StakeWise osETH is an overcollateralized liquid staking token on Ethereum representing ETH staked through permissionless vaults run by diverse node operators. Yield comes from Ethereum consensus and execution layer staking rewards, with osETH's exchange rate appreciating as rewards accrue.
AUM
$255m
Net APY
2.23%
Active Users
2k
Type
Liquid Staking
Network
Ethereum
BBB-
Elevated RiskCeiling AA
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CurrentPotential
This rating is based solely on publicly available information. DeFi protocol risk assessed across Security, Strategy and Operations on the AAA–D scale. 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.
SCSSmart Contract Security94
KMPKey Management Permissions91
MMarket73
LLiquidity93
CCollateral100
PMProtocol Mechanics100
ICEInfra Counterparty Exposures92
PCEProtocol Counterparty Exposures100
GGovernance78
FRFinancial Resilience69
TLCTeam Legal Compliance91
DTDocumentation Transparency100
Performance
Assets Under Management · 30D▼ 6.93%
$255m
Over the last 30 days, the total value of StakeWise osETH has dropped 6.93% with $18.96M in outflows.
Net APY · 30D▼ 0.89%
2.23%
Over the last 30 days, the APY has decreased from 2.25% to 2.23%.
Active Users · 30D▲ 1.48%
2k
Over the last 30 days, active users have increased by 1.48%, reaching 1.8K wallets.
Market Details
ChainEthereum
Treasury$2.30M
Code AuditsHalborn (May 2023) ↗Halborn (Aug 2023) ↗Sigma Prime (Aug 2023) ↗ConsenSys Diligence (Mar 2024) ↗Sigma Prime (Jun 2024) ↗Sigma Prime (Sep 2024) ↗ABDK (Sep 2025) ↗
Oracles UsedStakeWise Oracle Network ↗RedStone ↗Chainlink ↗
Stated Withdrawal Time8 days
Component Ratings
Contract Addresses
Smart Contract0xf1C9...190E38
Keeper0x6B58...b487b5
PriceFeed0x8023...dFe471
GenesisVault0xAC0F...652885
OsTokenConfig0x287d...66eb59
VaultsRegistry0x3a00...4FC20E
SharedMevEscrow0x4831...20Ff86
GovernanceMultisig0x144a...D24934
Key Strengths
S1Extensive independent audit coverage from top security firms spanning all core contracts, with public reports and all critical and high findings resolved.
S2Non-upgradeable core contracts eliminate upgrade risk entirely, while vault upgrades require dual approval from both the vault admin and the DAO.
S3Fully organic yield from Ethereum staking rewards with no token emissions, leverage, or rehypothecation, plus an overcollateralization buffer that protects against slashing losses.
S4Multisig governance with all signers publicly identified and a timelock module enforcing a governance delay with a bond requirement to propose executable transactions.
Key Risks
R1An external DEX exploit destroyed the primary on-chain liquidity pool, sharply reducing secondary-market trading volume; in-protocol redemption remained functional but DEX exit liquidity was severely impaired.
R2Treasury reserves are small relative to total value locked, with no dedicated safety module or binding loss-coverage rules.
R3Moderate governance token concentration among insiders; a dual-approval veto mitigates but does not change the underlying voting distribution.
R4No formally documented incident playbook with tabletop exercises, despite demonstrated ad-hoc signer rotation and crisis-response capability.
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