KPK ETH Yield
Risk reportEthereum0x5dbf…7725
Risk
Depositing into KPK ETH Yield means underwriting risks you usually can't see: how much you could lose, whether you'd get out in time, and what would cover it.
Collateral and oracle exposure
Each token you're exposed to, and the market it backs. If that market breaks, this is how much the vault loses, in dollars and as a share of the vault. Open a row for the price feed, stress curve, and supply-cap detail. Below, the oracles those prices depend on and what is at stake if one is compromised.
Driven by savETH −30% 16% · wstETH −30% 6% · tETH −30% <1% · other <1% · −100% 89% modeled all-to-zero bad-debt ceiling
savETHHybrid68%of vault · bad debt · $1.03mOracle exposure 7%75%of vault · $1.14m68%of vault · $1.03m7%separate path
savETHHybrid68%of vault · bad debt · $1.03mOracle exposure 7%What it's made of
savETH is priced from an exchange-rate/NAV leg (ERC4626 vault share-rate) — no market-rate feed, so it tracks redemption value, not market price.
- → WETH92% LLTV0x943d…d3a7
If it breaks
−30% defaultwstETHHybrid20%of vault · bad debt · $305,157.69Oracle exposure 4%24%of vault · $360,200.1620%of vault · $305,157.694%separate path
wstETHHybrid20%of vault · bad debt · $305,157.69Oracle exposure 4%What it's made of
wstETH is priced from an exchange-rate/NAV leg (wstETH/stETH exchange rate) — no market-rate feed, so it tracks redemption value, not market price.
- → WETH97% LLTV0xbd60…71d8
If it breaks
−30% defaulttETHAUM / rate0.8%of vault · bad debt · $12,889.7Oracle exposure 0.3%1%of vault · $17,269.320.8%of vault · $12,889.70.3%separate path
tETHAUM / rate0.8%of vault · bad debt · $12,889.7Oracle exposure 0.3%What it's made of
Priced off an exchange rate / AUM — insulated from spot depegs, but exposed to rate-provider corruption.
- → WETH92% LLTV0xe3ae…f5a0
If it breaks
−30% defaultweETHHybrid0.1%of vault · bad debt · $2,017.43Oracle exposure <0.1%0.2%of vault · $2,303.470.1%of vault · $2,017.43<0.1%separate path
weETHHybrid0.1%of vault · bad debt · $2,017.43Oracle exposure <0.1%What it's made of
weETH is priced from an exchange-rate/NAV leg (weETH/ETH exchange rate) — no market-rate feed, so it tracks redemption value, not market price.
- → WETH95% LLTV0xbdd2…8a72
If it breaks
−30% default+3 markets with no current position
Oracle dependencies
Up to11%of vault drainable if these feeds are mispriced · $170,777.91
Each price traces to a feed and the on-chain admin that can move it. Compromise either to misprice the collateral and borrow against it. Per-row amounts overlap and are not summed.
- On-chain exchange rate· no external feed or adminprices savETH, wstETH, tETH, weETH11% of vault · $170,777.91mispriceable only via the issuing contract
Loss scenarios
Each row is a distinct failure, and every loss is a share of your deposit — the same percentage whatever you deposited. Loss is that share at a −30% collateral crash, the standard stress; Worst case is the ceiling if everything goes wrong, a conditional loss if it happens rather than a likelihood. Open a row for the loss at every crash depth, the dollar amounts, conditions, and the math.
| Full-deposit & protocol-level(2) | ||||
| 100% | Full deposit | Instant | ||
| 22% | up to 89% | Instant | ||
| Price-driven collateral stress(1) | ||||
| 22% | up to 89% | Instant | ||
| Oracle & liquidation failures(5) | ||||
| 11% | up to 99% | Instant | ||
| 22% | up to 89% | Instant | ||
| 22% | up to 89% | Instant | ||
| 21% | up to 88% | Instant | ||
| — | up to 11% | Instant | ||
| Vault role & allocator(3) | ||||
| — | Full deposit | 3 days | ||
| — | Full deposit | Instant | ||
| — | up to 50% | 3 days | ||
Trust and control
The people and processes that can change this protocol under you.
Vault operators
The roles that can actually move your deposit — the real principal-loss path.
Role timelock 3 days to exit before owner/curator actions land
Curator change queued
The timelock is your window to exit before each one takes effect.
- raise a market's supply cap ×4— applies now; no time to exit first
Sentinels1 · 1 multisigSafety role · veto only
Safety role, not an attack role: can revoke ANY pending timelocked curator change, instantly cut caps, and pull funds from adapters back to idle. Strictly risk-reducing — a captured sentinel cannot introduce new risk.
- 5-of-8 multisig0x354c…7478
Allocators4 · 1 multisig · 3 EOAsReaches deposit · instant
Moves funds between markets the curator has ALREADY approved — instantly, with NO timelock and no exit window. Cannot reach a brand-new market, but can concentrate you into an approved-but-stressed market or order withdrawals so you hit weak liquidity first.
- single key (EOA)0x331d…1204
- single key (EOA)0xaf15…9440
- 2-of-5 multisig0xe5ae…c075
- single key (EOA)0xf0cf…2a75
Audits
- Certora· Dec 15, 2025report
- Blackthorn· Dec 4, 2025report
- Spearbit· Dec 4, 2025report
- Blackthorn· Sep 15, 2025report
Governance & control
Protocol-wide governance: bounded context, not the path to your deposit.
MORPHO0x58D9…c2B2Dependencies that can affect your deposit
8 things this pool relies on but doesn't control. Select one for its story.
Every Morpho Blue market chooses an immutable oracle contract at creation; implementations can be Chainlink-like, exchange-rate, fixed-price, or custom. Failure modes: attacker-favourable price feed (covered in market-oracle-compromise) or price() revert / staleness blocking liquidations (covered in oracle-liveness-or-malfunction).
No quantified loss scenario references this dependency directly.