What is Steakhouse?

Adrian on Steakhouse's long-term orientation versus typical crypto startup culture.

“Steakhouse has the odd feature that we're not venture-backed. Unlike many businesses in crypto, we're a family business. And so, we like to think in centuries.”

Steakhouse implemented a Meta Oracle on Morpho that switches between fair market value and primary redemption value when price deviation exceeds a threshold, a practical defense against oracle whiplash.

“I think it's quite prudent to have, you know, like a meta oracle, like the one that Steak House had implemented on a on Morpho, where you actually get notified and there's a deviation when there's an great enough deviation that, you can kind of switch off between the two.”

Adrian on how DeFi vault infrastructure develops in the wrong order, risk before foundation.

“There is kind of a weird asymmetry where you get the little pockets of high risk first when you don't have the foundational layer in place yet.”

Steakhouse, a non-venture-backed DeFi vault curator, positions itself as a long-duration family business focused on safe overcollateralized vaults, worth watching as a differentiated model in a VC-dominated space.

“Steakhouse has the odd feature that we're not venture-backed. Unlike many businesses in crypto, we're a family business. And so, we like to think in centuries.”

Adrian explains how AI will not replace vault curators but instead trigger a Jevons paradox effect, increasing total vault count by making creation cheaper and faster.

“It's more like you see an acceleration of consumption and an improvement like and a faster improvement in capabilities that allows for much more growth with fewer people. yeah. But, people are hungry for vaults. So, all it will do is increase the number of vaults.”

Adrian predicts that over the next 5 years the least exciting DeFi vaults (safe, overcollateralized) will grow faster than riskier, higher-yield vaults, inverting typical crypto attention and capital flows.

“This is not going to be super exciting but we expect the more boring vaults to grow more and faster.”

A properly constrained DeFi vault can be safer for depositors than a traditional hedge fund, inverting the usual risk narrative around crypto products.

“You can also severely constrain him and make it's make it safer even than a hedge fund.”

DeFi vault technology can enforce financial regulations more effectively than traditional disclosure regimes, not less.

“You can actually enforce these regulations better and quicker and faster and in a more like secure way.”

The bathhouse-steakhouse hybrid format is being positioned as a replacement for bars, restaurants, spas, and nightclubs as the primary going-out experience for young people.

“It's the new going out. It replaces the bar, restaurant, spa, or nightclub for an outing.”