Smokehouse USDC

USDC·Ethereum·curated by Steakhouse Financial

APY5.04%+0.08% vs 30d

TVL$12.52M

Risk score30/ 100

Paid for the risk

93% of this vault is in exotic / elevated-risk collateral, earning +106 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.

Vault has meaningful collateral exposure to liquid restaking tokens. A discount to ETH (>2%) propagates directly through liquidation cascades.

Cap-weighted utilization is 88.3%, leaving little idle buffer. Large same-day redemptions may queue behind active loan repayments.

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