# Morpho Vault Curation Tvl Methodology

## 1. Overview

Total value locked (TVL) measures the total value of assets deposited into Morpho vaults curated by Steakhouse Financial. This metric serves as a leading indicator for the liquidity available within these curated lending markets. To ensure accuracy and prevent the inflation of reported figures, the calculation accounts for recursive deposits and internal vault-to-vault holdings, where one Morpho vault may hold shares of another Steakhouse-curated vault.

## 2. Data sources

- **Blockchain events**: `CreateMetaMorpho` events from `MetaMorphoVaultFactory` contracts, `CreateVaultV2` events from `VaultV2Factory` contracts, `SetCurator` events from `MetaMorphoVault` and `VaultV2` contracts, and `CreateMorphoVaultV1Adapter` events from `MorphoVaultV1AdapterFactory` contracts, covering Ethereum, Arbitrum, Base, Polygon, and 12 other chains
- **State data**: Vault state reads for total assets and total supply across all supported chains
- **External data**: End-of-day price feeds for the underlying assets held within the vaults

## 3. Step-by-step calculation

### Component A: Vault discovery and filtering

- **Purpose**: Identify the universe of Morpho vaults curated by Steakhouse Financial
- **Logic**: `CreateMetaMorpho` and `CreateVaultV2` events are parsed to identify all deployed vaults. These are then filtered by joining with `SetCurator` events to isolate vaults where the curator address matches known Steakhouse Financial curator identities. Metadata, including the underlying asset address and decimal precision, is associated with each identified vault.
- **Key fields**: `vault_address`, `curator_address`, `underlying_token_address`

### Component B: Raw asset balance extraction

- **Purpose**: Retrieve the total quantity of assets held by each curated vault
- **Logic**: Total asset balances and total share supplies are extracted from daily vault state reads. To prevent initial double-counting, "super-vaults" (VaultV2 instances that deploy capital into other MetaMorpho vaults) are identified via `CreateMorphoVaultV1Adapter` events and excluded from the primary balance aggregation.
- **Key fields**: `result_total_assets`, `result_total_supply`, `underlying_token_decimals`

### Component C: Internal deposit adjustment

- **Purpose**: Eliminate double-counting from vault-to-vault holdings
- **Logic**: Shareholder balances for all Steakhouse-curated vaults are tracked using daily token net flow data. Instances where the holder of a Steakhouse vault's shares is another Morpho vault are identified. The USD value of these internal holdings is calculated by multiplying the held shares by the current share price and the underlying asset's price. These internal deposits are then subtracted from the total vault assets to ensure each unit of capital is only counted once.
- **Key fields**: `holder_address`, `share_balance`, `share_price`

### Component D: USD conversion and aggregation

- **Purpose**: Normalize asset values to USD and aggregate by chain and product
- **Logic**: Net asset balances are normalized by decimal precision and multiplied by end-of-day price feeds for the respective underlying assets. The resulting values are aggregated to the product level for Morpho Vault Curation. A forward-fill mechanism is applied to ensure data continuity on days where state updates or events are not present.
- **Key fields**: `price_usd`, `timestamp`, `chain_id`

*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.

Total value locked

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

Total value locked

Total value locked

Chain breakdown