# Morpho Vault Curation Revenue Methodology

## 1. Overview

Revenue measures the portion of yield retained by Steakhouse Financial as a curation fee from Morpho Vault Curation. This fee compensates the project for managing risk parameters, asset allocations, and vault performance on the Morpho protocol. Revenue is generated when curated vaults earn yield for lenders, with a percentage of that yield being allocated to the curator based on a predefined performance fee rate.

## 2. Data sources

- **Blockchain events**: `CreateMetaMorpho` and `CreateVaultV2` events from factory contracts; `SetCurator`, `SetFee`, `SetPerformanceFee`, `SetName`, and `SetSymbol` events from vault contracts, covering Ethereum, Base, Arbitrum, Optimism, and 12 other chains
- **External data**: End-of-day price feeds for underlying assets

## 3. Step-by-step calculation

### Component A: Morpho Vault Curation identification and parameter tracking

- **Purpose**: Identify Steakhouse Financial curated vaults and their associated fee parameters
- **Logic**: Vaults are discovered via `CreateMetaMorpho` and `CreateVaultV2` events from factory contracts. Curator assignments are filtered using a known list of Steakhouse Financial curator addresses via `SetCurator` events. Performance fee rates are extracted from `SetFee` and `SetPerformanceFee` events. Metadata, including names and symbols, is parsed from `SetName` and `SetSymbol` events.
- **Key fields**: `vault_address`, `curator_address`, `performance_fee_rate`

### Component B: Asset and yield tracking

- **Purpose**: Track the value and performance of curated vaults to establish the basis for revenue
- **Logic**: Daily vault states, including total assets and total supply, are retrieved from on-chain state reads. Total assets are normalized by decimal precision to determine the underlying value held in each vault. Share prices are calculated as the ratio of total assets to total supply.
- **Key fields**: `total_assets`, `total_supply`, `share_price`

### Component C: Revenue normalization and USD conversion

- **Purpose**: Calculate the curator's share of earned yield in USD
- **Logic**: Daily yield is derived from the day-over-day change in share price. This net yield is grossed up by the performance fee rate to determine the total yield generated before fees. Revenue is calculated by applying the performance fee rate to the gross yield earned on the total deposits. Negative yield results in zero revenue. Final values are converted to USD using end-of-day price feeds for the underlying assets with UTC day boundaries.
- **Key fields**: `daily_yield`, `total_deposits_usd`, `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.

Revenue

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

Revenue

Revenue

Chain breakdown