Steakhouse High Yield USDC
The Steakhouse High Yield USDC vault aims to optimize yields by lending USDC against a wide range of collaterals.
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.
A market (MaticX / USDC) is reporting supply APY at or above 50% — peak 209% on MaticX / USDC. This is almost always a degenerate IRM state (100% utilization, dust-sized supply, or a stale post-liquidation snapshot) rather than real lending demand. The vault's headline APY is being averaged up by these positions; treat it as transient. 0.2% of TVL sits in the affected market.
Primary loan or collateral asset is a stablecoin. A sustained depeg below 99 cents impacts NAV and disables liquidation routing for non-USD collateral.