asset-rating) [Platform Rating](https://www.steakhouse.financial/docs/risk-management/collateral/layers-pillars-and-criteria/platform-rating-layer-2) [Market Rating](https://www.steakhouse.financial/docs/risk-management/collateral/layers-pillars-and-criteria/market-rating-layer-3) **Final Market Rating** **Worst Rating of the Layers** It is rated on a scale described in the [Rating Grades](https://www.steakhouse.financial/docs/risk-management/collateral/layers-pillars-and-criteria#rating-grades) section, from **AA** (highest quality) to **C** (riskiest practice), and the FMR determines the asset’s eligibility within Steakhouse product ranges. [Collateral Standards](https://www.steakhouse.financial/docs/risk-management/collateral/collateral-standards) [Layers, Pillars and Criteria](https://www.steakhouse.financial/docs/risk-management/collateral/layers-pillars-and-criteria) [PreviousAdjusted Asset Rating](https://www.steakhouse.financial/docs/risk-management/collateral/adjusted-asset-rating) [NextOngoing Risk Monitoring](https://www.steakhouse.financial/docs/risk-management/monitoring/ongoing-risk-monitoring) Last updated 2 months ago --- # Alert System | Risk Management | Steakhouse Financial Steakhouse Financial is responsible for curating and advising billions of dollars on-chain, and has established a solid framework to automate incident response and monitoring. To support our ongoing assessment of risks, we have implemented a wide range of alerts within our monitoring system. The frequency of these alerts is determined by the severity of the underlying risk. Our incident response protocols range from human oversight and breach acknowledgment to fully automated kill switches that transfer funds to secure vaults. [](https://www.steakhouse.financial/docs/risk-management/monitoring/alert-system#types-of-alerts) Types of Alerts ---------------------------------------------------------------------------------------------------------------------- We continuously develop new alerts as part of our ongoing evaluation of protocol integrations and collateral assets. During the due diligence process, we identify key risk vectors associated with each asset and configure a corresponding set of customized alerting parameters. These alerts differ in type, source, and the nature of the risks they are designed to surface. 1. ### [](https://www.steakhouse.financial/docs/risk-management/monitoring/alert-system#price) Price Detect abnormal price behaviour, including manipulation or depegging that could disrupt market conditions or create unfair borrowing and lending dynamics. Source: On-chain vault pricing logic, smart contract price functions, oracle feeds, and external price providers (both on-chain and off-chain via API calls) Examples: * Instant price divergence between oracles and DEX market prices * Price manipulation through low liquidity pairs * Sudden depegging of correlated assets 1. ### [](https://www.steakhouse.financial/docs/risk-management/monitoring/alert-system#on-chain-activity) On-Chain Activity Identify transaction-level behavior indicative of risk, abuse, or malfunction Source: Blockchain event listeners, value or number of transactions within specific timeframe, through both RPC and Hypernative integration Examples: * Unusual smart contract interactions * Deployment of potentially malicious contracts by unknown wallets * Sudden spikes in borrowing activity tied to a specific collateral type * High-frequency collateral deposits or withdrawals suggesting automated strategies or exploit attempts 1. ### [](https://www.steakhouse.financial/docs/risk-management/monitoring/alert-system#governance-msigs-governance) Governance (Msigs Governance) Monitor any high-impact changes to the economic parameters of collateral or loan assets, including shifts in risk settings or significant reserve value transfers Source: Multisig activity, DAO proposal, governance forum discussions Examples: * Large reserve movements by the issuer (withdrawing a significant percentage of reserves within a short timeframe) * Enabling or disabling withdrawals from a vault used as collateral * Changing the underlying asset backing a reserve * Disabling pegging mechanisms or modifying exchange rate parameters 1. ### [](https://www.steakhouse.financial/docs/risk-management/monitoring/alert-system#issuer-quality-and-trust) Issuer Quality and Trust Purpose: Assess the issuer’s ability to manage its protocol, sustain as a business and uphold a trustworthy reputation Source: Proof of reserves, financial disclosures, smart contract audits, governance proposals, social media activity, community sentiment Examples: * Changes in proof of reserves * Decline in governance activity, missed roadmap and loss of community trust * Quality of the relationship with the issuer [](https://www.steakhouse.financial/docs/risk-management/monitoring/alert-system#alert-frequency) Alert Frequency ---------------------------------------------------------------------------------------------------------------------- The alerting cadence is defined by the nature and criticality of the event: 1. ### [](https://www.steakhouse.financial/docs/risk-management/monitoring/alert-system#instantaneous-block-level-alerts) Instantaneous Block-Level Alerts Triggered as soon as an on-chain event occurs (completed transaction, price oracle update, vault activity, governance action). _Instantly processed at block confirmation_ 1. ### [](https://www.steakhouse.financial/docs/risk-management/monitoring/alert-system#periodic-alerts) Periodic Alerts Polled checks every few minutes (not exceeding 1 hour). Critical alerts always default to real-time block-based triggers. Aggregated signals supplement these for contextual decisions. _Used for less volatile indicators that benefit from aggregation_ [](https://www.steakhouse.financial/docs/risk-management/monitoring/alert-system#calibrated-incident-response) Calibrated Incident Response ------------------------------------------------------------------------------------------------------------------------------------------------ The response framework is designed to scale with the severity of risk, ensuring that appropriate action is taken at every level of alert. For **low-risk** situations, the response involves a human review to assess the potential future consequences of the alert, even if there has been no economic impact at this stage. Risk analysts annotate and investigate the event, evaluate its relevance, and discuss it with the broader team. For **medium-level** risk, the automated system initiates preventive containment. This involves applying soft mechanisms such as halting new supply in specific vaults or markets, adjusting risk parameters, or temporarily freezing allocation functions until further assessment. These actions aim to prevent escalation without disrupting the entire protocol or sending premature signals. The freeze remains in place until clear signs of improvement justify lifting the measures or escalating to a higher level of intervention. **High-risk** alerts trigger the most aggressive response, possibly leading to a hard kill switch. This includes forcefully withdrawing liquidity, processing liquidations, migrating funds to secure markets, or disabling smart contract interactions. Such events can escalate to a critical response environment where a dedicated war room is activated and risk teams, developers and managers coordinate to resolve the incident. [PreviousPortfolio Monitoring](https://www.steakhouse.financial/docs/risk-management/monitoring/portfolio-monitoring) Last updated 2 months ago --- # Market Rating (Layer 3) | Risk Management | Steakhouse Financial The Market is the DeFi protocol that enables investors with excess capital to generate returns by interacting with it, while using the asset either as collateral (in a collateralized loan) or, more broadly, as the main source of risk. Each Market is set up by a protocol actor and defined by parameters such as the rate curve, oracle-based pricing methodology, and LLTV. Market volatility can be mitigated through constrained setups, making it necessary to evaluate both its robustness and its suitability as an investment position. The Market is assessed against four criteria: Oracle, Liquidity, Price Fluctuation, and LLTV, with the last two forming the Credit Enhancement, an additional layer that adjusts the Asset Rating. Market Layer Criteria Market Rating Criteria [Oracle](https://www.steakhouse.financial/docs/risk-management/collateral/layers-pillars-and-criteria/market-rating-layer-3/oracle) [Liquidity](https://www.steakhouse.financial/docs/risk-management/collateral/layers-pillars-and-criteria/market-rating-layer-3/liquidity) [Price Fluctuation](https://www.steakhouse.financial/docs/risk-management/collateral/layers-pillars-and-criteria/market-rating-layer-3/price-fluctuation) [LLTV](https://www.steakhouse.financial/docs/risk-management/collateral/layers-pillars-and-criteria/market-rating-layer-3/lltv) **Market Rating** **Worst Rating of the Criteria** [PreviousPlatform Rating (Layer 2)](https://www.steakhouse.financial/docs/risk-management/collateral/layers-pillars-and-criteria/platform-rating-layer-2) [NextOracle](https://www.steakhouse.financial/docs/risk-management/collateral/layers-pillars-and-criteria/market-rating-layer-3/oracle) Last updated 2 months ago This site uses cookies to deliver its service and to analyze traffic. By browsing this site, you accept the [privacy policy](https://www.steakhouse.financial/docs/documents/general/privacy) . AcceptReject --- # Platform Rating (Layer 2) | Risk Management | Steakhouse Financial The platform is the layer that transforms one crypto asset into another. Often, it is a decentralized finance protocol that allows the underlying asset to be wrapped, its yield to be split or leveraged, or used for rehypothecation. The resulting risk of the outcome token depends on the quality of the decentralized finance protocol or application. A key characteristic of these platforms is that their activities are fully on-chain, enabling users to interact atomically with the protocols. Their scope of action is limited to interactions with on-chain smart contracts, with no off-ramping or transfer of value from crypto to fiat. However, as key intermediaries in the usage of crypto assets, these entities can affect the value of a token through code vulnerabilities, governance structures, or protocol changes. The platform rating does not include credit risk criteria; it is assessed on the two other pillars: Issuer and Operational. Platform Layer Pillars Platform Rating Pillars [Issuer Risk](https://www.steakhouse.financial/docs/risk-management/collateral/layers-pillars-and-criteria/asset-rating-layer-1/issuer-pillar-1) [Operational Risk](https://www.steakhouse.financial/docs/risk-management/collateral/layers-pillars-and-criteria/asset-rating-layer-1/operational-risk-pillar-3) **Platform Rating** **Worst Rating of the Criteria** [PreviousOperational Risk (Pillar 3)](https://www.steakhouse.financial/docs/risk-management/collateral/layers-pillars-and-criteria/asset-rating-layer-1/operational-risk-pillar-3) [NextMarket Rating (Layer 3)](https://www.steakhouse.financial/docs/risk-management/collateral/layers-pillars-and-criteria/market-rating-layer-3) Last updated 2 months ago --- # Layers, Pillars and Criteria | Risk Management | Steakhouse Financial Each Layer consists of several pillars, each of which contains multiple criteria. The rating associated with a layer reflects the lowest rating among its pillars, as each is assessed independently and the weakest link determines the overall strength of the layer. ![Application of the MLRR in practice](https://steakhouse.financial/docs/~gitbook/image?url=https%3A%2F%2F2662664176-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FkutwHNo7H236lMOzCyJa%252Fuploads%252FLHiRhBgLu5TNUzL8xhUw%252FL%2520ayered%2520Criteria.svg%3Falt%3Dmedia%26token%3D4e34c200-0a37-4328-b130-60b5da0afe84&width=768&dpr=4&quality=100&sign=72eb8bfb&sv=2)![Application of the MLRR in practice](https://steakhouse.financial/docs/~gitbook/image?url=https%3A%2F%2F2662664176-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FkutwHNo7H236lMOzCyJa%252Fuploads%252FoMleHnSlRvEWzO9mOnlG%252FLayered%2520Criteria-dark.svg%3Falt%3Dmedia%26token%3D823e723f-a52b-4c81-ab55-e797411ea917&width=768&dpr=4&quality=100&sign=3f3aae3a&sv=2) Application of the MLRR in practice [](https://www.steakhouse.financial/docs/risk-management/collateral/layers-pillars-and-criteria#risk-taxonomy-and-layered-structure) Risk Taxonomy and Layered Structure ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Layers Pillars Criteria **Asset** Issuer Risk _Social_ _Decentralization_ _Technical_ Credit Risk _Qualitative Assessment_ Operational Risk _Lindy_ _Audit Coverage_ _Economic Transparency_ **Platform** Issuer Risk _Social_ _Decentralization_ _Technical_ Operational Risk _Lindy_ _Audits_ _Economic Transparency_ **Market** Oracle Liquidity Credit Enhancement _Price Fluctuation_ _LLTV_ [](https://www.steakhouse.financial/docs/risk-management/collateral/layers-pillars-and-criteria#rating-grades) Rating Grades --------------------------------------------------------------------------------------------------------------------------------- Each Criterion, Pillar, and Layer is rated on a scale from **AA** (highest quality) to **C** (riskiest practice). The following rating scale applies: Rating Numeric Score Type **AA** 1 Prime **A** 2 Prime **BB** 3 High Yield **B** 4 High Yield **CC** 5 Constrained **C** 6 Excluded The numeric score is used in aggregation calculations across criteria, pillars, and layers. * **AA** and **A** assets or markets are considered Prime and are offered within the lower-risk range of Steakhouse Products. * **BB** and **B** assets are considered High Yield and are offered in the higher-risk range of Steakhouse Products. * **CC** assets represent higher level of risks. Exposures in these assets are only taken opportunistically, in constrained amounts, and aligned with specific objectives under strict risk monitoring. * **C assets** carry the highest risk rating and are excluded from all publicly distributed vaults. [PreviousCollateral Standards](https://www.steakhouse.financial/docs/risk-management/collateral/collateral-standards) [NextAsset Rating (Layer 1)](https://www.steakhouse.financial/docs/risk-management/collateral/layers-pillars-and-criteria/asset-rating-layer-1) Last updated 2 months ago --- # Assets | Documents | Steakhouse Financial [](https://www.steakhouse.financial/docs/documents/press-kit/assets#logos) Logos ------------------------------------------------------------------------------------- ![](https://steakhouse.financial/docs/~gitbook/image?url=https%3A%2F%2F3047476389-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FK93cOm6TsaYRiRyYQM6C%252Fuploads%252FOFCSGY7RwsB0MQlCB11e%252FColor%253DDefault%2520%282%29.svg%3Falt%3Dmedia%26token%3D2f6af54d-3790-4765-b4e9-6101d2dbc3ab&width=768&dpr=4&quality=100&sign=df258089&sv=2) ![](https://steakhouse.financial/docs/~gitbook/image?url=https%3A%2F%2F3047476389-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FK93cOm6TsaYRiRyYQM6C%252Fuploads%252FGzMxyMpIk9RqXPagdrmo%252FColor%253DCharcoal.svg%3Falt%3Dmedia%26token%3D8a17d14b-aa30-4f85-92f9-fb45f5ad6e63&width=768&dpr=4&quality=100&sign=86ffa244&sv=2) ![](https://steakhouse.financial/docs/~gitbook/image?url=https%3A%2F%2F3047476389-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FK93cOm6TsaYRiRyYQM6C%252Fuploads%252FiPI8z0itTCnaCHGPLGQo%252FColor%253DBone.svg%3Falt%3Dmedia%26token%3D4e9f45b0-7f0b-4a81-87ba-d7bb9b35fce1&width=768&dpr=4&quality=100&sign=51d2884f&sv=2) ![](https://steakhouse.financial/docs/~gitbook/image?url=https%3A%2F%2F3047476389-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FK93cOm6TsaYRiRyYQM6C%252Fuploads%252FDCBfGpTBwyJUCKX7ndvZ%252FBull_Full.svg%3Falt%3Dmedia%26token%3D070c1995-44b5-48e6-b33f-16213d9618d5&width=768&dpr=4&quality=100&sign=f2c7d55a&sv=2) ![](https://steakhouse.financial/docs/~gitbook/image?url=https%3A%2F%2F3047476389-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FK93cOm6TsaYRiRyYQM6C%252Fuploads%252Fk9dY9YxS6mkPa6RkvC6Y%252FColor%253DDefault%2520%281%29.svg%3Falt%3Dmedia%26token%3D239ee29c-499e-47f0-8bc4-023d80e9bf44&width=768&dpr=4&quality=100&sign=d820be42&sv=2) ![](https://steakhouse.financial/docs/~gitbook/image?url=https%3A%2F%2F3047476389-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FK93cOm6TsaYRiRyYQM6C%252Fuploads%252FnPldJQa2EZSDahjui1DT%252FColor%253Dbone%2520%28Case%2520Conflict%29.svg%3Falt%3Dmedia%26token%3D6458922a-ff6f-4dec-b7bd-0249cdaed95a&width=768&dpr=4&quality=100&sign=a9a9d3b8&sv=2) ![](https://steakhouse.financial/docs/~gitbook/image?url=https%3A%2F%2F3047476389-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FK93cOm6TsaYRiRyYQM6C%252Fuploads%252FGde6S6gcgOc5mAKqzY0o%252FBull_Full%2520%281%29.svg%3Falt%3Dmedia%26token%3Db999e263-461e-4809-bebb-65f855c85426&width=768&dpr=4&quality=100&sign=10f42252&sv=2) ![](https://steakhouse.financial/docs/~gitbook/image?url=https%3A%2F%2F3047476389-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FK93cOm6TsaYRiRyYQM6C%252Fuploads%252FnEiLik0VLjnxj0M5ruoX%252FBull_Full%2520%282%29.svg%3Falt%3Dmedia%26token%3Da9972db4-9432-44f6-8482-d4a0e7b95a72&width=768&dpr=4&quality=100&sign=e31ffa05&sv=2) ![](https://steakhouse.financial/docs/~gitbook/image?url=https%3A%2F%2F3047476389-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FK93cOm6TsaYRiRyYQM6C%252Fuploads%252FA4ZE7VYxgwkK41hLgMYF%252FBull_Full%2520%283%29.svg%3Falt%3Dmedia%26token%3De225f16a-1a12-4f8d-953d-df2ccb0aa26e&width=768&dpr=4&quality=100&sign=9b753d30&sv=2) [](https://www.steakhouse.financial/docs/documents/press-kit/assets#colors) Colors --------------------------------------------------------------------------------------- ![](https://steakhouse.financial/docs/~gitbook/image?url=https%3A%2F%2F3047476389-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FK93cOm6TsaYRiRyYQM6C%252Fuploads%252FnTjQ8YZEqCd8Uu7AL6nY%252FColors.svg%3Falt%3Dmedia%26token%3D89229879-8a02-44e4-a1af-53a5adb00363&width=768&dpr=4&quality=100&sign=a23a6ccb&sv=2) [PreviousTerms & Conditions](https://www.steakhouse.financial/docs/documents/general/tcs) Last updated 1 month ago --- # Privacy Policy | Documents | Steakhouse Financial **Scope of this Privacy Policy** This Privacy Policy applies to your use of the website/s located at [steakhouse.financial](http://steakhouse.financial/) (the “Website”), which is operated by Steakhouse Financial Ltd, a company incorporated under the laws of the Cayman Islands. It also applies to any user interfaces or applications related to Vaults (the “Vault Interfaces”) provided by Carniceria Tropical Inc., a company incorporated under the laws of the Republic of Panama. For purposes of this Privacy Policy, Steakhouse Financial Ltd and Carniceria Tropical Inc. are collectively referred to as “we,” “us,” or “our.” While we do not require users to provide names or emails to access Vaults, we may collect data linked to blockchain addresses and device metadata, which may be considered Personal Information under applicable laws. This policy describes how we collect, use, share, and protect personal information in accordance with the laws of the Republic of Panama and, where applicable, other privacy regulations such as the General Data Protection Regulation (GDPR), UK GDPR, and California Consumer Privacy Act (CCPA), among others. **Information We Collect** We may collect the following categories of information: * Device Information: IP address, browser type, operating system, and access timestamps. * Usage Data: Interactions with our Services, including page visits, clicks, and referral URLs. * Wallet Data: Wallet addresses connected to our Vaults, including transaction history viewable on public blockchains. * Cookies and Tracking Technologies: Information collected via cookies or similar technologies (see “Cookies” section below). * Voluntarily Provided Data: Information you provide if you contact us or complete any optional forms. We do not knowingly collect information that directly identifies individuals unless voluntarily submitted. **Use of Personal Information** We may use the collected information to: * Operate, maintain, and improve our Services; * Provide analytics and usage insights; * Detect, prevent, or address fraud, abuse, or technical issues; * Comply with legal obligations and enforce our terms; * Respond to user inquiries. **Cookies** We may use cookies and other tracking technologies to analyze traffic and usage patterns. You can control or disable cookies through your browser settings, but doing so may affect your experience on our website. **Third-Party Services** We may use third-party service providers (e.g., analytics platforms, hosting providers) to support the Services. These providers may collect or process data on our behalf under contractual obligations of confidentiality and data protection. **No Sale of Personal Data** We do not sell your Personal Information and have not sold any Personal Information in the past 12 months. We do not share Personal Information with third parties for cross-context behavioral advertising or similar monetization purposes. **Disclosure of Your Personal Information** We do not share your Personal Information except in the following circumstances: * With service providers performing services on our behalf; * When required by law, legal process, or regulatory obligation; * To enforce our Terms of Use or protect our rights, privacy, safety, or property; * In connection with a merger, acquisition, or sale of assets. **Retention of Information** We retain Personal Information only as long as reasonably necessary to provide the Services or comply with legal obligations. Blockchain-related data is publicly available and retained indefinitely on public networks. **Your Rights** Depending on your jurisdiction, you may have the right to: * Access the personal data we hold about you; * Request correction or deletion of your data; * Object to or restrict certain data processing; * Withdraw consent where applicable; * Lodge a complaint with a data protection authority. To exercise your rights, contact us at legal@steakhouse.financial. We may request verification of your identity before responding. **Data Security** We implement appropriate technical and organizational measures to protect your data. However, no online transmission or storage is completely secure, and we cannot guarantee absolute security. **Children’s Privacy** The Services are not intended for individuals under the age of 18 or the age of legal majority in their jurisdiction. We do not knowingly collect personal information from minors. **International Transfers** Your Personal Information may be transferred to and processed in countries outside your jurisdiction. By using our Services, you consent to such transfers in accordance with this Policy. **Changes to This Policy** We may update this Privacy Policy from time to time. If we make material changes, we will post the revised version with an updated “Last Updated” date. Continued use of the Services indicates acceptance of the changes. **Contact Us** If you have any questions or concerns regarding this Privacy Policy, please contact us at: legal@steakhouse.financial [PreviousDeFi Vaults](https://www.steakhouse.financial/docs/documents/disclaimers/vaults) [NextTerms & Conditions](https://www.steakhouse.financial/docs/documents/general/tcs) Last updated 2 months ago --- # Asset Rating (Layer 1) | Risk Management | Steakhouse Financial The Asset Rating reflects the risks considered when analyzing a token, as if the investor were a holder benefiting from its economic value generation. The Asset Layer is assessed across three dimensions: issuer risk, which defines how the token is structured; credit risk, which measures the probability of loss; and operational risk, which evaluates the likelihood of technical failures. Asset Layer Pillars Asset Rating Pillars [Issuer Risk](https://www.steakhouse.financial/docs/risk-management/collateral/layers-pillars-and-criteria/asset-rating-layer-1/issuer-pillar-1) [Credit Risk](https://www.steakhouse.financial/docs/risk-management/collateral/layers-pillars-and-criteria/asset-rating-layer-1/credit-risk-pillar-2) [Operational Risk](https://www.steakhouse.financial/docs/risk-management/collateral/layers-pillars-and-criteria/asset-rating-layer-1/operational-risk-pillar-3) **Asset Rating** **Worst Rating of the Criteria** [PreviousLayers, Pillars and Criteria](https://www.steakhouse.financial/docs/risk-management/collateral/layers-pillars-and-criteria) [NextIssuer (Pillar 1)](https://www.steakhouse.financial/docs/risk-management/collateral/layers-pillars-and-criteria/asset-rating-layer-1/issuer-pillar-1) Last updated 2 months ago --- # Morpho V1 Markets | Markets | Steakhouse Financial Blockchain Name Rating 1\. Counterparty risk 2\. Credit Risk 3\. Operational Risk Platform Grade Market Grade Adjusted Asset Grade Ethereum cbBTC/USDC (86%) A AA A A A A Ethereum PT-USDS-14AUG2025/USDC (91.5%) BB BB B A A BB BB Ethereum mF-ONE/USDC (91.5%) B BB CC B B B Ethereum csUSDL/USDC (91.5%) A A A A A A A Ethereum WBTC/USDC (86%) A AA A A A A Ethereum wstETH/USDC (86%) A A A AA A A Ethereum liUSD-1w/USDC (86%) CC CC B B BB CC Ethereum iUSD/USDC (91.5%) CC CC BB B A CC Ethereum siUSD/USDC (91.5%) CC CC BB B A CC Ethereum PT-iUSD-4SEP2025/USDC (91.5%) CC CC BB B A A CC Ethereum PAXG/PYUSD (77%) A A A A A A Ethereum sUSDe/USDC (91.5%) B B B BB A B Ethereum PT-sUSDE-25SEP2025/USDC (91.5%) B B B BB A A B Ethereum syrupUSDC/USDC (91.5%) CC CC B B BB CC Ethereum PT-syrupUSDC-28AUG2025/USDC (86%) CC CC B B A BB CC Ethereum slvlUSD/USDC (91.5%) CC CC A B CC CC Ethereum lvlUSD/USDC (91.5%) CC CC A B CC CC Base PT-USR-25SEP2025/USDC (91.5%) CC CC B B A BB CC Ethereum PT-sUSDE-25SEP2025/USDC (91.5%) B B B BB A A B Ethereum PT-cUSDO-20NOV2025/USDC (91.5%) BB A A BB A BB BB Ethereum USR/USDC (91.5%) CC CC B B A CC Ethereum wstUSR/USDC (91.5%) CC CC B B A CC Ethereum srUSD/USDC (91.5%) CC CC B B CC CC Ethereum srUSD/rUSD (98%) CC CC B B AA CC Ethereum PT-wsrUSD-30OCT2025/USDC (91.5%) CC CC B B A BB CC Katana LBTC/vbUSDC (86%) B B B A BB B Base cbBTC/USDC (86%) A AA A A A A Base WETH/USDC (86%) A AA AA AA A AA Base cbETH/USDC (86%) A AA A A A A Base wstETH/USDC (86%) A A A AA A A Ethereum PT-syrupUSDC-30OCT25/USDC (91.5%) CC CC B B A BB CC Ethereum PT-sUSDE-27NOV2025/USDC (91.5%) B B B BB A A B Ethereum LBTC/USDC (86%) B B B A BB B Ethereum PT-PendleInfiniFi-siUSD-9OCT2025/USDC (91.5%) CC CC BB B A A CC Ethereum PT-USDe-27NOV2025/USDC (91.5%) B B B BB A A B Ethereum PT-rUSD-30OCT2025/USDC (91.5%) CC CC B B A BB CC Ethereum wsrUSD/USDC (91.5%) CC CC B B A CC Ethereum PT-csUSDL-30OCT2025/USDC (91.5%) BB A A A A BB A Ethereum stUSD/USDC (96.5%) B B A B BB B Ethereum USCC/USDC (91.5%) BB A B A BB A Ethereum tBTC/USDC (77%) BB BB A A A BB Ethereum wsrUSD/USDT (94.5%) CC CC B B A CC Ethereum sUSDe/USDT (91.5%) B B B BB A B Ethereum PT-wsrUSD-30OCT2025/USDT (91.5%) CC CC B B A BB CC Ethereum sUSDe/USDtb (91.5%) B B B BB A B Ethereum WBTC/USDT (86%) A AA A A A A Ethereum wstETH/USDT (86%) A A A AA A A Ethereum csUSDL/USDT (96.5%) A A A A A A A Ethereum PT-USDE-25SEP2025/USDT (91.5%) B B B BB A A B Ethereum PT-cUSDO-20NOV2025/USDT (91.5%) BB A A BB A BB BB Ethereum PT-csUSDL-30OCT2025/USDT (91.5%) BB A A A A BB A Ethereum sUSDS/USDT (96.5%) B BB B A B B Ethereum PT-sUSDE-25SEP2025/USDT (91.5%) B B B BB A A B Ethereum PT-sUSDE-27NOV2025/USDT (91.5%) B B B BB A A B Ethereum syrupUSDC/USDT (91.5%) CC CC B B BB CC Ethereum USR/USDT (91.5%) CC CC B B A CC Ethereum PT-syrupUSDC-28AUG2025/USDT (91.5%) CC CC B B A BB CC Ethereum PT-syrupUSDC-30OCT2025/USDT (91.5%) CC CC B B A BB CC Ethereum PT-USDe-27NOV2025/USDT (91.5%) B B B BB A A B Ethereum stUSD/USDT (96.5%) B B A B BB B Ethereum PT-rUSD-30OCT2025/USDT (91.5%) CC CC B B A BB CC Ethereum XAUt/USDT (77%) BB BB BB BB A BB Ethereum srUSD/rUSD (98%) CC CC B B AA CC Ethereum PT-wsrUSD-30OCT2025/rUSD (91.5%) CC CC B B A BB CC Ethereum PT-rUSD-30OCT2025/rUSD (91.5%) CC CC B B A BB CC Ethereum WBTC/rUSD (86%) A AA A A A A Ethereum wstETH/rUSD (86%) A A A AA A A Ethereum wstETH/WETH (96.5%) A A A AA A A Ethereum wstETH/WETH (94.5%) A A A AA A A Ethereum WBTC/WETH (91.5%) A AA A A A A Ethereum cbBTC/WETH (91.5%) A AA A A A A Ethereum WBTC/wUSDL (86%) A AA A A A A Ethereum wstETH/wUSDL (86%) A A A AA A A Ethereum csUSDC/wUSDL (96.5%) A A A A A A A Ethereum cbBTC/wUSDL (86%) A AA A A A A Ethereum PAXG/wUSDL (77%) A A A A A A Base steakSUSDS/USDC (96.5%) BB BB BB A A A BB Base LBTC/USDC (86%) B B B A BB B Base weETH/USDC (77%) BB A BB AA BB A Base AERO/USDC (62.5%) BB BB B A A BB Base PT-USDe-11DEC2025/USDC (91.5%) B B B BB A A B Base cUSDO/USDC (91.5%) BB A A BB BB BB Base USR/USDC (91.5%) CC CC B B A CC Ethereum PT-iUSD-4DEC2025/USDC (91.5%) CC CC BB B A A CC Katana vbWBTC/vbUSDC (86%) A AA A A A A A Katana vbETH/vbUSDC (86%) A AA AA AA A A AA Katana BTCK/vbUSDC (86%) B B A B BB B Katana POL/vbUSDC (77%) BB BB B A A BB Base wsrUSD/USDC (91.5%) CC CC B B CC CC Katana vbWBTC/AUSD (86%) A AA A A A A A Katana BTCK/AUSD (77%) B B A B BB B Katana LBTC/AUSD (86%) B B B A BB B Katana vbETH/AUSD (86%) A AA AA AA A A AA Katana wstETH/AUSD 86% CC A A AA CC A Ethereum wstETH/PYUSD (86%) A A A AA A A Ethereum WBTC/PYUSD (86%) A AA A A A A Ethereum wUSDL/PYUSD (98%) A A A A A A Base cbBTC/EURC (86%) A AA A A A A Base cbETH/EURC (86%) A AA A A A A Base wstETH/EURC (86%) A A A AA A A Base WETH/EURC (86%) A AA AA AA A AA Base stEUR/USDA (86%) B B BB B A B Base wstETH/USDA (86%) A A A AA A A Base WETH/USDA (86%) A AA AA AA A AA Base cbETH/USDA (86%) A AA A A A A Base cbETH/EURA (86%) A AA A A A A Base wstETH/EURA (86%) A A A AA A A Base WETH/EURA (86%) A AA AA AA A AA Base stUSD/EURA (86%) B B A B A B Base cbBTC/sUSDS (86%) A AA A A A A Base wstETH/sUSDS (86%) A A A AA A A Ethereum PT-USDe-27NOV2025/USDtb (91.5%) B B B BB A BB B Ethereum PT-sUSDE-27NOV2025/USDtb (91.5%) B B B BB A BB B Ethereum PT-sUSDE-25SEP2025/UStb (91.5%) B B B BB A BB B Ethereum sUSDS/USDtb (91.5%) BB BB B A A BB Ethereum PT-USDE-25SEP2025/USDtb (91.5%) B B B BB A BB B Ethereum sUSDe/USDtb (91.5%) B B B BB A B Ethereum USDe/USDtb (91.5%) B B B BB BB B Ethereum weETH/wstETH (94.5%) BB A BB AA BB A Ethereum rsETH/wstETH (94.5%) CC CC B A BB CC Ethereum rsETH CC CC B A BB CC Ethereum ynETHx/wstETH (91.5%) CC CC B A BB CC Ethereum ynETHx CC CC B A BB CC Ethereum ezETH/wstETH (94.5%) CC CC B A BB CC Ethereum ezETH CC CC B A BB CC Ethereum bbqWSTETH/WETH (94.5%) A A BB A A A A Ethereum ezETH/WETH (94.5%) CC CC B A BB CC Ethereum rsETH/WETH (94.5%) CC CC B A BB CC Ethereum ynETHx/WETH (91.5%) CC CC B A BB CC Ethereum weETH/WETH (94.5%) BB A BB AA BB A Base wstETH/WETH (94.5%) A A A AA A A Base wstETH/WETH (96.5%) A A A AA A A Base wstETH/WETH (94.5%) A A A AA A A Base cbETH/WETH (96.5%) A AA A A A A Base cbETH/WETH (94.5%) A AA A A A A Base cbBTC/WETH (91.5%) A AA A A A A Unichain wstETH/WETH (96.5%) A A A AA A A Ethereum wstETH/EURCV (86%) A A A AA A A Ethereum cbBTC/EURCV (86%) A AA A A A A Ethereum wstETH/WBTC (86%) A A A AA A A Ethereum LBTC/cbBTC (94.5%) B B B A BB B Ethereum sUSDe/DAI (91.5%) B B B BB A B Ethereum sUSDe/DAI (86%) B B B BB A B Ethereum sUSDe/DAI (94.5%) B B B BB BB B Ethereum USDe/DAI (86%) B B B BB A B Ethereum USDe/DAI (91.5%) B B B BB A B Ethereum PT-siUSD-8JAN2026/USDC (91.5%) CC CC BB B A A CC Ethereum PT-syrupUSDC-18DEC2025 / USDC (91.5%) CC CC B B A BB CC Ethereum PT-srUSDe-15JAN2026/USDC (91.5%) CC CC BB B BB CC CC Ethereum PT-wsrUSD-26FEB2026/USDC (91.5%) CC CC B B A BB CC Ethereum PT-RUSD-26FEB2026 / USDC (91.5%) CC CC B B A BB CC Ethereum sUSDe/DAI (94.5%) B B B BB BB B Ethereum USDe/DAI (86%) B B B BB A B Ethereum USDe/DAI (91.5%) B B B BB A B Ethereum PT-siUSD-8JAN2026/USDC (91.5%) CC CC BB B A A CC Ethereum PT-wsrUSD-26FEB2026/USDT (91.5%) CC CC B B A BB CC Ethereum PT-wsrUSD-26FEB2026/rUSD (91.5%) CC CC B B A BB CC Ethereum PT-RUSD-26FEB2026 / rUSD (91.5%) CC CC B B A BB CC Ethereum PT-RUSD-26FEB2026 / USDT (91.5%) CC CC B B A BB CC _Last pushed: 2025-11-11T04:39:36.327Z_ [PreviousMarket Overview](https://www.steakhouse.financial/docs/markets) Last updated 47 minutes ago --- # Assets | Documents | Steakhouse Financial [](https://www.steakhouse.financial/docs/documents/press-kit#logos) Logos ------------------------------------------------------------------------------ ![](https://steakhouse.financial/docs/~gitbook/image?url=https%3A%2F%2F3047476389-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FK93cOm6TsaYRiRyYQM6C%252Fuploads%252FOFCSGY7RwsB0MQlCB11e%252FColor%253DDefault%2520%282%29.svg%3Falt%3Dmedia%26token%3D2f6af54d-3790-4765-b4e9-6101d2dbc3ab&width=768&dpr=4&quality=100&sign=df258089&sv=2) 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