Steakhouse Financial

Steakhouse Financial curates lending vaults. It does not run a lending protocol of its own: it decides which markets on protocols like Morpho a vault will lend into, how much exposure each one gets, and when to pull back. Depositors hand over that judgement rather than picking markets themselves.

The size is easy to misread. The figure shown here is deposits Steakhouse has allocated on Base, not money it owns or holds, and the underlying positions live inside another protocol's contracts. Curation puts a firm's risk judgement between you and the market, which removes one job and adds a different one, since you now depend on the curator being right. Steakhouse curates across around ten chains, with Base among the largest.