> 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/vaults/vaults/gearbox/ethereum/wsteth.md).

# wstETH

KPK wstETH Earn Pool on Gearbox (Ethereum) earns lending interest on top of Lido staking yield from borrowers looping ETH+, savETH, tETH, and Beefy LP collateral, with a 92% utilisation target.

The KPK wstETH Earn Pool channels deposits into Gearbox’s Credit Account system across selected collateral markets. Yield comes from overcollateralised lending rates on top of the underlying Lido staking rate. Strict utilisation caps, quota limits, and dual-oracle pricing help preserve **liquidity buffers** and mitigate market risks.

<mark style="color:$primary;">The vault</mark> provides exposure to **risk-adjusted wstETH yield**.

<table data-view="cards"><thead><tr><th></th><th data-hidden data-type="content-ref"></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td>Deposit</td><td><a href="https://kpk.gearbox.finance/pools/1/0xA9d17f6D3285208280a1Fd9B94479c62e0AABa64">https://kpk.gearbox.finance/pools/1/0xA9d17f6D3285208280a1Fd9B94479c62e0AABa64</a></td><td><a href="https://app.kpk.io/vaults/gearbox-wsteth-mainnet">https://app.kpk.io/vaults/gearbox-wsteth-mainnet</a></td></tr><tr><td>Live metrics</td><td></td><td><a href="https://dune.com/kpk/kpk-gearbox-vaults#kpk-wsteth-pool">https://dune.com/kpk/kpk-gearbox-vaults#kpk-wsteth-pool</a></td></tr></tbody></table>

### Key information

<table data-header-hidden><thead><tr><th width="239.86328125"></th><th></th></tr></thead><tbody><tr><td><strong>Chain</strong></td><td>Ethereum</td></tr><tr><td><strong>Protocol</strong></td><td><a href="https://kpk.gearbox.finance/earn/lp/1/0xA9d17f6D3285208280a1Fd9B94479c62e0AABa64">Gearbox</a></td></tr><tr><td><strong>Standard</strong></td><td><a href="https://ethereum.org/developers/docs/standards/tokens/erc-4626/">ERC-4626</a></td></tr><tr><td><strong>Token</strong></td><td>wstETH</td></tr><tr><td><strong>Address</strong></td><td><a href="https://etherscan.io/address/0xA9d17f6D3285208280a1Fd9B94479c62e0AABa64#code">0xA9d17f6D3285208280a1Fd9B94479c62e0AABa64</a></td></tr><tr><td><strong>Liquidity target</strong></td><td>10%</td></tr><tr><td><strong>Fees</strong></td><td>None for depositors. Borrowers pay an interest fee equal to 20% of the interest they accrue, on top of that interest.</td></tr><tr><td><strong>Utilisation target</strong></td><td>92%</td></tr></tbody></table>

### Strategy

Liquidity from this pool is lent to Gearbox borrowers through the Credit Account mechanism. Borrowers use whitelisted LSTs and ERC-4626 vaults as collateral to build leveraged looping strategies, typically targeting AMM, restaking or staking yields.

The pool doesn’t allocate funds itself. Instead, it relies on borrower activity within **pre-defined pool parameters** set by KPK. Yield comes primarily from borrower interest rates.

This pool targets multiple collaterals within the Ethereum ecosystem, enabling leveraged restaking strategies under tight utilisation controls. Native minting and withdrawals are enabled for various assets within Gearbox. Borrowers can enter the native unstaking queue directly through the protocol, allowing positions to unwind gracefully. This avoids common pitfalls in lending markets without native exit support and enables smoother user onboarding, offboarding, and liquidations.

### Risk framework

The pool’s parameters follow KPK’s [Curation Risk Framework](/vaults/infrastructure/risk-framework.md), which governs asset due diligence, tiering, monitoring, and response procedures. All configuration and parameter updates are recorded in the [Changelog page](https://docs.kpk.io/changelog). Entries include scope, rationale, and transaction references for full transparency.

#### Risk-tier snapshot

Each asset in a KPK Gearbox market is linked to two price feeds: a main oracle and a reserve oracle. These typically combine a market-rate oracle (e.g., Chainlink or RedStone) and a fundamental oracle (reflecting the underlying exchange or redemption rate). The main oracle is used for account valuation and liquidation checks, while the reserve oracle serves as a safety reference during collateral withdrawals or external calls. This [dual-oracle setup](https://docs.gearbox.fi/gearbox-permissionless-doc/competitive-advantages/dual-oracle-pricing) balances market accuracy with resistance to manipulation, protecting LPs during volatility events such as LST depegs.

| Collateral                                                                                       | Issuer    | Risk tier | Quota limit | Liquidation threshold | Main oracle                                                                               | Reserve oracle                                                                            |
| ------------------------------------------------------------------------------------------------ | --------- | --------- | ----------- | --------------------- | ----------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------- |
| ETH+                                                                                             | Reserve   | B         | 3,000       | 93%                   | ​[Fundamental](https://etherscan.io/address/0xA4fd428191e263453BC802cFAD71A31DDDf74895)​  | ​[Fundamental](https://etherscan.io/address/0xA4fd428191e263453BC802cFAD71A31DDDf74895)​  |
| ​[Beefy Curve ETH+/WETH](https://app.beefy.finance/vault/curve-eth+-weth)​                       | Beefy     | C         | 3,000       | 90%                   | ​[ERC4626](https://etherscan.io/address/0xeB1EDcc75D8fA8fe56197e26fdf6ba3314959c93)​      | ​[ERC4626](https://etherscan.io/address/0xd3d2E4aFA87081Ac24B3143d679dA9A858077cab)​      |
| ​[Beefy Balancer rETH/WETH](https://app.beefy.finance/vault/balancerv3-ethereum-waethweth-reth)​ | Beefy     | C         | 3,000       | 90%                   | ​[ERC4626](https://etherscan.io/address/0xf9b51Adf90bb15B6E5aCa89fc272caB92d6b25A7)​      | ​[ERC4626](https://etherscan.io/address/0xd997435585a5D75CDF6C3C84aFC568f19398a68a)​      |
| savETH                                                                                           | Avant     | C         | 3,000       | 91.5%                 | ​[ERC4626 + CL](https://etherscan.io/address/0x71240d0639df41cd2CdBaEcD0c9ad93ac893EA4C)​ | ​[ERC4626 + RS](https://etherscan.io/address/0xC4F654b5D47420Ea4c428B0eb7D8F8CeA143b80D)​ |
| tETH                                                                                             | Treehouse | C         | 500         | 90%                   | ​[Fundamental](https://etherscan.io/address/0x681b59a4145df0907F7f842d10fc26f147B426CA)​  | ​[RedStone](https://etherscan.io/address/0xe65874cEd6c0D9b72C788bAef51C3EEcDb3dD681)​     |
| ​[Beefy Balancer osETH/​WETH](https://app.beefy.com/vault/balancerv3-ethereum-oseth-waethweth)​  | Beefy     | C         | 500         | 90%                   | ​[ERC4626](https://etherscan.io/address/0x1dE780E46a8bb022723c8aB694b819F988eC96D3)​      | ​[ERC4626](https://etherscan.io/address/0xFE26523E2233215575f5A6143Dc8bA25B749c75f)​      |
| ​[Beefy Balancer tETH/wstETH](https://app.beefy.com/vault/balancerv3-ethereum-teth-wsteth)​      | Beefy     | C         | 500         | 90%                   | ​[ERC4626](https://etherscan.io/address/0x5ed6b7FE88d8bfaFeC0dbADa6DdCcE197C824e4E)​      | ​[ERC4626](https://etherscan.io/address/0x163b55eEc0E39D093fBF844E64E2990fE5dFC9fb)​      |

{% hint style="info" %}
Quota limits are displayed in native units.
{% endhint %}

#### Key risks

* Collateral, market and price risk
* Oracle manipulation, staleness, or failure
* Liquidity crunches and liquidation cascades during stress events
* Borrower strategy underperformance or insolvency (bad debt)
* Smart contract vulnerabilities and external dependency risks

These risks are actively monitored and managed, but cannot be fully eliminated. For more information, see the KPK-curated [Products Disclaimer](/vaults/resources/legal/gearbox-disclaimer.md).

### Governance and controls

All critical changes flow through a **layered governance structure** designed for transparency, operational security, and rapid response when needed. Market parameters (collaterals, oracles, debt limits, etc.) are updated by KPK through the Market configurator, with changes executed via a time-locked process:

* **Market configurator**: Configures curated markets. One configurator can manage multiple markets `0x1B265B97EB169fB6668E3258007C3b0242C7bDBE`
* **Timelock**: Enforces a minimum 24-hour delay between approval and execution of pool changes\
  `0xB680c52D339656C5808Df9c426DF1A2103Ed945a`
* **Emergency admin**: Can perform a limited set of emergency actions (e.g. pause pools) without delay to protect solvency. See [Gearbox Permissionless Docs](https://docs.gearbox.fi/gearbox-permissionless-doc/emergency-roles/emergency-admin) for more details.\
  `0x4Ad2419dc6DE75C3f57d7b6Aa200D494c74c1443`


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