risk managerGauntletcomp.xyz
↓Deprecation of Linea and Mantle Comets
The Compound III markets on Linea where wstETH serves as collateral have seen limited adoption and are being deprecated. New supply is being capped at zero.
Overview
Wrapped stETH(WSTETH)
Token Price$2,007
24h Change-1.27%
All Time HighMay 13, 2022$7,256
All Time LowMay 13, 2022$558.54
Key Metrics
Market Cap$7.34b
Fully Diluted Valuation$7.338b
Circ. Supply3.66m WSTETH
Volume 24h$4.08m
CEX Volume$0
DEX Volume$12.66m
Risks
How much debt can be issued against WSTETH as collateral across lending protocols.
Maximum possible exposure to WSTETH
$2.723b
$601.96m (max additional borrows against WSTETH) + $2.122b (bad debt if WSTETH was hacked now)
Aave V3
$810.09m at-risk exposure = $673.27m bad debt if hacked + $136.82m additional borrowable against WSTETH
Compound V3
$182.45m at-risk exposure = $69.33m bad debt if hacked + $113.12m additional borrowable against WSTETH
Sky Lending
$130.62m at-risk exposure = $24.42m bad debt if hacked + $106.2m additional borrowable against WSTETH
Fluid
$219.94m at-risk exposure = $132.76m bad debt if hacked + $87.18m additional borrowable against WSTETH
SparkLend
$999.01m at-risk exposure = $915.09m bad debt if hacked + $83.92m additional borrowable against WSTETH
Morpho V1
$366.7m at-risk exposure = $305.15m bad debt if hacked + $61.55m additional borrowable against WSTETH
Euler V2
$14.65m at-risk exposure = $1.49m bad debt if hacked + $13.16m additional borrowable against WSTETH
Lista Lending
$42.53 at-risk exposure = $0 bad debt if hacked + $42.53 additional borrowable against WSTETH
Methodology and limitations
Showing collateral exposure for WSTETH on onchain. Max Borrowable uses the backend's liquidity-bounded borrow-capacity metric (`collateralMaxBorrowUsdLiquidity`) for the maximum additional USD debt that can be issued against the asset right now. Bad Debt at $0 is the minimum known bad debt if the collateral asset price goes to zero; null rows are excluded from this total rather than treated as zero, so totals may remain lower bounds.
- These metrics describe lending exposure only and are not a full protocol risk rating.
- This view does not include multisigs, timelocks, audits, oracle incidents, listing discussions, curator reports, or protocol backstops.
- Chain-specific drilldown is exact only when the token resolves to a concrete chain:address.
- Bad debt at $0 is a lower bound when some contributing markets return null for zero-price bad debt; null rows are excluded instead of being treated as zero.
Show exposure details
Each row is one protocol-chain exposure for WSTETH as collateral. Bad debt at $0 totals remain lower bounds when a row is marked partial.
Protocol | Chain | |||
|---|---|---|---|---|
wstETH0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0 | $106.2m | $24.42m | ||
wstETH0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0 | $96.56m | $68.25m | ||
wstETH0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0 | $83.92m | $915.09m | ||
wstETH0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0 | $68.19m | $654.87m | ||
wstETH0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0 | $65.11m | $122.77m | ||
wstETH0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0 | $54.63m | $259.66m | ||
wstETH0x5979d7b546e38e414f7e9822514be443a4800529 | $28.71m | $13.73m | ||
wstETH0xc1cba3fcea344f92d9239c08c0568f6f2f0ee452 | $22.8m | — | ||
wstETH0x5979d7b546e38e414f7e9822514be443a4800529 | $13.86m | $5.56m | ||
wstETH0x5979d7b546e38e414f7e9822514be443a4800529 | $13.81m | — |
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Risk Timeline
Risk-management actions published about WSTETH by tracked risk managers and governance contributors, newest first.
risk managerBlock Analiticaforum.skyeco.com
↑Sky Ecosystem Risk Month in Review: April 2026
Lending-market-model-derived CRR applied to wstETH in Grove × Steakhouse RLUSD Morpho Vault V2 for lending against RLUSD. Onboarding facilitates its use in the new vault with calibrated risk capital to cover potential shortfalls.
contributor@Steakhouseforum.morpho.org
→Upgrading oracles for Prime BTC and ETH markets
wstETH markets are using wstETH/ETH ratio combined with SVR ETH/USD, backed by Chainlink fallbacks, to ensure accurate pricing and reduce exposure to oracle staleness or manipulation.
risk managerGauntletcomp.xyz
→rsETH Oracle Migration and Liquidation Pause on WETH/wstETH Markets
The Ethereum wstETH comet sees a temporary liquidation pause because of intertwined rsETH collateral risks post-exploit, where ongoing uncertainty about backing and Kelp's loss allocation could cause abrupt price steps leading to simultaneous borrower liquidations. The pause allows time for oracle upgrades to ensure prices reflect the asset's true state before resuming.
risk managerGauntletcomp.xyz
→WETH Interest Rate Curve Updates Amid ETH Volatility
The Kelp exploit has spiked volatility in ETH markets, pressuring LST/LRT looping strategies with high negative carry. Lowering kink and max borrow rates for wstETH on Ethereum aims to keep costs low and enable gradual position unwinding without triggering mass liquidations.
contributor@EulerLabsforum.euler.finance
→Sunsetting of DAO-Managed Markets and Vaults
Isolated wstETH markets on Monad and Euler Linea wstETH market are being handed over to curators K3 or AlphaGrowth for continued management, as the DAO sunsets direct operations to minimize conflicts of interest and refocus on infrastructure.
contributor@0x8541cCfc6E7EAcEbD233C6789a0FbF7C708B0E68snapshot.box/s:sparkfi.eth
↑Spark Blue Chip USDT Morpho Vault v2 Adjustments
The wstETH/USDT pool at 86% LLTV is being added with a 250 million absolute cap, leveraging its high onchain liquidity and existing acceptance as collateral in SparkLend to enable efficient USDT reserve allocation.
contributor@ACIgovernance.aave.com
↑Re-enable wstETH borrow caps on Ethereum Core and Prime post-CAPO incident
The CAPO oracle misconfiguration caused a 2.85% downward deviation in the wstETH/stETH exchange rate, triggering E-Mode liquidations with no bad debt incurred. With the oracle now realigned to its true value, restoring borrow caps returns wstETH to normal borrowing capacity without ongoing risk.
contributor@skymoneyforum.morpho.org
↑Sky.money launches USDT Savings Vault and USDS Flagship Vault
The wstETH/USDS market allows wstETH deposits as collateral for USDS borrowing at 86% LLTV, seeded for healthy utilization and enabling ETH-backed leverage within the Flagship Vault's strategy.
risk managerGauntletforum.euler.finance
→Implementation of Adaptive IRM on Euler Arbitrum
Adaptive IRM for wstETH targets 50% utilization with conservative rates from 0.5% min to 5% max, calibrated to maintain stability in lower-utilization LST markets without changing collateral or borrowing exposure.
Token Usage
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Liquidations
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Yields
Showing 10 of 254 pools
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabWSTETHMorpho | $1.51m | 14.14% | 6.15% | ||||||
| open in new tabWSTETH-WETH | $305,165 | 27.53% | 0% | 32.10% | |||||
| open in new tabWSTETH-LEGACY-ETH0.01% fee | CL range 0.49% | $108,159 | 12.26% | 12.26% | 1.30% | |||||
| open in new tabUSDC-WSTETHCL100 - 0.056% | $102,103 | 108% | 108% | 55.11% | |||||
| open in new tabWSTETH-USDCVelodrome | $89,176 | 28.03% | 20.56% | ||||||
| open in new tabAERO-WSTETHCL200 - 1% | $61,799 | 92.68% | 5.41% | 53.58% | |||||
| open in new tabWSTETH | 🪂 | $25,189 | 26.54% | 26.54% | 21.47% | ||||
| open in new tabWSTETH-SDAIUniswap | $23,124 | 12.04% | 17.03% | ||||||
| open in new tabWSTETH-USDC0.05% | $13,340 | 10.91% | 10.91% | 11.04% | |||||
| open in new tabUSDC-WSTETHCL100 - 0.05% | $12,543 | 94.63% | 94.63% | 115% |
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Borrow
Showing 10 of 8804 routes
Pool | Project | Chain | |||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabWSTETH ➞ VVV | $664,572 | 12.46% | 0% | 13.84% | 90% | $53.72m | |||
| open in new tabWSTETH ➞ VVV | $664,572 | 12.46% | 0% | 13.84% | 90% | $28,338 | |||
| open in new tabWSTETH ➞ VVV | $664,572 | 12.18% | 0% | 13.84% | 88% | $148,400 | |||
| open in new tabWSTETH ➞ VVV | $664,572 | 12.18% | 0% | 13.84% | 88% | $125,110 | |||
| open in new tabWSTETH ➞ VVV | $664,572 | 12.04% | 0% | 13.84% | 86.96% | $150,979 | $3,182 | ||
| open in new tabWSTETH ➞ VVV | $664,572 | 11.49% | 0% | 13.84% | 83% | $2.182b | $7,648 | ||
| open in new tabWSTETH ➞ VVV | $664,572 | 11.40% | 0.05% | 13.84% | 82% | $108.47m | $30.87m | ||
| open in new tabWSTETH ➞ VVV | $664,572 | 11.35% | 0% | 13.84% | 82% | $5.6m | $0 | ||
| open in new tabWSTETH ➞ VVV | $664,572 | 11.35% | 0% | 13.84% | 82% | $72.14m | |||
| open in new tabWSTETH ➞ VVV | $664,572 | 11.35% | 0% | 13.84% | 82% | $40.84m |
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