Steakhouse Financial

Steakhouse Financial curates vaults rather than presenting one fixed underlying position. It selects eligible lending markets and risk caps, while its allocation engine moves deposits among those markets as conditions change. The August 15, 2026 survey reported about $3.19B across ten chains, so the prior size rationale is stale; continuing market and allocation discretion instead makes the v1 delegated-allocation dossier decisive. A named vault can reopen only when the client can constrain its underlying markets and verify roles, live exposures, losses, and proposed-size withdrawal capacity.

Review triggers: events that reopen the verdict
• A named Steakhouse vault enforces an immutable or client-specific approved-market allowlist and caps, with independently verifiable live allocations, privileged roles, realized bad debt, idle liquidity, withdrawal routing, and proposed-size stressed-redemption capacity

Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2026-11-15.

The research file

Mechanism and class applicability

Steakhouse describes its vaults as products that aggregate deposits and allocate them into DeFi strategies. Its risk framework determines which collateral and lending markets qualify and the quantitative limits for each vault, while a proprietary engine continuously deposits to and withdraws from underlying markets. The depositor therefore accepts continuing curator and allocator decisions after buying a vault share, directly satisfying the v1 delegated-allocation dossier.

Control and current perimeter

For canonical Morpho deployments, Steakhouse documents seven-day delays before a newly proposed market can receive deposits, automated reallocations, and depositor-controlled Aragon guardian vetoes; those safeguards constrain but do not eliminate curator selection. Morpho separately specifies that a curator selects markets or adapters and caps and appoints allocators, while allocators change positions and withdrawal routing within those bounds. The DefiLlama API read on 2026-08-15 classified Steakhouse as a Risk Curator and reported approximately $3.19B across Ethereum, Base, Solana, Arbitrum, Polygon, Corn, Unichain, Katana, Robinhood Chain and Monad.

Loss and exit look-through

A vault inherits each selected market’s collateral, borrower, oracle, liquidation, utilization, smart-contract and chain risks. Steakhouse acknowledges that fast collateral declines can leave lenders with principal loss and that high utilization can trap liquidity. Its monitoring engine reallocates toward idle markets and competes to extract returning liquidity, but a redemption can still wait on borrowers or market liquidity; Morpho likewise states that illiquid-market deallocation may need to proceed in stages and forced removal can abandon assets as a loss.

Why the shared dossier decides

Scale, transparent contracts, timelocks and guardian vetoes do not let this advisory program freeze the markets and weights that will determine client outcomes. The shared v1 delegated-allocation rule therefore controls the aggregate Steakhouse record. Reopen only for a named vault with an immutable or client-enforceable allowlist and per-market, per-collateral and per-chain caps limited to approved exposures, plus independently verifiable holdings, allocator and curator addresses, realized bad debt, idle liquidity, queue configuration, and a proposed-size redemption test under stressed utilization.

Class rule

The delegated allocation class is outside the approved structures, so every protocol in it is not approved until the rule changes. The rule is about the structure, not an adverse finding about this protocol, and it is not a client instruction. The events that would reopen it are listed with the memo.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• Steakhouse — vault products and operating perimeter · primary · accessed 2026-08-15
  Supports: vault allocation, Morpho, Kamino, operator discretion, onchain NAV, guardian
• Steakhouse — vault setup and controls · primary · accessed 2026-08-15
  Supports: curator control, seven-day timelock, automated reallocation, Aragon guardian, market onboarding
• Steakhouse — portfolio monitoring and liquidity · primary · accessed 2026-08-15
  Supports: reallocation engine, underlying markets, utilization, withdrawal liquidity, killswitches
• Steakhouse — allocation and loss risks · primary · accessed 2026-08-15
  Supports: principal loss, bad debt, collateral risk, liquidation, oracle risk, liquidity trap
• Morpho — curator and allocator liquidity controls · primary · accessed 2026-08-15
  Supports: curator selection, allocator role, caps, dynamic allocation, withdrawal liquidity, queues
• DefiLlama — Steakhouse Financial survey record · secondary · accessed 2026-08-15
  Supports: current TVL, multi-chain perimeter, Risk Curators category, survey observation

Inherited controls

The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.