Sky Money vs Steakhouse Financial: Choose your vault model (2026)

Both projects are risk curators, but they serve different needs. Sky Money is a non-custodial gateway to Sky Protocol, formerly MakerDAO, with savings, rewards, staking and borrowing alongside its curation of Morpho lending vaults on Ethereum. Its offering is closely tied to the USDS and SKY ecosystem. Steakhouse Financial focuses on stablecoin lending vaults, mainly on Morpho, and also curates on Kamino and other platforms. Its wider business includes white-label products, advisory work, capital raising and research, with a focus on fintechs, exchanges and asset managers. Both have an ease-of-use score of 7. In short, Sky puts Sky Protocol services in one Ethereum-based interface, while Steakhouse is a broader vault and financial-services curator with a more institutional orientation.

Their listed TVL differs substantially: Sky Money has about $98 million, while Steakhouse Financial has about $2.76 billion. That makes Steakhouse the larger operation by this measure, but TVL alone does not establish which vault is safer or more suitable. Chain coverage is another clear distinction. Sky Money lists Ethereum as its only chain, so users have no other listed network option and should expect Ethereum gas costs. Steakhouse lists 11 chains, including Ethereum, Base, Solana and Arbitrum, giving users a broader range of network options. Steakhouse’s homepage also reports $4.60 billion supplied, a separate measure from its listed TVL. For a user who wants a single-network route into Sky Protocol, Sky Money has the more focused setup. Users seeking wider chain coverage and stablecoin vault services should look more closely at Steakhouse’s individual products.

Neither project publishes its fees in the information available on its site. Sky Money does not state savings rates, borrowing costs or a fee schedule; rates and vault terms may be shown in the app or protocol documentation and can change. Ethereum network gas fees also apply to Sky transactions. Steakhouse Financial does not publish homepage fee terms, performance terms or vault-level yields. A curator may take a performance fee on yield, but the rate for a particular Steakhouse vault is not published here. Check the individual vault details and any relevant service agreement before committing funds. For both projects, do not assume that a headline yield is the amount you will receive after fees, network costs or changes to vault terms. If a fee or rate is material to your decision, verify it in the product interface before depositing.

Neither project has audits listed for the project itself, so do not treat the absence of a listing as proof that an audit does or does not exist. Sky Money’s risks include smart contracts, stablecoin mechanics and, for curated Morpho vaults, the curator’s allocation choices and Morpho contracts. Its safety information recommends checking the audit histories of Sky Protocol and Morpho. Steakhouse vaults rely on third-party platforms such as Morpho and Kamino, as well as the curator’s collateral choices. Tokenized stock or fund collateral can add issuer, oracle and liquidity risks. Steakhouse does not mention incidents, insurance or regulatory licences. Both describe a non-custodial model, which means the projects do not hold deposits as custodians; it does not remove protocol, vault or market risk. Confirm the official site and read the terms and risk disclosures for the specific vault you are considering.

Choose Sky Money if you want a direct route to Sky Protocol’s savings, rewards, staking or borrowing features, value the SKY and USDS ecosystem, and are comfortable using Ethereum only. Its narrower scope may be easier to assess if your goal is specifically Sky-related activity, but fees and rates are not published and curated vaults add risk. Choose Steakhouse Financial if you want to compare stablecoin lending vaults across more chains, or you are a fintech, exchange or asset manager interested in embedded products or advisory services. Its much higher listed TVL and institutional focus are relevant, but they do not guarantee returns or safety. Steakhouse’s lack of a native token may also matter to users seeking token-based participation. In either case, compare the specific vault’s collateral, terms and underlying platform before depositing.