Change log
This page records all major configuration and parameter changes to KPK-curated Euler vaults.
Entries are listed in reverse chronological order. For current parameters, see the individual pool pages.
2026-06-01
ETH Yield Term
Cycle 2 IRM redeploy. Deployed fresh IRMFixedCyclicalBinaryMonthly (0xbad3...65f1) and installed on both cyclical markets. New borrow APY: 2.3128% (down from cycle 1's 2.3765%).
First scheduled monthly cycle-roll. Primary rate computed from TESR 30D = 2.7920% per the documented formula clamp(TESR, 2.5%, 3.0%) × 0.90 − 0.20%. No other parameters changed.
2026-05-28
ETH Yield Term
Repointed the tETH oracle on eWETH-47 to a Chainlink (tETH/wstETH) × Lido Fundamental (wstETH/ETH) composition. Replaces the kpk-built single-leg adapter (tETH/stETH).
Same on-chain value as before; aligns with eWETH-48's existing Lido leg and matches Euler Prime's tETH topology.
2026-05-27
ETH Yield Term
Security Council Safe called acceptOwnership on the Earn vault, completing the two-step transfer.
Owner now sits with the Security Council, separate from the Curator Safe (day-to-day curator). Matches the role split on the USDC Prime RWA vault.
2026-05-27
ETH Yield Term
Initiated transfer of Earn vault ownership from the Curator Safe to the Security Council Safe (transferOwnership). Completes once the Security Council calls acceptOwnership.
Moves top-level admin to the Security Council after the launch soak period, separating the owner from the day-to-day curator. Matches the role split on the USDC Prime RWA vault.
2026-05-22
USDC Prime RWA
Deprioritised the ACRED/USDC market (eUSDC-107): setCaps to 0, removed from withdraw queue, removed from supply queue. New withdraw queue: Escrow, Sentora RLUSD, STAC/USDC, VBILL/USDC. Supply queue limited to Sentora RLUSD then Escrow.
ACRED is not being onboarded at this point. Withdraw order drains the external Sentora RLUSD market first to preserve KPK-curated market depth for active borrowers. Supply queue excludes VBILL and STAC so fresh deposits don't compress their utilisation; allocation into those markets is handled by the rebalancer or manually.
2026-05-22
ETH Yield Term
Accepted the Euler Prime WETH (eWETH-2) cap, then set the queues: supply queue limited to Euler Prime then Escrow; withdraw queue Escrow, Euler Prime, wstETH, tETH.
Supply queue excludes the cyclical markets so fresh deposits land in variable-rate Euler Prime first; the fixed-rate cyclical markets are topped up by rebalancer at cycle boundaries, avoiding mid-cycle yield dilution. Withdraw order drains Escrow then Euler Prime before the cyclical markets.
2026-05-22
ETH Yield Term
Accepted the wstETH cyclical market (eWETH-48) cap on the Earn vault.
Activates the wstETH cyclical strategy ahead of cycle 1.
2026-05-20
ETH Yield Term
Renamed Earn vault onchain (setName, setSymbol): KPK ETH Cyclical/KPK_ETH_Cyc → KPK ETH Yield Term/KPK_ETH_Term. Submitted 5,000 WETH cap on Euler Prime WETH (eWETH-2) as overflow strategy; 3-day timelock until 2026-05-23.
Aligns onchain metadata with the public product name. Adds the non-cyclical overflow allocation documented on the vault page.
2026-05-19
ETH Yield Term
Launched ETH Yield Term vault with wstETH (Tier A, 90% cap) and tETH (Tier C, 75% cap) term markets; Euler Prime WETH enabled as overflow (90% cap)
Inaugural KPK-curated term ETH borrowing market on Euler, with cyclical fixed-rate IRM. Calendar-aligned monthly terms priced from the Treehouse DOR. Soft-launch ahead of cycle 1 on 2026-06-01.
2026-05-19
Liquidator Safe
Added operator 0xAF150C6D108D0C2c96BbFc3CeF9B4848B5d99440 as Safe owner (threshold 2/5)
Completes the operator onboarding started on 2026-05-14: same signer was already added to the Euler curator (Governor Admin) Safe and the Euler Cyclical Rates ETH Curator Safe, so the three Euler-related Safes now share the same 5-owner / 2-of-5 composition.
2026-05-14
USDC RWA, Cyclical Rates ETH
Onboard new operator address 0xAF150C6D108D0C2c96BbFc3CeF9B4848B5d99440 as Safe owner (threshold 2)
Part of the broader operator onboarding across the KPK curator stack. Adds the new signer to the Euler curator (Governor Admin) Safe and the Euler Cyclical Rates ETH Curator Safe.
Euler curator (Governor Admin) — addOwnerWithThreshold
Euler Cyclical Rates ETH Curator Safe — addOwnerWithThreshold
2026-03-09
USDC RWA
Enabled RLUSD/USDC market (Tier A, 90% cap)
Added as a temporary allocation target to maintain baseline yield when utilisation in Securitize-linked markets (VBILL, STAC, ACRED) is insufficient.
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