Steakhouse's EURCV Prime vault is intriguing. UI shows 4% APY, 0% incentives, but ~78% of the $100M deposits are sitting idle. The remaining allocation earns closer to ~1.3-1.4%. Blended organic yield is actually ~0.3%. So where does the yield come from? The vault's holding address has received ~546,100 EURCV across 22 transfers since Feb, roughly weekly, all from the same sender. Mechanically, it's a straight ERC-4626 donation: sending assets directly into the vault raises totalAssets without minting new shares, so every depositor's share value rises. The address donating also manages Merkl incentives on Steakhouse x AUSD vaults, suggesting this is Steakhouse related address and this likely reads as SG-Forge/Steakhouse incentivising yield to bootstrap the markets while there is no EURCV borrow demand, which is a normal practice. The issue isn't the incentive, it's not disclosing it in the UI. Two things matter for depositors: - The advertised 4% isn't organic, it's incentivised, with no visible schedule or end date. If transfers stop, APY reverts toward the ~0.3% blended rate. - It's invisible on every dashboard depositors actually check, so new entrants can't price the risk. This doesn't seem malicious, Steakhouse are a serious, established player in the space. But the mechanism itself could be used maliciously by less scrupulous curators/protocols, and undisclosed direct-transfer subsidies aren't great practice regardless of intent.