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Yearn

Katana Pre-Deposit WETHVault

Pre-deposit WETH routed via Katana VaultBridge into Gauntlet's ~90% ETH-LST Morpho book; locked until migration.

EthereumEthereum1.98% APY$19.7M TVLView on Yearn↗

Risk signals

B71Risk profile breakdown

Deposit WETH, but this Yearn V3 pre-deposit vault routes 100% through Katana's VaultBridge (a new, triple-audited cross-chain bridge) into a Gauntlet Morpho vault lending against ~90% blue-chip ETH-LSTs — clean collateral at an S2×P2 79 anchor, −8 soft (LRT tilt, bridged form, pre-deposit lock with on-chain maxWithdraw=0), landing B 71. No multiplier: the bridge custody risk is priced in P2-not-P1 + the soft deltas, not a crater.

Risk profile

  • ProtocolYearn V3B⁺ (78)
  • StrategyBlue-chip collateral lendingA (88)
  • Collateralcollateral modifier -2B⁺ (80)
  • Liquidity0.0% withdrawable at snapshotD (15)
  • Governanceno flags foundA (92)
  • Concentrationno concentration flagA (90)
  • Exposure46% weETH + 44% wstETH (Gauntlet Morpho)
Profile shown. The grade is computed with hard caps, not an average of these axes.

Risks

  • High

    Katana VaultBridge custody/bridge layer is the load-bearing risk and the weakest custody-path link

    <1yr-old cross-chain infrastructure whose 1:1 WETH solvency depends on Agglayer pessimistic-proof cryptography + a Morpho liquidity buffer; a bridge or proof bug impairs the wrapper regardless of the clean terminal collateral. Three reputable audits (SigmaPrime, ChainSecurity, Certora FV) + bug bounty mitigate but do not erase the novel attack surface (P2 anchor-cap + bridged-form −2 + withdrawability −4).

  • Medium

    Three-hop wrap (Yearn strategy → vbETH bridge token → Gauntlet MetaMorpho) means the depositor is exposed to four stacked smart-contract surfaces and a cross-chain redemption path; withdrawal in WETH relies on de-allocating the L1 Morpho position through the bridge buffer (on-chain reservePercentage=0).

  • Medium

    Terminal collateral concentration in ETH-LST

    ~46% weETH (LRT — AVS-slashing + stacked exit-queue risk) + ~44% wstETH at 94.5–96.5% LLTV; correlation-appropriate and Gauntlet-curated with healthy util, but a sharp LST/LRT depeg or exit-queue stress is the genuine market risk at the bottom of the stack.

What makes the score

  • AnchorS2 blue-chip collateral lending × P2 established79
  • Adjustmentscollateral quality −2 · bridged wrapped form −2 · withdrawability −4−8
  • Score / 100Composite grade B71
  • −2 · collateral_quality
  • −2 · bridged_wrapped_form
  • −4 · withdrawability

Contract & governance

Contract age
—
Audited
YesTrail of Bits, ChainSecurity, MixBytes, yAudit, ChainSafe
Verified
—
Depositor concentrationShare of the vault held by the top 5 wallets. Lower = more distributed. High concentration means one large depositor exiting can drain liquidity.
—
Depeg risk
—
Admin key
—
Audited

Yeelds Grade

B

71/100

higher = safer

Graded 2026-06-18 · methodology v1.1 · a dated opinion, not a guarantee · how it's graded

Governance & Security

On-chain key-management — who controls the vault and how slowly they can move.

⚠ Zero / short timelock
OwnerRolemanager (operator 6-of-9)
CuratorSafe-set (6-of-9 + 4-of-N + 3-of-N)
Catastrophic timelockinstant ⚠
SentinelIndependent sentinel
OperatorNamed / verified operator

Read on-chain · Jun 18, 2026 · vault contract ↗

Exposure

StrategyVault
Typesingle
Categoryblue chip
Yield sourceStrategy returns
Underlying tokensWETH

Incentive Campaigns

Campaign details available after Merkl/Metrom integration.

Opportunity review

Pre-deposit WETH routed via Katana VaultBridge into Gauntlet's ~90% ETH-LST Morpho book; locked until migration.

Yield composition

1.98%
Strategy returns: 1.98%Incentive rewards: 0.00%
Organic ratio: 100%

Rewards simulation

on a $1,000 deposit

$0.05
per day
$1.63
per month
$19.79
per year

Estimates based on current APY. Actual returns may vary.

Deposit on Yearn→