24h Change-5.59%
All Time HighMay 13, 2022$7,256
All Time LowMay 13, 2022$558.54
Market Cap$7.962b
Fully Diluted Valuation$7.962b
Circ. Supply3.53m wstETH
CEX Volume$0
DEX Volume$28.06m
How much debt can be issued against wstETH as collateral across lending protocols.
Maximum possible exposure to wstETH
$3.135b
$877.95m (max additional borrows against wstETH) + $2.257b (bad debt if wstETH was hacked now)
Aave V3
$1.031b at-risk exposure = $632.61m bad debt if hacked + $398.87m additional borrowable against wstETH
Compound V3
$222.03m at-risk exposure = $74.99m bad debt if hacked + $147.05m additional borrowable against wstETH
Sky Lending
$130.62m at-risk exposure = $31.26m bad debt if hacked + $99.36m additional borrowable against wstETH
Fluid
$267.1m at-risk exposure = $173.35m bad debt if hacked + $93.75m additional borrowable against wstETH
SparkLend
$1.088b at-risk exposure = $999.11m bad debt if hacked + $88.98m additional borrowable against wstETH
Morpho V1
$386.12m at-risk exposure = $343.84m bad debt if hacked + $42.28m additional borrowable against wstETH
Euler V2
$9.19m at-risk exposure = $1.52m bad debt if hacked + $7.67m additional borrowable against wstETH
Lista Lending
$44.24 at-risk exposure = $0 bad debt if hacked + $44.24 additional borrowable against wstETH
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.
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 | $306.59m | $612.2m | ||
wstETH0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0 | $130.77m | $69.93m | ||
wstETH0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0 | $99.36m | $31.26m | ||
wstETH0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0 | $88.98m | $999.11m | ||
wstETH0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0 | $69.79m | $161.56m | ||
wstETH0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0 | $35.38m | $291.64m | ||
wstETH0x5979d7b546e38e414f7e9822514be443a4800529 | $32.66m | $15.34m | ||
wstETH0xc1cba3fcea344f92d9239c08c0568f6f2f0ee452 | $23.61m | — | ||
wstETH0x03b54a6e9a984069379fae1a4fc4dbae93b3bccd | $15.76m | $5.07m | ||
wstETH0x5979d7b546e38e414f7e9822514be443a4800529 | $14.09m | $7.42m |
Risk-management actions published about wstETH by tracked risk managers and governance contributors, newest first.
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.
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.
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.
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.
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.
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.
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.
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.
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.
wstETH's market depth and low volatility allow for a slight LLTV increase to match peers, ensuring risk remains controlled.
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Showing 10 of 264 pools
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabWSTETH-AAVE | $11.7m | 405588% | 405588% | 15135% | |||||
| open in new tabWBTC-WSTETH0.25% | $1.89m | 34.98% | 34.98% | 9.45% | |||||
| open in new tabETH-STETH0.10% | $177,574 | 24.31% | 24.31% | 71.41% | |||||
| open in new tabAERO-WSTETHCL200 - 1% | $171,029 | 36.31% | 2.12% | 71.66% | |||||
| open in new tabUSDC-WSTETHCL100 - 0.041% | $116,075 | 57.17% | 57.17% | 25.90% | |||||
| open in new tabWSTETH | 🪂 | $28,155 | 27.26% | 27.26% | 4.95% | ||||
| open in new tabWSTETH-USDC0.3% | $20,140 | 32.71% | 32.71% | 21.32% | |||||
| open in new tabWSTETH-USDC0.05% | $13,945 | 25.57% | 25.57% | 10.77% | |||||
| open in new tabOHM-WSTETH | $13,910 | 281385% | 281385% | 10539% | |||||
| open in new tabLDO-WSTETH | $11,783 | 112604% | 112604% | 4159% |
Showing 10 of 12070 routes
Pool | Project | Chain | |||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabWSTETH ➞ MORPHO | $10.34m | 2.91% | 0.36% | 3.15% | 81% | $262,435 | $7,969 | ||
| open in new tabWSTETH ➞ MORPHO | $10.34m | 2.83% | 0% | 3.15% | 90% | $43.52m | |||
| open in new tabWSTETH ➞ MORPHO | $10.34m | 2.83% | 0% | 3.15% | 90% | $34,099 | |||
| open in new tabWSTETH ➞ MORPHO | $10.34m | 2.77% | 0.04% | 3.15% | 86.96% | $170,406 | $11,713 | ||
| open in new tabWSTETH ➞ MORPHO | $10.34m | 2.77% | 0% | 3.15% | 88% | $162,827 | |||
| open in new tabWSTETH ➞ MORPHO | $10.34m | 2.77% | 0% | 3.15% | 88% | $138,470 | |||
| open in new tabWSTETH ➞ MORPHO | $10.34m | 2.68% | 0.13% | 3.15% | 81% | $2.05m | $319,954 | ||
| open in new tabWSTETH ➞ MORPHO | $10.34m | 2.65% | 0.07% | 3.15% | 82% | $98.61m | $34.07m | ||
| open in new tabWSTETH ➞ MORPHO | $10.34m | 2.61% | 0% | 3.15% | 83% | $1.946b | $26,130 | ||
| open in new tabWSTETH ➞ MORPHO | $10.34m | 2.58% | 0% | 3.15% | 82% | $4.88m | $0 |
