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Steakhouse Ethena USDtb
BlikelyThe Steakhouse Ethena USDtb vault aims to optimize yield on USDtb lending against a wide range of collateral assets.
This vault's size is proved against its own contract
The contract holds 967,166.22 USDTB, read from the chain by its token. At the price we publish that is $966.4k, against the $966.4k shown above.
Only half of this is ours. The quantity comes from the contract and can be checked by anybody; the price comes from defillama:coins, so a wrong price would move both figures together and this would still agree.
The advertised rate has been moving
Over 21 daily readings it has ranged from 2.19% to 15.16%, averaging 5.79%. The tile below shows today’s quote alone.
21 readings is 21 days, not a year. We began taking them on 2026-09-19 and this window grows with the record rather than standing in for a longer one.
Taking money
—
Supplied
$966.4k
$890.1k lent out · 92% utilised
Return
0.8%
over its recorded history, partly reconstructed
The venue advertises
9.3%
the share price implies 4.5% over 30 days, from 170 readings
Recent
Value and drawdown
This chart shows the last 30 days of a 54 day record; the whole-record figures on this page are measured over all of it, and the 30, 90 and 365-day figures over their own windows, dated below. The rest is the Analyst tierRange
Hover for values. Upper: vault value, with BTC indexed to the same starting capital. Lower: how far below its own peak it was.
What is lent out, and what is free
53 days read, one a day, from the vault’s own figures.Lent outFree cash
Range
The two bands add up to what depositors supplied. Free cash is what is not lent; what the contract will actually pay out can be less, and the evidence below says which of the two we read for this vault.
Range
Past about ninety-five per cent the percentage stops being the useful number and the dollars beside it take over: a vault can be 99% utilised with a hundred million free, and 99% utilised with a thousand.
The rate, and the seven things that qualify it
A quoted rate is one input, not a verdict. These are the same seven fields in the same order for every vault, so a high rate and a high rate nobody can withdraw from do not look alike.
- Current quoted rate
- 9.3%As the venue states it, from Morpho. Passed on rather than adopted, and whether rewards are inside it is the next row.
- Rewards inside that rate
- 0.0%of it is a reward rateA published rate, not a verified payment. Promotional projections and amounts actually accrued are different things and this is the first.
- Realised return
- 4.5%over 30 daysDerived from the share price we read, over the window stated. Annualisation is secondary: the window is the measurement.
- Fee basis
- Inside the share priceA return derived from the share price is net of whatever the venue already deducted. Fees charged outside it are not in either number.
- Withdrawable nowweakens it
Share price and yield
Realised yield is the share price's own 30-day return, annualised, with no smoothing.Range
What one share is worth, in USDtb. It moves only when the strategy earns or loses; deposits do not move it.
Realised, trailing 30dAdvertised by the venue
Range
Solid: what a holder got. Dashed: what the venue advertised, kept since 18 Sep 2026 (21 days held).
If you had deposited
$10.0k would be $10.1k , a gain of $98.21, 1.0% over 84 days.
Priced from our first reading 6 days after that date; 2026-07-18, because it is the earliest price we hold rather than one we would have to invent.
Computed from the price of one share, so another depositor arriving is never counted as this strategy’s performance. Fees the venue charges inside the share price are included; anything charged outside it is not. It says what this vault did between two dates and nothing whatever about what it will do next.
No strategy has been declared for this vault
Everything above is reconstructed from public data. A declaration is free, signed from this vault’s own key, and cannot be edited afterwards.Note 28
Evidence
What a risk decision about this vault can rest on
Six questions, and what we hold for each. This is not a score and there is no letter at the end of it: the answers are different kinds of thing and compressing them into one number would hide exactly the part a reader needs. Where we have nothing, the row says so.
- What does it hold or lend into?Measured1 collateral read, $966.4k supplied, across 3 marketsRead from the vault’s own holdings. Concentration and the assets themselves are below. Its largest single market holds 97% of what anybody has supplied there.
- How much could leave now?Measured$78.5kWhat the contract will pay out now, read from it. Not the same as what is idle.
- Who runs it, and what else have they run?MeasuredSteakhouse FinancialA named operator with a record across every vault they run, including the ones that closed.
- What does it depend on?DeclaredMorpho on Ethereum
Passport
Identity
Vault contract0xBeEFC1CD…F4E2
NetworkEthereum
Platform
Morpho
Steakhouse FinancialDeposit assetUSDtb
Created on-chain2025-05-16
First observed by us2026-08-11
Who can move the money
SeparatedOwner, curator and guardian are different parties, so no single one of them can act alone.
- OwnerCan change the vault.
- 0x0a0e559b…f8dd
- CuratorDecides what it lends against.
- 0x827e8607…ecdb
- GuardianCan veto a change while the timelock runs.
- 0xdc4c05b9…33fa
- What holds the keys
- A multisig, 5 signatures required
- Notice before a change
- none on this path
- Can be halted
- no pause function found
- Can replace the code
- no proxy admin found
- the controlling contract requires 5 signatures
What the manager moved
read 27 September 2026, over 30 days161 transactions moved assets on the vault’s own account, across 1 token.
Counted as manager activity because the transaction carried neither a deposit nor a withdrawal. 62 further transfers travelled with somebody’s own money and are not counted here. A transfer is not a trade: this says the contract acted, not that it acted well.
How this vault behaves
from 718 fills over 89.97 daysTiming indicates autonomous management, confidence 100%.
- · Reallocates through every 6-hour window, including overnight in the curator’s likely timezone.
- · A large share of reallocations land on minute boundaries.
- · Activity spread evenly across all 24 hours (evenness 0.998).
Overnight activity 93%
Hour-of-day evenness 100%
Cadence regularity 0%
Clock alignment 100%
Fills per day 8
Instruments 1
Timing only. This says nothing about whether the strategy is any good, a losing bot is still a bot.
Who is in it
Money in and out
Ledger read 47 minutes agoAnalyst tier
Detail is hidden, not absentWho is in this vault, and how much of it is one wallet
A vault that is eighty per cent one depositor is a vault whose price can be reset by a single withdrawal, and whose headline TVL says almost nothing about whether anyone else believes in it. Concentration is the risk a return figure never shows, and it moves before the return line does.
See what unlocksAlready a customer? Sign inWhat is still missing
- Operator cohort. We show what the venue still exposes; strategies deleted before we began observing are invisible, and only pre-registration can make a cohort provably complete.
- Gross-to-net waterfall. Returns are venue-reported and not yet decomposed into fees, funding and slippage.
- Off-chain exposure. Anything held on a centralised exchange is invisible to us, so the risk shown is a floor.