> For the complete documentation index, see [llms.txt](https://docs.kpk.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.kpk.io/changelog/readme.md).

# Changelog

The latest updates and improvements on KPK's strategies.

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{% updates format="full" %}
{% update date="2026-09-03" tags="ethereum,morpho" %}

## 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](https://etherscan.io/tx/0x3f7a618ac40b57f637f0a69758a2c7a889d5101266e87df17fab036375fea146)
{% endupdate %}

{% update date="2026-08-31" tags="base,morpho" %}

## USDC Yield

**Change:** Deployed Roles Modifier and granted rebalance, monitoring, and shutdown agent roles on Curator Safe

**Rationale:** Enables 24/7 automation (rebalancing, monitoring, and exit agents) on the newly deployed Base vault.

**Tx:** [Add Roles Modifier](https://app.safe.global/transactions/tx?safe=base:0x58C83Ce55164537F9C73d5B65C426691bC26Ffa0\&id=multisig_0x58C83Ce55164537F9C73d5B65C426691bC26Ffa0_0xd6c86e4c2bd5a10de24812777f075a2ba1a3075dd4625d24823699abb5a5e6aa), [Add agent roles](https://app.safe.global/transactions/tx?safe=base:0x58C83Ce55164537F9C73d5B65C426691bC26Ffa0\&id=multisig_0x58C83Ce55164537F9C73d5B65C426691bC26Ffa0_0x45859b94155d979f44a9e1569c73e44558a2cbd7676c9ca0d00296814aaa1fb9)
{% endupdate %}

{% update date="2026-08-31" tags="ethereum,symbiotic" %}

## USDC RWA Liquidity

**Change:** Liquid Lane adapter's relative cap increased from 0% to 20% through an intermediate 10% step

**Rationale:** Gives the RWA leg headroom to carry outstanding redemption claims as acquisitions come online, ahead of any assets actually being enabled.

**Tx:** [setLimits 0->10%](https://etherscan.io/tx/0x9d2aabe3a9ce6109babd73b045e0927460e2693e857b94e5c98fd217f1c23740), [setLimits 10->20%](https://etherscan.io/tx/0x8c1deddaee04d63ff871970da9fcdd58175308cd71317cd78ea6f6c434b13f7d)
{% endupdate %}

{% update date="2026-08-27" tags="base,morpho" %}

## 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](https://app.morpho.org/base/vault/0x392B3CCf36C8adB8094F45573346B457414cD752/kpk-usdc-yield)
{% endupdate %}

{% update date="2026-08-26" tags="ethereum,symbiotic" %}

## 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%

**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](https://etherscan.io/tx/0x41d9f1b6ae2d5beda648e28ef73722c17ff9b585c8b22a0a2e9d88dbd635cc29)
{% endupdate %}

{% update date="2026-08-24" tags="base,morpho" %}

## USDC Yield

**Change:** Deployed savUSD/USDC market (Avant, 91.5% LLTV)

**Rationale:** Market deployed for the new Base vault.

**Tx:** [Create market](https://basescan.org/tx/0x71fa0e760ef555c46dbe4825bf5d77d117b7d97c5d1d5d73b502e19677147153), [Market](https://app.morpho.org/base/variable/0x4217fed63c853537fb818f4ba4416bc708c3d7534913532feb34c3511ce2aba6/savusd-usdc)
{% endupdate %}

{% update date="2026-08-20" tags="ethereum,euler" %}

## USDC Prime RWA

**Change:** Accepted the eUSDC-137 (HINC) cap on the Earn vault and placed the market last in the withdrawal queue

**Rationale:** Completes a three-day timelock initiated on August 17.

**Tx:** [acceptCap, updateWithdrawQueue](https://etherscan.io/tx/0xc6dc691a84825634e6bb80685673c2018a3260c0c9874314a203138261809f1c)
{% endupdate %}

{% update date="2026-08-18" tags="ethereum,euler" %}

## USDC Prime RWA

**Change:** Enabled the HINC/USDC market (eUSDC-137). Deployed the RedStone oracle adapter, pointed the KPK router at HINC/USD and the ecHINC collateral vault, set LTV/LLTV to 66/74%

**Rationale:** Third Securitize market introducing high-yield credit alongside existing Treasury and AAA CLO markets.

**Tx:** n/a (no on-chain transaction linked on source page)
{% endupdate %}

{% update date="2026-08-17" tags="ethereum,morpho" %}

## 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](https://app.safe.global/transactions/tx?safe=eth:0xFfbCF26270A90FCdAAF56AcF6e235730B04546c4\&id=multisig_0xFfbCF26270A90FCdAAF56AcF6e235730B04546c4_0xfa0bbce85f05c455005b7669e106905d72819488b1a600ecc6b5f38de8a698d0)
{% endupdate %}

{% update date="2026-08-17" tags="ethereum,euler" %}

## USDC Prime RWA

**Change:** Deployed and parameterised the HINC/USDC market (eUSDC-137): $2m supply cap, $1.96m borrow cap, 10% max liquidation discount

**Rationale:** High kink and gentle post-kink slope suit collateral that cannot be unwound quickly.

**Tx:** n/a (no on-chain transaction linked on source page)
{% endupdate %}

{% update date="2026-08-11" tags="ethereum,euler" %}

## USDC Prime RWA

**Change:** Enabled the PYUSD/USDC market (eUSDC-80) as a second overflow market (Tier A, 65% cap). Supply queue reordered

**Rationale:** Enables rebalancing agent flexibility between overflow venues while maintaining withdrawal liquidity buffers.

**Tx:** n/a (no on-chain transaction linked on source page)
{% endupdate %}

{% update date="2026-08-10" tags="ethereum,morpho" %}

## 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](https://etherscan.io/tx/0x30159e9ee4dfc24070e44cda857c4b4f5ebd86922334cdca41f3d494f2d7f631), [siUSD caps](https://app.safe.global/transactions/tx?safe=eth:0x7E43Df1c1c5A2245858b60D4655fDA83704e4171\&id=multisig_0x7E43Df1c1c5A2245858b60D4655fDA83704e4171_0x662cbaa6fa588e85ba8e6dc6537b95eb9015e252ae3300c56fdf71de45f54c23)
{% endupdate %}

{% update date="2026-08-06" tags="ethereum,morpho" %}

## USDC Yield RWA

**Change:** Deployed and enabled Roles Modifier on Curator Safe

**Rationale:** Standard Permissions Layer rollout ahead of agent onboarding.

**Tx:** [Enable Roles Modifier](https://app.safe.global/transactions/tx?safe=eth:0xFfbCF26270A90FCdAAF56AcF6e235730B04546c4\&id=multisig_0xFfbCF26270A90FCdAAF56AcF6e235730B04546c4_0xd09da3a9cf0327caedec35b383df71199cbfe6e8c8923bada85930359eeaeeea)
{% endupdate %}

{% update date="2026-08-04" tags="ethereum,morpho" %}

## ETH Yield

**Change:** Offboarded Origin ARM markets (stETH and eETH); set allocation caps to 0

**Rationale:** Origin is deprecating the ARM vaults, alongside declining borrow demand on both markets.

**Tx:** [ARM stETH setCaps](https://etherscan.io/tx/0xa3b5e38d53ec6d2d0e499a8aa59b262cb3b580ca437ff4f46d697e83efc91781), [ARM eETH setCaps](https://etherscan.io/tx/0x342ef27675fa2c7260b59223d8f2f934c1c7ac0314ad44d9a0ad9fecbd9c9f3f)
{% endupdate %}

{% update date="2026-08-04" tags="ethereum,symbiotic" %}

## USDC RWA Liquidity

**Change:** Revoked deploying EOA's DEFAULT\_ADMIN\_ROLE and transferred vault ownership to the Security Council

**Rationale:** Removes the last single-EOA authority; both had to move.

**Tx:** [transferOwnership](https://etherscan.io/tx/0x51a3a1953c532b516baa06acbd88a0af11681d45d8bbc2ca84e0d503ac2682db), [revokeRole (vault)](https://etherscan.io/tx/0x196d621671c7015868e55edfd7ee4441b3a1d35880139f534c2ef332eda03c98), [revokeRole (delegator)](https://etherscan.io/tx/0xe9bb435b43adb565ac221c22f21ebf4edb4f67dea3e99104fb3a56f9e775b26f)
{% endupdate %}

{% update date="2026-07-31" tags="ethereum,morpho" %}

## wARS Yield

**Change:** Enabled Roles Modifier on Curator Safe and granted rebalancing, monitoring, shutdown agent EOAs their scoped permissions

**Rationale:** Activates KPK's automated curation stack (rebalance, exit, monitoring) for the vault, following the standard Permissions Layer rollout.

**Tx:** [Enable Roles Modifier](https://app.safe.global/transactions/tx?safe=eth:0xEaCFA855d172F1B40D9b04245960b2c12266C5f5\&id=multisig_0xEaCFA855d172F1B40D9b04245960b2c12266C5f5_0xd9b28abd88306217dc80274b3491ed082815e87fd6328bba3a3edf203e3828b0)
{% endupdate %}

{% update date="2026-07-30" tags="ethereum,symbiotic" %}

## 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](https://etherscan.io/tx/0x1f15c266a89fcd4bd7d2147a61a9f6c1683f8efc7f79f6f6ecf192f214b8a135)
{% endupdate %}

{% update date="2026-07-29" tags="ethereum,morpho" %}

## 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](https://app.safe.global/transactions/tx?safe=eth:0xEaCFA855d172F1B40D9b04245960b2c12266C5f5\&id=multisig_0xEaCFA855d172F1B40D9b04245960b2c12266C5f5_0x06364ecdb6f29e89d9900d59578272fb8f1dbf2ab3f49783ea0a35c841c22120)
{% endupdate %}

{% update date="2026-07-29" tags="ethereum,symbiotic" %}

## 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.

**Tx:** [setLimits](https://etherscan.io/tx/0x548f1b0f5ee2500d9bb6ad1d925a50aa1bfe1a45e96bbbed513b622ec79c8932), [set deposit queue](https://etherscan.io/tx/0xcdd10968691b15617c1211276264a61c71cf4099f6def75454a4dad7a36f38e8), [first auto-allocate](https://etherscan.io/tx/0x16ebc38707839a0602663973b88dbb36e18cdcc548c13b584ebf17c52639b84e)
{% endupdate %}

{% update date="2026-07-28" tags="ethereum,morpho" %}

## 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)
{% endupdate %}

{% update date="2026-07-28" tags="ethereum,morpho" %}

## 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](https://app.morpho.org/ethereum/variable/0x7730ef5352412a37d441ab960f5c8f33ea8d1c9f01c34fc2340f65fa1c59ce69/wbtc-wars)
{% endupdate %}

{% update date="2026-07-28" tags="ethereum,morpho" %}

## wARS Yield

**Change:** Enabled WETH/wARS, USDC/wARS, USDT/wARS markets (Tier C)

**Rationale:** First markets live for the vault, deployed ahead of the WBTC/wARS oracle.

**Tx:** [WETH/wARS](https://app.morpho.org/ethereum/variable/0x9666c9b61cc58e3187c6e344697ed31fe558dc01809740417beee07dc77d96b3/weth-wars), [USDC/wARS](https://app.morpho.org/ethereum/variable/0x7bb3c45550c02e7e00ddbf2f847717dc4485df4bbae3b992178a74f0d45c4e87/usdc-wars), [USDT/wARS](https://app.morpho.org/ethereum/variable/0x8e6271e428ee5b41c98a3765919e359f16b0c6261c85d84f9b9b8b5242ab9c9e/usdt-wars)
{% endupdate %}

{% update date="2026-07-28" tags="ethereum,morpho" %}

## 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](https://etherscan.io/address/0xb5ce3CA2C774b72955C25875022FdD91f7a7B938)
{% endupdate %}

{% update date="2026-07-28" tags="ethereum,morpho" %}

## 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](https://app.safe.global/transactions/tx?safe=eth:0xFfbCF26270A90FCdAAF56AcF6e235730B04546c4\&id=multisig_0xFfbCF26270A90FCdAAF56AcF6e235730B04546c4_0x16cbb4d4cf24955b050336915f21a9b45e8a10a6ea73fef44592d78c81a97e98)
{% endupdate %}

{% update date="2026-07-27" tags="ethereum,morpho" %}

## 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](https://etherscan.io/address/0x7a72bcD2c3F7F7e4D6679170a0625bAB15D7DDa1)
{% endupdate %}

{% update date="2026-07-27" tags="ethereum,symbiotic" %}

## 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](https://curator.symbiotic.fi)
{% endupdate %}

{% update date="2026-07-27" tags="ethereum,symbiotic" %}

## 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](https://etherscan.io/tx/0x9476481a04a41a7fe8f87c77659a1d70990a8ebd807aaf5411b0cccfc51119e1)
{% endupdate %}

{% update date="2026-07-17" tags="ethereum,morpho" %}

## 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](https://app.safe.global/transactions/tx?safe=eth:0xf8182E5827c06a47A985eC565A3bcd56437a97bE\&id=multisig_0xf8182E5827c06a47A985eC565A3bcd56437a97bE_0xcb40d529540c2875e06962864902e069b128df70417b83fd809be3349552aace)
{% endupdate %}

{% update date="2026-07-16" tags="ethereum,morpho" %}

## USDC Yield

**Change:** Removed stcUSD/USDC market; set caps to 0 and deallocated

**Rationale:** Market liquidity dwindled; vault exposure had already been reduced to dust as a precaution.

**Tx:** [setCaps + deallocate](https://etherscan.io/tx/0xfd31cc2ff369c78e4d7dfc16a2a2adcd1b76386afbae212dea83ec31124e09dd)
{% endupdate %}

{% update date="2026-07-08" tags="ethereum,morpho" %}

## 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](https://etherscan.io/tx/0x7c3f84d4cc89e0cfb3dc7ee5e6995af274383385f6dbe95e16de2ddeb81a75dc)
{% endupdate %}

{% update date="2026-07-08" tags="ethereum,morpho" %}

## 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](https://etherscan.io/tx/0x848b3fec9f27b1184ffa25ae3064483296cba3d6595320c83fa8aaa2f695547d)
{% endupdate %}

{% update date="2026-07-03" tags="ethereum,morpho" %}

## USDC Yield

**Change:** Onboarded ftUSD/USDC market

**Rationale:** Add Flying Tulip ftUSD as a new collateral market.

**Tx:** [setCaps](https://app.safe.global/transactions/tx?safe=eth:0x7E43Df1c1c5A2245858b60D4655fDA83704e4171\&id=multisig_0x7E43Df1c1c5A2245858b60D4655fDA83704e4171_0x176baba9085890e889432ee1316d31cdf8455ae86f0859c800eff04f8ac2001d)
{% endupdate %}

{% update date="2026-07-02" tags="ethereum,morpho" %}

## 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](https://etherscan.io/tx/0x131db224febb7b25ce50f1fde8074cd82bed2ba91eddf6f1cce65b92eb8aa597)
{% endupdate %}

{% update date="2026-06-23" tags="ethereum,morpho" %}

## USDC Prime, USDC Prime Core, USDC Yield, EURC Yield, ETH Yield

**Change:** Reset forceDeallocatePenalty to 0%

**Rationale:** Restored the force deallocate fee to 0%.

**Tx:**
{% endupdate %}

{% update date="2026-06-22" tags="ethereum,morpho" %}

## USDC Yield

**Change:** Onboarded the weETH/USDC market

**Rationale:** Add EtherFi weETH as an overflow collateral market to absorb large incoming deposits. Queued through 3-day timelock.

**Tx:** [weETH collateral cap](https://etherscan.io/tx/0xbb693d29b9ea956f00cc0078ec96ff01a4d29446350bd87f4508625428011bc4), [weETH/USDC market cap](https://etherscan.io/tx/0x809215894a3702ed5d5346ca4af6dfcbe0cd73c46808023f6d89925c7ab1a987)
{% endupdate %}

{% update date="2026-06-21" tags="ethereum,morpho" %}

## Multiple vaults

**Change:** Set forceDeallocatePenalty to 0.5% (50 bps)

**Rationale:** Raised the deallocate fee precautionarily following a griefing attack.

**Tx:**&#x20;
{% endupdate %}

{% update date="2026-06-15" tags="ethereum,gearbox" %}

## 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](https://safe.gearbox.finance/txs/?cid=bafkreiaqaivo73mxiknycp6ci2v4tuvfgqzpd4mhwemfluvgmlxqsa25tq)
{% endupdate %}

{% update date="2026-06-15" tags="ethereum,gearbox" %}

## 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](https://safe.gearbox.finance/txs/?cid=bafkreidazqwpin6i452fynoon3bpietkxmqdinpt2sa6q4htsupconn2lu)
{% endupdate %}

{% update date="2026-06-04" tags="ethereum,morpho" %}

## USDC Yield

**Change:** Offboarded PT-sNUSD-4JUN2026

**Rationale:** PT-sNUSD-4JUN2026 reached maturity; permanently offboarded post-expiry.

**Tx:** [Shutdown](https://etherscan.io/tx/0x41a6c1a6104644587bbe39f61f6e2df6ce27b407704258bb64b3d105d8f1c83b)
{% endupdate %}

{% update date="2026-06-04" tags="ethereum,morpho" %}

## USDC Yield

**Change:** Offboarded the siUSD/USDC market

**Rationale:** Precautionary shutdown following a decline in siUSD/USDC market liquidity.

**Tx:** [Shutdown](https://etherscan.io/tx/0x34c05c01c94987f90c87ae7adf4fd571f33d65e1c139b874b9abad3c4228493f)
{% endupdate %}

{% update date="2026-05-28" tags="ethereum,morpho" %}

## USDC Prime

**Change:** Onboarded the weETH/USDC market

**Rationale:** New market with healthy liquidity and borrow demand. Adds EtherFi weETH as a Tier B collateral yield source to USDC Prime.

**Tx:** [submitCap](https://app.safe.global/transactions/tx?safe=eth:0xf8182E5827c06a47A985eC565A3bcd56437a97bE\&id=multisig_0xf8182E5827c06a47A985eC565A3bcd56437a97bE_0x6113f73ca41b5d1cf431cf03c483207a712b4a34cc3a26fbe337dea22746bd82)
{% endupdate %}

{% update date="2026-05-28" tags="ethereum,arbitrum,morpho" %}

## ETH Prime, USDC Yield, USDC Yield

**Change:** Offboarded underused markets across three vaults

**Rationale:** Continuing derisking of underused markets, with various reasons per market.

**Tx:**&#x20;
{% endupdate %}

{% update date="2026-05-27" tags="ethereum,gearbox" %}

## 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](https://safe.gearbox.finance/txs/?cid=bafkreicdpz3pjzrwfji3dbdodpvwqnsnd2kwuld3cwlchzvq3s6may67za)
{% endupdate %}

{% update date="2026-05-22" tags="ethereum,morpho" %}

## 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](https://etherscan.io/tx/0x070aa36f45ebb42bc57f8fcaa43b68ec9b7a9c0698736682b1ebf61504bfc6b7)
{% endupdate %}

{% update date="2026-05-22" tags="ethereum,euler" %}

## USDC Prime RWA

**Change:** Deprioritised the ACRED/USDC market (eUSDC-107): setCaps to 0, removed from withdraw queue, removed from supply queue

**Rationale:** ACRED onboarding deferred; withdraw order priorities from external markets to preserve internal market depth.

**Tx:**&#x20;
{% endupdate %}

{% update date="2026-05-19" tags="ethereum,euler" %}

## Liquidator Safe

**Change:** Added operator 0xAF150C6D108D0C2c96BbFc3CeF9B4848B5d99440 as Safe owner (threshold 2/5)

**Rationale:** Completes operator onboarding across KPK curator stack.

**Tx:** [addOwnerWithThreshold](https://app.safe.global/transactions/tx?safe=eth:0x856Dc3C271351587d22fba4C14CBE98530F7521c\&id=multisig_0x856Dc3C271351587d22fba4C14CBE98530F7521c_0xef94881121bde7d0f0a19a25fde316667d7082876214fde43b14bf5ea36d174e)
{% endupdate %}

{% update date="2026-05-18" tags="ethereum,gearbox" %}

## Emergency Admin

**Change:** Added a new signer to the Emergency Admin Safe

**Rationale:** New signer onboarded with threshold 2/5.

**Tx:** [Tx](https://app.safe.global/transactions/tx?safe=eth:0x4Ad2419dc6DE75C3f57d7b6Aa200D494c74c1443\&id=multisig_0x4Ad2419dc6DE75C3f57d7b6Aa200D494c74c1443_0x659386458b07b77f9ae4aab3beecd20a6cf57eb36e1368d2b4cf2fa5885c800d)
{% endupdate %}

{% update date="2026-05-14" tags="ethereum,morpho" %}

## ETH Prime, USDC Yield

**Change:** Onboarded rETH/WETH (ETH Prime) and DUSD/USDC (USDC Yield)

**Rationale:** Cover borrow demand from existing counterparties. Queued through 3-day timelock.

**Tx:** [ETH Prime setCaps](https://app.safe.global/transactions/tx?safe=eth:0xC266b1181A80E84EDC2c6596718E88E8115c1eaa\&id=multisig_0xC266b1181A80E84EDC2c6596718E88E8115c1eaa_0x89d0774402522d5425801411fc8976c9e94b9e35b537ac7a514e22d63e203a2b), [USDC Yield setCaps](https://app.safe.global/transactions/tx?safe=eth:0x7E43Df1c1c5A2245858b60D4655fDA83704e4171\&id=multisig_0x7E43Df1c1c5A2245858b60D4655fDA83704e4171_0x702423e0c10ff8a7c6d6adbd1743abdb525a86572538380a8f12a63bc1cf0995)
{% endupdate %}

{% update date="2026-05-14" tags="ethereum,euler" %}

## USDC RWA

**Change:** Onboard new operator address 0xAF150C6D108D0C2c96BbFc3CeF9B4848B5d99440 as Safe owner (threshold 2)

**Rationale:** Part of broader operator onboarding across KPK curator infrastructure.

**Tx:** [addOwnerWithThreshold](https://app.safe.global/transactions/tx?safe=eth:0x1572063377a9a4f8065BD7bA0D7fa135cd13051F\&id=multisig_0x1572063377a9a4f8065BD7bA0D7fa135cd13051F_0xc90bb92702cdb0a4971a902f20c838153f3d0ae210b41a0b45d545b99cf17bbb)
{% endupdate %}

{% update date="2026-05-13" tags="ethereum,morpho" %}

## Morpho V2 vaults

**Change:** Onboarded new operator 0xAF150C6D108D0C2c96BbFc3CeF9B4848B5d99440 as Safe owner and allocator; granted MORPHO\_SHUTDOWN\_AGENT permission

**Rationale:** Add a new operator across all curator Safes (thresholds unchanged) with allocator role on each V2 vault.

**Tx:**&#x20;
{% endupdate %}

{% update date="2026-05-12" tags="ethereum,arbitrum,morpho" %}

## 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](https://app.safe.global/transactions/tx?safe=eth:0x354C92aF243d53A24feb3dFF20372Af7b7c47478\&id=multisig_0x354C92aF243d53A24feb3dFF20372Af7b7c47478_0x2773d8acecfa0c9c894463050368cd9662155d7774b7d07ac94d8dc2c8814f0a), [Arbitrum tx](https://app.safe.global/transactions/tx?safe=arb1:0x354C92aF243d53A24feb3dFF20372Af7b7c47478\&id=multisig_0x354C92aF243d53A24feb3dFF20372Af7b7c47478_0xc5cd68f1d23a4588f4b12ae0e310ae0889ac16ff865b1edfea3bc8035816fbe1)
{% endupdate %}

{% update date="2026-05-11" tags="ethereum,morpho" %}

## USDC Prime

**Change:** Onboarded WETH/USDC market

**Rationale:** Add WETH as a collateral option, an additional yield source with deep liquidity.

**Tx:** [submitCap](https://app.safe.global/transactions/tx?safe=eth:0xf8182E5827c06a47A985eC565A3bcd56437a97bE\&id=multisig_0xf8182E5827c06a47A985eC565A3bcd56437a97bE_0x4ea58e301e78da4c59de296b17fa2a6ae2fe9e11478406c0ded68dc5a90b7cd6)
{% endupdate %}

{% update date="2026-05-09" tags="ethereum,gearbox" %}

## 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](https://safe.gearbox.finance/txs/?cid=bafkreicjpyp4ge35qgw33nkxxpe7momxskcm4rf3jryw5nanskksvyxdoq)
{% endupdate %}

{% update date="2026-05-09" tags="ethereum,gearbox" %}

## 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](https://safe.gearbox.finance/txs/?cid=bafkreicjpyp4ge35qgw33nkxxpe7momxskcm4rf3jryw5nanskksvyxdoq)
{% endupdate %}

{% update date="2026-05-09" tags="ethereum,gearbox" %}

## 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](https://safe.gearbox.finance/txs/?cid=bafkreicjpyp4ge35qgw33nkxxpe7momxskcm4rf3jryw5nanskksvyxdoq)
{% endupdate %}

{% update date="2026-05-08" tags="ethereum,gearbox" %}

## WETH and wstETH pools

**Change:** Switch ETH+ main price feed to the Fundamental oracle

**Rationale:** Deprecated RedStone ETH+ market feed; replaced with the Fundamental oracle on both markets.

**Tx:** [WETH tx](https://etherscan.io/tx/0x677a394ef4b4a8bb271c3adeebff5dc3998210ec97d34ff7c7bda69c7b57c894), [wstETH tx](https://etherscan.io/tx/0x26539c998c05bbd84795cc5f2568ce8051beaca385da6ac5c906b5a1a3a065a9)
{% endupdate %}

{% update date="2026-05-08" tags="ethereum,arbitrum,morpho" %}

## USDC Prime, USDC Yield, USDC Yield

**Change:** Offboarded underused markets across three vaults

**Rationale:** Remove markets below 1% of vault interest over 90 days.

**Tx:**
{% endupdate %}

{% update date="2026-05-06" tags="ethereum,morpho" %}

## USDC Yield V2, ETH Yield V2

**Change:** Raised absolute and relative caps on Markets V1 Adapter route for selected V1 markets

**Rationale:** Raise V1 Adapter caps to allow V2 vaults to absorb V1 vault allocations during migration.

**Tx:** [USDC Yield V2](https://etherscan.io/tx/0x381dc1e6df6294e3b8f51f774acf1e2ddb41a3ff9626a3edfa81b2ecec727b5e), [ETH Yield V2](https://etherscan.io/tx/0xbc8013570baddbd3d3c161610af54b543c8fa09dd36f0b0989743d1a50bbd7d2)
{% endupdate %}

{% update date="2026-05-04" tags="ethereum,morpho" %}

## USDC 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:**&#x20;
{% endupdate %}

{% update date="2026-04-28" tags="ethereum,morpho" %}

## 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](https://app.safe.global/transactions/history?safe=eth:0x7a2CE012Fe37dB488C24e31f5e38816cAd82b45E)
{% endupdate %}

{% update date="2026-04-28" tags="ethereum,morpho" %}

## All V2 vaults

**Change:** Granted MORPHO\_REBALANCER\_AGENT and MORPHO\_SHUTDOWN\_AGENT roles, allocate and deallocate permissions

**Rationale:** Activate V2 allocation bots. Rebalancer gets routing only; shutdown agent additionally gets unilateral cap-lowering to drain at-risk markets.

**Tx:**&#x20;
{% endupdate %}

{% update date="2026-04-22" tags="ethereum,morpho" %}

## Multiple vaults

**Change:** Re-enabled markets unaffected by rsETH/Aave contagion; offboarded smaller wstETH and cbBTC markets

**Rationale:** Lift precautionary shutdowns for markets unaffected by Aave/rsETH contagion.

**Tx:**&#x20;
{% endupdate %}

{% update date="2026-04-21" tags="ethereum,gearbox" %}

## WETH pool

**Change:** Flatten IRM on ETH pool

**Rationale:** Reducing strain on borrowers following the rsETH exploit market contagion.

**Tx:** [Tx](https://etherscan.io/tx/0xddd0454e89e6ac581e953e3b7e0d0ac4ac6d82130c7dd04e46d689508d6539d8)
{% endupdate %}

{% update date="2026-04-20" tags="ethereum,morpho" %}

## ETH Prime

**Change:** Exited rsETH and savETH exposure; re-enabled deposits

**Rationale:** Fully offboard rsETH following the Kelp DAO exploit, remove savETH to eliminate indirect Aave exposure, and re-enable deposits on the vault.

**Tx:**&#x20;
{% endupdate %}

{% update date="2026-04-18" tags="ethereum,gearbox" %}

## WETH and wstETH pools

**Change:** Emergency responses to the Kelp DAO rsETH exploit

**Rationale:** Removed collaterals with potential direct or indirect exposure to affected protocols.

**Tx:**
{% endupdate %}

{% update date="2026-04-18" tags="ethereum,morpho" %}

## USDC Prime

**Change:** Precautionary response to Kelp DAO exploit: paused USDC Prime deposits (re-enabled same day); triggered tETH exit and re-queued rsETH exit

**Rationale:** Precautionary measure in response to the Kelp DAO rsETH exploit.

**Tx:** n/a (no on-chain transaction linked on source page)
{% endupdate %}

{% update date="2026-04-13" tags="ethereum,morpho" %}

## ETH Yield

**Change:** Removed the lsETH market

**Rationale:** Market liquidity didn't improve.

**Tx:** [submitCap](https://app.safe.global/transactions/tx?safe=eth:0xE5aEC7D0E795456F90ceBefBa56470F0E5dfC075\&id=module_0xE5aEC7D0E795456F90ceBefBa56470F0E5dfC075_i38ef9238a6415168c8d9d601480910c14f3b80ec9069e0a4b7e7bcb549419d5f0,1,0)
{% endupdate %}

{% update date="2026-04-13" tags="ethereum,morpho" %}

## Morpho V2 vaults

**Change:** Deployed Market V1 adapter to all V2 vaults

**Rationale:** Prepare V2 migration: adapters enable direct V1 market supply through V2 vaults.

**Tx:**&#x20;
{% endupdate %}

{% update date="2026-04-13" tags="ethereum,morpho" %}

## Morpho V2 vaults

**Change:** Set forceDeallocate timelock to 0 days

**Rationale:** Preparation for 0% deallocation penalty and V1 Markets Adapter migration. Replicates V1 withdrawal queue behaviour.

**Tx:**&#x20;
{% endupdate %}

{% update date="2026-04-10" tags="ethereum,morpho" %}

## ETH Yield

**Change:** Added tETH market

**Rationale:** KPK-deployed tETH market, an additional yield source.

**Tx:** [submitCap](https://app.safe.global/transactions/tx?safe=eth:0xE5aEC7D0E795456F90ceBefBa56470F0E5dfC075\&id=multisig_0xE5aEC7D0E795456F90ceBefBa56470F0E5dfC075_0xef0498f3f1ce8489f5658cdb43dd8a62d2a7ba7d25d1b778d105635a8b627bb6)
{% endupdate %}

{% update date="2026-04-07" tags="ethereum,morpho" %}

## USDC Prime

**Change:** Removed WBTC market

**Rationale:** Liquidity migrated, market unused.

**Tx:** [Shutdown](https://etherscan.io/tx/0xa03b4e7da8262f440a3261a5f44ed88041f7ccc5d0a7647177df715f58416a7d)
{% endupdate %}

{% update date="2026-03-30" tags="ethereum,morpho" %}

## USDC Prime

**Change:** Added newly deployed rETH market (86% LTV)

**Rationale:** KPK deployed the rETH/USDC market.

**Tx:** [submitCap](https://app.safe.global/transactions/tx?safe=eth:0xf8182E5827c06a47A985eC565A3bcd56437a97bE\&id=multisig_0xf8182E5827c06a47A985eC565A3bcd56437a97bE_0x00ee6604a81e0eb12b1e58fdc27cbc67a09e6fa7ccf342e39f179c872bc04bb0)
{% endupdate %}

{% update date="2026-03-30" tags="ethereum,morpho" %}

## USDC Yield

**Change:** Rolled over Pendle PTs: added PT-USDG-28MAY2026; removed expired PT-srUSDe and PT-jrUSDe

**Rationale:** Remove expired PTs; add PT-USDG-28MAY2026.

**Tx:**&#x20;
{% endupdate %}

{% update date="2026-03-26" tags="ethereum,morpho" %}

## USDC Yield

**Change:** Removed deprecated Pendle PT

**Rationale:** PT-siUSD-26MAR2026 removal.

**Tx:**&#x20;
{% endupdate %}

{% update date="2026-03-23" tags="ethereum,morpho" %}

## USDC Yield

**Change:** Reallocated RLP dust, updated withdraw queue, and re-enabled the supply

**Rationale:** Supply queue management ahead of RLP market withdrawal.

**Tx:**&#x20;
{% endupdate %}

{% update date="2026-03-22" tags="arbitrum,morpho" %}

## USDC Yield

**Change:** Removed the syrupUSDC market

**Rationale:** Avoid potential second-order exposure to Resolv.

**Tx:** [Shutdown](https://arbiscan.io/tx/0xd4edfff189bad4b54ccec2af7eacdc5b725b91dabe3e071bbba44535a6320de1)
{% endupdate %}

{% update date="2026-03-22" tags="ethereum,arbitrum,morpho" %}

## USDC Yield

**Change:** Set allocation cap to zero on RLP markets following USR exploit

**Rationale:** RLP/USDC capped at zero.

**Tx:** [Ethereum setCap](https://etherscan.io/tx/0x6422ac5ea6bc3aefdfaa59f6fbe3379024d6fc8f411190576a48e27c2323e9d0), [Arbitrum setCap](https://arbiscan.io/tx/0xc1c766907a4db71e2eec20934ee160b315e24b3c984e26f3d377d279f0d03158)
{% endupdate %}

{% update date="2026-03-19" tags="ethereum,morpho" %}

## USDC Yield & Prime

**Change:** Onboarded new PT; migrated syrupUSDC from USDC Yield to Prime

**Rationale:** Add PT-sNUSD-4JUN2026 to USDC Yield; migrate syrupUSDC from USDC Yield to USDC Prime.

**Tx:**&#x20;
{% endupdate %}

{% update date="2026-03-18" tags="ethereum,morpho" %}

## ETH Yield

**Change:** Onboarded Origin ARM markets (stETH and eETH)

**Rationale:** ARM-WETH-stETH and ARM-WETH-eETH.

**Tx:**&#x20;
{% endupdate %}

{% update date="2026-03-18" tags="ethereum,morpho" %}

## USDT Prime

**Change:** Onboarded new markets

**Rationale:** syrupUSDT and weETH.

**Tx:**&#x20;
{% endupdate %}

{% update date="2026-03-18" tags="arbitrum,morpho" %}

## USDC Yield

**Change:** Rolled over PT-thBILL to new maturity

**Rationale:** PT-thBILL-18JUN2026.

**Tx:**&#x20;
{% endupdate %}

{% update date="2026-03-09" tags="ethereum,morpho" %}

## USDC Yield

**Change:** Onboarded 7 new markets

**Rationale:** Add new markets to improve yield.

**Tx:** [submitCap](https://etherscan.io/tx/0x7cc4d0881f662f2f4e02c9fdf130f1da2cfe4d2e1504268a93233317ccce7d3c), [acceptCap](https://etherscan.io/tx/0x660119353e3e379e34b9d4571d8487a91d90a567436249164d9a3477a92251cf)
{% endupdate %}

{% update date="2026-03-09" tags="ethereum,euler" %}

## USDC RWA

**Change:** Enabled RLUSD/USDC market (Tier A, 90% cap)

**Rationale:** Added as a temporary allocation target to maintain baseline yield when utilisation in Securitize-linked markets is insufficient.

**Tx:** [Safe tx](https://app.safe.global/transactions/tx?safe=eth:0x1572063377a9a4f8065BD7bA0D7fa135cd13051F\&id=multisig_0x1572063377a9a4f8065BD7bA0D7fa135cd13051F_0x824d50adb49300ee9c694604b07d9df36566851fa06f7e1279cc8fdfd25ee0b7)
{% endupdate %}

{% update date="2026-03-04" tags="ethereum,morpho" %}

## USDC Yield

**Change:** Offboarded 4 underperforming markets

**Rationale:** PT-stcUSD-23JUL2026, PT-RLP-9APR2026, liUSD-1w, wbravUSDC.

**Tx:**&#x20;
{% endupdate %}

{% update date="2026-03-03" tags="ethereum,gearbox" %}

## WETH pools

**Change:** Switch rETH main price feed to Redstone

**Rationale:** Addressing the upcoming deprecation of Rocketpool's CL feed.

**Tx:** [Tx](https://safe.gearbox.finance/txs/?cid=bafkreiejwjm76i46fkjn6awsvm5uy6lkli3mafjbltjfdwe67eiw4bljwm)
{% endupdate %}

{% update date="2026-03-02" tags="ethereum,morpho" %}

## USDC Yield

**Change:** Onboarded srRoyUSDC market

**Rationale:** Add a new market to improve yield.

**Tx:** [submitCap](https://app.safe.global/transactions/tx?safe=eth:0x7E43Df1c1c5A2245858b60D4655fDA83704e4171\&id=multisig_0x7E43Df1c1c5A2245858b60D4655fDA83704e4171_0x5d47e2185d2c870952eacc7f38e438f0842672ef750826f2b8e2b4f66b14f806), [acceptCap](https://etherscan.io/tx/0xfb79a769e80a5cb4f1c3f8d86bb0497d007e51a4038f0efdcde3e0e39ff6b6bf)
{% endupdate %}

{% update date="2026-03-01" tags="ethereum,morpho" %}

## All vaults

**Change:** Upgraded the Roles module to the new unwrapping contract

**Rationale:** Improve operational security.

**Tx:**&#x20;
{% endupdate %}

{% update date="2026-02-25" tags="ethereum,gearbox" %}

## 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](https://safe.gearbox.finance/txs/?cid=bafkreiauyix2vu3fsagydnsuwokhsvs6gfivxrzfiu6blpkyvhgeaz6nx4)
{% endupdate %}

{% update date="2026-02-20" tags="ethereum,arbitrum,morpho" %}

## USDC Yield & USDC Yield

**Change:** Removed matured Pendle markets

**Rationale:** PT-iUSD-19FEB2026 (Ethereum) and PT-thBILL-27FEB2026 (Arbitrum) matured; offboard to reduce risk.

**Tx:** =
{% endupdate %}

{% update date="2026-02-19" tags="ethereum,morpho" %}

## ETH Yield

**Change:** Removed savETH market

**Rationale:** Deprecate the old savETH market, after migrating liquidity to the newer market with a better oracle design.

**Tx:** [submitCap/reallocate](https://etherscan.io/tx/0x643c6c11ed4a5fdca34c3dba96b89972c01a68fe814158f4128066166ae9134f)
{% endupdate %}

{% update date="2026-02-15" tags="arbitrum,morpho" %}

## USDC Yield

**Change:** Re-enabled the weETH market

**Rationale:** Re-enabled market now that liquidity has improved.

**Tx:** [submitCap](https://arbiscan.io/tx/0xe3e082270a996c3917a86bbe41c0905ce1d0aa71f65bacc6a4b2113a31c07eec), [acceptCap](https://arbiscan.io/tx/0x86cc591efd81166c6d713bfc7cb01702cc3c8d9a62f2148a2a980c2864087898)
{% endupdate %}

{% update date="2026-02-15" tags="ethereum,morpho" %}

## USDC Yield

**Change:** Onboarded the YFI market

**Rationale:** Add a new market to improve yield.

**Tx:** [submitCap](https://app.safe.global/transactions/tx?safe=eth:0x7E43Df1c1c5A2245858b60D4655fDA83704e4171\&id=multisig_0x7E43Df1c1c5A2245858b60D4655fDA83704e4171_0x232694b1c823c0b54b5801df0077493ea956dd4740360bd46d311c7e6fc5cea9), [acceptCap](https://etherscan.io/tx/0x894cfcac40bf075182f799af3ce75d3503ce90a6f2269a1981b5312edd34f646)
{% endupdate %}

{% update date="2026-02-10" tags="ethereum,morpho" %}

## ETH Prime

**Change:** Removed savETH market

**Rationale:** Deprecate the old savETH market, after migrating liquidity to the newer market with a better oracle design.

**Tx:** [submitCap/reallocate](https://etherscan.io/tx/0x79981b9fc9a003414f27ab36d8adf22f95449adc5c8a692fb9ad2933598d9789), [updateWithdrawQueue](https://app.safe.global/transactions/tx?safe=eth:0xC266b1181A80E84EDC2c6596718E88E8115c1eaa\&id=multisig_0xC266b1181A80E84EDC2c6596718E88E8115c1eaa_0xdb573666cb614da8216f16f6602664361edfae09b991933289af6ee17cc065e7)
{% endupdate %}

{% update date="2026-02-06" tags="ethereum,gearbox" %}

## WETH and wstETH pools

**Change:** Onboard PT-DETH23APR2026 and native rsETH integration

**Rationale:** Included longer expiry PT for DETH and enabled native rsETH minting/redeeming.

**Tx:** [Tx 1](https://safe.gearbox.finance/txs/?cid=bafkreibgiudwx7ypb32sqhnaycybtiab5e6czvzq7gynhkgx33goxrufii), [Tx 2](https://safe.gearbox.finance/txs/?cid=bafkreigviv6tk74zrnwduccciorxhzglvr33onzoghyh3fayp4kk3pishe)
{% endupdate %}

{% update date="2026-02-02" tags="ethereum,morpho" %}

## ETH Prime

**Change:** Removed wstETH market

**Rationale:** Removal of the unused market due to low liquidity.

**Tx:** n/a (no on-chain transaction linked on source page)
{% endupdate %}

{% update date="2026-01-30" tags="arbitrum,morpho" %}

## USDC Yield

**Change:** Removed matured PT-syrupUSDC-29JAN2026 market

**Rationale:** Offboard matured Pendle PT.

**Tx:** [submitCap](https://app.safe.global/transactions/tx?safe=arb1:0xE8bED28828f4DD93FB98232F8e85c8880D1f7e1d\&id=multisig_0xE8bED28828f4DD93FB98232F8e85c8880D1f7e1d_0x1c852ec7f671ae184373a571e18eaa022d6138ab66cb0416889a185d2b49e629)
{% endupdate %}

{% update date="2026-01-29" tags="ethereum,gearbox" %}

## WETH and wstETH pools

**Change:** Re-enabling DETH

**Rationale:** Re-enabled DETH following Makina's re-activation of machines (v1.1).

**Tx:** [Tx](https://safe.gearbox.finance/txs/?cid=bafkreiedksjb6e6w6iezsheviv6rd2derdqhq3jm3tabkctop5qdzr5vj4)
{% endupdate %}

{% update date="2026-01-26" tags="ethereum,morpho" %}

## ETH Prime

**Change:** Enabled savETH market

**Rationale:** Additional yield source: market deployed by KPK that has a fundamental exchange rate oracle.

**Tx:** [submitCap](https://app.safe.global/transactions/tx?safe=eth:0xC266b1181A80E84EDC2c6596718E88E8115c1eaa\&id=multisig_0xC266b1181A80E84EDC2c6596718E88E8115c1eaa_0x3bade5143cdd74f9e66acbb416476c96074e745ab9b7c1dba441ad5313f749ab), [acceptCap](https://etherscan.io/tx/0x93664340bbdda131a113f791da911028dbb7ad2ecedf309a3aef2272c4bc8beb)
{% endupdate %}

{% update date="2026-01-25" tags="ethereum,gearbox" %}

## WETH pool

**Change:** Re-enabling rsETH

**Rationale:** Re-enabled rsETH as collateral after precautionary forbiddal.

**Tx:** [Tx](https://safe.gearbox.finance/txs/?cid=bafkreiggvvhylgkd46tzyiabcwx77f6l5renq3hxjhbopxsaj7hebenr3m)
{% endupdate %}

{% update date="2026-01-21" tags="ethereum,gearbox" %}

## WETH and wstETH pools

**Change:** Calling updateRates on Tumbler

**Rationale:** Final step in osETH-aWETH LP onboarding (applying interest rate).

**Tx:** [Tx](https://safe.gearbox.finance/txs/?cid=bafkreig4z23oly2hi4mqp3ypxztdllxto3uud3ospfx263rtkvh3tsbnv4)
{% endupdate %}

{% update date="2026-01-20" tags="ethereum,gearbox" %}

## 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](https://app.safe.global/transactions/tx?id=multisig_0x4Ad2419dc6DE75C3f57d7b6Aa200D494c74c1443_0xad762a8f619c99675a062d59b495d615a5b6d87d8ec961a6ff04fb4a0231b473\&safe=eth:0x4Ad2419dc6DE75C3f57d7b6Aa200D494c74c1443)
{% endupdate %}

{% update date="2026-01-20" tags="ethereum,morpho" %}

## ETH Prime

**Change:** Re-enabled the rsETH market

**Rationale:** Re-add the market to improve yield.

**Tx:** [submitCap](https://app.safe.global/transactions/tx?safe=eth:0xC266b1181A80E84EDC2c6596718E88E8115c1eaa\&id=multisig_0xC266b1181A80E84EDC2c6596718E88E8115c1eaa_0xc8c06429249021df99fe3a97082fa4c15ed778725743b12aa73ebc0d30e29dd3)
{% endupdate %}

{% update date="2026-01-20" tags="ethereum,morpho" %}

## USDC Prime

**Change:** Onboarded OETH market

**Rationale:** Add a new market to improve yield.

**Tx:** [submitCap](https://app.safe.global/transactions/tx?safe=eth:0xf8182E5827c06a47A985eC565A3bcd56437a97bE\&id=multisig_0xf8182E5827c06a47A985eC565A3bcd56437a97bE_0x14456096987b04c36c18d1fd163fd6ad92a5d19955530768799b5ffe08072dd9), [acceptCap](https://etherscan.io/tx/0xebfd62ad83032e999ffad466915c7ca9589f4f8e2375954f2e414c0d5d100ede)
{% endupdate %}

{% update date="2026-01-20" tags="ethereum,morpho" %}

## ETH Prime

**Change:** Offboarded wstETH; temporarily offboarded rsETH market

**Rationale:** Avoid low liquidity and precautionary measures due to risk alert, respectively.

**Tx:**&#x20;
{% endupdate %}

{% update date="2026-01-16" tags="ethereum,gearbox" %}

## 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](https://safe.gearbox.finance/txs/?cid=bafkreig3iaio3qg4wnu7hmu6tfwmazdbihotngv5i5qs5v3yqldugnccyu)
{% endupdate %}

{% update date="2026-01-15" tags="ethereum,gearbox" %}

## WETH pool

**Change:** Update Balancer v3 Gateway to v3.11

**Rationale:** Improve swap execution.

**Tx:** [Tx](https://safe.gearbox.finance/txs/?cid=bafkreiaayztdgps4ug6636frs5oisj3q7ukifmzddbv2dxwspb4bneix6q)
{% endupdate %}

{% update date="2026-01-15" tags="ethereum,gearbox" %}

## 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](https://safe.gearbox.finance/txs/?cid=bafkreiajmvfu7wpaooomlwekyces32op7nhoysrdwvybndxmopnv4tl4ve)
{% endupdate %}

{% update date="2026-01-13" tags="ethereum,gearbox" %}

## 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](https://safe.gearbox.finance/txs/?cid=bafkreigb7feotmafj4ahto7iqyz4j3ryzcjx5qtmewi3lllura46tej6vu)
{% endupdate %}

{% update date="2026-01-13" tags="ethereum,morpho" %}

## ETH Prime

**Change:** Added WBTC market; removed ezETH market

**Rationale:** Adjust market exposure as liquidity conditions change.

**Tx:** [acceptCap (WBTC)](https://app.safe.global/transactions/tx?safe=eth:0xC266b1181A80E84EDC2c6596718E88E8115c1eaa\&id=multisig_0xC266b1181A80E84EDC2c6596718E88E8115c1eaa_0x5838360f36ebe5d3d69a6274beecb58d14771f6dfd8a344f962e264c5ed469cc), [submitCap (ezETH)](https://app.safe.global/transactions/tx?safe=eth:0xC266b1181A80E84EDC2c6596718E88E8115c1eaa\&id=multisig_0xC266b1181A80E84EDC2c6596718E88E8115c1eaa_0x039c1605381233f9dfcd56810fd17937079a74ccfcd1738901777d24d9de6c14)
{% endupdate %}

{% update date="2026-01-09" tags="ethereum,gearbox" %}

## WETH and wstETH pools

**Change:** New Balancer route for rETH

**Rationale:** Includes the Aave boosted rETH/WETH pool to improve rETH swaps.

**Tx:** [Tx](https://safe.gearbox.finance/txs/?cid=bafkreiaqqlezzsecms66awgg7gb2dqm5o4qjf6bxtore35h3jhuh45my3e)
{% endupdate %}

{% update date="2026-01-08" tags="ethereum,gearbox" %}

## WETH and wstETH pools

**Change:** New Balancer route for wstETH

**Rationale:** Includes Fluid boosted wstETH/WETH pool to route wstETH swaps.

**Tx:** [Tx 1](https://safe.gearbox.finance/txs/?cid=bafkreib2vptbp7w6npbxjyaeafeueo3juzv3qfyvrxnvrhd6xnu345ow3m), [Tx 2](https://safe.gearbox.finance/txs/?cid=bafkreiax35oibr7nhtded3b7a76n3f7pso4rvcb5ywk6edcuambawrlnqi)
{% endupdate %}

{% update date="2026-01-07" tags="ethereum,gearbox" %}

## wstETH pool

**Change:** Unpause Credit Managers Tier I and Tier II

**Rationale:** Unpause of CMs after successful rstETH offboarding.

**Tx:** [Tx](https://safe.gearbox.finance/txs/?cid=bafkreicc67lobhpg7w7kbbyk4mvkqxjo53n3odbiamjao2znqgpigmp2iy)
{% endupdate %}

{% update date="2026-01-02" tags="arbitrum,morpho" %}

## USDC Yield

**Change:** Added RLP, thBILL, PT-thBILL markets

**Rationale:** Onboard new yield sources.

**Tx:** [RLP](https://arbiscan.io/tx/0xdd78b561f8f0761738454748baad1c259bbdfe1c1ac1d1121b55073a661e19de), [thBILL](https://arbiscan.io/tx/0x7fcb687044bd72ea09dbf17e23cb59eacb79687c4a4418eb352e6fc0320b7e41), [PT-thBILL acceptCap](https://arbiscan.io/tx/0x5f45bc3e41165403a2bd0bc9d021b4b24a4bab7afef81c8b0be1c24e5adaf1b5)
{% endupdate %}

{% update date="2025-12-30" tags="ethereum,gearbox" %}

## WETH pool

**Change:** Update price feed for B-rETH-STABLE to zero

**Rationale:** Improved monitoring and rETH swaps.

**Tx:** [Tx](https://safe.gearbox.finance/emergency/tx/?chainId=1\&mc=0x1B265B97EB169fB6668E3258007C3b0242C7bDBE\&action=ORACLE%3A%3AsetPriceFeed\&params=%7B%22pool%22%3A%220x9396DCbf78fc526bb003665337C5E73b699571EF%22%2C%22priceFeed%22%3A%220xfe1ec406d777b0c4e2bf5e12d0f645721b2b86be%22%2C%22token%22%3A%220x1e19cf2d73a72ef1332c882f20534b6519be0276%22%7D\&nonce=140)
{% endupdate %}

{% update date="2025-12-20" tags="ethereum,gearbox" %}

## wstETH pool

**Change:** Pause CMs containing rstETH

**Rationale:** Planned asset offboarding.

**Tx:** [Tx](https://app.safe.global/transactions/tx?safe=eth:0x4Ad2419dc6DE75C3f57d7b6Aa200D494c74c1443\&id=multisig_0x4Ad2419dc6DE75C3f57d7b6Aa200D494c74c1443_0xa20b2e7bd59d39aee7cfd4432016c3561945610e6e6500729d10ce59a2ff6dd5)
{% endupdate %}

{% update date="2025-12-20" tags="ethereum,gearbox" %}

## WETH and wstETH pools

**Change:** Added Gearbox DAO addresses as Emergency Liquidators

**Rationale:** Improved liquidation process for planned rstETH offboarding.

**Tx:** [Tx](https://safe.gearbox.finance/txs/?cid=bafkreiay4zidyhtzxhsaavhd3yonjeamcdh32wng64e6y4wutnlhnzkauy)
{% endupdate %}

{% update date="2025-12-20" tags="ethereum,gearbox" %}

## 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](https://safe.gearbox.finance/txs/?cid=bafkreigsea55ng7k7n72qrfkcyk7vnd5bi5iums36t75bmksq2gltdlhie)
{% endupdate %}

{% update date="2025-12-19" tags="ethereum,gearbox" %}

## WETH and wstETH pools

**Change:** Set rstETH quota to zero

**Rationale:** First step in offboarding rstETH, due to a planned contract update.

**Tx:** [Tx](https://app.safe.global/transactions/tx?safe=eth:0x4Ad2419dc6DE75C3f57d7b6Aa200D494c74c1443\&id=multisig_0x4Ad2419dc6DE75C3f57d7b6Aa200D494c74c1443_0x064bbc77a0c15842f731b6083b50701ea1ac87a655fc54f700a225b371ad80b1)
{% endupdate %}

{% update date="2025-12-12" tags="ethereum,gearbox" %}

## 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](https://safe.gearbox.finance/txs/?cid=bafybeihywlrvt54yjois5ks7o44u3aoisptlbkkbhdk5qj7zyfpsoiznc4)
{% endupdate %}

{% update date="2025-12-12" tags="ethereum,gearbox" %}

## wstETH pool

**Change:** Enable ETH+ as collateral with similar parameters as in the ETH market

**Rationale:** Enable new looping opportunities.

**Tx:** [Tx](https://safe.gearbox.finance/txs/?cid=bafybeihywlrvt54yjois5ks7o44u3aoisptlbkkbhdk5qj7zyfpsoiznc4)
{% endupdate %}

{% update date="2025-12-04" tags="ethereum,gearbox" %}

## WETH pool

**Change:** Update LT for stETH and wstETH in pzETH and RE7LRT CM

**Rationale:** Improve configuration for smoother native Mellow redemptions.

**Tx:** [Tx](https://safe.gearbox.finance/txs/?cid=bafkreia5i6mdwhd2ifhayxrdidkpt5s3sc6ovtwr4e6ayyspudeg7apng4)
{% endupdate %}

{% update date="2025-11-12" tags="ethereum,gearbox" %}

## WETH pool

**Change:** ezETH oracle update

**Rationale:** Chainlink deprecated ezETH oracle; moved to Redstone market price feed.

**Tx:** [Tx](https://safe.gearbox.finance/txs/?cid=bafkreicef73mjswnpzziovfo2ek6z6z2cqgah6joq3ns77c27mkbp5zrqu)
{% endupdate %}

{% update date="2025-11-07" tags="ethereum,gearbox" %}

## 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](https://safe.gearbox.finance/txs/?cid=bafkreias7estqs345ubpynwjuj73ntpnbs7iyt5zptll7us3o2lkah6b7i)
{% endupdate %}

{% update date="2025-11-03" tags="ethereum,gearbox" %}

## 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](https://app.safe.global/transactions/tx?safe=eth:0x4Ad2419dc6DE75C3f57d7b6Aa200D494c74c1443\&id=multisig_0x4Ad2419dc6DE75C3f57d7b6Aa200D494c74c1443_0xad2ffacd563a7c96f03ca8db85dd4c30d32cc7bfae12283d04e5d105076ae7c1)
{% endupdate %}

{% update date="2025-10-31" tags="ethereum,gearbox" %}

## WETH and wstETH pools

**Change:** Add Loss Policy

**Rationale:** Added Loss Policy using Fundamental Oracles for both WETH and wstETH markets.

**Tx:** [Tx](https://etherscan.io/tx/0x927edc91e5a6b35bd145d49d615ba06500c3361adf35541583267a44993f679e)
{% endupdate %}

{% update date="2025-10-23" tags="ethereum,gearbox" %}

## WETH pools

**Change:** Update wstETH reserve oracle

**Rationale:** Re-enabling the reserve oracle for wstETH after the prior day's change.

**Tx:** [Tx](https://permissionless-safe.gearbox.foundation/txs/?cid=bafkreievqmsvehyudx77gizd6devaaohu7h5o3zrhccbvi7arqh6fzwkua)
{% endupdate %}

{% update date="2025-10-22" tags="ethereum,gearbox" %}

## WETH and wstETH pools

**Change:** Update main oracle for wstETH

**Rationale:** Avoid potential liquidations on rstETH/wstETH and wstETH/ETH positions.

**Tx:** [Tx 1](https://permissionless-safe.gearbox.foundation/emergency/tx/?chainId=1\&mc=0x1B265B97EB169fB6668E3258007C3b0242C7bDBE), [Tx 2](https://permissionless-safe.gearbox.foundation/emergency/tx/?chainId=1\&mc=0x1B265B97EB169fB6668E3258007C3b0242C7bDBE)
{% endupdate %}

{% update date="2025-10-21" tags="ethereum,gearbox" %}

## WETH and wstETH pools

**Change:** Configure MELLOW\_CLAIMER adapters in the newest CMs

**Rationale:** Enable native unstaking of Mellow assets.

**Tx:** [Tx](https://permissionless-safe.gearbox.foundation/txs/?cid=bafkreidt7qqgj6aweehxnetvpwmyrynvspryabhv3kjcxp5bzkle5c3jrq)
{% endupdate %}

{% update date="2025-10-17" tags="ethereum,gearbox" %}

## 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](https://permissionless-safe.gearbox.foundation/txs/?cid=bafybeibzc3hedi65hg42j567df3konql6wc2x6ieamuxvrl5j7fc5yrqo4)
{% endupdate %}

{% update date="2025-10-09" tags="ethereum,gearbox" %}

## 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](https://permissionless-safe.gearbox.foundation/txs/?cid=bafkreihshp2nps3epi7cze7j5jqhe7x5ol7gfutbj7tcfut63e2xvbbd2a)
{% endupdate %}
{% endupdates %}


---

# Agent Instructions
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## Querying This Documentation
If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question.

Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter:

```
GET https://docs.kpk.io/changelog/readme.md?ask=<question>&goal=<endgoal>
```

`ask` is the immediate question: it should be specific, self-contained, and written in natural language.
`goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal.

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