Steakhouse Financial

Our assessment

Steakhouse curates $3.20bn across 10 chains. It does not run its own lending protocol — it manages vaults on modular platforms, choosing collateral, oracles and parameters on depositors' behalf. Curation is now one of the largest and least-scrutinised roles in DeFi.

The curator is the risk manager

On modular lending platforms, the base protocol is deliberately minimal and every decision that matters is made by the curator: which collateral, what loan-to-value, which oracle, what caps. A depositor choosing a vault is hiring a risk manager, and the platform's audit says nothing about that manager's judgement.

Incentives point toward yield

Curators typically earn a share of the yield they generate, which rewards higher returns and does not directly penalise risk until a loss occurs. That is a familiar asymmetry from traditional asset management, and DeFi has already seen curated vaults take exposures that later produced losses. Read the mandate and the actual allocations, not the headline rate.

Evidence position

No audit report was retrievable at a public address at this check. For a curator, what a reader most needs is not a contract audit but published methodology, current allocations and a documented history of decisions — the material that would let someone judge the judgement.

Who it suits

Steakhouse fits depositors who will read a specific vault's mandate and allocations before entering. Users wanting a single governed risk surface should deposit directly into Aave or Compound.