Waterline Reservoir USDC

deposits closed

USDC·Ethereum·curated by Waterline

APY8.82%+2.63% vs 30d

TVL$579.98K

Risk score54/ 100

Paid for the risk

99% of this vault is in exotic / elevated-risk collateral, earning +384 bps over a plain USDC vault.

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

What this vault actually does

The Steakhouse Reservoir USDC vault aims to optimize yield on USDC lending against a wide range of collateral assets from the Reservoir ecosystem.

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 91.5%. Sharp collateral drawdowns can trigger cascading liquidations faster than vault parameters can be adjusted.

Cap-weighted utilization is 91.3%, leaving little idle buffer. Large same-day redemptions may queue behind active loan repayments.

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