lst collateral asset
wstETH
Wrapped stETH is tracked as collateral exposure with issuer, redemption, deployment, and dependency assumptions separated from protocol-level findings.
reviewedmedium
Exposure
$8.40B
Mapped usage across reviewed markets.
Deployments
5
Ethereum
Controls
4
Issuer, admin, wrapper, and redemption controls.
Market usage
15
Protocol markets referencing this asset.
Asset facts
Typed fields that define the asset risk surface.
NameWrapped stETH
IssuerLido DAO
Typelst
Canonical chainEthereum
BackingNon-rebasing wrapper around stETH that inherits Lido staking and bridge deployment assumptions.
RedemptionUnwrap to stETH, then withdraw through Lido and Ethereum validator exit queues.
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 | 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% |
| Morpho Blue | wstETH/USDC vault markets | Ethereum | 77% | 82% | $2.10B | $1.40B | 88.0% |
| Spark | Ethereum SparkLend | Ethereum | 76% | 81% | $2.90B | $1.90B | 71.0% |
| 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% |
| Lido | stETH/wstETH issuance | Ethereum | 0% | 0% | $12.00B | $0 | 44.0% |
| Silo | Ethereum LST silos | Ethereum | 70% | 76% | $360.0M | $230.0M | 66.0% |
| Euler V2 | Ethereum EVK vaults | Ethereum | 74% | 80% | $780.0M | $490.0M | 70.0% |
| Pendle | LST and LRT yield markets | Ethereum | 0% | 0% | $2.30B | $0 | 81.0% |
| Pendle | Arbitrum yield markets | Arbitrum One | 0% | 0% | $820.0M | $0 | 74.0% |
| Balancer | Ethereum boosted LST pools | Ethereum | 0% | 0% | $620.0M | $0 | 47.0% |
| EigenLayer | Restaked ETH dependencies | Ethereum | 0% | 0% | $7.40B | $0 | 84.0% |
Risk findings
Asset-level assumptions with explicit evidence and outcome text.
| Severity | Dimension | Finding | Outcome | Evidence | Sources |
|---|---|---|---|---|---|
| medium | bridge wrapper | Wrapper inherits stETH exit risk | Liquidations can fail if wrapper liquidity thins. | wstETH is a wrapper and carries stETH redemption and market-liquidity assumptions. |
Dependency edges
Issuer, wrapper, backing, bridge, oracle, and protocol paths touching this asset.
| Severity | Direction | Edge type | Dependency path | Analyst label |
|---|---|---|---|---|
| medium | outbound | settles on | wstETH -> Arbitrum One | wstETH deployment inherits Arbitrum One chain assumptions |
| medium | outbound | settles on | wstETH -> Base | wstETH deployment inherits Base chain assumptions |
| medium | outbound | settles on | wstETH -> OP Mainnet | wstETH deployment inherits OP Mainnet chain assumptions |
| medium | outbound | settles on | wstETH -> Polygon PoS | wstETH deployment inherits Polygon PoS chain assumptions |
| medium | inbound | accepts collateral | Aave V3 -> wstETH | Aave V3 Ethereum core pool accepts wstETH as collateral or core liquidity |
| medium | inbound | accepts collateral | Aave V3 -> wstETH | Aave V3 Arbitrum core pool accepts wstETH as collateral or core liquidity |
| medium | inbound | accepts collateral | Compound III -> wstETH | Compound III Ethereum USDC Comet accepts wstETH as collateral or core liquidity |
| medium | inbound | accepts collateral | Morpho Blue -> wstETH | Morpho Blue wstETH/USDC vault markets accepts wstETH as collateral or core liquidity |
| medium | inbound | accepts collateral | Spark -> wstETH | Spark Ethereum SparkLend accepts wstETH as collateral or core liquidity |
| medium | inbound | accepts collateral | Sky / Maker -> wstETH | Sky / Maker DAI/USDS backing system accepts wstETH as collateral or core liquidity |
| medium | inbound | accepts collateral | Curve -> wstETH | Curve ETH LST pools accepts wstETH as collateral or core liquidity |
| medium | inbound | accepts collateral | Uniswap V3 -> wstETH | Uniswap V3 Major Ethereum pools accepts wstETH as collateral or core liquidity |
| medium | inbound | accepts collateral | Lido -> wstETH | Lido stETH/wstETH issuance accepts wstETH as collateral or core liquidity |
| medium | inbound | accepts collateral | Silo -> wstETH | Silo Ethereum LST silos accepts wstETH as collateral or core liquidity |
| medium | outbound | wraps | wstETH -> stETH | wstETH wraps stETH and inherits Lido withdrawal assumptions |
| low | outbound | settles on | wstETH -> Ethereum | wstETH deployment inherits Ethereum chain assumptions |
Blast radius
Highest-severity mapped paths that could propagate asset risk.
| Severity | Direction | Edge type | Dependency path | Analyst label |
|---|---|---|---|---|
| medium | outbound | settles on | wstETH -> Arbitrum One | wstETH deployment inherits Arbitrum One chain assumptions |
| medium | outbound | settles on | wstETH -> Base | wstETH deployment inherits Base chain assumptions |
| medium | outbound | settles on | wstETH -> OP Mainnet | wstETH deployment inherits OP Mainnet chain assumptions |
| medium | outbound | settles on | wstETH -> Polygon PoS | wstETH deployment inherits Polygon PoS chain assumptions |
| medium | inbound | accepts collateral | Aave V3 -> wstETH | Aave V3 Ethereum core pool accepts wstETH as collateral or core liquidity |
| medium | inbound | accepts collateral | Aave V3 -> wstETH | Aave V3 Arbitrum core pool accepts wstETH as collateral or core liquidity |
| medium | inbound | accepts collateral | Compound III -> wstETH | Compound III Ethereum USDC Comet accepts wstETH as collateral or core liquidity |
| medium | inbound | accepts collateral | Morpho Blue -> wstETH | Morpho Blue wstETH/USDC vault markets accepts wstETH as collateral or core liquidity |
| medium | inbound | accepts collateral | Spark -> wstETH | Spark Ethereum SparkLend accepts wstETH as collateral or core liquidity |
| medium | inbound | accepts collateral | Sky / Maker -> wstETH | Sky / Maker DAI/USDS backing system accepts wstETH as collateral or core liquidity |
| medium | inbound | accepts collateral | Curve -> wstETH | Curve ETH LST pools accepts wstETH as collateral or core liquidity |
| medium | inbound | accepts collateral | Uniswap V3 -> wstETH | Uniswap V3 Major Ethereum pools accepts wstETH as collateral or core liquidity |
| medium | inbound | accepts collateral | Lido -> wstETH | Lido stETH/wstETH issuance accepts wstETH as collateral or core liquidity |
| medium | inbound | accepts collateral | Silo -> wstETH | Silo Ethereum LST silos accepts wstETH as collateral or core liquidity |
| medium | outbound | wraps | wstETH -> stETH | wstETH wraps stETH and inherits Lido withdrawal assumptions |
| low | outbound | settles on | wstETH -> Ethereum | wstETH deployment inherits Ethereum chain assumptions |