This proposal seeks to onboard two new yield strategies (ARKs) to the existing EURC vault on Base. These ARKs are built on the Morphi V2 infrastructure from Gauntlet and Steakhouse curators, which currently provide significantly higher yield compared to the legacy V1 strategies.
2. Context & Motivation
The current EURC vault on Base relies on legacy yield sources. Recently, two new Morpho V2 vaults were deployed that benefit from redirected incentives , resulting in yields that are 1–2 percentage points (pp) higher than our current allocation.
By adding these as ARKs to our EURC Fleet, the Summer.fiFleetCommander can automatically rebalance capital into these more productive venues, ensuring our users receive the best risk-adjusted yield available on Base without manual migration.
3. Specification: New ARKs
The following vaults are to be integrated as ARKs into the Base EURC Fleet:
ARK Name
Management Address
Deployment Address
Target Protocol
Gauntlet EURC Balanced
0x94Af...778D
0xaCB4...524D
Morpho V2
Steakhouse Prime EURC
0xbeef...5DC1
0x7332...987c
Morpho V2
Parameter Changes
Action: Whitelist both addresses as authorized ARKs for the Base EURC Vault.
Initial Cap: It is proposed that @BlockAnalitica sets initial deposit caps and allocation percentages to ensure a balanced transition. It’s worth noting that the oth v2 markets deposit to legacy v1 markets.
Fee Alignment: Both new ARKs will fall under the overarching management fee of the EURC Vault (currently proposed to be adjusted to 0.3% in a parallel RFC).
4. Open Questions
Risk Assessment: Are there any specific V2-related risk parameters @BlockAnalitica would like to highlight regarding these Morpho deployments?
5. Next Steps
Risk Review: Tagging @BlockAnalitica to provide a risk classification and suggest initial deposit caps for these two ARKs.
Great proposal — fully supportive of onboarding both the Gauntlet EURC Balanced and Steakhouse Prime EURC ARKs to the Base EURC Fleet.
Both curators have strong, battle-tested track records on Morpho. Gauntlet demonstrated real resilience during the November 2025 liquidity stress event, where their Balanced vault actually grew TVL by 35% while other curated vaults dropped by over 60% — with zero bad debt. Steakhouse is now the largest curator on Morpho (48 vaults across multiple chains) and similarly maintained a clean record with no bad debt events. These are exactly the kind of counterparties we want powering the EURC fleet.
The yield improvement of 1–2pp over legacy V1 strategies is meaningful for depositors, and having FleetCommander auto-rebalance into these higher-yielding venues is a net win for the vault without requiring any manual migration from users.
A couple of questions ahead of the SIP promotion:
What initial deposit caps and allocation percentages is BlockAnalitica considering for each ARK? Given both V2 vaults ultimately route through legacy V1 markets, understanding the concentration limits would be helpful.
Is there any additional smart contract risk to consider from the V2 wrapper layer sitting on top of V1 markets, or does BlockAnalitica view this as equivalent exposure?
Happy to support moving this forward once the risk parameters are defined. Excited to see EURC yields improve on Base!
This proposal comes at the right time. EURC lending markets on Base are currently offering attractive low borrow rates across several collateral types, which signals genuine organic demand for euro-denominated liquidity onchain. Expanding the EURC fleet with higher-yielding V2 ARKs directly strengthens Summer.fi’s position as the go-to venue for EUR stablecoin yield on Base.
With MiCA now in full effect across Europe, euro-denominated stablecoins like EURC are increasingly attractive to compliant institutions and fintechs looking for onchain exposure. Improving yield on the EURC vault positions Summer.fi well to capture that incoming demand. Supporting this proposal strongly.
Thank you for the RFC @halaprix, onboarding of V2 vaults to the EURC fleet on Base is directly in line with multiple SIPs that allowed for onboarding of V2 vaults of mainnet. As mentioned above, both Gauntlet and Steakhouse have very strong track records on Morpho, and outside of it, when it comes to risk curation.
I am supportive of pushing this to SIP as soon as possible, to capitalize on the Morpho V2 incentive campaign, which progressively reduces rewards as deposits increase. Being an early mover here would allow us to capture these rewards (while they are still high) and distribute them to Summer depositors. And as it stands, the two proposed vaults are yielding higher than the Summer EURC fleet, so their onboarding is an overall net positive.
From a risk classification perspective, we view the proposed onboarding of Gauntlet EURC Balanced and Steakhouse Prime EURC as a like for like expansion within an already onboarded risk category, rather than a new protocol exposure for the Base EURC Fleet.
A key point for this specific RFC is that the proposed Morpho V2 vaults allocate capital into the existing Morpho V1 vaults that are already approved in the fleet risk universe, namely:
morpho_steakhouse_eurc
morpho_gauntlet_eurc
Because of this, we do not view the proposal as introducing incremental collateral exposure at the fleet level. The underlying collateral set and the main market risk drivers remain materially aligned with the current approved EURC ARKs. In other words, this is primarily a change in the allocation wrapper and curator implementation, not an expansion into a new collateral domain.
From a smart contract perspective, Morpho V2 vault infrastructure is well reviewed and widely used in production. For this onboarding, the more relevant controls are operational and portfolio level: curator quality, concentration limits, and conservative initial caps to support a controlled migration from legacy EURC allocations.
Given the above, Block Analitica considers both proposed ARKs eligible for whitelisting under the existing ARK risk framework used for currently onboarded Morpho related strategies in the Base EURC Fleet.
Conclusion
Block Analitica considers the proposed Gauntlet EURC Balanced and Steakhouse Prime EURC ARKs to be risk equivalent in collateral exposure to the currently approved Morpho based EURC strategies, including the already whitelisted V1 Morpho EURC vaults they allocate into. We therefore support moving this RFC forward to SIP, subject to final initial caps and allocation parameters.