> 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

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.

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{% updates format="full" %}
{% update date="2026-10-22" tags="ethereum,gearbox" %}

## frxUSD pool

**Change:** Raised the mGLOBAL quota limit from $1mln to $5mln.

**Rationale:** Increased borrow demand against mGLOBAL collateral.

**Tx:** [Tx](https://safe.gearbox.finance/txs/?cid=bafkreiglsckdhlq7curqcnvjcezhms7ebpusfdaib4n6jni42oiug337j4)
{% endupdate %}

{% update date="2026-10-20" tags="ethereum,morpho" %}

## USDC Yield

**Change:** Hard shutdown of the ftUSD/USDC market; absolute and relative caps set to 0

**Rationale:** Full migration of the vault's Flying Tulip exposure to the ssftUSD/USDC market.

**Tx:** [Shutdown tx](https://etherscan.io/tx/0x31c7443312f1d2abddcbeacc0f5734ef66514263e586896fad1a733020489e06)
{% endupdate %}

{% update date="2026-10-19" tags="ethereum,morpho" %}

## USDC Yield

**Change:** Hard shutdown of the srRoyUSDC/USDC market; absolute and relative caps set to 0

**Rationale:** Royco is sunsetting the srRoyUSDC vault.

**Tx:** [Shutdown tx](https://etherscan.io/tx/0x955a3db466f87cb6cac3088d51734d8a5ddf00dd605f76053c6896c5e9c0ab3f)
{% endupdate %}

{% update date="2026-10-18" tags="ethereum,funds" %}

## BTC Carry

**Change:** Added Aave v3 Core, Spark and Morpho Markets to the Manager role as venues for BTC collateral and stablecoin borrowing, alongside Aave v4, whose access is limited to named reserves on the Bluechip and Maple SyrupUSDG spokes. The role can also hold Maple syrup positions and deposit into KPK USDC Prime and USDT Prime. The health factor, exit and settlement roles on the Sub Roles Modifier gained Aave v3 Core supply and withdraw for WBTC, and borrow and repay for USDC.

**Rationale:** Lets the Fund borrow where the carry is best at its size, with Aave v4 kept as an approved venue. The Fund moved its WBTC collateral and USDC borrow to Aave v3 Core on 19 October 2026.

**Tx:** [Manager role 1 of 2](https://etherscan.io/tx/0x01d4bd1abc309af0ebdd2601f67a162f6927267957cc5ae1ee6bfd2cc468b2cf), [Manager role 2 of 2](https://etherscan.io/tx/0xcb8450669eaaa5d41d47ae5229b00bb4719e76f87c18752aaed99268369a57cb), [Agent roles](https://etherscan.io/tx/0xc050b4c49b6964232e12d52d58b0ad8e1ae74eb4cf7d5dc6c08ceecd54c26887)
{% endupdate %}

{% update date="2026-10-18" tags="ethereum,funds" %}

## USD Alpha

**Change:** Added the YO Ecosystem vault (`deposit`, `withdraw`, `redeem`, `forceDeallocate`) and the USDC RWA Liquidity vault (`deposit`, `withdraw`, `redeem`) to the Manager role, with receiver, owner and `onBehalf` pinned to the Portfolio Safe, and allowed USDC approvals to both. CowSwap orders signed by the role must now carry a zero fee.

**Rationale:** Lets the Fund deploy USDC into two more KPK-curated vaults.

**Tx:** [Manager role](https://etherscan.io/tx/0xcb8450669eaaa5d41d47ae5229b00bb4719e76f87c18752aaed99268369a57cb)
{% endupdate %}

{% update date="2026-10-15" tags="ethereum,base,arbitrum,morpho" %}

## 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.

**Tx:** [USDC Prime](https://etherscan.io/tx/0xd93d600b511abf6dfcda3ab13b7018ded5100bab7b232f89bbb09878df0bc16b), [USDC Yield](https://etherscan.io/tx/0x8cf7399c72828318218762eb416a02e699144c6d4056408a0da28c0f84353ad9), [USDT Prime](https://etherscan.io/tx/0x4309fd27929191146c923baef6f7910e4dc93939d941ed11f6080c5f07a1cb37), [ETH Prime](https://etherscan.io/tx/0xe0acd22ca9cf9a841963813b936e3c7c7d5d58844c771ff5d92e20d9a75eb424), [ETH Yield](https://etherscan.io/tx/0xb294ac1b95c458e8963f2957cc93a1ee6cf0a2638c2f9cb6cbd034200afe7027), [EURC Yield](https://etherscan.io/tx/0xbaccf361e6aebb67b10b0d93bddaf84f3792309356a37c2592f7311350772593), [USDC Prime Core](https://etherscan.io/tx/0x7d3ccc8653c0eb70dd98440161fa3f82fcfecd42e2dd39c7f01716839b6aa3d3), [USDC Yield RWA](https://etherscan.io/tx/0x6b827d596a98489ee1169b95f49f339b20592721bc556e0622d4ebae5064ddad), [wARS Yield](https://etherscan.io/tx/0xdb6d5be612e02813c358d44695e1df9aa066ccda544ce9af2f0c6bb7efb2f042), [YO Ecosystem](https://etherscan.io/tx/0xa334c32a25b0a7832e6f796b0107eccdbabb6323c2036089aa4c01653d33bb73), [USDC Yield (Base)](https://basescan.org/tx/0xe494d188295069ccca4bc18cd5e4b0ce28fe818bbe4c894f0e02980d250486a3), [USDC Yield (Arbitrum)](https://arbiscan.io/tx/0x446eb0e55be2469dd4827130fdde7942e1550835740157385704292b302f9a7c), [EURe Yield (Arbitrum)](https://arbiscan.io/tx/0x5b6d40675fa2f2e1a45e6ac32d25b2647302d1b14572f7defdc87bcabdbc7784)
{% endupdate %}

{% update date="2026-10-14" tags="robinhood,funds" %}

## 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`](https://robin.etherscan.io/address/0x35494534943457c9bCA309f0075BEEC8432E7226), SPY [`0xdDcd8aa130E4D2c294650FC090AbDE1F47E06C19`](https://robin.etherscan.io/address/0xdDcd8aa130E4D2c294650FC090AbDE1F47E06C19), ETH-USD [`0xE3Be505EE3897F2212BA904c2Aa2B61A84207Dd4`](https://robin.etherscan.io/address/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.

**Tx:** [Shares admin to timelocks](https://robin.etherscan.io/tx/0xcaf805862f176154e4bc4bce71cc74eae3bab14264fb0a5a1f6d1f351f03a81f)
{% endupdate %}

{% update date="2026-10-13" tags="ethereum,morpho" %}

## USDC Yield RWA

**Change:** Moved the liquidity adapter from the AA\_FalconXUSDC/USDC market to wFalconX/USDC.

**Rationale:** wFalconX/USDC holds more free liquidity, so more of the vault can be withdrawn straight away without `forceDeallocate`.

**Tx:** [setLiquidityAdapterAndData](https://etherscan.io/tx/0x777ca4bf1c0a965b60193b739f383c92f28d1205a0b8a89fbb1584c14addac45)
{% endupdate %}

{% update date="2026-10-13" tags="ethereum,symbiotic" %}

## USDC RWA Liquidity

**Change:** Set the auto-allocate queue to USDC Prime, USDC Yield and USDC Yield RWA.

**Rationale:** Replaces the Aave v3 adapter, removed on 17 August, with USDC Yield RWA in the queue.

**Tx:** [setAutoAllocateAdapters](https://etherscan.io/tx/0x778a9bffd2bd362dcda570eaf06c0ada72d858c9915e17cdff9dc4f60919027e)
{% endupdate %}

{% update date="2026-10-13" tags="ethereum,morpho" %}

## 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](https://etherscan.io/tx/0x444d4d58459ea53e49a4487f649fd2aa18e03bb46805dff809c2ee7dff6953c7), [Abdicate](https://etherscan.io/tx/0x9aa2311ada3e699d9a58adb0073626c60a41b8538adbc0672ddebbc393d5ef79), [Set owner](https://etherscan.io/tx/0xca76f92801c652a4cc1c887bf33bfe1fe8494f17439b7ee9de17877d46f648af), [Safe threshold](https://etherscan.io/tx/0xf29e4fa7dfbda9979c95651c98ad6c0bc1b099bd02663247b845bfa49424e660)
{% endupdate %}

{% update date="2026-10-09" tags="ethereum,gearbox" %}

## 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](https://etherscan.io/tx/0x1db6f17505ecdfc65c4d957d1d352f3a0bf2e94d2dfb5f120c57804fe5f10181)
{% endupdate %}

{% update date="2026-10-09" tags="ethereum,funds" %}

## 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.

**Tx:** [ETH Alpha Roles switch](https://etherscan.io/tx/0x772e3ecc920338c2b0bac4a2b90c950c2c94a9edbd940d683a79c7e3c63b43ff), [USD Alpha Roles switch](https://etherscan.io/tx/0xe99f8c580c758108c7b8d5523951833ac450553b662b395505d5560c215ee8fd), [Shares admin to timelocks](https://etherscan.io/tx/0xaf501d9cb54801d59da2f520ba646ac9bf2543eac97335de1116c6606b17e687), [Roles ownership to timelocks](https://etherscan.io/tx/0x9108818d454751f56545f36c08b3b6db239e72c376862ee4476125312f19a90f)
{% endupdate %}

{% update date="2026-10-09" tags="ethereum,morpho" %}

## 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](https://etherscan.io/tx/0x46759173506d962fdc3e3e7baa6d9e84fbf875f9186128bab0e0b1c889541744)
{% endupdate %}

{% update date="2026-10-09" tags="funds" %}

## 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](https://etherscan.io/tx/0x8e56b5d12840fb7c299d158042c7d7c496ca866c149be041bdd638db1d89092f), [Merkl admin](https://etherscan.io/tx/0x1ab5b95ef2154c376599e233dd938867c1428ce0eaa7a2b1ba282cdb19774a92), [X Layer threshold](https://www.oklink.com/x-layer/evm/tx/0x13702798714a89e5542f6af6496b31043d41c3c40fa21f1e4c05614edae56f0d); the same change on every other chain
{% endupdate %}

{% update date="2026-10-07" tags="ethereum,morpho" %}

## 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](https://etherscan.io/tx/0xd5b422ea877ece696cc8a72c57624f6e779a13e4b651b640f16691c20f691705)
{% endupdate %}

{% update date="2026-10-06" tags="ethereum,morpho" %}

## 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.

**Tx:** [Deploy vault](https://etherscan.io/tx/0x6adb38b8ad19a0dd319f3e374d722ac6f11471dc7d5ecf905d811791c94868bf), [Add adapter](https://etherscan.io/tx/0xba0b33e4cf0d0ca038cb54c7af15d863c156d4a8f1ad3f40942aa4656cb7e394), [Fees and roles](https://etherscan.io/tx/0x0eeef23adc54454d66ff42db846a2d21d49d0ff6bd2b08a7cf9a6bc0b5daa388), [Enable Roles Modifier](https://etherscan.io/tx/0x3f3e112ceab64ec6aaf5571e797e52884fd5262eaa181d67cf95bde6733d54e3)
{% endupdate %}

{% update date="2026-10-06" tags="ethereum,arbitrum,morpho" %}

## 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.

**Tx:** EURC Yield: [wstETH](https://etherscan.io/tx/0x3b418a75e004c0f5253b30bc6241be8f716686b00c86b55296493543f053a9ce), [WBTC](https://etherscan.io/tx/0x41f236ba6019e967d578cd68266f085b6c52f59ea5df0c92a4c7b85f32ca3e5c), [WETH](https://etherscan.io/tx/0xa7bcb94b9418f323f1959ff15d7051754130e5ee364af1e424e8c20d0e5acf2f). USDC Yield (Arbitrum): [wstETH](https://arbiscan.io/tx/0xa0caf2497103d493b05de43583b3dfd99f08d7a8284658a9c84e79f195212d79), [WBTC](https://arbiscan.io/tx/0x5d25d153e535d13e60f6d4c571a67f54394887848fab251c6c6a113f6da8532a), [WETH](https://arbiscan.io/tx/0x5f06f2448d97a3ab132eea7c109687b4f0de2b4e4c89ba656593b6cabbf7105f), [weETH](https://arbiscan.io/tx/0x868719b54bb1c5f915f45e5f21dcae9a1b73f78280975706308d6ce1cf26b6fb)
{% endupdate %}

{% update date="2026-10-06" tags="funds,robinhood" %}

## 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.

**Tx:** [Upgrade](https://robin.etherscan.io/tx/0x2089ff8621b0fa436d52201b1dd3079bb899cc6d1a1a4be1f70398323d4c0c6a), [deployment account removal](https://robin.etherscan.io/tx/0xf97a6878199cd79c1f0da2b96ab51b15f12c62c86d4be73d4fabcf9e3c1b846d)
{% endupdate %}

{% update date="2026-10-06" tags="funds,robinhood" %}

## 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.

**Tx:** [Robinhood Chain deployment](https://robin.etherscan.io/tx/0xea49f5b3265c93db39ac141885aa52d7375b78dd2ad817eb8166b67b2934ed76)
{% endupdate %}

{% update date="2026-09-30" tags="arbitrum,morpho" %}

## 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](https://arbiscan.io/tx/0xdfc0c88ba67c5948c60f4aed169650ca7c7b2beabec6ac8cee929094757e6bf2), [Set owner](https://arbiscan.io/tx/0x11207b5b5ce707657f0b56de905c4526ab22429a82981b2f0dc6c4029cdeb4fe), [Safe threshold](https://arbiscan.io/tx/0xaa7ea56887ce65638e45d85a1b235209eca934275b39c12396315a8124f732d6)
{% endupdate %}

{% update date="2026-09-30" tags="ethereum,symbiotic" %}

## USDC RWA Liquidity

**Change:** Whitelisted HYB (NYLIM US High Yield Bond Fund, issuer: Centrifuge) on the Liquid Lane adapter, with a 65,000 USDC acquisition limit and a 0.10% minimum discount.

**Rationale:** Risk Framework assessment closed at tier D. The limit is sized to HYB's small fund NAV (\~$640k).

**Tx:** [addTokenToRedeem + setLimit + setMinDiscount](https://etherscan.io/tx/0xdc104fd7efe37cf5da2da550f01e93d433dcccfccbac11fb55f29f3176e82982)
{% endupdate %}

{% update date="2026-09-30" tags="ethereum,gearbox" %}

## 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](https://safe.gearbox.finance/txs/?cid=bafkreidngeu2iyzwizygb4g63fr5onlmak5knxati7szu5adv2tendvnrq)
{% endupdate %}

{% update date="2026-09-30" tags="funds" %}

## 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](https://docs.kpk.io/funds/infrastructure/onchain-accounting/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](https://etherscan.io/tx/0x55c51f1d4ea5f9941523d9ffd9717c13a9748976eaaedfb10a91dff02a83a0a1); the same upgrade on every other chain
{% endupdate %}

{% update date="2026-09-29" tags="funds" %}

## 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](https://etherscan.io/tx/0x4b91121f3a3923ee18ee6478c4f1e1fe6763e9a2b23f48bccec014af8519f240), other chains in the [deployment records](https://github.com/karpatkey/onchain-investment-vehicles/blob/main/script/deployed-infra.json)
{% endupdate %}

{% update date="2026-09-22" tags="arbitrum,morpho" %}

## 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.

**Tx:** [Deploy vault](https://arbiscan.io/tx/0xcae58d08967233e81b38f111ccd6a9a87f9f727e7e3aaf1e75a26a9b106c078a), [Add adapter](https://arbiscan.io/tx/0xc0c39a317faf80f06b4e87dab44c826bce48293c3ef846d81fb9a2713c36bd2c), [Fee and gate timelocks](https://arbiscan.io/tx/0xeee36f64d17d4b841bba9f8c3a0e06cb08f292b140489abe0cd2a51d66642fdd), [Set curator](https://arbiscan.io/tx/0x241603367bd064b7db98c28e02e57e728a8505dfa4c966b3814829df9c82def3), [Enable Roles Modifier](https://arbiscan.io/tx/0xe17100e42ef888a78421229c395bf73cadcddd42041f009c8aeae6130ac366ee)
{% endupdate %}

{% update date="2026-09-22" tags="ethereum,gearbox" %}

## 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](https://safe.gearbox.finance/txs/?cid=bafkreibaakkttpeicmd22ik5q7cdze5e6cx47altwn6xvxhcqxlxg4l7ti)
{% endupdate %}

{% update date="2026-09-21" tags="ethereum,arbitrum,base,morpho,symbiotic" %}

## 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.

**Tx:** [Ethereum, old SC](https://app.safe.global/transactions/tx?safe=eth:0x354C92aF243d53A24feb3dFF20372Af7b7c47478\&id=multisig_0x354C92aF243d53A24feb3dFF20372Af7b7c47478_0x339fa889f06a435f18ee677dee06866af2133b18a8ef10bbbaa616cf3d4d3d65), [Arbitrum, old SC](https://app.safe.global/transactions/tx?safe=arb1:0x354C92aF243d53A24feb3dFF20372Af7b7c47478\&id=multisig_0x354C92aF243d53A24feb3dFF20372Af7b7c47478_0x3236470c0605b65004dd0666e93c7768c4c2b32a8fb7fc44ba963c60ee943bd7), [Base, old SC](https://app.safe.global/transactions/tx?safe=base:0x354C92aF243d53A24feb3dFF20372Af7b7c47478\&id=multisig_0x354C92aF243d53A24feb3dFF20372Af7b7c47478_0x17473a5242e4dbc23c06f6cb47664cdd0366f3785f0b8c81810047ac54e9dc6e), [Ethereum, new SC](https://app.safe.global/transactions/tx?safe=eth:0x8b884f80B3B839F52b6cE168f133e7a5D1f0A537\&id=multisig_0x8b884f80B3B839F52b6cE168f133e7a5D1f0A537_0xb4071fe7d066a2dba0ef3c8c97004f635d48d08d704fb7dd11ab122411356985)
{% endupdate %}

{% update date="2026-09-21" tags="ethereum,symbiotic" %}

## 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](https://etherscan.io/tx/0xc820f49dd29d57b059a67922eb7c7096e317fa6777a1d3893be3708585c3f0e3)
{% endupdate %}

{% update date="2026-09-17" tags="arc,morpho" %}

## wARS Yield

**Change:** Enabled the Roles Modifier `0xCC96396ae50e17B6DD64fa5e93D930cf62fE5deE` on the Arc Curator Safe `0x89f810ec64e472bDDA2740dD85D56C051A895eFF`.

**Rationale:** Sets up the Permissions Layer for KPK's automation agents on the Arc vault.

**Tx:** [Enable Roles Modifier](https://explorer.arc.io/tx/0x269dab5db307b71f86e1397c3801db912f037e07fb9777609e5c65c142c0496a)
{% endupdate %}

{% update date="2026-09-17" tags="ethereum,symbiotic" %}

## USDC RWA Liquidity

**Change:** Raised the mF-ONE acquisition limit on the Liquid Lane adapter from 50,000 to 200,000 USDC and lowered its minimum discount from 2.50% to 0.80%.

**Rationale:** Sized to meet incoming mF-ONE redemption requests.

**Tx:** [setLimit + setMinDiscount](https://etherscan.io/tx/0x196cf444df1bbb36bfe404d6e0f84844c12973f963bce32d4d1d4c96221c5199)
{% endupdate %}

{% update date="2026-09-16" tags="ethereum,gearbox" %}

## Emergency Admin

**Change:** Enabled a Roles Modifier, `0xD9649A14d27680C35CB4E58e0e062e35CA472377`, on the Emergency Admin Safe.

**Rationale:** Lets KPK's automation agents execute scoped emergency actions, such as pausing a Credit Manager, through the Permissions Layer.

**Tx:** [Enable Roles Modifier](https://etherscan.io/tx/0x151c81d94630acb826617ae810945b9a44e630707386bff6d1cf9fa49c77cd40)
{% endupdate %}

{% update date="2026-09-15" tags="arc,morpho" %}

## 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`.

**Tx:** [Cap and adapter timelocks](https://explorer.arc.io/tx/0x137b9eaaf28ac97eb1b9b4d18a7f3b5edd7e1b68c5d7343ea10c6cb23c4cb7c6), [Set curator](https://explorer.arc.io/tx/0xdb46b2cf16ad7503c0e3f3de688ca5749c879f7fd536f855f95a61c42450592f), [Set owner](https://explorer.arc.io/tx/0x59f434446794178334437b6c040b8b1bce8b6191f18bf7c62c750108e91030fe)
{% endupdate %}

{% update date="2026-09-15" tags="ethereum,symbiotic" %}

## 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](https://etherscan.io/tx/0x0593791a9255bc927b6c4bba8dc15081f936f358338471a2f738b348f2b56f13)
{% endupdate %}

{% update date="2026-09-14" tags="base,morpho" %}

## 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](https://basescan.org/tx/0xac73817339322aeb869cf45fcf7e2f320f5cdf259463259542f6ca254ef03684)
{% endupdate %}

{% update date="2026-09-14" tags="ethereum,gearbox" %}

## 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](https://safe.gearbox.finance/txs/?cid=bafkreicl6tlwqbdeulbezkjum2nrzdyrt3yqd3uewyvdw5crpur2trhhaq)
{% endupdate %}

{% update date="2026-09-14" tags="arc,morpho" %}

## 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.

**Tx:** [Deploy vault](https://explorer.arc.io/tx/0x515c1fe67d62f2607f39c591b03b695bee65975df6318c910d78a2428af73278), [Fee and gate timelocks](https://explorer.arc.io/tx/0xbb1c75e91b31eca1c40ad214f7991f62b64a5619d970c275a53b6b22be42265e)
{% endupdate %}

{% update date="2026-09-11" tags="ethereum,symbiotic" %}

## 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](https://etherscan.io/tx/0x5c37db2ead7222d5f3746fe8e2db71603e2c3dbf4d4a0517a0ee7577652eb9a0)
{% endupdate %}

{% update date="2026-09-11" tags="ethereum,base,arbitrum,morpho,gearbox,symbiotic" %}

## 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](https://x.com/kpk_io/status/2098344498040357198). 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.

**Tx:** [USDC Prime](https://etherscan.io/tx/0x78b70d699124515cbaabe43f94daa011b06a0c65c0ea3ed4c973203f781cef30), [USDC Prime Core](https://etherscan.io/tx/0xc0419a2b47eba852130cec3668ac4a41e3b95bcfcd32fd49b0f8b3eb9c5b3db4), [USDT Prime](https://etherscan.io/tx/0x02ab5ada6e57f70e926f433d5d388f033837b8219593bd3ae0b1da5b455870b7), [ETH Prime](https://etherscan.io/tx/0x30d15e7653c162018416277bb911f866a99bbb73a064293797bf92b136146013), [USDC Yield](https://etherscan.io/tx/0xfc57e2616145821a40f599a14ab00b73d4993a0b00c3ed86efaa918f8a606a56), [ETH Yield](https://etherscan.io/tx/0x223865daa5e176244668a67476df6ce1fa44bb84c1e458081b642562d099cafa), [EURC Yield](https://etherscan.io/tx/0x75478907eb4e77515580093c4cca683a716006b75d08d3e7bd35e80ce6851a7d), [EURe Yield](https://etherscan.io/tx/0xe81b5bc3def2992d3b114acf53d9f94afd90ab73c7d64219146c3265508b6f9d), [USDC Yield RWA](https://etherscan.io/tx/0x53d414d04f6ddc50ac0f35cd18eab7dddc5035fda078972f642fb9fa0df1c187), [wARS Yield](https://etherscan.io/tx/0xe6042dae6129cf1a4de3f79690a14462f53ad1086afa25c98625f2373d9a9e54), [USDC Yield (Arbitrum)](https://arbiscan.io/tx/0x48ddf7c0eb4d4a4a2497b2c63bd598aef3a7e43a08b54407cb23ee920bec7ab1), [USDC Yield (Base)](https://basescan.org/tx/0x929439d363ecf0fb1b387d2f3da846561f40d48a6d36acdbe70914c75b4fdb09), [Main Curation (Gearbox)](https://etherscan.io/tx/0xff09c2b3bc09a6dbbd5007c76699f8757a9273a8e93138fb3138465e70afe556), [Symbiotic Liquid Lane](https://etherscan.io/tx/0x7c26c404c7b52c863e237e4d9717711830186976f9ff5577f936c3246fbeb789), [Upshift lsETH](https://etherscan.io/tx/0x2fc4d688369aa13daa3ef5a57bd03bbb657dc1f7efdd786a0988b693e802992d)
{% endupdate %}

{% update date="2026-09-08" tags="ethereum,symbiotic" %}

## 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.

**Tx:** [setLimit + setMinDiscount](https://app.safe.global/transactions/tx?safe=eth:0x73af5fcdF830035401e00c322D657982b4a71288\&id=multisig_0x73af5fcdF830035401e00c322D657982b4a71288_0xe07b678ad0fcbef533ed554dcad43ca5076c565b58a36706f7a36b737f5ab74f)
{% endupdate %}

{% 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="2026-09-02" tags="ethereum,symbiotic" %}

## 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](https://etherscan.io/tx/0xf87d1d39ac33090afb13c26fcd1025d08dd0fb126f2c622a2d91badea0fd766c)
{% endupdate %}

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

## 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](https://etherscan.io/tx/0x576728e560826f4181de69bdf91a81326444a91579d180c4b3f467536c9b0d2f), [redeem](https://etherscan.io/tx/0x884fc099142ac3cc61c484a8ee598241e4fad632a09fb61f2e4fff3659aa0447), [JTRSY limit](https://etherscan.io/tx/0x7e6f99db923b0f29d039608f1d8421a3efb50377fe80cd6657ca88444c773996), [minimum discount](https://etherscan.io/tx/0x33fc631c195dad2d9acebe57cd229e82797726bd6f887f719fded0f172bf0b15)
{% 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 5% 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 5->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%. 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](https://etherscan.io/tx/0x41d9f1b6ae2d5beda648e28ef73722c17ff9b585c8b22a0a2e9d88dbd635cc29), [Add Euler adapter](https://etherscan.io/tx/0x38291411fd265e5853afca6fec2e39e4469c5a8374a0dbeb9eefb6d07b6118d4)
{% endupdate %}

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

## 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](https://etherscan.io/tx/0xc248d62068a60368c1e3395e4b2ca44401955232fce60a03aa57e70314e20dd7)
{% 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="2026-08-17" tags="ethereum,symbiotic" %}

## 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](https://etherscan.io/tx/0x0b5bbc3b4c56e6c1f6509fe1f789c3ddb5ee1677defb14c61ce43f58d0a7525b)
{% 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="2026-08-13" tags="ethereum,symbiotic" %}

## 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.

**Tx:** [setLimits](https://etherscan.io/tx/0x0959946857c73e71f7ac3cf350607657dc5d0a07823815a399959bf73e1c2429), [Acquisition limits](https://etherscan.io/tx/0x10ea6bbe2a8088cdcb4b22e43143ee9bbe26551a4c2f71de497e67b90a07e2d9), [Raise limits](https://etherscan.io/tx/0x1347504118fe923c8d7cd17df406a5b117d9c2f7d553487e87af7ee640ae18ff)
{% endupdate %}

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

## 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](https://etherscan.io/tx/0x7b1764e17134ce9d5833f750dfa18c55896ede04f0f5465ef5f8cbaa59c6e88e)
{% 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" %}

## 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](https://etherscan.io/tx/0x62e2257bdfc1ccf730fe1ab46d588e2ed41e7f62267937533859d2eef57b973c)
{% 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:** Enabled the Roles Modifier `0x7349EC4650f6DE0748342efb77Bab80d5558028F` on the Curator Safe.

**Rationale:** Sets up the Permissions Layer for KPK's rebalancing agent.

**Tx:** [Enable Roles Modifier](https://etherscan.io/tx/0xc86660de25b78005644814e3cc0771bbb37a0b1d88c311c3d415b9e40b82b9fd)
{% 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 ether.fi 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:**
{% 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 ether.fi 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:**
{% 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="2026-05-18" 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="2026-05-13" 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:**
{% 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, 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:**
{% 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:**
{% 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:**
{% 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:**
{% 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:**
{% 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:**
{% 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:**
{% endupdate %}

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

## USDC Yield

**Change:** Removed deprecated Pendle PT

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

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

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

## USDT Prime

**Change:** Onboarded new markets

**Rationale:** syrupUSDT and weETH.

**Tx:**
{% endupdate %}

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

## USDC Yield

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

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

**Tx:**
{% 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="2026-03-04" tags="ethereum,morpho" %}

## USDC Yield

**Change:** Offboarded 4 underperforming markets

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

**Tx:**
{% 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 Rocket Pool'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:**
{% 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, native rsETH integration and kpwWETH (1,000 WETH quota, 93% liquidation threshold in Tier I and Tier II)

**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:**
{% 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="2025-12-03" tags="ethereum,gearbox" %}

## Emergency Admin

**Change:** Replaced a signer on the Emergency Admin Safe

**Rationale:** Signer rotation; threshold unchanged.

**Tx:** [Tx](https://etherscan.io/tx/0x973e24c0952fcec74102fdf9cc40f5cf89a1dc0f4abf71ffc95507b75a81e7e6)
{% 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="2025-10-24" tags="ethereum,gearbox" %}

## 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](https://etherscan.io/tx/0x4898737fc36f1bf5f0325b60ec1bb2728e4f4a5b8d30ed0961e490e5d6b11d08)
{% 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 %}


---

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