Changelog
Dated log of onchain configuration changes to KPK's Morpho, Gearbox, and Symbiotic vaults and to KPK Funds, covering markets, caps, oracles, fees, timelocks, and roles, with transaction links.
Multiple vaults
Change: Narrowed the monitoring agent's permissions on all thirteen Morpho v2 vaults on Ethereum, Base and Arbitrum: its submit call now accepts only setForceDeallocatePenalty on the vault's own adapter, at most 2%. Revoked the rebalancing and exit agents' remaining permissions on the legacy v1 vaults of USDC Prime, USDT Prime, ETH Prime, USDC Yield, ETH Yield, EURC Yield and USDC Yield (Arbitrum).
Rationale: Keep each agent's permissions to the calls it makes; the monitoring agent only ever sets the force-deallocate penalty and cannot appoint a new Allocator.
Stocks-USD, SPY and ETH-USD
Change: Moved DEFAULT_ADMIN_ROLE on each Fund's shares contract to its own 3-day TimelockController, with the Security Council Safe as proposer and canceller; the Security Council no longer holds the role directly. Timelocks: Stocks-USD 0x35494534943457c9bCA309f0075BEEC8432E7226, SPY 0xdDcd8aa130E4D2c294650FC090AbDE1F47E06C19, ETH-USD 0xE3Be505EE3897F2212BA904c2Aa2B61A84207Dd4. The Exec Roles Modifiers stay with the Governance Safe.
Rationale: Changes to a Fund's fees, request timeouts, operator roles or shares contract are now scheduled onchain and take effect only after 3 days.
YO Ecosystem
Change: Set timelocks of 3 days on adding adapters and raising caps, and 7 days on removing adapters, abdicating and increasing timelocks. Abdicated the sendShares, receiveShares and receiveAssets gate setters, raised the Curator Safe threshold to 2/5 and transferred vault ownership to the Security Council Safe 0x8b884f80B3B839F52b6cE168f133e7a5D1f0A537.
Rationale: Completes the launch configuration: parameter changes are now timelocked, and control no longer sits on a deployer EOA.
Tx: Timelocks, Abdicate, Set owner, Safe threshold
frxUSD pool
Change: Paused the original mGLOBAL Credit Manager, 0x24cCb70bCd6B5962F99eF84FC201a9D2143B9DDd. The mGLOBAL Credit Manager redeployed on 30 September is not affected.
Rationale: Precautionary, after KPK's monitoring flagged that mGLOBAL's instant-redemption liquidity was depleted.
Tx: Pause
ETH Alpha and USD Alpha
Change: Moved both Funds to new Exec Roles Modifiers on Roles v2.1.1, with permissions unchanged. Ownership of each Exec Roles Modifier and DEFAULT_ADMIN_ROLE on each shares contract now sit with 3-day timelocks controlled by the Security Council Safe, which no longer holds either role directly.
Rationale: Roles v2.1.1 fixes defects in the v2.1.0 permission checker. The timelocks mean changes to what a Fund can do with its assets, its fees, or its shares contract are scheduled onchain and only take effect after 3 days.
USDC Yield
Change: Onboarded ssftUSD/USDC (Tier C, 30% cap) and PT-siUSD-7JAN2027/USDC (Tier C, 30% cap). Lowered ftUSD/USDC from 30% to 15% and siUSD/USDC from 60% to 30%.
Rationale: Adds staked and fixed-rate exposure to issuers already in the vault, while capping total Flying Tulip exposure at 45% and InfiniFi at 60%.
Tx: setCaps
NAV Calculator
Change: Moved NAV Calculator administration on all 25 chains to the TimelockController 0xAB92EA75D07792915eB1f29259354866B880dFC2 and the Security Council Safe, and removed the deployment account. The Security Council Safe is now the sole admin of the Merkl Rewards adapter, and the Safe's threshold on X Layer was raised to 5-of-8, matching every other chain.
Rationale: Puts upgrades and configuration of the NAV Calculator under Security Council governance on all 25 chains, with a TimelockController (delay currently zero) alongside the Safe's direct roles.
Tx: Ethereum role removal, Merkl admin, X Layer threshold; the same change on every other chain
USDC Yield
Change: Onboarded the USD3/USDC market (Tier D, 30% cap)
Rationale: Adds a 3Jane market already assessed and monitored for KPK USDC Yield RWA, diversifying the vault's allocation.
Tx: setCaps
YO Ecosystem
Change: Deployed the YO Ecosystem vault on Morpho v2, 0x355A1c6A3f1946d4DbD7cE932492925AB9F261a7, with a Markets V1 Adapter, and enabled the yoUSD/USDC (86% LLTV, Tier C, 90% cap) and yoUSD Edge/USDC (77% LLTV, Tier D, 65% cap) markets. Launch parameters are a 5% performance fee, a 0% management fee and a 0.01% forceDeallocate penalty, with the adapter-registry setter abdicated. The curator role sits with the Curator Safe 0xA2AE32ab472BBc1ceF8d5A6F0712c652E414FF62, whose Roles Modifier was enabled on 7 October.
Rationale: A dedicated USDC vault for the YO ecosystem, lending against YO Protocol's vault tokens.
EURC Yield, USDC Yield (Arbitrum)
Change: Sunset the KPK EURC Yield (Ethereum) and KPK USDC Yield (Arbitrum) vaults. A soft shutdown was executed on every market in both vaults: risk appetite set to 0 and allocations drained into the vault's idle balance. Both vaults are removed from the docs.
Rationale: Low TVL and utilisation. Funds sit idle in each vault, so depositors can withdraw at any time.
NAV Calculator (Robinhood Chain)
Change: Upgraded the NAV Calculator on Robinhood Chain to the same implementation as the other chains. Its roles are held by the Robinhood Chain Governance Safe (2-of-5), with no timelock; the deployment account was removed on 8 October 2026.
Rationale: Keeps Robinhood Chain on the same NAV logic as the rest of the fleet.
Fund factory (salt v4)
Change: Deployed the salt v4 Fund factory on Robinhood Chain at the same addresses as on the other 19 chains, owned by the Security Council Safe. Robinhood Chain is not in the CCIP orchestrator's chain registry, so Funds there deploy locally.
Rationale: Lets new Funds launch on Robinhood Chain with the same contracts and governance options as on every other supported chain.
EURe Yield
Change: Set timelocks of 3 days on adding adapters and raising caps, and 7 days on removing adapters, abdicating and increasing timelocks. Raised the Curator Safe threshold to 2/5 and transferred vault ownership to the Security Council Safe 0x8b884f80B3B839F52b6cE168f133e7a5D1f0A537.
Rationale: Completes the launch configuration: parameter changes are now timelocked, and control no longer sits on a deployer EOA.
Tx: Timelocks, Set owner, Safe threshold
frxUSD pool
Change: IRM update (U2 80% → 85%, base rate 4% → 3%); redeployed the mGLOBAL Credit Manager with a 10% interest fee (from 20%) and 2 max enabled tokens; set quota rates of 0.58% for mF-ONE and 0.55% for mGLOBAL.
Rationale: Brings borrower cost in line with market-clearing rates (5.5% mF-ONE, 5.0% mGLOBAL, down from 6.0%) ahead of expected mGLOBAL borrow demand. Quota rates price the two collaterals separately.
Tx: Tx
NAV Calculator
Change: Upgraded the NAV Calculator on all 25 chains, on 29 and 30 September 2026, to implementation 0xA7243DCDF7e4D6f8FA20A9F022186C0d0778C2b6; the proxy address is unchanged. The meta-adapters were redeployed and re-registered at new addresses on the chains that carry them; plain adapters and ERC20Default are unchanged (see Deployment addresses). Price-feed heartbeats can now be updated in place, a token or market coordinate can no longer be claimed by two adapters at once, and 17 wallet-yield adapters on Ethereum, Arbitrum, Base, Gnosis, and Optimism report yield-bearing tokens held in a wallet as their protocol position.
Rationale: Prevents a coordinate from being reported by two adapters, and reports wallet-held yield tokens by the protocol behind them rather than as plain balances.
Tx: Ethereum upgrade; the same upgrade on every other chain
Fund factory (salt v4)
Change: Deployed the salt v4 Fund factory on 19 chains at the same addresses, owned by the Security Council Safe. Factory: 0x73Bb12a05669748f3c9cbE8764271c69182f49E5. New Funds can launch with exec and shares timelocks (12 hours to 30 days). Existing Funds are unchanged.
Rationale: Lets new Funds put their governance behind a timelock from launch: changes to what a Fund can do with its assets, its fees, or its shares contract are scheduled onchain and only take effect after the delay. A Fund's shares can also live on more than one chain.
Tx: Ethereum deployment, other chains in the deployment records
EURe Yield
Change: Deployed the KPK EURe Yield vault on Arbitrum, 0x7bfdE3A7bd346Da92521D384563F89BB45dE1f60, with a Markets V1 Adapter, and enabled wstETH/EURe, WBTC/EURe and WETH/EURe (86% LLTV) and USDC/EURe (91.5% LLTV), each Tier A with a 90% cap. Launch parameters are a 0% performance fee, a 0% management fee, 14-day fee timelocks, a 7-day timelock on the sendAssets gate and a 0.01% forceDeallocate penalty, with the adapter-registry, sendShares, receiveShares and receiveAssets setters abdicated. On 23 September the curator role moved to the Curator Safe 0xb3E0fe1ac9AcaBC64132171CD88A91312Da71C25 and its Roles Modifier was enabled.
Rationale: KPK's first EURe vault, deployed on Arbitrum.
frxUSD pool
Change: Onboard mGLOBAL as collateral via a dedicated Credit Manager
Rationale: Second RWA collateral for the pool (issuer: Midas). $1mln quota limit, 80% utilization limit, 82% LT, Fundamental oracle.
Tx: Tx
All KPK-curated vaults
Change: Executed the vault ownership transfer to the new Security Council Safe. Owner and Sentinel roles on every KPK-curated Morpho v2 vault and the Symbiotic vault and delegator moved from 0x354C92aF243d53A24feb3dFF20372Af7b7c47478 to 0x8b884f80B3B839F52b6cE168f133e7a5D1f0A537, across Ethereum, Arbitrum and Base.
Rationale: Completes the migration announced on 11 Sep, when the Security Council signer was swapped on all Curator Safes. Vault strategy, risk parameters, caps and automation are unaffected, and no depositor or integrator action is required. The deprecated Morpho v1 vaults are out of scope and stay with the old Safe.
USDC RWA Liquidity
Change: Set acquisition limits on the Liquid Lane adapter for deJAAA (150,000 USDC) and deJTRSY (200,000 USDC). Minimum discounts unchanged at 0.05%.
Rationale: Issuer whitelisting cleared, opening the redemption path for both wrappers. Limits match the underlying JAAA and JTRSY.
Tx: setLimit
wARS Yield
Change: Set the remaining timelocks on the new Arc vault, covering cap increases and adapter changes, then transferred the curator role to the Arc Curator Safe (2/5) and vault ownership to the Security Council Safe (5/8).
Rationale: Completes the launch configuration. The timelock set now matches the Ethereum wARS Yield vault, and control no longer sits on a deployer EOA. Arc is the first chain where the vault owner is the canonical Security Council Safe 0x8b884f80B3B839F52b6cE168f133e7a5D1f0A537.
USDC RWA Liquidity
Change: Whitelisted AA_FalconXUSDC (Pareto AA tranche) on the Liquid Lane adapter, with acquisition limit and minimum discount at 0.
Rationale: Whitelisting ahead of a Risk Framework assessment. At a zero limit it cannot be acquired.
Tx: addTokenToRedeem
USDC Yield
Change: Set 14-day timelocks on management and performance fee changes and a 7-day timelock on the sendAssets gate.
Rationale: Brings the Base vault's fee and gate timelocks in line with KPK's other Morpho v2 vaults.
Tx: Timelocks
frxUSD pool
Change: Launch frxUSD Earn Pool; onboard mF-ONE as the only collateral accepted at launch
Rationale: New Gearbox Earn Pool market for frxUSD to be lent against RWA collateral. Configured with mF-ONE for launch (issuer: Midas). $5mln quota limit, 80% utilization limit, 84% LT, Fundamental oracle.
Tx: Tx
wARS Yield
Change: Deployed the KPK wARS Yield vault on Arc, 0xF0943081f646f21cF5BFBa8e0F670C4248ab0ba5, with a Morpho Market V1 Adapter. Launch parameters are a 0% performance fee, a 0% management fee, 14-day fee timelocks and a 7-day timelock on the sendAssets gate.
Rationale: A second wARS vault, deployed for Arc's public mainnet launch and KPK's first vault on that chain. No markets are enabled at launch, because pricing a wARS market on Arc requires an ARS price feed that was not yet published on the chain.
USDC RWA Liquidity
Change: Removed the Euler adapter for the HINC/USDC market (eUSDC-137), 0xE75894cB7FfB89E0e8A621D44930C350Ef5D5753.
Rationale: The adapter was registered on 26 August without a cap and never allocated to.
Tx: removeAdapter
All KPK-curated vaults
Change: Replaced the Security Council signer on all Curator Safes across Ethereum, Arbitrum and Base. Old 0x354C92aF243d53A24feb3dFF20372Af7b7c47478, new 0x8b884f80B3B839F52b6cE168f133e7a5D1f0A537. Each change was a single swapOwner. Safe thresholds are unchanged.
Rationale: Planned migration to a canonical Security Council Safe at one address across all chains, announced before execution on X. Vault strategy, risk parameters, caps and automation are unaffected, and no depositor or integrator action is required. Vault owner() and Sentinel transfers follow as a separate step.
USDC RWA Liquidity
Change: Set per-asset acquisition limits and minimum discounts on the Liquid Lane adapter: JTRSY 200,000 USDC at 0.05%, JAAA 150,000 USDC at 0.05%, mGLOBAL 50,000 USDC at 3.00%, mF-ONE 50,000 USDC at 2.50%. deJAAA and deJTRSY stay at a zero limit.
Rationale: First enablement of the RWA leg. Discounts clear 10% APY over normal settlement and preserve capital at the worst case; limits follow the risk tier. The wrappers await issuer whitelisting.
USDC Prime
Change: Hard shutdown of the weETH/USDC market; sweep stranded remnant
Rationale: Low borrow demand; market shut down, and remaining funds swept.
Tx: Shutdown tx
USDC RWA Liquidity
Change: Reordered the adapter queue to USDC Prime, USDC Yield, USDC Yield RWA, by swapping USDC Prime and USDC Yield RWA.
Rationale: Puts the most liquid leg first, so smaller Liquid Lane fills draw on USDC Prime before the other two.
Tx: swapAdapters
USDC RWA Liquidity
Change: First RWA acquisition: bought 89,736.14 JTRSY for 100,019.36 USDC, redeemed with Centrifuge on 2 Sep for 100,029.49 USDC. Ahead of the fill, JTRSY's acquisition limit was set to 101,000 USDC and its minimum discount to 0.01%.
Rationale: First end-to-end run of the RWA leg, from fill through redemption account to issuer settlement.
Tx: fill, redeem, JTRSY limit, minimum discount
USDC Yield
Change: Deployed KPK USDC Yield vault on Morpho v2 on Base; enabled savUSD/USDC, cbBTC/USDC, mGLO/USDC markets; set timelocks; transferred ownership to Security Council Safe
Rationale: Inaugural KPK-curated Morpho vault on Base.
Tx: Vault
USDC RWA Liquidity
Change: Added fourth adapter routing to KPK USDC Yield RWA (0xE075f215684CE141c426301991535817B8e6C373), reordered deposit queue, reset caps to USDC Prime 10%, USDC Yield 40%, USDC Yield RWA 50%. Also registered an Euler adapter for the HINC/USDC market (eUSDC-137, 0xE75894cB7FfB89E0e8A621D44930C350Ef5D5753) without a cap, removed on 11 September
Rationale: Adds a third Morpho lending leg ahead of Liquid Lane in the queue, redistributing the overflow that previously went entirely to USDC Yield.
Tx: Tx, Add Euler adapter
wARS Yield
Change: Onboarded cbBTC/wARS (Tier A, 90% cap), wstETH/wARS (Tier A, 90% cap) and sUSDS/wARS (Tier B, 60% cap), all at 62.5% LLTV.
Rationale: Adds three collateral markets for wARS borrowers.
Tx: Enable markets
USDC Yield
Change: Deployed savUSD/USDC market (Avant, 91.5% LLTV)
Rationale: Market deployed for the new Base vault.
Tx: Create market, Market
USDC RWA Liquidity
Change: Removed the Aave v3 adapter.
Rationale: Its cap had been at 0% since 11 August, so the leg was no longer in use.
Tx: removeAdapter
USDC Yield RWA
Change: Granted rebalancing, monitoring, and shutdown agent EOAs their scoped roles on Curator Safe's Roles Modifier
Rationale: Activates KPK's automated curation stack (rebalance, exit, monitoring) for the vault.
Tx: Add roles
USDC RWA Liquidity
Change: Raised the Liquid Lane adapter's relative cap from 0% to 5%, and set initial acquisition limits of 1,000 USDC on deJAAA (0.1% minimum discount) and deJTRSY (0.05% minimum discount).
Rationale: A low starting cap and small limits for the RWA leg, ahead of the first acquisitions.
USDC RWA Liquidity
Change: Lowered the Aave v3 adapter's relative cap from 0.01% to 0%.
Rationale: Brings the onchain cap in line with the 0% intended for the Aave leg.
Tx: setLimits
USDC Yield
Change: Offboarded sNUSD/USDC market; re-onboarded siUSD/USDC market (Tier C, 60% cap)
Rationale: Precautionary shutdown following a decline in sNUSD/USDC market liquidity; siUSD/USDC re-onboarded at its prior risk profile to backfill capacity.
Tx: sNUSD shutdown, siUSD caps
USDC Prime
Change: Onboarded the LsETH/USDC market (Tier B, 10% cap, 86% LLTV).
Rationale: Adds Liquid Collective LsETH as a Tier B collateral to USDC Prime.
Tx: Enable market
USDC RWA Liquidity
Change: Whitelisted seven tokenised RWAs (JAAA, JTRSY, deJAAA, deJTRSY, mF-ONE, mGLOBAL, HYBOND) with acquisition limits and minimum discounts at 0
Rationale: Whitelisting ahead of enablement, so limits can be set per asset as each Risk Framework assessment closes. At 0 limits, no RWA can be acquired.
Tx: Tx
wARS Yield
Change: Set function-specific timelocks: 3 days for add adapter/increase caps; 7 days for increase timelock/remove adapter
Rationale: Aligns the vault with KPK's standard timelock schedule.
Tx: Safe batch
USDC RWA Liquidity
Change: Set adapter relative caps (USDC Yield 90%, USDC Prime 10%, Aave v3 0.01%, Liquid Lane 0%) and deposit queue order
Rationale: Caps plus queue order set the allocation: the most liquid venue fills first, overflow goes to the higher-yielding vault, and caps are maxima rather than targets.
wARS Yield
Change: Set maxRate to 31,709,791,983 (100% APR cap); forceDeallocate penalty to 0.01%; raised Curator Safe threshold 1/5 to 2/5; initiated Owner transfer to Security Council Safe
Rationale: Aligns the vault with KPK's standard configuration.
Tx: n/a (no on-chain transaction linked on source page)
wARS Yield
Change: Enabled WBTC/wARS market (Tier C, 62.5% LLTV)
Rationale: Completes the four planned collateral markets once the WBTC/wARS oracle composition was finalised.
Tx: Market
wARS Yield
Change: Deployed KPK wARS Yield vault on Morpho v2, seeded dead deposit, deployed Curator Safe (initially 1/5)
Rationale: Inaugural KPK-curated wFIAT lending vault, using wARS (Ripio's Wrapped Argentine Peso) as the loan asset.
Tx: Vault contract
USDC Yield RWA
Change: Transferred ownership to Security Council Safe; granted Allocator role to KPK Deployer 1
Rationale: Aligns the vault with KPK's standard role configuration.
Tx: setOwner
USDC Yield RWA
Change: Deployed KPK USDC Yield RWA vault on Morpho v2 with Markets V1 Adapter; enabled wFalconX/USDC, AA_FalconXUSDC/USDC, USD3/USDC, PT-USD3-17DEC2026/USDC, mF-ONE/USDC markets; set timelocks, 100% APR maxRate, 0.01% forceDeallocate penalty
Rationale: Inaugural KPK vault lending against tokenised real-world-asset collateral.
Tx: Vault contract
USDC RWA Liquidity
Change: Assigned Security Council as admin; Curator Safe (0x73af5fcdF830035401e00c322D657982b4a71288, 2-of-5) for operational parameters; scoped symbiotic_rebalancer_agent
Rationale: Splits authority by response speed: adapter additions, roles, and fees sit with the Security Council; operational parameters sit with the 2/5 Curator Safe.
Tx: Live roles view
USDC RWA Liquidity
Change: Deployed vault (0x8BcD746976885b5832bAD07B4921E3f2dD1D3703) with four adapters and fees set at 10% performance, 0% management
Rationale: First KPK-curated Symbiotic vault, providing standby liquidity for tokenised RWA holders exiting before issuer settlement. Onchain name and symbol are immutable; the product name is carried in Symbiotic's vault metadata.
Tx: Tx
Morpho V2 vaults
Change: Set forceDeallocate penalty to 0.01% across all V2 vaults
Rationale: Raised the default penalty on every V2 vault in response to a forceDeallocate griefing pattern.
Tx: Safe tx
ETH Prime
Change: Removed WBTC/WETH market; set allocation cap to 0
Rationale: Borrow demand shrank below what we consider a usable level.
Tx: setCaps
ETH Yield
Change: Removed ETH+/WETH market; set allocation cap to 0
Rationale: Borrow demand shrank below what we consider a usable level.
Tx: setCaps
USDC Yield
Change: Onboarded ftUSD/USDC market
Rationale: Add Flying Tulip ftUSD as a new collateral market.
Tx: setCaps
USDC Yield
Change: Removed DUSD/USDC market; set allocation cap to 0
Rationale: Limited borrow demand in the market did not justify continued allocation.
Tx: setCaps
WETH and wstETH pools
Change: Remove an address from the Emergency Liquidator set
Rationale: Routine access-control hygiene; rotated out an Emergency Liquidator key that is no longer in use.
Tx: Tx
wstETH pool
Change: Onboard savETH (Avant) as collateral; IRM update
Rationale: Added savETH with a 3,000 wstETH quota limit and 91.5% LT via a dedicated Credit Manager. Pool IRM adjusted to a higher baseline yield.
Tx: Tx
USDC Yield
Change: Offboarded PT-sNUSD-4JUN2026
Rationale: PT-sNUSD-4JUN2026 reached maturity; permanently offboarded post-expiry.
Tx: Shutdown
USDC Yield
Change: Offboarded the siUSD/USDC market
Rationale: Precautionary shutdown following a decline in siUSD/USDC market liquidity.
Tx: Shutdown
USDC Prime
Change: Onboarded the weETH/USDC market
Rationale: New market with healthy liquidity and borrow demand. Adds ether.fi weETH as a Tier B collateral yield source to USDC Prime.
Tx: submitCap
WETH pool
Change: rETH oracle swap (Main to Reserve) and IRM update
Rationale: Setting Fundamental pricing as the main feed to avoid unwanted liquidations, and increasing the max ETH borrow rate.
Tx: Tx
USDC Yield
Change: Offboarded PT-savUSD-14MAY2026/USDC; expanded spot savUSD cap (60% to 85%)
Rationale: PT-savUSD expired, permanently offboarded. With PT-savUSD gone, expanding the spot savUSD cap to capture Avant's underlying USD yield.
Tx: decreaseCaps
Emergency Admin
Change: Added a new signer to the Emergency Admin Safe
Rationale: New signer onboarded with threshold 2/5.
Tx: Tx
Morpho V2 vaults
Change: Rebranded vaults: prepended KPK to name and symbol
Rationale: Align on-chain vault identities with the KPK brand.
Tx: Ethereum tx, Arbitrum tx
USDC Prime
Change: Onboarded WETH/USDC market
Rationale: Add WETH as a collateral option, an additional yield source with deep liquidity.
Tx: submitCap
wstETH pool
Change: Re-enable three Beefy LP strategies; onboard tETH
Rationale: Reopening LST/LRT looping plays following Aave WETH liquidity restoration, with quotas below pre-Kelp-exploit levels.
Tx: Tx
WETH pool
Change: Broad single-asset and LP quota cuts (~80-85%); offboard DETH and Beefy tETH/wstETH
Rationale: Concentrate vanilla assets in the WETH market and push LST/LRT leverage to the wstETH market.
Tx: Tx
WETH pool
Change: Set ezETH quota to 0 (full offboard)
Rationale: Removed due to low utilisation; minor borrow activity remains in risk-tier snapshot.
Tx: Tx
USDC Prime, USDT Prime, ETH Prime, USDC Yield, EURC Yield, ETH Yield, USDC Yield
Change: Switched curated allocation path on V2 vaults from Vault V1 Adapter to Markets V1 Adapter; removed legacy Vault V1 Adapter
Rationale: V2 vaults now allocate directly into V1 markets via the Markets V1 Adapter; legacy MetaMorpho vault layer removed from the curated path.
Tx:
USDC Prime Core
Change: Launched new USDC Prime Core vault on Morpho V2 and completed operational setup
Rationale: New USDC vault with a tighter risk profile than Prime.
Tx: Curator Safe
WETH pool
Change: Flatten IRM on ETH pool
Rationale: Reducing strain on borrowers following the rsETH exploit market contagion.
Tx: Tx
ETH Yield
Change: Added tETH market
Rationale: KPK-deployed tETH market, an additional yield source.
Tx: submitCap
USDC Prime
Change: Added newly deployed rETH market (86% LTV)
Rationale: KPK deployed the rETH/USDC market.
Tx: submitCap
USDC Yield
Change: Removed the syrupUSDC market
Rationale: Avoid potential second-order exposure to Resolv.
Tx: Shutdown
WETH pools
Change: Switch rETH main price feed to RedStone
Rationale: Addressing the upcoming deprecation of Rocket Pool's CL feed.
Tx: Tx
WETH and wstETH markets
Change: Onboard tETH-wstETH LP (Aura) Beefy strategy as collateral
Rationale: Enable new looping opportunities, with 90% LT and 1,500 quota.
Tx: Tx
USDC Yield
Change: Removed matured PT-syrupUSDC-29JAN2026 market
Rationale: Offboard matured Pendle PT.
Tx: submitCap
WETH and wstETH pools
Change: Re-enabling DETH
Rationale: Re-enabled DETH following Makina's re-activation of machines (v1.1).
Tx: Tx
WETH pool
Change: Re-enabling rsETH
Rationale: Re-enabled rsETH as collateral after precautionary forbiddal.
Tx: Tx
WETH and wstETH pools
Change: Calling updateRates on Tumbler
Rationale: Final step in osETH-aWETH LP onboarding (applying interest rate).
Tx: Tx
WETH and wstETH pools
Change: Forbid DETH and PT-DETH tokens and forbid borrowing in the CM
Rationale: Precautionary measure responding to the DUSD Curve exploit to reduce risk.
Tx: Tx
ETH Prime
Change: Re-enabled the rsETH market
Rationale: Re-add the market to improve yield.
Tx: submitCap
WETH & wstETH pools
Change: Onboard osETH-aWETH LP (Aura) Beefy strategy; reduce ezETH quota; update routes
Rationale: Enable new looping opportunities; reduce risk; improve swap execution; balance lending and borrowing rates.
Tx: Tx
WETH & wstETH pools
Change: Set quota and LT to 0 for RE7LRT and pzETH; add ERC4626 rETH Beefy adapter
Rationale: Reduce risk by offboarding unused assets; improve swap execution and prepare for new asset onboarding.
Tx: Tx
WETH & wstETH pools
Change: Onboarded rETH-aWETH LP (Aura) Beefy strategy and set rstETH quota to 0
Rationale: Enable new looping opportunities and offboard unused assets.
Tx: Tx
WETH and wstETH pools
Change: New Balancer route for rETH
Rationale: Includes the Aave boosted rETH/WETH pool to improve rETH swaps.
Tx: Tx
wstETH pool
Change: Unpause Credit Managers Tier I and Tier II
Rationale: Unpause of CMs after successful rstETH offboarding.
Tx: Tx
USDC Yield
Change: Added RLP, thBILL, PT-thBILL markets
Rationale: Onboard new yield sources.
Tx: RLP, thBILL, PT-thBILL acceptCap
WETH pool
Change: Update price feed for B-rETH-STABLE to zero
Rationale: Improved monitoring and rETH swaps.
Tx: Tx
WETH and wstETH pools
Change: Added Gearbox DAO addresses as Emergency Liquidators
Rationale: Improved liquidation process for planned rstETH offboarding.
Tx: Tx
WETH and wstETH pools
Change: Ramp rstETH LT to zero over a 48-hour period; lower quota for other Mellow assets
Rationale: Second step in offboarding rstETH. Lower general risk exposure.
Tx: Tx
WETH and wstETH pools
Change: Set rstETH quota to zero
Rationale: First step in offboarding rstETH, due to a planned contract update.
Tx: Tx
WETH and wstETH pools
Change: Onboard DETH, PT-DETH-29JAN2026, and wmooCurveETH+-WETH; improve Balancer v3 routing
Rationale: Enable new looping opportunities in both markets and improve wstETH trade execution.
Tx: Tx
wstETH pool
Change: Enable ETH+ as collateral with similar parameters as in the ETH market
Rationale: Enable new looping opportunities.
Tx: Tx
WETH pool
Change: Update LT for stETH and wstETH in pzETH and RE7LRT CM
Rationale: Improve configuration for smoother native Mellow redemptions.
Tx: Tx
Emergency Admin
Change: Replaced a signer on the Emergency Admin Safe
Rationale: Signer rotation; threshold unchanged.
Tx: Tx
WETH pool
Change: ezETH oracle update
Rationale: Chainlink deprecated ezETH oracle; moved to RedStone market price feed.
Tx: Tx
WETH pool
Change: New interest rate model (IRM) and updated reserve oracles for ezETH, weETH, and rsETH
Rationale: IRM adjustment to reduce max ETH borrow rate; switch to fundamental oracles that query the underlying exchange rates directly.
Tx: Tx
WETH pool
Change: Disabled BALANCER_VAULT adaptor in Tier 1 and Tier 2
Rationale: Preventive measure in response to confirmed Balancer v2 exploit.
Tx: Tx
WETH and wstETH pools
Change: Add Loss Policy
Rationale: Added Loss Policy using Fundamental Oracles for both WETH and wstETH markets.
Tx: Tx
WETH and wstETH pools
Change: Granted the PAUSABLE_ADMIN role in the Market Configurator to a KPK automation EOA, 0x664AcdD11F7d2f2e253D7DAae7fF63CD618117f6.
Rationale: Lets KPK's automation trigger emergency pauses on the Pools and Credit Managers.
Tx: Tx
WETH pools
Change: Update wstETH reserve oracle
Rationale: Re-enabling the reserve oracle for wstETH after the prior day's change.
Tx: Tx
WETH and wstETH pools
Change: Configure MELLOW_CLAIMER adapters in the newest CMs
Rationale: Enable native unstaking of Mellow assets.
Tx: Tx
WETH and wstETH pools
Change: Create new Credit Managers and set Debt Limit to 0 on existing ones
Rationale: Updated Interest Rate fee for all new borrowers.
Tx: Tx
WETH and wstETH pools
Change: Add PAUSABLE_ADMIN role in Market Configurator
Rationale: Improved emergency pause role for active Pools and Credit Managers.
Tx: Tx
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