Steakhouse earns performance fees on the yield generated within their curated vaults. Depositors supply capital to Steakhouse-curated vaults, which deploy it into selected lending markets. The curator fee is taken as a percentage of gross vault yield, with the remainder passed through to depositors as supply-side fees.

Steakhouse Financial operates as a risk curator, offering vault products across multiple DeFi lending protocols. They curate yield strategies for institutional and retail depositors, managing risk parameters, collateral selection, and allocation across vaults.

Steakhouse Financial is a blockchain-focused financial services company that provides institutional-grade DeFi infrastructure and advisory services for the emerging stablecoin economy.

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Steakhouse Financial

# Steakhouse Financial Earnings Methodology

## 1. Overview

The net profit generated by Steakhouse Financial from its curated vault products, specifically Morpho Vault Curation and Kamino Vault Curation, is measured by Earnings. The protocol revenue retained as curator performance fees after accounting for all operating expenses and token incentives is represented by this metric. The protocol's profitability from managing decentralized lending vaults across multiple blockchain ecosystems is indicated by this metric.

## 2. Data sources

- **Blockchain events**: `CreateMetaMorpho` events from `MetaMorphoVaultFactory` contracts; `SetCurator` and `SetFee` events from `MetaMorphoVault` contracts; `CreateVaultV2` events from `VaultV2Factory` contracts; `SetCurator`, `SetPerformanceFee`, `SetName`, and `SetSymbol` events from `VaultV2` contracts; and `InitVault` and `Deposit` instructions from the `KaminoVault` program, covering Ethereum, Solana, Arbitrum, Base, and 13 other chains
- **External data**: End-of-day price feeds for underlying vault assets

## 3. Step-by-step calculation

### Component A: Morpho Vault Curation identification and state tracking

- **Purpose**: Steakhouse-curated vaults on Morpho are identified and their financial state is tracked
- **Logic**: Vaults are identified by filtering `SetCurator` events from `MetaMorphoVault` and `VaultV2` contracts against a list of known Steakhouse Financial curator addresses. Metadata, including underlying assets, names, symbols, and performance fee rates, is extracted from `CreateMetaMorpho`, `CreateVaultV2`, `SetFee`, `SetPerformanceFee`, `SetName`, and `SetSymbol` events. Daily vault states, including total assets and total supply, are retrieved from on-chain state reads. Internal deposits, where one Steakhouse vault holds shares of another, are identified and subtracted from total assets to prevent double-counting.

### Component B: Kamino Vault Curation identification and state tracking

- **Purpose**: Steakhouse-curated vaults on Kamino are identified and their financial state is tracked
- **Logic**: Specific vaults are identified from `InitVault` instructions from the `KaminoVault` program on Solana. Share prices are derived by parsing `Deposit` instructions to calculate the ratio of transferred assets to minted shares. Total share supply is aggregated from Solana account balance changes for the respective share mints. Daily TVL is calculated by multiplying the total share supply by the daily share price.

### Component C: Yield and Fee calculation

- **Purpose**: Gross yield and the portion allocated to the curator are determined
- **Logic**: Daily yield is calculated as the percentage change in the share price for each vault. Gross fees are determined by dividing the daily yield by the complement of the performance fee rate. Supply-side fees, representing the net yield earned by depositors, are calculated by applying the complement of the performance fee rate to the gross fees. Protocol revenue is then derived as the difference between gross fees and supply-side fees, representing the curator's performance fee.

### Component D: Earnings derivation

- **Purpose**: Final earnings are calculated by subtracting expenses from revenue
- **Logic**: Operating expenses, including cost of revenue and token incentives, are currently set to zero as the protocol does not incur direct on-chain infrastructure costs or distribute incentives. Earnings is calculated by subtracting these zero-valued expenses from the protocol revenue. All native asset amounts are normalized by decimal precision and converted to USD using end-of-day price feeds. Values are aggregated to a daily granularity using UTC day boundaries.

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Net profit (also profits, net income, profitability) — revenue remaining after subtracting expenses.

Steakhouse Financial

Earnings

Earnings

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