Grove x Steakhouse High Yield AUSD

AUSD·Ethereum·curated by Steakhouse Financial

APY3.02%-0.42% vs 30d

TVL$1

Risk score24/ 100

Worse than a plain vault

100% of this vault sits in higher-risk collateral, yet it earns 3.03% on AUSD versus 9.3% for a plain AUSD vault (-627 bps). You're not being paid for the extra risk.

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

What this vault actually does

Steakhouse Financial AUSD vault on Ethereum, allocating across 9 Morpho Blue markets.

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.

Primary loan or collateral asset is a stablecoin. A sustained depeg below 99 cents impacts NAV and disables liquidation routing for non-USD collateral.

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