A small team curating Morpho vaults across 8+ chains — on Monad, it now curates the lending markets behind MetaMask's own "Money Account" stablecoin product.
Steakhouse Financial is a DeFi risk-curation and treasury-advisory firm co-founded by Sébastien Derivaux, who built MakerDAO's first decentralized real-world-asset program, and Adrian Cachinero Vasiljevic, previously at Goldman Sachs and Bain — running no lending protocol of its own, curating vaults primarily on Morpho (and, more recently, Kamino on Solana, a genuine non-EVM reach most peer curators lack). Depositors put stablecoins or blue-chip assets into a Morpho vault Steakhouse controls; Steakhouse decides which underlying Morpho markets (collateral, liquidation threshold, oracle, rate curve) that vault allocates into. Higher-tier "Prime" vaults add depositor protections — an owner multisig, a 7-day timelock on curator actions, and a DAO guardian veto — while "High Yield" vaults carry higher fees and correspondingly more risk tolerance. Beyond Morpho curation, Steakhouse also does direct risk advisory for large protocols; a former co-founder now runs Grove, a Steakhouse-affiliated entity that secured a $1B allocation from Sky (MakerDAO) into a tokenized Janus Henderson AAA CLO strategy.
Steakhouse is widely the most transparent of the curators active on this list — a public risk-methodology document, incident post-mortems published on its own "Kitchen" Substack, and the most conservative published risk-appetite tiering (Prime vaults reportedly running under 20% volatile-asset exposure). Its stress-test record is also the most concretely demonstrated: on February 5, 2026, during a sharp broader-market crash, Steakhouse's vaults processed $108.5M in liquidations in a single day with zero bad debt and full liquidity maintained. Against K3 Capital, which spans more platforms (Euler, Term Finance, Gearbox) with a thinner public risk-documentation trail, Steakhouse is narrower in protocol footprint but deeper in published methodology. Against Hyperithm, which pairs off-chain proprietary trading with curation, Steakhouse's business is curation and treasury advisory specifically, without a parallel trading desk. One real caveat against a spotless reputation: Steakhouse was Resolv's risk manager when Resolv's USR stablecoin was exploited for roughly $25M in March 2026 — its own post-mortem states collateral remained whole but doesn't explicitly disclose whether Steakhouse's own curated vaults carried direct USR exposure, an open question rather than a settled one.
Steakhouse curates several Morpho vaults on Monad, including Prime and High Yield variants across ETH, USDC, USD1 and AUSD. The clearest dated milestone is MetaMask's "Money Account" product launching on Monad on June 30, 2026: vault infrastructure by Veda, risk curation by Steakhouse, allocating MetaMask's mUSD stablecoin into named Morpho markets on Monad (including WETH/mUSD and wstETH/mUSD), priced by the Chronicle oracle rather than the Chainlink feeds Steakhouse uses on its Ethereum markets. Fee structure varies by tier and has shifted over time — Prime tiers have run in the 10-15% performance-fee range, High Yield closer to 10%, with some vaults briefly running promotional 0% fee periods to build TVL.
Steakhouse reportedly runs its entire multi-chain, many-vault curation business with a small team — every Monad market listing and parameter choice flows through that team, with only the timelock and guardian veto as an on-chain check. Its Monad markets are also visibly young and, in some cases, thin, which combined with a newer oracle (Chronicle, versus its more established Chainlink markets elsewhere) means less real-world stress-testing than Steakhouse's older deployments. Steakhouse's website also suffered a DNS-hijack phishing attack in March 2026 — smart contracts and funds were unaffected, but it's a reminder that front-end infrastructure is a separate attack surface from the vaults themselves.
Note: Fee structure creates a mild conflict of interest: performance fees are higher on the riskier "High Yield" tier than on "Prime," and Monad's Steakhouse vaults skew toward High Yield.
Look at track record across market cycles (Steakhouse's Feb 2026 stress test — $108.5M liquidated in a day with zero bad debt — is a strong data point), published risk methodology and transparency, proactive communication during stress rather than just during high yields, and disclosed conflicts of interest. Steakhouse publishes more of this than most Monad-active curators.
In November 2025, Stream Finance disclosed a $93M loss from an external fund manager, collapsing its xUSD token roughly 77% and rippling into curated vaults across DeFi that held it as collateral — roughly $285M in total exposure was mapped. It matters because it showed how a curator's collateral choice, not a bug in the underlying protocol, can produce real depositor losses; Steakhouse itself confirmed zero direct exposure to Stream's tokens.
The vault infrastructure itself is built by Veda; Steakhouse sets the risk parameters and selects which lending markets — Morpho, initially — mUSD deposits can be allocated into on Monad.
Sources: Steakhouse Financial, Steakhouse — Morpho case study, Steakhouse: $238M liquidations of on-chain lending — Kitchen (Steakhouse blog), Grove announces $1B allocation to tokenized Janus Henderson AAA CLO — BusinessWire
Last reviewed 2026-07-08. More Monad research.
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