ETH Smokehouse
Morpho · Curated by Steakhouse · Mainnet
Frequently Asked Questions
What is the current APY for ETH Smokehouse?
The current spot APY for ETH Smokehouse on Morpho (Mainnet) is 1.59%. The 30-day average APY is 1.73%. All figures exclude external token rewards and are calculated from on-chain exchange rates only.
How much total value is locked in ETH Smokehouse?
The total value locked (TVL) in ETH Smokehouse is $52.4M. TVL measures the total ETH assets currently deposited in this vault.
Does the ETH Smokehouse yield include token rewards?
No. Earnbase tracks on-chain APY only, derived from the vault's exchange rate changes over time. External incentives, token rewards, points programs, and liquidity mining bonuses are not included in the reported APY.
Who curates ETH Smokehouse?
ETH Smokehouse is curated by Steakhouse. Curators set the risk parameters, asset allocations, and rebalancing strategy for the vault. They are responsible for selecting which lending markets or protocols receive deposits. You can view all strategies curated by Steakhouse on the Steakhouse curator page on Earnbase.
Compare with Other ETH Strategies
| Strategy | Platform | Network | APY | TVL |
|---|---|---|---|---|
| WETH Lend Pool | Arcadia | Base | 12.18% | $116.3K |
| Tanken WETH Base | IPOR Fusion | Base | 12.11% | $47.6K |
| Arcadia - Lend Autocompounder | Harvest | Base | 9.76% | $122.3K |
| ETH Looping | IPOR Fusion | Mainnet | 9.16% | $2.5M |
| stETH Looping | IPOR Fusion | Mainnet | 6.49% | $5.5M |
| Swaap Lend Vault | Euler | Mainnet | 4.92% | $809.6K |
| Pool | IPOR Fusion | Base | 4.11% | $132.2K |
| Wintermute Trading (Private Credit) | Wildcat | Mainnet | 3.75% | $1.3K |
| WETH (Alterscope) | Euler | Base | 3.58% | $16.9K |
| Morpho Gauntlet WETH Prime Compounder | Yearn V2 | Mainnet | 3.53% | $795.1K |
More Morpho Strategies
ETH Smokehouse
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Yield Overview
ETH Smokehouse is a ETH yield strategy on Morpho, curated by Steakhouse. It currently generates 1.59% APY (24h) with a 30-day average of 1.73%. The vault holds $52.4M in total value locked. APY is derived from the vault's on-chain exchange rate and does not include external incentives.
Curated by Steakhouse · Mainnet
Market Benchmarking
Within the ETH ecosystem, this product ranks #44 out of 80 strategies. Its 1.59% yield is 20.4% lower than the market average of 2.00%.
How ETH Smokehouse Compares
ETH Smokehouse currently ranks #44 among 80 monitored ETH strategies. However, with a TVL of $52.4M, it holds significantly less capital than higher-TVL alternatives like WETH ($83.1M).
Ecosystem Context
Positioned within the Mainnet ecosystem, this product's yield is 10.7% lower than the network average for ETH strategies. This strategy is curated by Steakhouse, with 17 Steakhouse strategies tracked on Earnbase across 4 networks. Within Morpho, it competes against 18 other ETH strategies. By TVL, this product ranks #18 of 48 ETH strategies on Mainnet.
About Morpho
Morpho is a decentralized lending protocol that enables the creation of isolated lending markets and curated vaults. Earnbase tracks 105 strategies on Morpho.
ETH on Mainnet#28 of 48
Yield Sustainability
The 24h APY of 1.59% is nearly identical to the 30-day mean, with only a 8.2% variance. This level of consistency is uncommon in DeFi and reflects a mature, well-calibrated yield source with predictable returns.
Yield Trajectory
ETH Smokehouse has been on a 2-day downward streak, with APY falling from 1.49% to 1.49% over this period. Over the past 30 days, the product delivered positive yields on 30 out of 30 days. Week-over-week, yields have increased by 8.2%. The strongest 7-day period was Mar 28–Apr 03 averaging 1.67%, while the weakest was Mar 07–Mar 13 at 1.41%. Current 24h APY of 1.59% is 3.0% above the product's own 30-day average.
Weekly yields have improved for 1 consecutive week, with the most recent 7-day average of 1.67% representing a mid-range weekly performance in the tracked period.
Weekly Breakdown
Historical APY Statistics
Over the past 151 days, ETH Smokehouse's yield has shown a stable trend, with yields expanding from 1.70% to 1.70%, a 0.0% increase. The sustainability score of 90/100 aligns with a period of relative yield stability.
Historical TVL Statistics
Over the past 150 days, ETH Smokehouse's total value locked has experienced a contraction, declining from $66.4M to $61.1M, a 8.0% reduction.
History
FAQ
Yield & Performance
ETH Smokehouse on Morpho offers a 24-hour APY of 1.59%, a 30-day average of 1.73% on ETH. Yields are variable and update daily based on protocol activity.
ETH Smokehouse ranks #44 out of 80 monitored ETH strategies. Its current yield of 1.59% is 20.4% below the market average of 2.00%.
Earnbase rates the yield sustainability of ETH Smokehouse at 90/100, classified as "Very Stable". The 24h APY of 1.59% is nearly identical to the 30-day mean, with only a 8.2% variance. This level of consistency is uncommon in DeFi and reflects a mature, well-calibrated yield source with predictable returns.
Over the past 151 days, ETH Smokehouse has shown a stable yield trajectory. The average APY moved from 1.70% to 1.70%.
ETH Smokehouse has a yield volatility rating of "Moderate" (standard deviation: 0.67pp over 151 days). The APY has ranged from 0.96% to 5.11% in the tracked period, with an average of 1.97%.
Liquidity & TVL
ETH Smokehouse currently has a total value locked (TVL) of $52.4M in ETH deposits.
ETH Smokehouse holds $52.4M in ETH deposits. Across all 80 tracked ETH strategies, deposits range widely depending on the protocol and curator reputation. This vault's TVL of $52.4M places it within the broader spectrum of ETH opportunities tracked on Earnbase.
By total value locked, ETH Smokehouse ranks #18 of 48 ETH strategies on Mainnet. It currently holds $52.4M.
ETH Smokehouse's TVL is currently declining. Over the past 150 days, TVL moved from $66.4M to $61.1M, a -8.0% change. The 30-day high was $117.0M and the 30-day low was $37.6M.
Despite rising yields, capital has been flowing out. This may indicate concerns about sustainability or broader market rotation. In general, rising TVL in a lending vault can compress yields as more capital competes for the same borrow demand.
Over the past 30 days, ETH Smokehouse had 14 days of inflows and 11 days of outflows. The largest single-day inflow was +$3.3M (Apr 04, 2026) and the largest outflow was -$9.4M (Mar 19, 2026). Net 30-day TVL change: -14.5%.
Strategy & Access
ETH Smokehouse operates on the Mainnet network and is managed by Morpho. It accepts ETH deposits. The strategy is curated by Steakhouse.
To deposit into ETH Smokehouse, you need ETH tokens on the Mainnet network. Visit the Morpho platform directly to connect your wallet and make a deposit.
ETH Smokehouse ranks among 48 monitored ETH strategies on Mainnet. Its yield of 1.59% is 10.7% below the Mainnet average of 1.78%.
ETH Smokehouse is deployed on Morpho's vault infrastructure. Fee structures are set at the protocol and curator level. Consult the vault directly for current performance and management fee rates.
Morpho is the DeFi protocol infrastructure that ETH Smokehouse operates on. It provides the smart contract layer for deposits, withdrawals, and strategy execution on the Mainnet network.
For illustrative purposes only. Based on the current 1.59% on-chain APY for ETH. Does not include external incentives. Past performance does not guarantee future results. Actual returns may vary.
This page provides informational data aggregated from on-chain sources and is not financial advice. Always verify data directly with Morpho before depositing.
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