0xE893…6224FC

Yearn OG WETH

ymvOG-WETH

Ethereum

Curated by Yearn·Inception 2025-04-24·Guardian 0xFEB4acf3df3cDEA7399794D0869ef76A6EfAff52

Ethereum

WETH

Open on Morpho

Net APY1.48%

-0.64%30d 2.12%

TVL$2.53M

+106.16%Capacity $3.79M

Utilization83%

Healthy

Risk score

Low

Market 12

·Loan demand 33

Complexity31Standard strategy

Liquidity37/100

Instant redemption available

Performance fee5%Below median

Plain English explanationWritten by vaults.xyz research · model card · last update 2026-05-12

What this vault actually does

Yearn OG vaults lend underlying assets to markets labeled as moderate risk (-2) by the Yearn team. Optimization across markets is handled automatically via an algorithm developed by Yearn. Supply caps are set based on various factors and continuously monitored by the Yearn team as well.

Yield decomposition

What you are actually getting paid for, expressed as a share of net APY.

Hover for source breakdownTotal · 1.48% gross APY

Curator performance fee−5.00%→1.48% net

Borrower lending demand

Structural

Interest paid by borrowers on Morpho Blue markets the vault supplies into.

1.41%95.3% of yield · 141 bps

Protocol incentives

Incentive

Estimated boost from Morpho-side rewards programs and curator rebates active on these markets.

0.07%4.7% of yield · 7 bps

What breaks this vault

The honest version. Every structural failure mode this vault is exposed to, ranked by severity. If you want to know whether to invest, start here.

Weighted LLTV across markets is 96.4%. Sharp collateral drawdowns can trigger cascading liquidations faster than vault parameters can be adjusted.

Vault is split across 7 markets. More markets means more parameter surface area for the curator to monitor.

Hidden exposure map

What this vault is actually exposed to — including dependencies that are not visible from the strategy name.

wstETH

95%

Liquid stakingCollateral asset in vault allocations.

weETH

Liquid restakingCollateral asset in vault allocations.

ETH+

Lending venueCollateral asset in vault allocations.

WBTC

Lending venueCollateral asset in vault allocations.

cbBTC

Lending venueCollateral asset in vault allocations.

WETH

100%

Lending venueLoan asset supplied by the vault.

Reading this map. Direct exposures are the assets the vault holds or lends against. Indirect dependencies (Tab 3) include the protocols that mint those assets, the oracles pricing them, and the bridges that move them. An incident at any indirect dependency can damage the vault even when the direct collateral looks healthy.

Allocation breakdown

Every market the vault has supplied into, with current LTV, LLTV, oracle, and IRM. Idle balances are listed explicitly.

Markets6+ idle buffer

wstETH / WETH95.0%

weETH / WETH3.5%

WBTC / WETH1.5%

wstETH / WETH0.0%

ETH+ / WETH0.0%

cbBTC / WETH0.0%

idle / WETH0.0%

Market	Protocol	Allocation	LTV / LLTV	Utilization	Oracle	IRM
idle / WETH	Morpho Blue	0.0%$0	—	—	0x00000000…	0x00000000…
wstETH / WETH	Morpho Blue	0.0%$0	80% / 94.5%14.2 pts headroom	86%	0xbD60A677…	0x870aC11D…
wstETH / WETH	Morpho Blue	95.0%$2.4M	82% / 96.5%14.5 pts headroom	83%	0xbD60A677…	0x870aC11D…
weETH / WETH	Morpho Blue	3.5%$88.87K	80% / 94.5%14.2 pts headroom	77%	0xbDd2F2D4…	0x870aC11D…
ETH+ / WETH	Morpho Blue	0.0%$0	80% / 94.5%14.2 pts headroom	36%	0x0705CDc1…	0x870aC11D…
WBTC / WETH	Morpho Blue	1.5%$37.4K	78% / 91.5%13.7 pts headroom	84%	0xc29B3Bc0…	0x870aC11D…
cbBTC / WETH	Morpho Blue	0.0%$0	78% / 91.5%13.7 pts headroom	91%	0x8F653cCF…	0x870aC11D…

Stress scenarios

Modeled NAV impact under historical and hypothetical tail events. Each impact = − (shock magnitude) × (vault exposure) × (pass-through). Hover the calculator icon for the per-scenario formula.

Morpho Blue contract vulnerability

rare

computed

Tail-case: a vulnerability surfaces in Morpho Blue that affects the vault's largest single market (95% of TVL). Modeled at 50% loss on that exposure; full vault is not assumed at risk since markets are isolated.

−50% × 95% (largest market) × 100% pass-through

-47.5%

Recovery patch + governance

95% exposed

Curator misallocation

unlikely

computed

Curator routes into a market that develops bad debt or an oracle break. Worst single position is 95.0% of TVL; top-3 concentration is 100%. Modeled at 50% bad-debt recovery on the worst position.

−50% × 95.0% (worst market) × 100% pass-through

-47.5%

Recovery 30–90 days

95% exposed

ETH market drawdown

possible

computed

A 30%+ cycle drawdown in ETH. USD value of the position falls; ETH-denominated yield is unaffected. Applied to 100% of vault TVL (loan asset is WETH).

−30% × 100% exposed × 100% pass-through (loan-asset shock)

-30.0%

Recovery 6–18 months

100% exposed

LST collateral depeg

unlikely

computed

An LST used as collateral loses peg to ETH (e.g., withdrawal queue congestion, à la May/June 2022 stETH). 95.0% of TVL is in liquid staking token (LST) markets (weighted LLTV 97%). A 7% collateral shock translates to ~0.26% NAV loss after the 4-pt LLTV buffer absorbs liquidation-clearable price moves.

−7% × 95.0% exposed × 4% pass-through (LLTV 97%)

-0.3%

Recovery 30–60 days

95% exposed

LRT / restaking event

unlikely

computed

An operator slashing or AVS misbehavior creates a discount in the LRT collateral. 3.5% of TVL is in liquid restaking token (LRT) markets (weighted LLTV 95%). A 20% collateral shock translates to ~0.11% NAV loss after the 6-pt LLTV buffer absorbs liquidation-clearable price moves.

−20% × 3.5% exposed × 15% pass-through (LLTV 95%)

-0.1%

Recovery 30–90 days

4% exposed

Activity

Curator and parameter changes detected by VaultScope's snapshot diff. Refreshed every 6 hours.

Full feed →

Allocation shift

Yearn @yearnogweth·16h

Cut wstETH / WETH allocation

51.6% → 0.0%−51.6pp

Utilization spike