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 Revenue Methodology

## 1. Overview

Curation fees earned by Steakhouse Financial from its managed lending vaults are measured by the Revenue metric. These fees are earned on Morpho Vault Curation and Kamino Vault Curation. Revenue is defined as the performance fee portion of the total interest yield generated by the underlying assets within each curated vault.

## 2. Data sources

- **Blockchain events**: `CreateMetaMorpho` events from `MetaMorphoVaultFactory` contracts, `SetCurator` and `SetFee` events from `MetaMorphoVault` contracts, `CreateVaultV2` events from `VaultV2Factory` contracts, `SetCurator` and `SetPerformanceFee` events from `VaultV2` contracts, `CreateMorphoVaultV1Adapter` events from `MorphoVaultV1AdapterFactory` contracts, `InitVault` and `Deposit` instructions from `KaminoVault` programs, SPL token `Mint` instructions, Solana account balances, and on-chain state snapshots, covering Ethereum, Arbitrum, Base, Solana, and 13 other chains
- **External data**: End-of-day price feeds for underlying assets

## 3. Step-by-step calculation

### Component A: Vault identification and fee configuration

- **Purpose**: Identify Steakhouse-curated vaults and extract their respective performance fee rates
- **Logic**: Steakhouse Financial curated vaults are identified by filtering curator assignments to known Steakhouse curator addresses. Performance fee rates are extracted from `SetFee` and `SetPerformanceFee` events for Morpho Vault Curation. For Kamino Vault Curation, a constant 5% performance fee rate is applied based on on-chain program configurations.
- **Key fields**: `curator_address`, `performance_fee_rate`, `vault_address`

### Component B: Morpho Vault Curation yield and fee calculation

- **Purpose**: Calculate the gross fees generated by curated vaults under Morpho Vault Curation
- **Logic**: Daily yield is calculated by comparing the change in share price between consecutive days. Share prices are derived from on-chain state snapshots of total assets and total supply. Total assets are adjusted by netting internal deposits where shares of one Steakhouse vault are held by another, identified via `CreateMorphoVaultV1Adapter` events. Gross fees are determined by grossing up the net yield using the performance fee rate.
- **Key fields**: `total_assets`, `total_supply`, `share_price`, `internal_deposits`

### Component C: Kamino Vault Curation yield and fee calculation

- **Purpose**: Calculate the gross fees generated by curated vaults under Kamino Vault Curation
- **Logic**: Daily yield is derived from share price fluctuations. Share prices are calculated by parsing `Deposit` instructions from `KaminoVault` programs to determine the ratio of underlying assets transferred to shares minted. Total supply is aggregated from Solana account balances. Gross fees are determined by grossing up the net yield using the hardcoded performance fee rate.
- **Key fields**: `total_shares`, `share_price`, `total_assets`

### Component D: Revenue extraction and USD conversion

- **Purpose**: Isolate the protocol's share of yield and normalize to USD
- **Logic**: Revenue is isolated by subtracting supply-side fees (the portion of yield allocated to depositors) from the total gross fees. The performance fee retained by the curator is represented by this value. Final amounts are normalized by decimal precision and converted to USD using end-of-day price feeds.
- **Key fields**: `fees`, `fees_supply_side`, `revenue`

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

Steakhouse Financial

Revenue

Revenue

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Chain breakdown