Bankless · Thursday, July 30, 2026
Adrian Cachinero details Steakhouse's operational focus on running backend infrastructure to keep vaults balanced and optimize price discovery for borrow rates. This value accrues to both borrowers and lenders by facilitating better and quicker market connections at lower spreads. Steakhouse aims to mitigate its own interference with the vault, particularly concerning collateral onboarding decisions.
“Where we operate is on the immediate next level beyond there. We wouldn't go as far as saying as we're intermediating a vault because we don't stand between the borrower and the lender.”
“But we run backend infrastructure that keeps the vaults well balanced, let's say, or that makes the price discovery of the efficient borrow rate going and that rebalancing activity has value both to the borrowers and to the lenders because they are able to meet each other better and quicker and at a lower spread.”
“And then in StakeHouse's case, we mitigate the degree to which we can interfere with the Bolt. The main vectors that you can interfere with a MorphoVault would be on essentially, like”