Steakhouse Financial
Treasury manager & vault curator
Mostly a Morpho vault curator now, with DAO work alongside: Compound’s treasury committee has chosen it to curate up to about $12M of USDC.
About Steakhouse Financial
Steakhouse Financial started in DAO finance and reporting — monthly financial reporting for ENS since March 2023, a finance workstream for Lido — and moved into vault curation when Morpho launched in early 2024. It now describes itself as “the credit stack for the stablecoin economy”, building curated Morpho vaults and white-label yield products.
steakhouse.financial ↗Our verdict
Compound’s treasury committee chose it to curate up to about $12M, its vaults leave the DAO holding the shares, and it publishes monthly Arbitrum reports.
How each block was graded
Mandate
Compound’s Treasury Management Committee published its choice of Steakhouse as primary curator for up to about $12M USDC, with a 0.5% annual fee and 30-day termination; we found no record of a completed DAO vote. Earlier DAO roles were proposed in public and named by both sides, but were not mandates over assets.
| What we found | Source | Checked |
|---|---|---|
| Compound Treasury Management Committee: Steakhouse as primary curator for up to ~$12M USDC, 0.5% annual fee (14 Aug 2026); no completed vote recorded | comp.xyz | 2026-09-21 |
| Arbitrum STEP programme manager application (15 May 2024) | forum.arbitrum.foundation | 2026-09-21 |
| Lido DAO Finance Workstream proposal (23 Aug 2022) | research.lido.fi | 2026-09-21 |
Money
The firm discloses “$4.34B in noncustodial assets supplied”, undated. Its vaults are non-custodial with separated roles — curator, sentinel, guardian — and under the Compound plan the DAO keeps the vault shares in its own timelock, with two multisigs able to veto changes.
| What we found | Source | Checked |
|---|---|---|
| “$4.34B in noncustodial assets supplied (+71% YoY)” (homepage, undated) | steakhouse.financial | 2026-09-21 |
| Non-custodial vaults with curator, sentinel and guardian roles | steakhouse.financial | 2026-09-21 |
| Compound keeps the vault shares in its Treasury Timelock; two multisigs can veto changes | comp.xyz | 2026-09-21 |
Transparency
It publishes monthly reports on the Arbitrum STEP programme on the Arbitrum forum, with statements and a Dune dashboard, and has committed to monthly public updates for Compound.
| What we found | Source | Checked |
|---|---|---|
| Monthly STEP reports on the Arbitrum forum, with PDF statements and a Dune dashboard | forum.arbitrum.foundation | 2026-09-21 |
| ENS financial reporting thread (latest post we saw: March 2024) | discuss.ens.domains | 2026-09-21 |
| Compound plan commits to monthly public updates and live portfolio tracking | comp.xyz | 2026-09-21 |
Strengths & weaknesses
What works
- ✓Non-custodial vaults with separated curator, sentinel and guardian roles
- ✓Monthly public reports for programmes it runs for DAOs
- ✓Discloses total assets supplied to its vaults
Where it loses grades
- ✕DAO treasury work is now a side line next to vault curation for fintechs and exchanges
- ✕No completed vote found for the Compound appointment
- ✕The $4.34B figure is undated
A DAO that wants stablecoin reserves placed in curated lending vaults it keeps control of.
A token issuer that needs market making or liquidity on exchanges.
The rest of the dao treasury & liquidity managers ranking
Same three blocks, same rules, same review run — this is what Steakhouse Financial is being compared against.
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