Steakhouse ETH Morpho Vault
STEAKETH
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
STEAKETH is an ERC-4626 yield-bearing share token representing deposits in the Steakhouse ETH Morpho Vault on Ethereum, with approximately $30M in deposits. The underlying architecture benefits from extensive security audits of Morpho's vault framework and Steakhouse's modular adapters by reputable firms including OpenZeppelin, Spearbit, ChainSecurity, and others. The tokenomics are fully deposit-backed with 1:1 mint/burn mechanics and no inflationary or vesting overhang. The development activity and team reputation are robust, backed by Steakhouse Financial's management of over $1B in cross-protocol deposits. However, retail community engagement is limited, governance is centralized under the curator without on-chain tokenholder voting, and an operational DNS social engineering incident occurred in March 2026 (though no user funds or contracts were compromised). No qualifying red-flag events or data gaps were identified.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Steakhouse ETH Morpho Vault (STEAKETH)
STEAKETH is an ERC-4626 yield-bearing share token representing deposits in the Steakhouse ETH Morpho Vault on the Ethereum blockchain. Curated by Steakhouse Financial and built on top of Morpho's lending infrastructure, the vault is designed to generate yield by lending deposited ETH against blue-chip cryptocurrency and real-world asset (RWA) collateral markets. STEAKETH functions as a receipt token, with its circulating supply expanding and contracting based on vault deposit and withdrawal activity.
The token has no fixed maximum supply, predefined inflation schedule, or token vesting allocations, operating as a fully deposit-backed asset. The underlying technical infrastructure consists of Morpho's lending and vault contracts alongside Steakhouse's modular adapters. The smart contract stack underpinning the vault has undergone multiple third-party security audits from firms including OpenZeppelin, Spearbit, ABDK Consulting, Certora, Zellic, Blackthorn, and ChainSecurity, covering both the core Morpho codebase and Steakhouse's modular vault components.
Holders of STEAKETH do not have direct on-chain governance or voting rights, as allocation strategies and operational parameters are managed centrally by Steakhouse Financial and Morpho governance. In March 2026, Steakhouse Financial disclosed an operational security incident involving a social engineering attack on its DNS provider, which temporarily allowed an unauthorized party to point the primary domain to a phishing frontend. The operator stated that no smart contracts, vaults, or depositor funds were compromised during the incident, and domain control was subsequently restored.