Comprendre les risques

Le détail de cette note de risque, ligne par ligne.

Cette note s’affiche sur : Short EUR/USD · Short EUR/USD · Fermer votre short EUR/USD

Two different scores. The score next to a strategy’s name is its strategy risk: it ranks the strategies we offer against each other. The squares below are asset risk: they rank the assets and dependencies of this strategy against each other. A strategy can rank low among strategies while holding an asset that ranks higher here.

Squares are our relative ranking of the elements in this note, not an absolute measure of risk · 1 = lowest · 5 = highest.

1 lowest2345 highest

A 5 marks the riskiest element of this note relative to the others; it does not mean that element is very risky in absolute terms.

This ranking is an estimate. It does not follow a formal methodology and it is not advice — neither to invest, nor to refrain, nor to base a decision on this analysis. It is provided for information only.

Strategy risk

Liquidation. liquidation risk If the oracle-valued debt crosses the market’s 91.5% LLTV, liquidation occurs. collateral risk Liquidation applies a 2.62% liquidation penalty.

Currency risk. market risk The debt is in euros and the collateral in dollars: a rise in the euro against the dollar raises the dollar value of the debt. liquidation risk Exchange-rate movement alone can raise LTV to the LLTV.

Oracle. oracle risk The market values each Steakhouse Prime USDC V2 share at the USDC the Morpho vault would pay for it, × Chainlink USDC/USD ÷ Chainlink EUR/USD. collateral risk A loss in the Steakhouse Prime USDC V2 vault or a USDC depeg lowers the collateral counted for liquidation.

Weekend oracle. oracle risk While the currency market is closed, the EUR/USD feed has been observed alternating between two values about 0.18% apart. liquidation risk Close to the LLTV, this alternation alone can trigger liquidation.

Exit. liquidity risk Closing redeems the Steakhouse Prime USDC V2 shares. If the vault cannot pay out enough USDC at that moment, the close fails until liquidity returns. oracle risk A costly failure of the oracle call can also make the close fail.

Floating borrow rate. interest-rate risk A higher rate grows the debt. liquidation risk The larger debt raises LTV and can cause liquidation.

Dependencies you're exposed to

Protocols

Morpho — provides the isolated lending markets; failed liquidations create bad debt and borrowed liquidity can delay withdrawals.

Jarvis — issues jEUR and its yield-bearing token, and curates the mjEUR vault that lends newly minted jEUR.

Curators

Steakhouse — curates the two Morpho vaults holding the jEUR reserve, including their markets, caps and allocations.

Blockchain

Base — settles every transaction; sequencer or chain downtime can delay orders, withdrawals and liquidations.

Oracles

Chainlink feeds — supply the collateral and foreign-exchange inputs read by liquidation oracles; a delayed, incorrect or manipulated value can shift liquidation away from executable market prices.

Assets you're exposed to

Smart contract risk applies to every asset.

steakUSDC V2 design risk These are shares of Steakhouse Prime USDC V2, a Morpho vault curated by Steakhouse. Its Vault V2 adapter reads Morpho Blue markets directly: bad debt immediately reduces the share value and socialises the loss across all holders. It is a different vault from the Steakhouse Prime USDC that holds the jEUR reserve, despite the same name. liquidity risk Borrowed liquidity can delay withdrawals. collateral risk Failed liquidation can still reduce the value of the collateral share.Steakhouse Prime USDC V2 ↗

Markets beneath steakUSDC V2 collateral risk These are Morpho markets selected by Steakhouse through a V2 adapter. Checked on-chain on 15 October 2026: the USDC is lent against cbBTC, WETH, cbETH and wstETH, almost all of it against cbBTC. Bad debt in any of these markets reduces the share value. governance risk Steakhouse, as curator, can change which markets the vault uses and how much each receives. The list above is what the vault held that day, not a commitment.

Borrowed jEUR market risk Owing an asset that weakens works in the borrower’s favour. design risk Its backing chain is not held by this position: the debt must be repaid in jEUR.

Not financial advice.