# Steakhouse Docs

Risk framework, vault specs, market data, and disclosures from Steakhouse Financial.

- [Steakhouse Docs | 风险、产品与市场](/docs/hub/home-zh): 风险框架、金库规范、市场数据和披露，来自 Steakhouse Financial——领先的 DeFi 金库策展人，管理稳定币和加密资产产品。
- [产品](/docs/products/zh/): 探索 Steakhouse Financial 的链上金库产品、稳定币策略构建模块、机构集成以及开源基础设施。
- [风险框架概览](/docs/risk-management/zh/): Steakhouse Financial 如何在 Prime 与 High Yield 授权范围内为抵押品承保、配置金库控制，并监控 DeFi 借贷头寸。
- [市场概览](/docs/markets/zh/): Steakhouse Financial 当前针对抵押资产和 Morpho 借贷市场发布的风险评级，并附有各项评级背后的方法论链接。
- [政策](/docs/documents/zh/): Steakhouse Financial 网站、界面和产品适用的政策、条款、隐私信息及 DeFi 金库披露。
- [抵押品标准](/docs/risk-management/zh/collateral/collateral-standards): Steakhouse Financial 用于评估资产、协议和借贷市场状况的多层风险评级方法。
- [层级、支柱与标准](/docs/risk-management/zh/collateral/layers-pillars-and-criteria/): Steakhouse Financial 风险评级方法中层、支柱和单项评分标准的结构、评级和组合方式。
- [资产评级（第 1 层）](/docs/risk-management/zh/collateral/layers-pillars-and-criteria/asset-rating-layer-1/): Steakhouse Financial 风险模型的第 1 层，评估每个抵押资产的发行方质量、信用风险和运营韧性。
- [发行方（第 1 支柱）](/docs/risk-management/zh/collateral/layers-pillars-and-criteria/asset-rating-layer-1/issuer-pillar-1): 代币发行方如何在 Steakhouse Financial 的风险框架中依据社会约束、去中心化和技术性标准接受评估。
- [信用风险（第 2 支柱）](/docs/risk-management/zh/collateral/layers-pillars-and-criteria/asset-rating-layer-1/credit-risk-pillar-2): Steakhouse Financial 如何评估资产损失概率，并以 AA 到 C 的单一评级表示信用风险。
- [运营风险（第 3 支柱）](/docs/risk-management/zh/collateral/layers-pillars-and-criteria/asset-rating-layer-1/operational-risk-pillar-3): 在 Steakhouse Financial 运营风险支柱中，如何对协议寿命、审计覆盖范围和经济透明度进行评分。
- [平台评级（第 2 层）](/docs/risk-management/zh/collateral/layers-pillars-and-criteria/platform-rating-layer-2): Steakhouse Financial 风险模型的第 2 层，从安全性、治理和运营标准方面评估承载市场的 DeFi 协议。
- [市场评级（第 3 层）](/docs/risk-management/zh/collateral/layers-pillars-and-criteria/market-rating-layer-3/): Steakhouse Financial 风险模型的第 3 层，评估预言机质量、流动性深度、价格波动和清算贷款价值比（LLTV）。
- [预言机](/docs/risk-management/zh/collateral/layers-pillars-and-criteria/market-rating-layer-3/yu-yan-ji): Steakhouse Financial 如何评估链上定价准确性、预言机依赖性和借贷市场的偏差防护措施。
- [流动性](/docs/risk-management/zh/collateral/layers-pillars-and-criteria/market-rating-layer-3/liu-dong-xing): Steakhouse Financial 如何根据市场深度、可交易规模、交易场所质量以及退出为其他资产的能力，对代币流动性进行评分。
- [价格波动](/docs/risk-management/zh/collateral/layers-pillars-and-criteria/market-rating-layer-3/jia-ge-bo-dong): 如何基于波动性、相关性及预期价格演变，评估借贷市场配对资产之间的汇率。
- [LLTV](/docs/risk-management/zh/collateral/layers-pillars-and-criteria/market-rating-layer-3/lltv): 清算贷款价值比如何纳入市场风险评分，包括对价格波动评级应用的基于分档的加分。
- [信用增级](/docs/risk-management/zh/collateral/layers-pillars-and-criteria/market-rating-layer-3/xin-yong-zeng-ji): 价格波动和清算贷款价值比评级如何组合成借贷市场的信用增级评分。
- [调整后资产评级](/docs/risk-management/zh/collateral/adjusted-asset-rating): Steakhouse Financial 如何通过结合基础信用质量与市场特定信用增级来计算调整后资产评级。
- [最终市场评级](/docs/risk-management/zh/collateral/final-market-rating): Steakhouse Financial 如何根据调整后资产、平台、预言机、流动性和价格波动评估得出最终市场评级。
- [持续风险监控](/docs/risk-management/zh/monitoring/ongoing-risk-monitoring): Steakhouse Financial 在所有平台上的风险监控方法，涵盖配置控制、金库设置以及实时投资组合监控。
- [配置流程](/docs/risk-management/zh/monitoring/allocation-process): Steakhouse Financial 在部署金库资本前应用的风险检查，涵盖信用风险、交易对手风险、流动性风险、预言机风险、智能合约风险和流动性陷阱风险。
- [金库设置与控制](/docs/risk-management/zh/monitoring/vault-setup-and-controls): 以存款人为中心的金库保障措施，包括所有者多签控制、7 天时间锁、策展人权限、上限以及守护者否决机制。
- [投资组合监控](/docs/risk-management/zh/monitoring/portfolio-monitoring): Steakhouse Financial 的链下重新分配引擎如何监控金库健康状况、市场状况、敞口限制以及候选配置变更。
- [告警系统](/docs/risk-management/zh/monitoring/gao-jing-xi-tong): Steakhouse Financial 的自动化告警框架，用于监测价格变动、链上市场状况、协议事件以及新兴投资组合风险。
- [稳定币产品解析](/docs/products/zh/stablecoin-products/): 如何将 DeFi 策略和金库结合起来，为基于稳定币的客户构建透明、可组合的产品。
- [构建模块](/docs/products/zh/stablecoin-products/blocks/): Steakhouse Financial 金库使用的四种策略构建模块：超额抵押回购借贷、固定利率期限策略、套息交易（Carry Trade）和循环。
- [Repo](/docs/products/zh/stablecoin-products/blocks/repo): 超额抵押 DeFi 借贷的工作原理，包括借款人、出借人、清算、利用率和浮动利率。
- [Term](/docs/products/zh/stablecoin-products/blocks/term): 固定利率、固定期限的 DeFi 借贷如何通过双边贷款和公开信贷市场运作，包括还款与违约风险。
- [Carry](/docs/products/zh/stablecoin-products/blocks/carry): 链上 Carry 策略如何从基差和利率差异中寻求收益，并涉及杠杆、资金、流动性和清算权衡。
- [Looping](/docs/products/zh/stablecoin-products/blocks/looping): 循环策略如何递归地借入并再供应资产，以放大敞口、收益、杠杆和清算风险。
- [金库](/docs/products/zh/stablecoin-products/vaults): 链上金库如何封装 DeFi 策略，以及存款人应当评估的流动性、风险、治理和透明度权衡。
- [金库产品](/docs/products/zh/vault-products/): Steakhouse Financial 金库产品矩阵，按风险要求和流动性特征分类，涵盖 Prime、High Yield、Turbo、Instant 和 Term 策略。
- [当前产品线](/docs/products/zh/vault-products/current/): Steakhouse Financial 的 Prime、High Yield 和 Turbo 金库产品系列，包含抵押品政策、费用结构、时间锁以及各个金库规格的链接。
- [Prime Instant](/docs/products/zh/vault-products/current/prime-instant): Steakhouse Financial Prime Instant 金库的规格、抵押品政策、费用、控制措施以及部署地址。
- [Prime Term](/docs/products/zh/vault-products/current/prime-term): Steakhouse Financial 固定利率 Prime 借贷金库的规格，包括目标期限、合格抵押品、控制措施和费用。
- [High Yield Instant](/docs/products/zh/vault-products/current/high-yield-instant): Steakhouse Financial 的 High Yield Instant 金库规格、抵押品政策、费用、控制措施和部署地址。
- [High Yield Term](/docs/products/zh/vault-products/current/high-yield-term): Steakhouse Financial 的 High Yield Term 金库规格，包含固定利率策略、合格抵押品、目标期限与费用。
- [Turbo](/docs/products/zh/vault-products/current/turbo): Steakhouse Financial 的 Turbo 金库规格说明，通过杠杆策略追求更高收益，同时承担相应更高的风险。
- [合作金库](/docs/products/zh/vault-products/partnership-vaults): Steakhouse Financial 与合作伙伴共同创建的金库集成，包含每个产品的策略、风险控制和部署详情的链接。
- [旧版金库](/docs/products/zh/vault-products/legacy-vaults): Steakhouse Financial 优先级较低的 Morpho Vaults v1 部署参考信息，这些部署仍然可用，但已不再是战略重点。
- [Coinbase DeFi Lend](/docs/products/zh/coinbase/): USDC 持有者如何通过 Coinbase 访问 Steakhouse Financial 金库产品，包括产品结构、策略和风险文档。
- [Coinbase 上的 Steakhouse USDC](/docs/products/zh/coinbase/steakhouse-usdc-on-coinbase): Steakhouse USDC 在 Coinbase 上提供的策略、风险控制、流动性状况及部署详情。
- [Coinbase 上的 Steakhouse High Yield USDC Edition](/docs/products/zh/coinbase/steakhouse-high-yield-edition-coinbase): Coinbase 上提供的 Steakhouse High Yield USDC 的策略、风险控制、流动性概况及部署详情。
- [基础设施](/docs/products/zh/infrastructure/): 由 Steakhouse Financial 为 Morpho 和 DeFi 开发的开源基础设施，包括 Box Vaults、MetaOracle 和 Supervisor 治理工具。
- [MetaOracle（偏差时间锁）](/docs/products/zh/infrastructure/metaoracle): Steakhouse Financial 为 Morpho 提供的预言机安全封装器，通过基于挑战的时间锁在主价格源与备用价格源之间切换。
- [Box Vaults](/docs/products/zh/infrastructure/box-vaults/): 用于模块化、非托管资本配置的 ERC-4626 子金库架构，具备时间锁治理、守护者否决权和隔离的策略模块。
- [技术参考](/docs/products/zh/infrastructure/box-vaults/box-vaults-technical): Steakhouse Box Vaults 智能合约技术参考，涵盖角色、时间锁治理、配置控制、生命周期状态和资金模块。
- [Supervisor v2](/docs/products/zh/infrastructure/supervisor-v2): Steakhouse Financial 针对 Morpho Vault V2 的治理层，使 Sentinel 角色永久化，并赋予 Guardian 对重大金库变更的否决权。
- [Morpho V1 市场](/docs/markets/zh/readme/morpho-v1): Steakhouse Financial 对 Morpho V1 借贷市场的当前风险评级，涵盖交易对手风险、信用风险、操作风险、平台等级和市场等级。
- [DeFi 金库](/docs/documents/zh/mian-ze-sheng-ming/vaults): Steakhouse 品牌 DeFi 金库的条款与风险披露，包括资格、协议风险、非托管界面及责任。
- [隐私政策](/docs/documents/zh/chang-gui/privacy): Steakhouse Financial 和 Carniceria Tropical SA 如何在网站和金库界面中收集、使用、保留和保护个人信息。
- [条款与条件](/docs/documents/zh/chang-gui/tcs): 管理 Steakhouse Financial 公开网站访问的网站条款，包括允许的使用、免责声明、知识产权和责任。
- [资产](/docs/documents/zh/mei-ti-gong-ju-bao/zi-chan): Steakhouse Financial 官方品牌资产，包括标志、字标、色彩参考以及经批准媒体使用的可下载文件。
- [Steakhouse Docs | Risk, Products & Markets | Steakhouse Financial](/docs/): Risk framework, vault specs, market data, and disclosures from Steakhouse Financial, a leading DeFi vault curator of stablecoin and crypto-asset products.
- [Products](/docs/products/): Explore Steakhouse Financial's onchain vault products, stablecoin strategy building blocks, institutional integrations, and open-source infrastructure.
- [Risk Framework Overview](/docs/risk-management/): How Steakhouse Financial underwrites collateral, configures vault controls, and monitors DeFi lending positions across Prime and High Yield mandates.
- [Market Overview](/docs/markets/): Steakhouse Financial's current risk ratings for collateral assets and Morpho lending markets, with links to the methodology behind each grade.
- [Policies](/docs/documents/): Policies, terms, privacy information, and DeFi vault disclosures for Steakhouse Financial websites, interfaces, and products.
- [Stablecoin Products Explained](/docs/products/stablecoin-products/): How DeFi strategies and vaults can be combined to build transparent, composable products for stablecoin-based customers.
- [Building Blocks](/docs/products/stablecoin-products/blocks/): The four strategy building blocks used in Steakhouse Financial vaults: overcollateralized repo lending, fixed-rate term, carry, and looping.
- [Repo](/docs/products/stablecoin-products/blocks/repo): How overcollateralized DeFi lending works, including borrowers, lenders, liquidation, utilization, and variable interest rates.
- [Term](/docs/products/stablecoin-products/blocks/term): How fixed-rate, fixed-term DeFi lending works through bilateral loans and public credit markets, including repayment and default risk.
- [Carry](/docs/products/stablecoin-products/blocks/carry): How onchain carry strategies seek yield from basis and rate differences, with leverage, funding, liquidity, and liquidation tradeoffs.
- [Looping](/docs/products/stablecoin-products/blocks/looping): How looping strategies recursively borrow and resupply assets to amplify exposure, yield, leverage, and liquidation risk.
- [Vaults](/docs/products/stablecoin-products/vaults): How onchain vaults package DeFi strategies, and the liquidity, risk, governance, and transparency tradeoffs depositors should evaluate.
- [Vault Products](/docs/products/vault-products/): Steakhouse Financial vault product matrix by risk mandate and liquidity profile, including Prime, High Yield, Turbo, Instant, and Term strategies.
- [Current Product Lines](/docs/products/vault-products/current/): Prime, High Yield, and Turbo vault families, with collateral policies, fee structures, timelocks, and links to individual Steakhouse product specifications.
- [Prime Instant](/docs/products/vault-products/current/prime-instant): Specifications, collateral policy, fees, controls, and deployment addresses for Steakhouse Financial's Prime Instant vaults.
- [Prime Term](/docs/products/vault-products/current/prime-term): Specifications for Steakhouse Financial's fixed-rate Prime lending vaults, including target duration, eligible collateral, controls, and fees.
- [High Yield Instant](/docs/products/vault-products/current/high-yield-instant): Specifications, collateral policy, fees, controls, and deployment addresses for Steakhouse Financial's High Yield Instant vaults.
- [High Yield Term](/docs/products/vault-products/current/high-yield-term): Steakhouse Financial's High Yield Term vault specifications, with fixed-rate strategies, eligible collateral, target duration, and fees.
- [Turbo](/docs/products/vault-products/current/turbo): Specifications for Steakhouse Financial's Turbo vaults, which target higher yields through leveraged strategies with correspondingly higher risk.
- [Partnership Vaults](/docs/products/vault-products/partnership-vaults): Co-created vault integrations between Steakhouse Financial and partners, with links to each product's strategy, risk controls, and deployment details.
- [Legacy Vaults](/docs/products/vault-products/legacy-vaults): Reference information for Steakhouse Financial's deprioritized Morpho Vaults v1 deployments, which remain available but are no longer strategic priorities.
- [Coinbase DeFi Lend](/docs/products/coinbase/): How USDC holders access Steakhouse Financial vault products through Coinbase, including product structure, strategy, and risk documentation.
- [Steakhouse USDC on Coinbase](/docs/products/coinbase/steakhouse-usdc-on-coinbase): Strategy, risk controls, liquidity profile, and deployment details for Steakhouse USDC as offered through Coinbase.
- [Steakhouse High Yield USDC Edition on Coinbase](/docs/products/coinbase/steakhouse-high-yield-edition-coinbase): Strategy, risk controls, liquidity profile, and deployment details for Steakhouse High Yield USDC as offered through Coinbase.
- [Robinhood Earn](/docs/products/robinhood/): How USDG holders access Steakhouse Financial vault products through Robinhood Earn, including product structure, strategy, and risk documentation.
- [Steakhouse USDG](/docs/products/robinhood/steakhouse-usdg): Strategy, risk controls, liquidity profile, and deployment details for Steakhouse USDG as offered through Robinhood Earn.
- [Infrastructure](/docs/products/infrastructure/): Open-source infrastructure developed by Steakhouse Financial for Morpho and DeFi, including Box Vaults, MetaOracle, and Supervisor governance tools.
- [MetaOracle (Deviation Timelock)](/docs/products/infrastructure/metaoracle): Steakhouse Financial's oracle safety wrapper for Morpho, switching between primary and backup price feeds through challenge-based timelocks.
- [Box Vaults](/docs/products/infrastructure/box-vaults): ERC-4626 child vault architecture for modular, noncustodial capital allocation with timelocked governance, guardian vetoes, and isolated strategy modules.
- [Technical Reference](/docs/products/infrastructure/box-vaults-technical): Smart contract reference for Steakhouse Box Vaults, covering roles, timelock governance, allocation controls, lifecycle states, and funding modules.
- [Supervisor v2](/docs/products/infrastructure/supervisor-v2): Steakhouse Financial's governance layer for Morpho Vault V2, with a permanent Sentinel role and Guardian veto over material vault changes.
- [Collateral Standards](/docs/risk-management/collateral/collateral-standards): The multilayer risk-rating methodology Steakhouse Financial uses to assess assets, protocols, and lending-market conditions.
- [Layers, Pillars and Criteria](/docs/risk-management/collateral/layers-pillars-and-criteria/): How layers, pillars, and individual scoring criteria are structured, graded, and combined in Steakhouse Financial's risk-rating methodology.
- [Asset Rating (Layer 1)](/docs/risk-management/collateral/layers-pillars-and-criteria/asset-rating-layer-1/): Layer 1 of Steakhouse Financial's risk model, assessing issuer quality, credit risk, and operational resilience for each collateral asset.
- [Issuer (Pillar 1)](/docs/risk-management/collateral/layers-pillars-and-criteria/asset-rating-layer-1/issuer-pillar-1): How token issuers are assessed across social, decentralization, and technical criteria within Steakhouse Financial's risk framework.
- [Credit Risk (Pillar 2)](/docs/risk-management/collateral/layers-pillars-and-criteria/asset-rating-layer-1/credit-risk-pillar-2): How Steakhouse Financial assesses an asset's probability of loss and expresses credit risk as a single rating from AA to C.
- [Operational Risk (Pillar 3)](/docs/risk-management/collateral/layers-pillars-and-criteria/asset-rating-layer-1/operational-risk-pillar-3): How protocol longevity, audit coverage, and economic transparency are scored within Steakhouse Financial's operational risk pillar.
- [Platform Rating (Layer 2)](/docs/risk-management/collateral/layers-pillars-and-criteria/platform-rating-layer-2): Layer 2 of Steakhouse Financial's risk model, assessing the DeFi protocol that hosts a market across security, governance, and operational criteria.
- [Market Rating (Layer 3)](/docs/risk-management/collateral/layers-pillars-and-criteria/market-rating-layer-3/): Layer 3 of Steakhouse Financial's risk model, evaluating oracle quality, liquidity depth, price fluctuation, and liquidation loan-to-value.
- [Oracle](/docs/risk-management/collateral/layers-pillars-and-criteria/market-rating-layer-3/oracle): How Steakhouse Financial evaluates onchain pricing accuracy, oracle dependencies, and deviation safeguards for lending markets.
- [Liquidity](/docs/risk-management/collateral/layers-pillars-and-criteria/market-rating-layer-3/liquidity): How Steakhouse Financial scores token liquidity using market depth, tradable size, venue quality, and the ability to exit into another asset.
- [Price Fluctuation](/docs/risk-management/collateral/layers-pillars-and-criteria/market-rating-layer-3/price-fluctuation): How exchange rates between paired lending-market assets are evaluated using volatility, correlation, and expected price evolution.
- [LLTV](/docs/risk-management/collateral/layers-pillars-and-criteria/market-rating-layer-3/lltv): How liquidation loan-to-value ratios factor into market risk scoring, including the notch-based bonus applied to price fluctuation ratings.
- [Credit Enhancement](/docs/risk-management/collateral/layers-pillars-and-criteria/market-rating-layer-3/credit-enhancement): How price-fluctuation and liquidation loan-to-value ratings combine into a Credit Enhancement score for a lending market.
- [Adjusted Asset Rating](/docs/risk-management/collateral/adjusted-asset-rating): How Steakhouse Financial calculates the Adjusted Asset Rating by combining base credit quality with market-specific credit enhancement.
- [Final Market Rating](/docs/risk-management/collateral/final-market-rating): How Steakhouse Financial derives a Final Market Rating from the adjusted asset, platform, oracle, liquidity, and price-fluctuation assessments.
- [Ongoing Risk Monitoring](/docs/risk-management/monitoring/ongoing-risk-monitoring): Steakhouse Financial's approach to risk monitoring across all platforms, covering allocation controls, vault setup, and real-time portfolio monitoring.
- [Allocation Process](/docs/risk-management/monitoring/allocation-process): Risk checks Steakhouse Financial applies before deploying vault capital, covering credit, counterparty, liquidity, oracle, smart contract, and liquidity trap risk.
- [Vault Setup and Controls](/docs/risk-management/monitoring/vault-setup-and-controls): Depositor-focused vault safeguards including owner multisig controls, seven-day timelocks, curator permissions, caps, and guardian vetoes.
- [Portfolio Monitoring](/docs/risk-management/monitoring/portfolio-monitoring): How Steakhouse Financial's offchain reallocation engine monitors vault health, market conditions, exposure limits, and candidate allocation changes.
- [Alert System](/docs/risk-management/monitoring/alert-system): Steakhouse Financial's automated alert framework for price moves, onchain market conditions, protocol events, and emerging portfolio risks.
- [Morpho V1 Markets](/docs/markets/morpho-v1): Current Steakhouse Financial risk ratings for Morpho V1 lending markets, with counterparty, credit, operational, platform, and market grades.
- [DeFi Vaults](/docs/documents/disclaimers/vaults): Terms and risk disclosures for Steakhouse-branded DeFi vaults, including eligibility, protocol risks, noncustodial interfaces, and liability.
- [Privacy Policy](/docs/documents/general/privacy): How Steakhouse Financial and Carniceria Tropical SA collect, use, retain, and protect personal information across websites and vault interfaces.
- [Terms & Conditions](/docs/documents/general/tcs): Website terms governing access to Steakhouse Financial's public sites, including permitted use, disclaimers, intellectual property, and liability.
- [Assets](/docs/documents/press-kit/assets): Official Steakhouse Financial brand assets, including logos, wordmarks, color references, and downloadable files for approved media use.