Smokehouse USDC

USDC·Ethereum·curated by Steakhouse Financial

APY4.91%+0.14% vs 30d

TVL$18.72M

Risk score23/ 100

Paid for the risk

96% of this vault is in exotic / elevated-risk collateral, earning +150 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 Smokehouse USDC 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.

Cap-weighted utilization is 89.5%, leaving little idle buffer. Large same-day redemptions may queue behind active loan repayments.

Weighted LLTV across markets is 88.3%. Sharp collateral drawdowns can trigger cascading liquidations faster than vault parameters can be adjusted.

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