Smokehouse USDT
Morpho · Curated by Steakhouse · Mainnet
Frequently Asked Questions
What is the current APY for Smokehouse USDT?
The current spot APY for Smokehouse USDT on Morpho (Mainnet) is 2.91%. The 30-day average APY is 4.27%. All figures exclude external token rewards and are calculated from on-chain exchange rates only.
How much total value is locked in Smokehouse USDT?
The total value locked (TVL) in Smokehouse USDT is $26.4M. TVL measures the total USDT assets currently deposited in this vault.
Does the Smokehouse USDT 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 Smokehouse USDT?
Smokehouse USDT 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 USDT Strategies
| Strategy | Platform | Network | APY | TVL |
|---|---|---|---|---|
| DeltaUSD | Lagoon | Mainnet | 9.84% | $1.1M |
| Wintermute Trading (Private Credit) | Wildcat | Mainnet | 9.25% | $138.5K |
| K3 Leveraged syrupUSDT Strategy | IPOR Fusion | Mainnet | 6.52% | $59.7K |
| DAMM Stablecoin Fund | Lagoon | Arbitrum | 5.19% | $1.7M |
| Lend | Flux Finance | Mainnet | 4.58% | $1.7M |
| Lending Optimizer | IPOR Fusion | Mainnet | 4.46% | $304.4K |
| Derivatives Pool | IPOR Fusion | Mainnet | 4.07% | $130.7K |
| USDT Lite | Morpho | Mainnet | 3.25% | $26.4K |
| USDT Prime V2 | Morpho | Ethereum | 2.97% | $502.7K |
| V3 | Compound | Mainnet | 2.75% | $47.1M |
More Morpho Strategies
Smokehouse USDT
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Yield Overview
Smokehouse USDT is a USDT yield strategy on Morpho, curated by Steakhouse. It currently generates 2.91% APY (24h) with a 30-day average of 4.27%. The vault holds $26.4M 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 USDT ecosystem, this product ranks #10 out of 25 strategies. Its 2.91% yield is -0.14pp below the market average of 3.05%.
How Smokehouse USDT Compares
Smokehouse USDT currently ranks #10 among 25 monitored USDT strategies. However, with a TVL of $26.4M, it holds significantly less capital than higher-TVL alternatives like Market ($105.6M).
Ecosystem Context
Positioned within the Mainnet ecosystem, this product's yield is 2.8% lower than the network average for USDT strategies. This strategy is curated by Steakhouse, with 3 Steakhouse strategies tracked on Earnbase. Within Morpho, it competes against 8 other USDT strategies. By TVL, this product ranks #6 of 22 USDT strategies on Mainnet.
About Morpho
Morpho is a decentralized lending protocol that enables the creation of isolated lending markets and curated vaults. Earnbase tracks 9 strategies on Morpho.
USDT on Mainnet#8 of 22
Yield Sustainability
Yield is 31.9% below the monthly average.
Yield Trajectory
Smokehouse USDT recorded a 24h APY of 2.91% in the most recent data point. Over the past 30 days, the product delivered positive yields on 30 out of 30 days. Week-over-week, yields have increased by 1.3%. The strongest 7-day period was Apr 21–Apr 27 averaging 4.89%, while the weakest was Apr 28–May 04 at 3.46%. Current 24h APY of 2.91% is 34.5% below the product's own 30-day average.
Weekly yields have improved for 2 consecutive weeks, with the most recent 7-day average of 4.81% representing a sustained weekly performance in the tracked period.
Weekly Breakdown
Historical APY Statistics
Over the past 166 days, Smokehouse USDT's yield has shown a upward trend, with yields expanding from 3.13% to 4.26%, a 36.2% increase. The sustainability score of 62/100 aligns with moderate yield variability.
Historical TVL Statistics
Over the past 166 days, Smokehouse USDT's total value locked has experienced a contraction, declining from $47.8M to $34.9M, a 27.0% reduction.
History
FAQ
Yield & Performance
Smokehouse USDT on Morpho offers a 24-hour APY of 2.91%, a 30-day average of 4.27% on USDT. Yields are variable and update daily based on protocol activity.
Smokehouse USDT ranks #10 out of 25 monitored USDT strategies. Its current yield of 2.91% is 4.6% below the market average of 3.05%.
Earnbase rates the yield sustainability of Smokehouse USDT at 62/100, classified as "Moderate". Yield is 31.9% below the monthly average.
Over the past 166 days, Smokehouse USDT has shown an upward yield trajectory. The average APY moved from 3.13% to 4.26%.
Smokehouse USDT has a yield volatility rating of "Moderate" (standard deviation: 1.32pp over 166 days). The APY has ranged from 1.82% to 12.36% in the tracked period, with an average of 3.56%.
Liquidity & TVL
Smokehouse USDT currently has a total value locked (TVL) of $26.4M in USDT deposits.
Smokehouse USDT holds $26.4M in USDT deposits. Across all 25 tracked USDT strategies, deposits range widely depending on the protocol and curator reputation. This vault's TVL of $26.4M places it within the broader spectrum of USDT opportunities tracked on Earnbase.
By total value locked, Smokehouse USDT ranks #6 of 22 USDT strategies on Mainnet. It currently holds $26.4M.
Smokehouse USDT's TVL is currently declining. Over the past 166 days, TVL moved from $47.8M to $34.9M, a -27.0% change. The 30-day high was $52.5M and the 30-day low was $24.9M.
Both yield and TVL are declining, and depositors may be exiting in response to falling returns. 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 USDT had 7 days of inflows and 22 days of outflows. The largest single-day inflow was +$799.9K (May 10, 2026) and the largest outflow was -$9.4M (Apr 24, 2026). Net 30-day TVL change: -36.1%.
Strategy & Access
Smokehouse USDT operates on the Mainnet network and is managed by Morpho. It accepts USDT deposits. The strategy is curated by Steakhouse.
To deposit into Smokehouse USDT, you need USDT tokens on the Mainnet network. Visit the Morpho platform directly to connect your wallet and make a deposit.
Smokehouse USDT ranks among 22 monitored USDT strategies on Mainnet. Its yield of 2.91% is 2.8% below the Mainnet average of 2.99%.
Smokehouse USDT 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 USDT 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 2.91% on-chain APY for USDT. 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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