Steakhouse vault as new yield source for USDC BY


A proposal to add the USDC Steakhouse MetaMorpho vault as a new yield source for the USDC Best Yield vault.



Following the M1-2024 roadmap, Idle DAO Leagues has initiated the process of revamping the Best Yield vaults. This process counts on multiple steps:

  1. Unwind the Junior Best Yield vaults
  2. Renew the BY underlying yield sources to offer the best yield-optimized offering in the market

This post aims to expand on the second step listed and specifically focuses on the USDC Best Yield market.


This proposal aims to add the Senior Steakhouse tranche as a new underlying yield source to the Best Yield USDC vault:

  • Steakhouse USDC vault, with specs available on GitHub here and wrapper contract available here

Similar to previous yield source integrations, Steakhouse’s one would benefit doubly the Idle users

The Steakhouse vault is currently offering ~8.5% yield on Senior (plus additional MORPHO rewards). If integrated into the USDC BY vault, the supported yield sources would be:

Yield source Vertical
Compound Overcollateralized lending
Aave v2 Overcollateralized lending
Portofino (Senior) Uncollateralized lending
Fasanara (Senior) Uncollateralized lending
Steakhouse (Senior) Overcollateralized lending

To set up the USDC vault in the most economically efficient way, given the high gas cost on mainnet, Leagues propose to add the Steakhouse Senior tranche, but at the same time, delist the Portofino Senior tranche. This would avoid an overload of rebalances and move back the vault towards an overcollateralized main nature.

Steakhouse Financial details

Our seasoned team of crypto-native collaborators brings a wealth of expertise in financial advisory, strategic planning, investment banking, analytics, accounting, legal research, and coding to help your DAO navigate the challenges and opportunities of the decentralized economy.

Steakhouse serves as a strategic advisor to Morpho Blue and runs a MetaMorpho Vault based on real-world assets.

The Steakhouse USDC pool has been live since the beginning of January and currently holds ~$200,000 in liquidity. It hasn’t any borrowing limit.

Risk rating

The borrower has been already analyzed internally following the risk rating framework. The Steakhouse MetaMorpho USDC vault can be considered a valid market to become a new yield source of the Best Yield USDC market.

Next steps

We are going to open the temperature check right after the publication of this post.


Temperature check voting

The voting phase to add the Steakhouse USDC Senior tranche to the USDC Best Yield vaults starts now :ballot_box:

  • For - Agree with the addition of Steakhouse’s Senior USDC tranche to USDC Best Yield
  • Against - Disagree with the addition of Steakhouse’s Senior USDC tranche to USDC Best Yield
  • Discuss more - Discuss more the addition of Steakhouse’s Senior USDC tranche to USDC Best Yield

:arrow_right: Poll for $IDLE holders: HERE
:arrow_right: Poll for $IDLE stakers (stkIDLE holders): HERE

:alarm_clock: Polls will close on 2024-03-08T17:00:00Z

The final $IDLE voting weights will be calculated using the approved calculator.

Looking to delegate your vote on Snapshot? Follow the official Snapshot guide.

Let your vote count! :writing_hand:

1 Like

Temperature check results

Temperature Check passed :white_check_mark:

The Steakhouse USDC vault will be added as a new yield source to the USDC Best Yield. All the relevant actions will be included in the next IIP.