sealaunch intelligence(@sealaunch_):After the discussion in the tweet below, Morpho now surfaces donations to vaults in the UI as an incentive. Vaults receiving direct donations show an "Includes donations" tag, saying that part of the yield comes from assets paid directly into the vault's underlying asset, which can push the APY above the market rate. Related to this it's worth looking at the Coinbase Earn and Robinhood Earn products and where the yield comes from. Both products route user deposits into Morpho vaults: - Coinbase to Steakhouse High Yield USDC Edition on Base - Robinhood to Steakhouse USDG on Robinhood Chain In both cases the yield the user ends up seeing comes from different sources: i) vault level incentive, ii) market level incentive, iii) market native yield. The first one is a Merkl campaign running on the vault supply side that tops the rate up to the advertised number, showing 5.4% APR on the Coinbase App and 6.99% APR on the Robinhood App. The second one sits at the market level that the vaults deploy to. USDe collateral deposits are being paid around 4.5% on both markets, on the USDe/USDC market on Base ($245M supplied and $211M borrowed) and on the USDe/USDG market on Robinhood Chain ($136M supplied and $90M borrowed). Rather than paying the lenders directly, the incentive pays the users who deposit collateral, and those users then borrow the stablecoin against it and loop the position back in, which is what creates the borrow demand, pushes utilization up, and produces the yield the vault passes along to depositors. A handful of loopers account for most of the collateral, running roughly 9x leverage, meaning the supply figures are mostly looped capital. At the vault level, it appears as organic yield even though it is indirectly subsidised at the market level. The 4.5% paid on collateral in USDe sits above sUSDe's own native yield of around 4%, and it currently produces 3.99% of vault yield on Base and 2.86% on Robinhood Chain. Together with the vault-level campaigns on both consumer vaults, the structure runs at roughly $683k a week, close to 30% of all spend across Merkl's top 40 campaigns. A note that Coinbase Earn also allows depositing to a vault that allocates mostly to cbBTC/USDC, the market behind Coinbase's onchain loans product, where borrow demand comes from real users borrowing USDC against cbBTC, that portion of the yield is native. Also worth noting that Ethena itself (as disclosed on its transparency dashboard), supplies stablecoins into both of these markets through two vaults Ethena x Steakhouse USDC on Base and Ethena x Steakhouse USDG on Robinhood. Which brings the question back to where it started. An incentive that sits on the collateral of the underlying market, and its entire purpose is to generate the yield the vault reports (that is mostly incentivised yield). Should that be surfaced on the vaults UI but also in the Coinbase and Robinhood apps?

2026.07.28 18:42

After the discussion in the tweet below, Morpho now surfaces donations to vaults in the UI as an incentive. Vaults receiving direct donations show an "Includes donations" tag, saying that part of the yield comes from assets paid directly into the vault's underlying asset, which can push the APY above the market rate. Related to this it's worth looking at the Coinbase Earn and Robinhood Earn products and where the yield comes from. Both products route user deposits into Morpho vaults: - Coinbase to Steakhouse High Yield USDC Edition on Base - Robinhood to Steakhouse USDG on Robinhood Chain In both cases the yield the user ends up seeing comes from different sources: i) vault level incentive, ii) market level incentive, iii) market native yield. The first one is a Merkl campaign running on the vault supply side that tops the rate up to the advertised number, showing 5.4% APR on the Coinbase App and 6.99% APR on the Robinhood App. The second one sits at the market level that the vaults deploy to. USDe collateral deposits are being paid around 4.5% on both markets, on the USDe/USDC market on Base ($245M supplied and $211M borrowed) and on the USDe/USDG market on Robinhood Chain ($136M supplied and $90M borrowed). Rather than paying the lenders directly, the incentive pays the users who deposit collateral, and those users then borrow the stablecoin against it and loop the position back in, which is what creates the borrow demand, pushes utilization up, and produces the yield the vault passes along to depositors. A handful of loopers account for most of the collateral, running roughly 9x leverage, meaning the supply figures are mostly looped capital. At the vault level, it appears as organic yield even though it is indirectly subsidised at the market level. The 4.5% paid on collateral in USDe sits above sUSDe's own native yield of around 4%, and it currently produces 3.99% of vault yield on Base and 2.86% on Robinhood Chain. Together with the vault-level campaigns on both consumer vaults, the structure runs at roughly $683k a week, close to 30% of all spend across Merkl's top 40 campaigns. A note that Coinbase Earn also allows depositing to a vault that allocates mostly to cbBTC/USDC, the market behind Coinbase's onchain loans product, where borrow demand comes from real users borrowing USDC against cbBTC, that portion of the yield is native. Also worth noting that Ethena itself (as disclosed on its transparency dashboard), supplies stablecoins into both of these markets through two vaults Ethena x Steakhouse USDC on Base and Ethena x Steakhouse USDG on Robinhood. Which brings the question back to where it started. An incentive that sits on the collateral of the underlying market, and its entire purpose is to generate the yield the vault reports (that is mostly incentivised yield). Should that be surfaced on the vaults UI but also in the Coinbase and Robinhood apps?

sealaunch intelligence@sealaunch_

2026.07.08 11:25

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.

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