wrapped collateral asset
WETH
Wrapped Ether is tracked as collateral exposure with issuer, redemption, deployment, and dependency assumptions separated from protocol-level findings.
reviewedmedium
Exposure
$13.60B
Mapped usage across reviewed markets.
Deployments
5
Ethereum
Controls
3
Issuer, admin, wrapper, and redemption controls.
Market usage
25
Protocol markets referencing this asset.
Asset facts
Typed fields that define the asset risk surface.
NameWrapped Ether
IssuerWETH contract
Typewrapped
Canonical chainEthereum
BackingCanonical wrapper around ETH on each chain deployment.
RedemptionUnwraps 1:1 into native ETH on the same chain when the wrapper contract is live.
Review statusreviewed
Deployments
Canonical chain and cross-chain deployment footprint.
| Chain | Role | Settlement | L2 stage |
|---|---|---|---|
| Ethereum | canonical | Ethereum L1 | Not applicable |
| Arbitrum One | deployment | Ethereum L1 | Stage 1 |
| Base | deployment | Ethereum L1 | Stage 1 |
| OP Mainnet | deployment | Ethereum L1 | Stage 1 |
| Polygon PoS | deployment | Ethereum contracts + validator set | Not documented |
Protocol market exposure
Markets where this asset is accepted as collateral.
| Protocol | Market | Chain | LTV | Liquidation | Supply cap | Borrow cap | Utilization |
|---|---|---|---|---|---|---|---|
| Aave V3 | Ethereum core pool | Ethereum | 78% | 83% | $8.00B | $5.20B | 74.0% |
| Aave V3 | Base core pool | Base | 75% | 80% | $2.60B | $1.50B | 69.0% |
| Aave V3 | Arbitrum core pool | Arbitrum One | 75% | 81% | $3.40B | $2.10B | 72.0% |
| Compound III | Ethereum USDC Comet | Ethereum | 79% | 85% | $1.30B | $900.0M | 67.0% |
| Compound III | Base USDC Comet | Base | 76% | 82% | $850.0M | $540.0M | 81.0% |
| Morpho Blue | wstETH/USDC vault markets | Ethereum | 77% | 82% | $2.10B | $1.40B | 88.0% |
| Morpho Blue | Base cbETH/USDC markets | Base | 72% | 78% | $900.0M | $520.0M | 76.0% |
| Spark | Ethereum SparkLend | Ethereum | 76% | 81% | $2.90B | $1.90B | 71.0% |
| Spark | Base stable markets | Base | 75% | 80% | $780.0M | $450.0M | 58.0% |
| Sky / Maker | DAI/USDS backing system | Ethereum | 66% | 72% | $6.00B | $3.80B | 62.0% |
| Curve | ETH LST pools | Ethereum | 0% | 0% | $1.20B | $0 | 49.0% |
| Uniswap V3 | Major Ethereum pools | Ethereum | 0% | 0% | $2.40B | $0 | 57.0% |
| Uniswap V3 | Base major pools | Base | 0% | 0% | $820.0M | $0 | 61.0% |
| Lido | stETH/wstETH issuance | Ethereum | 0% | 0% | $12.00B | $0 | 44.0% |
| ether.fi | weETH issuance and deployments | Ethereum | 0% | 0% | $3.20B | $0 | 68.0% |
| KelpDAO | rsETH issuance and deployments | Ethereum | 0% | 0% | $880.0M | $0 | 73.0% |
| Frax Finance | FRAX stablecoin and lending | Ethereum | 72% | 78% | $900.0M | $520.0M | 63.0% |
| Silo | Ethereum LST silos | Ethereum | 70% | 76% | $360.0M | $230.0M | 66.0% |
| Silo | Arbitrum stable silos | Arbitrum One | 72% | 78% | $190.0M | $90.0M | 52.0% |
| Euler V2 | Ethereum EVK vaults | Ethereum | 74% | 80% | $780.0M | $490.0M | 70.0% |
| Balancer | Ethereum boosted LST pools | Ethereum | 0% | 0% | $620.0M | $0 | 47.0% |
| Coinbase cbETH | cbETH issuance and markets | Base | 0% | 0% | $1.40B | $0 | 55.0% |
| Rocket Pool | rETH issuance and liquidity | Ethereum | 0% | 0% | $1.10B | $0 | 46.0% |
| Wormhole | Bridged asset routes | Ethereum | 0% | 0% | $900.0M | $0 | 64.0% |
| Across | Cross-chain bridge liquidity | Ethereum | 0% | 0% | $640.0M | $0 | 58.0% |
Risk findings
Asset-level assumptions with explicit evidence and outcome text.
| Severity | Dimension | Finding | Outcome | Evidence | Sources |
|---|---|---|---|---|---|
| medium | chain settlement da | Chain-specific WETH inherits chain risk | A chain failure can affect withdrawals or liquidation execution. | WETH collateral on L2s depends on that chain's settlement and bridge path. |
Dependency edges
Issuer, wrapper, backing, bridge, oracle, and protocol paths touching this asset.
| Severity | Direction | Edge type | Dependency path | Analyst label |
|---|---|---|---|---|
| critical | inbound | backs | rsETH -> WETH | rsETH is backed by restaked ETH positions |
| high | inbound | backs | eETH -> WETH | eETH is backed by ETH staking and restaking positions |
| high | inbound | backs | ezETH -> WETH | ezETH is backed by restaked ETH positions |
| medium | outbound | settles on | WETH -> Arbitrum One | WETH deployment inherits Arbitrum One chain assumptions |
| medium | outbound | settles on | WETH -> Base | WETH deployment inherits Base chain assumptions |
| medium | outbound | settles on | WETH -> OP Mainnet | WETH deployment inherits OP Mainnet chain assumptions |
| medium | outbound | settles on | WETH -> Polygon PoS | WETH deployment inherits Polygon PoS chain assumptions |
| medium | inbound | backs | stETH -> WETH | stETH value depends on staked ETH redemption |
| medium | inbound | depends on | WBTC -> WETH | WBTC liquidation depth depends on ETH and stablecoin markets during stress |
| low | outbound | settles on | WETH -> Ethereum | WETH deployment inherits Ethereum chain assumptions |
| low | inbound | accepts collateral | Aave V3 -> WETH | Aave V3 Ethereum core pool accepts WETH as collateral or core liquidity |
| low | inbound | accepts collateral | Aave V3 -> WETH | Aave V3 Base core pool accepts WETH as collateral or core liquidity |
| low | inbound | accepts collateral | Aave V3 -> WETH | Aave V3 Arbitrum core pool accepts WETH as collateral or core liquidity |
| low | inbound | accepts collateral | Compound III -> WETH | Compound III Ethereum USDC Comet accepts WETH as collateral or core liquidity |
| low | inbound | accepts collateral | Compound III -> WETH | Compound III Base USDC Comet accepts WETH as collateral or core liquidity |
| low | inbound | accepts collateral | Morpho Blue -> WETH | Morpho Blue wstETH/USDC vault markets accepts WETH as collateral or core liquidity |
| low | inbound | accepts collateral | Morpho Blue -> WETH | Morpho Blue Base cbETH/USDC markets accepts WETH as collateral or core liquidity |
| low | inbound | accepts collateral | Spark -> WETH | Spark Ethereum SparkLend accepts WETH as collateral or core liquidity |
| low | inbound | accepts collateral | Spark -> WETH | Spark Base stable markets accepts WETH as collateral or core liquidity |
| low | inbound | accepts collateral | Sky / Maker -> WETH | Sky / Maker DAI/USDS backing system accepts WETH as collateral or core liquidity |
| low | inbound | accepts collateral | Curve -> WETH | Curve ETH LST pools accepts WETH as collateral or core liquidity |
| low | inbound | accepts collateral | Uniswap V3 -> WETH | Uniswap V3 Major Ethereum pools accepts WETH as collateral or core liquidity |
| low | inbound | accepts collateral | Uniswap V3 -> WETH | Uniswap V3 Base major pools accepts WETH as collateral or core liquidity |
| low | inbound | accepts collateral | Lido -> WETH | Lido stETH/wstETH issuance accepts WETH as collateral or core liquidity |
| low | inbound | accepts collateral | ether.fi -> WETH | ether.fi weETH issuance and deployments accepts WETH as collateral or core liquidity |
| low | inbound | accepts collateral | KelpDAO -> WETH | KelpDAO rsETH issuance and deployments accepts WETH as collateral or core liquidity |
| low | inbound | accepts collateral | Frax Finance -> WETH | Frax Finance FRAX stablecoin and lending accepts WETH as collateral or core liquidity |
| low | inbound | accepts collateral | Silo -> WETH | Silo Ethereum LST silos accepts WETH as collateral or core liquidity |
Blast radius
Highest-severity mapped paths that could propagate asset risk.
| Severity | Direction | Edge type | Dependency path | Analyst label |
|---|---|---|---|---|
| critical | inbound | backs | rsETH -> WETH | rsETH is backed by restaked ETH positions |
| high | inbound | backs | eETH -> WETH | eETH is backed by ETH staking and restaking positions |
| high | inbound | backs | ezETH -> WETH | ezETH is backed by restaked ETH positions |
| medium | outbound | settles on | WETH -> Arbitrum One | WETH deployment inherits Arbitrum One chain assumptions |
| medium | outbound | settles on | WETH -> Base | WETH deployment inherits Base chain assumptions |
| medium | outbound | settles on | WETH -> OP Mainnet | WETH deployment inherits OP Mainnet chain assumptions |
| medium | outbound | settles on | WETH -> Polygon PoS | WETH deployment inherits Polygon PoS chain assumptions |
| medium | inbound | backs | stETH -> WETH | stETH value depends on staked ETH redemption |
| medium | inbound | depends on | WBTC -> WETH | WBTC liquidation depth depends on ETH and stablecoin markets during stress |
| low | outbound | settles on | WETH -> Ethereum | WETH deployment inherits Ethereum chain assumptions |
| low | inbound | accepts collateral | Aave V3 -> WETH | Aave V3 Ethereum core pool accepts WETH as collateral or core liquidity |
| low | inbound | accepts collateral | Aave V3 -> WETH | Aave V3 Base core pool accepts WETH as collateral or core liquidity |
| low | inbound | accepts collateral | Aave V3 -> WETH | Aave V3 Arbitrum core pool accepts WETH as collateral or core liquidity |
| low | inbound | accepts collateral | Compound III -> WETH | Compound III Ethereum USDC Comet accepts WETH as collateral or core liquidity |
| low | inbound | accepts collateral | Compound III -> WETH | Compound III Base USDC Comet accepts WETH as collateral or core liquidity |
| low | inbound | accepts collateral | Morpho Blue -> WETH | Morpho Blue wstETH/USDC vault markets accepts WETH as collateral or core liquidity |
| low | inbound | accepts collateral | Morpho Blue -> WETH | Morpho Blue Base cbETH/USDC markets accepts WETH as collateral or core liquidity |
| low | inbound | accepts collateral | Spark -> WETH | Spark Ethereum SparkLend accepts WETH as collateral or core liquidity |
| low | inbound | accepts collateral | Spark -> WETH | Spark Base stable markets accepts WETH as collateral or core liquidity |
| low | inbound | accepts collateral | Sky / Maker -> WETH | Sky / Maker DAI/USDS backing system accepts WETH as collateral or core liquidity |
| low | inbound | accepts collateral | Curve -> WETH | Curve ETH LST pools accepts WETH as collateral or core liquidity |
| low | inbound | accepts collateral | Uniswap V3 -> WETH | Uniswap V3 Major Ethereum pools accepts WETH as collateral or core liquidity |
| low | inbound | accepts collateral | Uniswap V3 -> WETH | Uniswap V3 Base major pools accepts WETH as collateral or core liquidity |
| low | inbound | accepts collateral | Lido -> WETH | Lido stETH/wstETH issuance accepts WETH as collateral or core liquidity |
| low | inbound | accepts collateral | ether.fi -> WETH | ether.fi weETH issuance and deployments accepts WETH as collateral or core liquidity |
| low | inbound | accepts collateral | KelpDAO -> WETH | KelpDAO rsETH issuance and deployments accepts WETH as collateral or core liquidity |
| low | inbound | accepts collateral | Frax Finance -> WETH | Frax Finance FRAX stablecoin and lending accepts WETH as collateral or core liquidity |
| low | inbound | accepts collateral | Silo -> WETH | Silo Ethereum LST silos accepts WETH as collateral or core liquidity |