Steakhouse plans direct-market migration for Morpho Vault V2 allocations

What happened

Steakhouse announced that its Morpho Vault V2 products would progressively stop allocating through intermediate Morpho Vault V1 vaults and instead allocate directly through the Markets V1 Adapter.

What changed

The planned migration removes a nested vault layer from the allocation path and requires numerous curator operations across Steakhouse V2 vaults.

What did not change

Steakhouse stated that the underlying market exposures would not change and that users of the V1 vaults themselves would not be affected. The notice does not prove completion for any specific vault.

Confirmed

• Steakhouse published the migration notice on April 15, 2026.
• Most affected V2 vaults were then allocating to a V1 vault that in turn allocated to Morpho Blue markets.
• The announced target was direct allocation from V2 vaults to the Markets V1 Adapter.
• Steakhouse characterized the change as operational and structural and said underlying market exposures would remain unchanged.
• Implementation was planned progressively over the following weeks.

Still open

• The exact vault addresses, migration transactions, and completion dates are not supplied in the candidate.
• It is not established which client-held or approved Steakhouse vaults were affected.
• Post-migration withdrawal queues, adapter permissions, cap settings, and allocation state require address-level reconciliation.

What it means for an advisor

• Monitor approved Steakhouse vault addresses for migration completion and reconcile their contract versions and allocation paths.
• Update operational diligence if a held vault removes the V1-vault intermediary; do not infer that simplification reduces underlying market or curator risk.
• Verify that approved-market restrictions, caps, withdrawal behavior, and monitoring coverage remain intact after migration.