DAOUSDT
DAO Maker / Tether USD
crypto Composite

La DAO tiene merch mejor

La DAO tiene merch mejor

You can check the inside yourself. Morpho has a public API (api.morpho.org/graphql) that returns every vault's market allocations and its depositors, so I pulled the biggest Ethereum USDC vaults today, Sep 17.
Steakhouse Prime USDC ($117M) is 84% lent against cbBTC, 12% against WBTC and 4% against wstETH. Gauntlet USDC Prime ($94M) is 65% cbBTC, 29% WBTC and 5% wstETH. All of it sits in 86% LLTV markets. By weight the two overlap 81%, and both are about 95% a loan book against wrapped Bitcoin. Picking one over the other changes your cbBTC/WBTC mix and not much else. A BTC gap down that outruns liquidations hits both the same way.
Re KPK (your question further down): KPK USDC Prime ($20.6M) is 64% BTC collateral (39% cbBTC, 25% WBTC) and 36% ETH staking tokens (rETH, OETH, wstETH, LsETH). Its overlap with Steakhouse is 55% and with Gauntlet 70%, so it's less of a copy than the big two are of each other. The API shows a 0% performance fee and 0% management fee.
What I'd look at there is who else is in the vault. The top two depositors hold 75% of it and the top four hold 92%. The largest is the ENS endowment safe with $7.9M, then the CoW DAO treasury safe with $7.5M. Third is an address I couldn't identify ($2.2M) and fourth is the Balancer treasury safe with $1.4M. KPK manages all three of those DAO treasuries. The vault's withdrawable liquidity was $8.05M when I checked, about the size of either of the two big positions. If one of them pulls out, everyone else waits for borrowers to repay. Rates jump and it clears, but not the same day.
None of that is hidden and I don't mean it as a knock on KPK. They publish monthly reports for these DAOs and everything above is on-chain. But the curator's name and the APY tell you none of it, and like peysab said, nobody runs this check continuously.