DeFi Markets Update 2026-04-06
Steakhouse Domain Incident, OnRe Hits $100M, Katana Perps
Welcome to another DeFi Markets Update—your no-nonsense briefing on the cryptobanking plumbing and market pulse.
Steakhouse Domain Incident
On March 30, a presumed phone call-based social engineering attack on our DNS provider, briefly allowed an attacker to execute sensitive actions in the management of the steakhouse dot financial domain. This was an attack through the domain-control layer, not through Steakhouse vault infrastructure or internal contract systems. The attacker was able to ask customer support to change the primary email and remove 2FA, allowing the attacker to take control of the account.
No vaults, contracts, or depositor funds were affected. Steakhouse vaults remained fully operational throughout the period, with all actions available through third-party frontends such as Morpho or Makina. Existing user funds were never at risk.
The attacker changed the DNS A records for the main page and app subdomain to a malicious IP, which allowed a phishing frontend to be served under our domain. During a short window before the domain was taken offline, users visiting the site would have seen a fraudulent interface designed to trick them into signing a malicious transaction.
In response, Steakhouse reverted the malicious DNS changes and intentionally pointed the affected records to blank values while the account and domain setup were being fully secured. The domains have now been fully restored and are safe to use.
Steakhouse has migrated away from the affected domain-management to remove this dependency going forward.
This was a domain-management incident, not a failure of Steakhouse vault design, or smart contracts. No other service accounts appear to be compromised, and Steakhouse stores no user data, so no user data was compromised.
OnRe Hits $100M on Kamino
OnRe’s market on Kamino has now crossed $100m in market size, marking another milestone for RWAs on Solana.
OnRe is a Bermuda-licensed reinsurance platform, and its ONyc asset brings reinsurance premium income and collateral yield onchain as a dollar-denominated yield-bearing asset. In practice, that gives Kamino users exposure to a return stream that comes from underwriting performance and collateral income, giving DeFi access to a source of yield that is less tied to the usual crypto cycle.
ONyc went live on Kamino in August 2025, when Kamino added it as collateral for borrowing, lending, and looping strategies. It brought reinsurance-backed yield into active use across Solana DeFi, with live incentives and real-time NAV infrastructure helping it scale from launch into one of Kamino’s larger RWA markets.
Steakhouse USDC High Yield vault on Kamino has been allocating to OnRe for several weeks, as we noted in one of our Markets Update. That allocation has now been increased further and the USDC High Yield vault is earning above 5% APY.
Katana Perps Go Live
Katana launched Katana Perps as its native perpetuals DEX, positioning it as a core part of the chain’s economic design. The launch followed Katana’s acquisition of IDEX and brought an orderbook-based venue with low-latency execution, advanced order controls, and API support.
Users can trade perpetual futures with leverage on Katana Perps, with vbUSDC as the primary margin asset. vbUSDC enters Katana through vaultbridge, which routes select deposited assets into yield-generating strategies on Ethereum and issues vbTokens back onto Katana for use across the chain.
vaultbridge is part of how Katana turns bridged capital into productive liquidity. Katana routes those deposits into Morpho vaults on Ethereum, where they are allocated into yield-generating strategies curated by Steakhouse. The yield generated there is then streamed back to Katana and routed into core DeFi apps such as Morpho and Sushi.
For more leveraged strategies, users can borrow on Morpho against core collateral at very low cost. For example, vbUSDC can currently be borrowed against vbETH for as little as -0.07%. The vbWBTC / vbUSDC market is at 0.01%, while borrowing against wsrUSD is at 1.33%, showing a wide range of funding conditions across the supported collateral set.
