> 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/euler/change-log.md). # 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.
DateScopeChangeDescription/RationaleTx/Reference
2026-08-18USDC Prime RWAEnabled the HINC/USDC market (eUSDC-137). Deployed the RedStone oracle adapter, pointed the KPK router at HINC/USD and the ecHINC collateral vault, set LTV/LLTV to 66/74%, and transferred market governance to the Curator Safe.Third Securitize market, tier C at a 50% allocation cap. Adds high-yield credit alongside the Treasury (VBILL) and AAA CLO (STAC) markets, at a materially higher borrow rate.
2026-08-17USDC Prime RWADeployed and parameterised the HINC/USDC market (eUSDC-137): $2m supply cap, $1.96m borrow cap, 10% max liquidation discount, 60-minute cool-off, 2.5% interest fee, IRM at 3.5% base and 5.0% at a 96% kink. No collateral enabled yet.Prepares the third Securitize market for a prompt launch. The high kink and gentle post-kink slope suit collateral that cannot be unwound quickly, where a punitive rate would raise bad-debt risk rather than defend liquidity. The lower interest fee favours depositors.
2026-08-13ETH Yield TermInstalled the cycle 4 IRM (0xd51c...e89d) on eWETH-48, which the 1 August roll had not applied. Both cyclical markets now run the same IRM.Brings both cyclical markets onto the same cycle 4 rate. eWETH-48 had continued on the cycle 3 rate in the interim, 4.65bps higher.
2026-08-11USDC Prime RWAEnabled the PYUSD/USDC market (eUSDC-80) as a second overflow market (Tier A, 65% cap). Supply queue reordered to PYUSD, RLUSD, Escrow; PYUSD inserted second in the withdraw queue.Adds a second Sentora-curated overflow venue alongside RLUSD, so the rebalancing agent can move between them as borrow rates diverge while keeping a buffer that supports withdrawal liquidity. Supply order sends fresh deposits to the higher-yielding overflow market first.
2026-08-01ETH Yield TermCycle 4 IRM redeploy. Deployed fresh IRMFixedCyclicalBinaryMonthly (0xd51c...e89d). New borrow APY: 2.2297% (down from cycle 3's 2.2762%). Applied to eWETH-47 only; eWETH-48 was corrected on 13 August.Third scheduled monthly cycle-roll. Primary rate computed from TESR 30D = 2.6996% per the documented formula clamp(TESR, 2.5%, 3.0%) × 0.90 − 0.20%; the reading sat inside the 2.5–3.0% band. No other parameters changed.
2026-07-01ETH Yield TermCycle 3 IRM redeploy. Deployed fresh IRMFixedCyclicalBinaryMonthly (0x6439...5f2c) and installed on both cyclical markets. New borrow APY: 2.2762% (down from cycle 2's 2.3128%).Second scheduled monthly cycle-roll. Primary rate computed from TESR 30D = 2.7513% per the documented formula clamp(TESR, 2.5%, 3.0%) × 0.90 − 0.20%; the reading sat inside the 2.5–3.0% band. No other parameters changed.
2026-06-01ETH Yield TermCycle 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.
2026-05-28ETH Yield TermRepointed 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.Safe batch
2026-05-27ETH Yield TermSecurity 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.acceptOwnership
2026-05-27ETH Yield TermInitiated 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.transferOwnership
2026-05-22USDC Prime RWADeprioritised 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.
2026-05-22ETH Yield TermAccepted 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.
2026-05-22ETH Yield TermAccepted the wstETH cyclical market (eWETH-48) cap on the Earn vault.Activates the wstETH cyclical strategy ahead of cycle 1.acceptCap
2026-05-20ETH Yield TermRenamed 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.Safe batch
2026-05-19ETH Yield TermLaunched 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.Earn vault
2026-05-19Liquidator SafeAdded 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.addOwnerWithThreshold
2026-05-14USDC RWA, Cyclical Rates ETHOnboard 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.
2026-03-09USDC RWAEnabled 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.Safe tx
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