# Morpho Vault Curation Expenses Methodology

## 1. Overview

Expenses measures the total cost a project incurs to operate its business. Included in this metric are token incentives paid to supply/demand-side users, core contributors, or investors, as well as traditional operating expenses related to salaries, audits, infrastructure, and service providers. For Morpho Vault Curation, expenses are recognized as zero. This is reflected by the absence of protocol-led token incentives or on-chain operating expenses associated specifically with the curation of Morpho vaults.

## 2. Data sources

- **None**: This metric is set to a constant value and does not consume blockchain events

## 3. Step-by-step calculation

### Component A: Expense recognition

- **Purpose**: Assign a value to the total operating costs for Morpho Vault Curation
- **Logic**: Expenses are hardcoded to zero. This is reflected by the absence of on-chain operating costs, infrastructure fees, or token incentive distributions associated with the curation of Morpho vaults. Values are generated for each combination of timestamp, chain, and product based on the dimensions present in the revenue model.

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

Total project operating and incentive expenses.

Expenses

Risk curators

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.

Morpho Vault Curation

Expenses

Expenses

Chain breakdown