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 Fees Supply Side Methodology

## 1. Overview

The net yield earned by depositors within vaults curated by Steakhouse Financial is measured by Fees Supply Side. The interest income and rewards distributed to liquidity providers after the deduction of protocol-level and curator-level performance fees are represented by this metric. It is utilized as a key indicator of the actual economic value delivered to the supply-side participants of the Kamino Vault Curation and Morpho Vault Curation products.

## 2. Data sources

- **Blockchain events**: `CreateMetaMorpho` events from `MetaMorphoVaultFactory` contracts, `CreateVaultV2` events from `VaultV2Factory` contracts, `SetCurator` and `SetFee` events from `MetaMorphoVault` contracts, `SetCurator`, `SetPerformanceFee`, `SetName`, and `SetSymbol` events from `VaultV2` contracts, `InitVault` and `Deposit` instructions from `KaminoVault` programs, SPL token transfers, SPL token `Mint` instructions, and Solana account balance changes, covering Ethereum, Arbitrum, Base, Solana, 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 tracking

- **Purpose**: Metadata for Morpho vaults curated by Steakhouse Financial is identified and tracked.
- **Logic**: Vaults are identified by parsing `CreateMetaMorpho` events from `MetaMorphoVaultFactory` contracts and `CreateVaultV2` events from `VaultV2Factory` contracts. Curator assignments are determined through `SetCurator` events from `MetaMorphoVault` and `VaultV2` contracts, filtered to a specific list of Steakhouse Financial curator accounts. Performance fee rates are extracted from the latest `SetFee` events from `MetaMorphoVault` contracts and `SetPerformanceFee` events from `VaultV2` contracts for each vault. Vault names and symbols are backfilled from `SetName` and `SetSymbol` events from `VaultV2` contracts where necessary.
- **Key fields**: `vault_address`, `curator_address`, `performance_fee_rate`, `underlying_token_address`

### Component B: Kamino Vault Curation tracking

- **Purpose**: Metadata for Kamino vaults curated by Steakhouse Financial on Solana is identified and tracked.
- **Logic**: Vaults are identified by parsing `InitVault` instructions from the `KaminoVault` program, filtered to a registry of known Steakhouse Financial vault accounts. A fixed performance fee rate of 5% is applied to all identified vaults. Underlying asset metadata, including decimal precision and asset addresses, is mapped to each vault account.
- **Key fields**: `vault_address`, `shares_mint`, `performance_fee_rate`, `underlying_token_address`

### Component C: Share price and yield derivation

- **Purpose**: The daily yield generated by each vault is calculated based on share price appreciation.
- **Logic**: For Kamino Vault Curation, share prices are derived by dividing the amount of assets transferred to the vault by the number of shares minted, as captured in `Deposit` instructions and SPL token instructions. For Morpho Vault Curation, share prices are calculated using daily state reads of total assets and total supply. Daily yield is calculated as the percentage change in the share price between consecutive days.
- **Key fields**: `total_assets`, `total_supply`, `share_price`, `daily_yield`

### Component D: Internal deposit exclusion

- **Purpose**: Double-counting of assets is prevented when one Steakhouse vault deposits into another.
- **Logic**: Share balances of Steakhouse vaults held by other Steakhouse vaults are tracked using ERC-20 and SPL token transfer events. For Morpho Vault Curation, this includes the identification of shares held by adapter contracts created when a V2 vault deposits into a V1 vault. These internal deposits are valued using the current share price and subtracted from the total assets of the receiving vault to ensure the metric reflects only external liquidity.
- **Key fields**: `adapter_address`, `parent_vault_address`, `internal_deposits`

### Component E: Supply-side fee calculation and USD conversion

- **Purpose**: The final supply-side fees are calculated in USD.
- **Logic**: Fees are calculated by multiplying the net assets (total assets minus internal deposits) by the daily yield. The performance fee rate is accounted for in this calculation to ensure the value represents the net portion flowing to depositors. All values are normalized by the decimal precision of the underlying assets and converted to USD using end-of-day price feeds. Results are aggregated by day, chain, and product.
- **Key fields**: `fees_supply_side`, `price_usd`, `timestamp`

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

Portion of fees distributed to service providers or supply-side participants.

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Supply-side fees

Supply-side fees

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