Risk curation has become a core pillar of modular DeFi lending markets — and on Morpho, Steakhouse Financial stands out as one of the best. Steakhouse currently oversees roughly $1.3B in assets across 45 vaults, spanning top stablecoins and ETH-correlated assets on seven blockchains. A few of the largest include: Steakhouse USDC (Ethereum): $430M Steakhouse USDC (Base): $380M Smokehouse USDC (Ethereum): $120M Steakhouse is especially dominant in USDC curation. It currently manages 48% of all USDC deposited into Morpho Vaults — unsurprising given that 7 of its top 10 vaults are USDC-focused. A key part of the story: Steakhouse’s performance-fee design. Many of its largest vaults currently charge 0% performance fees, allowing 100% of interest revenue to flow directly back to depositors. Even without a direct monetary incentive via performance fees, these vaults have delivered solid returns — generally 4–8% on stablecoins, depending on the vault’s underlying market and risk parameters. October alone saw roughly $6M in interest generated on Steakhouse vaults. Geographically, Steakhouse’s footprint is still anchored on Ethereum, where its AUM peaked at $1.22B in September. But Base has quickly become a major growth engine, climbing from $20M to over $400M in the past few months.