Steakhouse Ethena USDtb

USDtb·Ethereum·curated by Steakhouse Financial

APY7.44%+4.55% vs 30d

TVL$92.94M

Risk score30/ 100

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

What this vault actually does

The Steakhouse Ethena USDtb vault aims to optimize yield on USDtb lending against a wide range of collateral assets.

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 97.1%, leaving little idle buffer. Large same-day redemptions may queue behind active loan repayments.

Weighted LLTV across markets is 91.5%. Sharp collateral drawdowns can trigger cascading liquidations faster than vault parameters can be adjusted.

Loading vault…