# Morpho Vault Curation Fees Methodology

## 1. Overview

Fees measures the total economic value generated by Morpho Vault Curation. This metric represents the gross interest and yield earned by depositors within the vaults curated by Steakhouse Financial before any performance fee splits are applied. It serves as a primary indicator of the protocol's ability to generate yield for its users across various lending markets.

## 2. Data sources

- **Blockchain events**: `CreateMetaMorpho` events from `MetaMorphoVaultFactory` contracts, `CreateVaultV2` events from `VaultV2Factory` contracts, `SetCurator` and `SetFee` events from `MetaMorphoVault` contracts, and `SetCurator`, `SetPerformanceFee`, `SetName`, and `SetSymbol` events from `VaultV2` contracts, plus daily vault state reads for total assets and total supply, covering Ethereum, Base, Arbitrum, Optimism, and 12 other chains
- **External data**: End-of-day price feeds for underlying vault assets

## 3. Step-by-step calculation

### Component A: Vault discovery and curator identification

- **Purpose**: Identify and filter vaults specifically curated by Steakhouse Financial.
- **Logic**: Vaults are discovered via `CreateMetaMorpho` and `CreateVaultV2` events from their respective factory contracts. The active curator for each vault is identified by parsing the latest `SetCurator` events. The dataset is filtered to include only those vaults where the curator address matches a known Steakhouse Financial management address. Metadata, including vault names and symbols, is extracted from `SetName` and `SetSymbol` events.
- **Key fields**: `vault_address`, `curator_address`, `underlying_token_address`

### Component B: Performance fee rate extraction

- **Purpose**: Determine the fee percentage applied to vault yield for gross-up calculations.
- **Logic**: Performance fee rates are extracted from the most recent `SetFee` (for V1 vaults) or `SetPerformanceFee` (for V2 vaults) events. These rates are normalized by decimal precision to represent a percentage of the earned yield. If no fee event is detected, a default rate of zero is applied.
- **Key fields**: `performance_fee_rate`

### Component C: Share price and TVL tracking

- **Purpose**: Calculate the value of vault shares and the total capital deployed.
- **Logic**: Daily vault state reads are used to capture total assets and total supply. A share price is derived by dividing the total assets by the total supply. To prevent the double-counting of capital, "super-vaults" (VaultV2 adapters) that deposit into other MetaMorpho vaults are identified via adapter factory creation events and excluded from the calculation. Total deposits in USD are calculated by multiplying the normalized total assets by end-of-day price feeds.
- **Key fields**: `total_assets`, `total_supply`, `share_price`

### Component D: Gross yield and fee calculation

- **Purpose**: Calculate the total fees generated based on daily yield performance.
- **Logic**: Daily yield is determined by calculating the percentage change in the share price between the current and previous day. This net yield is grossed up to represent the total value generated before the curator's performance fee is deducted, using the formula `daily_yield / (1 - performance_fee_rate)`. The resulting gross yield rate is multiplied by the total USD deposits in the vault to determine the daily fee amount.
- **Key fields**: `daily_yield`, `total_deposits_usd`, `fees`

### Component E: Final aggregation and normalization

- **Purpose**: Consolidate fee data into a standardized daily format.
- **Logic**: Calculated fees are aggregated by day, chain, and product. All values are normalized by decimal precision and converted to USD using end-of-day price feeds. Daily granularity is maintained using UTC day boundaries.

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

Total value users pay to use a protocol (gross fees, user-paid fees).

Fees

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

Fees

Fees

Chain breakdown