Smokehouse
Morpho · Base
Frequently Asked Questions
What is the current APY for Smokehouse?
The current spot APY for Smokehouse on Morpho (Base) is 6.44%. The 30-day average APY is 6.71%. All figures exclude external token rewards and are calculated from on-chain exchange rates only.
How much total value is locked in Smokehouse?
The total value locked (TVL) in Smokehouse is $6.8K. TVL measures the total USDC assets currently deposited in this vault.
Does the 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.
Which network is Smokehouse deployed on?
Smokehouse is deployed on Base. Network choice affects transaction costs, settlement speed, and which protocols are available. On-chain APY figures on Earnbase are calculated from exchange rate data on Base directly.
Compare with Other USDC Strategies
| Strategy | Platform | Network | APY | TVL |
|---|---|---|---|---|
| Coinshift Conservative USPC | Lagoon | Ethereum | 23.83% | $192.8K |
| USDC Vault | Morpho | Mainnet | 21.58% | $38.1K |
| USDC Yield | Morpho | Arbitrum | 19.00% | $104.3K |
| Bitcoin Dollar USDC | IPOR Fusion | Ethereum | 18.81% | $310.9K |
| 9Summits Flagship USDC | Lagoon | Ethereum | 16.68% | $4.1M |
| Syntropia Boosted | Lagoon | Ethereum | 16.05% | $345.2K |
| Arcadia V2 Pool | Arcadia | Base | 15.23% | $323.2K |
| Hyperithm (Private Credit) | Wildcat | Mainnet | 15.00% | $30.0M |
| Arcadia Autocompounder | Harvest | Base | 12.35% | $131.3K |
| USDC Vault | 40 Acres | Base | 12.09% | $8.3M |
More Morpho Strategies
Smokehouse
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Yield Overview
Smokehouse is a USDC yield strategy on Morpho (Base). It currently generates 6.44% APY (24h) with a 30-day average of 6.71%. The vault holds $6.8K in total value locked. APY is derived from the vault's on-chain exchange rate and does not include external incentives.
Morpho · Base
Market Benchmarking
Within the USDC ecosystem, this product ranks #32 out of 153 strategies. Its 6.44% yield is 31.4% higher than the market average of 4.91%. While not the highest available, this strategy outperforms the majority of tracked USDC opportunities.
How Smokehouse Compares
Smokehouse currently ranks #32 among 153 monitored USDC strategies. However, with a TVL of $6.8K, it holds significantly less capital than higher-TVL alternatives like V3 ($5.0M).
Ecosystem Context
Positioned within the Base ecosystem, this product's yield is 36.3% higher than the network average for USDC strategies. Within Morpho, it competes against 60 other USDC strategies. By TVL, this product ranks #44 of 45 USDC strategies on Base.
About Morpho
Morpho is a decentralized lending protocol that enables the creation of isolated lending markets and curated vaults. Earnbase tracks 61 strategies on Morpho.
USDC on Base#9 of 45
Yield Sustainability
The 24h APY of 6.44% is nearly identical to the 30-day mean, with only a 3.9% variance. This level of consistency is uncommon in DeFi and reflects a mature, well-calibrated yield source with predictable returns.
Yield Trajectory
Smokehouse has been on a 29-day flat streak, with APY rising from 6.44% to 6.44% 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 0.0%. Current 24h APY of 6.44% is 0.0% below the product's own 30-day average.
Weekly Breakdown
Historical APY Statistics
Over the past 156 days, Smokehouse's yield has shown a stable trend, with yields expanding from 6.70% to 6.44%, a 3.8% increase. The sustainability score of 95/100 aligns with a period of relative yield stability.
Historical TVL Statistics
Over the past 156 days, Smokehouse's total value locked has experienced a contraction, declining from $128.8K to $6.8K, a 94.7% reduction.
History
FAQ
Yield & Performance
Smokehouse on Morpho offers a 24-hour APY of 6.44%, a 30-day average of 6.71% on USDC. Yields are variable and update daily based on protocol activity.
Smokehouse ranks #32 out of 153 monitored USDC strategies. Its current yield of 6.44% is 31.4% above the market average of 4.91%.
Earnbase rates the yield sustainability of Smokehouse at 95/100, classified as "Very Stable". The 24h APY of 6.44% is nearly identical to the 30-day mean, with only a 3.9% variance. This level of consistency is uncommon in DeFi and reflects a mature, well-calibrated yield source with predictable returns.
Over the past 156 days, Smokehouse has shown a stable yield trajectory. The average APY moved from 6.70% to 6.44%.
Smokehouse has a yield volatility rating of "Low" (standard deviation: 0.22pp over 156 days). The APY has ranged from 5.53% to 7.77% in the tracked period, with an average of 6.59%.
Liquidity & TVL
Smokehouse currently has a total value locked (TVL) of $6.8K in USDC deposits.
Smokehouse holds $6.8K in USDC deposits. Across all 153 tracked USDC strategies, deposits range widely depending on the protocol and curator reputation. This vault's TVL of $6.8K places it within the broader spectrum of USDC opportunities tracked on Earnbase.
By total value locked, Smokehouse ranks #44 of 45 USDC strategies on Base. It currently holds $6.8K.
Smokehouse's TVL is currently declining. Over the past 156 days, TVL moved from $128.8K to $6.8K, a -94.7% change. The 30-day high was $152.5K and the 30-day low was $6.8K.
Yield and TVL have remained relatively stable over the past 30 days. 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, Smokehouse had 0 days of inflows and 0 days of outflows. The largest single-day inflow was +$0 (Apr 12, 2026) and the largest outflow was -$0 (Apr 12, 2026). Net 30-day TVL change: +0.0%.
Strategy & Access
Smokehouse operates on the Base network and is managed by Morpho. It accepts USDC deposits.
To deposit into Smokehouse, you need USDC tokens on the Base network. Visit the Morpho platform directly to connect your wallet and make a deposit.
Smokehouse ranks among 45 monitored USDC strategies on Base. Its yield of 6.44% is 36.3% above the Base average of 4.73%.
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 Smokehouse operates on. It provides the smart contract layer for deposits, withdrawals, and strategy execution on the Base network.
For illustrative purposes only. Based on the current 6.44% on-chain APY for USDC. 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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