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.

Announcing the addition of Curator and Interest Rate tabs to our Morpho Dashboard! The new curator tab provides an in depth look into the largest vaults managed by top curators, Steakhouse Financial, Gauntlet, and SparkDAO. For each curator we show metrics on their top vaults across blockchains, including vault deposits, total yield, interest generated, and a table detailing each of the curators vaults. On the interest rate tab we give a breakdown of stablecoin interest rates on Morpho, including market-weighted average rates, rate volatility, spread, and more. Available now to our Blockworks Research subscribers:

Not only is Steakhouse raking in the largest portion of performance fees at 40% of the total, but they also recently retook the lead as the largest curator by AUM at 36% of the market.