Smokehouse USDT

USDT·Ethereum·curated by Steakhouse Financial

APY4.48%+0.8% vs 30d

TVL$23.28M

Risk score28/ 100

Paid for the risk

82% of this vault is in higher-risk collateral, earning +114 bps over a plain USDT vault.

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.

Weighted LLTV across markets is 90.7%. Sharp collateral drawdowns can trigger cascading liquidations faster than vault parameters can be adjusted.

Cap-weighted utilization is 89.6%, leaving little idle buffer. Large same-day redemptions may queue behind active loan repayments.

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