Steakhouse USDC
32% of this vault sits in exotic / elevated-risk collateral, yet it earns 4.56% on USDC versus 4.56% for a plain USDC vault (-1 bps). You're not being paid for the extra risk.
The Steakhouse USDC vault aims to optimize yields by lending USDC against blue chip crypto and real world asset (RWA) collateral markets, depending on market conditions. We call this the “dual engine.”
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.
Vault has meaningful collateral exposure to liquid restaking tokens. A discount to ETH (>2%) propagates directly through liquidation cascades.
Cap-weighted utilization is 90.1%, leaving little idle buffer. Large same-day redemptions may queue behind active loan repayments.