StakeWise

StakeWise osETH

StakeWise osETH is an overcollateralized liquid staking token on Ethereum representing staked ETH across permissionless validator vaults. Yield is generated from Ethereum consensus and execution layer rewards, with a 10% overcollateralization buffer protecting against slashing losses.

AUM

$340.94m-31.69%

APY

1.90%-9.09%

BBB-Rated Protocol

Updated Apr 14, 2026

Risk Rating

BBB-

AAAAAABBBBBBCCCCCCD

This rating is based solely on publicly available information. The range from BBB- to AA reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.

SCS: Smart Contract Security

KMP: Key Management Permissions

M: Market

L: Liquidity

C: Collateral

PM: Protocol Mechanics

ICE: Infra Counterparty Exposures

PCE: Protocol Counterparty Exposures

G: Governance

FR: Financial Resilience

TLC: Team Legal Compliance

DT: Documentation Transparency

Potential Score

Provider risk assessed across Business, Operations, Reliability, and Security.

View the detailed scoring breakdown

Challenge this rating Learn about our ratings

Contract Addresses

TokenContract

0xf1C9...0E38

Keeper

0x6B58...87b5

PriceFeed

0x8023...e471

GenesisVault

0xAC0F...2885

OsTokenConfig

0x287d...eb59

VaultsRegistry

0x3a00...C20E

SharedMevEscrow

0x4831...Ff86

GovernanceMultisig

0x144a...4934

OsTokenVaultController

0x2A26...0306

Key Strengths

Extensive audit coverage from top firms including Sigma Prime, ConsenSys Diligence, Halborn, and ABDK, with all critical and high findings resolved
Core contracts are non-upgradeable, eliminating upgrade risk entirely; vault upgrades require dual approval from vault admin and DAO
100% organic yield from Ethereum staking rewards with no token emissions, leverage, or rehypothecation; overcollateralization buffer protects against slashing losses
Governance multisig with publicly identified signers and SafeSnap module providing governance delay with bond requirement
Demonstrated large-scale redemption capability with significant portion of TVL redeemed without issues
Diverse validator set across permissionless vaults with permissionless osETH minting
Proven crisis response including rapid recovery during the Balancer hack and real-world signer rotations demonstrating tested incident response
Protocol operational since 2021, surviving multiple crypto-wide downturns without depositor haircuts or emergency dilution
Non-upgradeable core contracts and independent oracle operators ensure protocol remains fully operational even if team disappears

Key Risks

No formally documented incident playbook with tabletop exercises despite demonstrated ad-hoc signer rotation and crisis response capability
Balancer hack destroyed primary DEX liquidity pool, severely impairing DEX exit liquidity; in-protocol redemption remained functional
Historical peg deviation exceeded the low-risk threshold for peg stability, though it resolved within days
Monitoring exists but lacks automated protective actions beyond the KeeperRewards APY cap; no documented response SLAs under 15 minutes
DAO treasury remains small relative to TVL with no dedicated safety module or binding loss-coverage rules
Moderate voting concentration in governance token allocation; dual approval veto mitigates but does not change voting distribution
Several oracle operators lack verified security certifications
No formally documented on-call SLAs despite demonstrated ad-hoc rapid response capability