# 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.

<table><thead><tr><th width="120.96875">Date</th><th width="124.5">Scope</th><th width="209.171875">Change</th><th width="217.24609375">Description/Rationale</th><th width="216.00390625">Tx/Reference</th></tr></thead><tbody><tr><td>2026-06-01</td><td>ETH Yield Term</td><td>Cycle 2 IRM redeploy. Deployed fresh <code>IRMFixedCyclicalBinaryMonthly</code> (<a href="https://etherscan.io/address/0xbad35946c606e3056a54c6098abdcf46ea5465f1"><code>0xbad3...65f1</code></a>) and installed on both cyclical markets. New borrow APY: <strong>2.3128%</strong> (down from cycle 1's 2.3765%).</td><td>First scheduled monthly cycle-roll. Primary rate computed from TESR 30D = 2.7920% per the documented formula <code>clamp(TESR, 2.5%, 3.0%) × 0.90 − 0.20%</code>. No other parameters changed.</td><td><ul><li><a href="https://etherscan.io/tx/0xfcd4c3c252dd98ba9ed873ac9f4548851993db6cab9ceb4e9612c20dd287aa4c">setInterestRateModel on eWETH-47</a></li><li><a href="https://etherscan.io/tx/0x506a0721c9cccbb15c0e5a2417746aa3ccd3f9ffbc24fe544ade175b8ddcd3bb">setInterestRateModel on eWETH-48</a></li></ul></td></tr><tr><td>2026-05-28</td><td>ETH Yield Term</td><td>Repointed the tETH oracle on <code>eWETH-47</code> to a Chainlink (tETH/wstETH) × Lido Fundamental (wstETH/ETH) composition. Replaces the kpk-built single-leg adapter (tETH/stETH).</td><td>Same on-chain value as before; aligns with <code>eWETH-48</code>'s existing Lido leg and matches Euler Prime's tETH topology.</td><td><a href="https://app.safe.global/transactions/tx?safe=eth:0x715f757146846E6D63929bd2c1b334b18B8A1841&#x26;id=multisig_0x715f757146846E6D63929bd2c1b334b18B8A1841_0xbb01f0a8185564a935407386e7f48fcf47c17bbdbe500913b0ce00ce80dbfa67">Safe batch</a></td></tr><tr><td>2026-05-27</td><td>ETH Yield Term</td><td>Security Council Safe called <code>acceptOwnership</code> on the Earn vault, completing the two-step transfer.</td><td>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.</td><td><a href="https://etherscan.io/tx/0xc5b33110a080d576ea662433af53372cd2a974b539f57b16af722be62de28e56">acceptOwnership</a></td></tr><tr><td>2026-05-27</td><td>ETH Yield Term</td><td>Initiated transfer of Earn vault ownership from the Curator Safe to the Security Council Safe (<code>transferOwnership</code>). Completes once the Security Council calls <code>acceptOwnership</code>.</td><td>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.</td><td><a href="https://app.safe.global/transactions/tx?safe=eth:0x715f757146846E6D63929bd2c1b334b18B8A1841&#x26;id=multisig_0x715f757146846E6D63929bd2c1b334b18B8A1841_0x9a4bdc65cf73eff9a3561016d28e4f8aa6fa347e8c501de53bb1875c9c5a4b96">transferOwnership</a></td></tr><tr><td>2026-05-22</td><td>USDC Prime RWA</td><td>Deprioritised the ACRED/USDC market (<code>eUSDC-107</code>): <code>setCaps</code> 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.</td><td>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.</td><td><ul><li><a href="https://app.safe.global/transactions/tx?safe=eth:0x1572063377a9a4f8065BD7bA0D7fa135cd13051F&#x26;id=multisig_0x1572063377a9a4f8065BD7bA0D7fa135cd13051F_0x169da7c5a64984a3f28ce34f6996884367e8ea3927c972ca60fb924d0b1360ae">setCaps to 0</a></li><li><a href="https://app.safe.global/transactions/tx?safe=eth:0x1572063377a9a4f8065BD7bA0D7fa135cd13051F&#x26;id=multisig_0x1572063377a9a4f8065BD7bA0D7fa135cd13051F_0x6c772a3ed243a8ae3a962bc01d55862f25460ea1b5f55f655cab2c118e2afda2">setWithdrawQueue</a></li><li><a href="https://app.safe.global/transactions/tx?safe=eth:0x1572063377a9a4f8065BD7bA0D7fa135cd13051F&#x26;id=multisig_0x1572063377a9a4f8065BD7bA0D7fa135cd13051F_0xc6440bfd35e223350d13689bb5d44e5fc93f99602dedc09859e044d8db8ec7e1">setSupplyQueue</a></li></ul></td></tr><tr><td>2026-05-22</td><td>ETH Yield Term</td><td>Accepted the Euler Prime WETH (<code>eWETH-2</code>) cap, then set the queues: supply queue limited to Euler Prime then Escrow; withdraw queue Escrow, Euler Prime, wstETH, tETH.</td><td>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.</td><td><ul><li><a href="https://etherscan.io/tx/0x300a63aa8498bc5a2e33721e6f0bf5c3d83f3189d3b3f20960dbb30159ac0b4e">acceptCap</a></li><li><a href="https://etherscan.io/tx/0x666508a424aab0b6ff962529219cb77eeb6e96b27e6f9228f0ce507638cfdd14">setSupplyQueue</a></li><li><a href="https://etherscan.io/tx/0xdae9820edfd613a127d6190263da43efaaaa4fb858c69dcfd51d1d628beb616d">updateWithdrawQueue</a></li></ul></td></tr><tr><td>2026-05-22</td><td>ETH Yield Term</td><td>Accepted the wstETH cyclical market (<code>eWETH-48</code>) cap on the Earn vault.</td><td>Activates the wstETH cyclical strategy ahead of cycle 1.</td><td><a href="https://etherscan.io/tx/0xd1a613e677f3513090541bc910810427d474386a19e8dec85f20f3a429aa0f9b">acceptCap</a></td></tr><tr><td>2026-05-20</td><td>ETH Yield Term</td><td>Renamed Earn vault onchain (<code>setName</code>, <code>setSymbol</code>): <code>KPK ETH Cyclical</code>/<code>KPK_ETH_Cyc</code> → <code>KPK ETH Yield Term</code>/<code>KPK_ETH_Term</code>. Submitted 5,000 WETH cap on Euler Prime WETH (<code>eWETH-2</code>) as overflow strategy; 3-day timelock until 2026-05-23.</td><td>Aligns onchain metadata with the public product name. Adds the non-cyclical overflow allocation documented on the vault page.</td><td><a href="https://app.safe.global/transactions/tx?safe=eth:0x715f757146846E6D63929bd2c1b334b18B8A1841&#x26;id=multisig_0x715f757146846E6D63929bd2c1b334b18B8A1841_0xc577b9799d5221d4b744bd1ef77afddaa3429d398fa1e9bf8e34ce6cd7894a64">Safe batch</a></td></tr><tr><td>2026-05-19</td><td>ETH Yield Term</td><td>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)</td><td>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.</td><td><a href="https://etherscan.io/address/0xB6D6D89ad4b4D61C15a293e28b74f77F6817fF48">Earn vault</a></td></tr><tr><td>2026-05-19</td><td>Liquidator Safe</td><td>Added operator <code>0xAF150C6D108D0C2c96BbFc3CeF9B4848B5d99440</code> as Safe owner (threshold 2/5)</td><td>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.</td><td><a href="https://app.safe.global/transactions/tx?safe=eth:0x856Dc3C271351587d22fba4C14CBE98530F7521c&#x26;id=multisig_0x856Dc3C271351587d22fba4C14CBE98530F7521c_0xef94881121bde7d0f0a19a25fde316667d7082876214fde43b14bf5ea36d174e">addOwnerWithThreshold</a></td></tr><tr><td>2026-05-14</td><td>USDC RWA, Cyclical Rates ETH</td><td>Onboard new operator address <code>0xAF150C6D108D0C2c96BbFc3CeF9B4848B5d99440</code> as Safe owner (threshold 2)</td><td>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.</td><td><ul><li>Euler curator (Governor Admin) — <a href="https://app.safe.global/transactions/tx?safe=eth:0x1572063377a9a4f8065BD7bA0D7fa135cd13051F&#x26;id=multisig_0x1572063377a9a4f8065BD7bA0D7fa135cd13051F_0xc90bb92702cdb0a4971a902f20c838153f3d0ae210b41a0b45d545b99cf17bbb">addOwnerWithThreshold</a></li><li>Euler Cyclical Rates ETH Curator Safe — <a href="https://app.safe.global/transactions/tx?safe=eth:0x715f757146846E6D63929bd2c1b334b18B8A1841&#x26;id=multisig_0x715f757146846E6D63929bd2c1b334b18B8A1841_0x20255ae4ed28ecf62822bbb32ee1eb047958b4da1f33c35de70beb515f068848">addOwnerWithThreshold</a></li></ul></td></tr><tr><td>2026-03-09</td><td>USDC RWA</td><td>Enabled RLUSD/USDC market (Tier A, 90% cap)</td><td>Added as a temporary allocation target to maintain baseline yield when utilisation in Securitize-linked markets (VBILL, STAC, ACRED) is insufficient.</td><td><a href="https://app.safe.global/transactions/tx?safe=eth:0x1572063377a9a4f8065BD7bA0D7fa135cd13051F&#x26;id=multisig_0x1572063377a9a4f8065BD7bA0D7fa135cd13051F_0x824d50adb49300ee9c694604b07d9df36566851fa06f7e1279cc8fdfd25ee0b7">Safe tx</a></td></tr></tbody></table>


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