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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Risk curators

Steakhouse Financial

# Steakhouse Financial Tvl Methodology

## 1. Overview

The total value of assets deposited into curated lending vaults managed by Steakhouse Financial is measured by Tvl. Aggregate liquidity provided to Kamino Vault Curation on Solana and Morpho Vault Curation across various Ethereum-compatible networks is tracked by this metric. Tvl is utilized as a primary indicator of the protocol's scale of assets under management and the depth of liquidity available to borrowers within the curated ecosystems.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Kamino Vault Curation asset tracking

- **Purpose**: The value of assets held in Steakhouse-curated vaults on Solana is calculated.
- **Logic**: Specific vaults are identified through a registry of known Steakhouse accounts. Share asset balances for these vaults are tracked via Solana account balance changes and forward-filled to ensure daily continuity. A daily share price is derived by matching `Deposit` from `KaminoVault` programs with corresponding underlying asset transfers to the vault and share mints to the user. Total assets for each vault are calculated by multiplying the total supply of shares by the derived daily share price.
- **Key fields**: `vault_address`, `shares_mint`, `token_vault`, `amount`

### Component B: Morpho Vault Curation asset tracking

- **Purpose**: The value of assets held in Steakhouse-curated vaults on Ethereum and other EVM chains is calculated.
- **Logic**: Vaults are identified by parsing `CreateMetaMorpho` events from `MetaMorphoVaultFactory` contracts and `CreateVaultV2` events from `VaultV2Factory` contracts, and filtering for those where the curator is set to a known Steakhouse Financial address via `SetCurator` events. Total asset and total supply values are extracted from on-chain state reads of the vault contracts. These values are normalized by the decimal precision of the underlying assets and the decimal precision of the vault share assets to determine the total asset balance and the exchange rate between shares and underlying assets.
- **Key fields**: `vault_address`, `curator_address`, `result_total_assets`, `result_total_supply`

### Component C: Internal deposit correction

- **Purpose**: Double-counting of assets is prevented when one Steakhouse vault deposits into another.
- **Logic**: Share asset balances are tracked for all holders of Steakhouse Morpho Vault Curation. These holders are compared against the list of known Steakhouse vault addresses and associated `MorphoVaultV1Adapter` contracts, which are created when a V2 vault deposits into a V1 vault. When a Steakhouse vault is identified as a holder of another Steakhouse vault, the value of those shares is calculated using the current share price. This internal value is then subtracted from the aggregate Tvl to ensure that assets are only counted once at their point of entry into the Steakhouse ecosystem.
- **Key fields**: `holder_address`, `adapter_address`, `parent_vault_address`, `share_balance`

### Component D: USD conversion and aggregation

- **Purpose**: Asset values are normalized to USD and aggregated across all products and chains.
- **Logic**: The net asset balances from Kamino Vault Curation and Morpho Vault Curation (after internal deposit corrections) are multiplied by end-of-day price feeds for the respective underlying assets. The resulting USD values are aggregated by day, chain, and product. Daily granularity is maintained using UTC day boundaries, and values are forward-filled to account for days without on-chain state changes.
- **Key fields**: `timestamp`, `token_address`, `price_usd`, `tvl`

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

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

Steakhouse Financial

Total value locked

Total value locked

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