Smokehouse USDT

USDT·Ethereum·curated by Steakhouse Financial

APY3.56%+0.1% vs 30d

TVL$25.21M

Risk score35/ 100

Thin premium for the risk

28% of this vault is in higher-risk collateral, but it earns just +44 bps over a plain USDT vault — a thin premium for the added tail risk.

Plain English explanationWritten by Sharpe Finance research · model card · last update 2026-05-12

What this vault actually does

The Smokehouse USDT vault aims to optimize for yield on a wide range of collaterals.

What breaks this vault

The honest version. Every structural failure mode this vault is exposed to, ranked by severity. If you want to know whether to invest, start here.

Cap-weighted utilization is 90.5%, leaving little idle buffer. Large same-day redemptions may queue behind active loan repayments.

Weighted LLTV across markets is 87.4%. Sharp collateral drawdowns can trigger cascading liquidations faster than vault parameters can be adjusted.

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