Gearbox · Ethereum

WSTETH

Overview

The Gearbox WSTETH pool on Ethereum is a lending position where suppliers earn interest on Wrapped Staked ETH deposits. Gearbox generates yield by routing borrowing demand against pooled liquidity and paying suppliers from the resulting interest spread.

Total APY of 20.1% combines base lending at 6% with an additional reward layer of 14.1%. Over the past week, the trend is up 2.96%, while over the last month it has increased by 13.7%, placing the current rate above the 30-day mean of 14.5%.

TVL stands at $6.97M with no reported change in the past seven days; primary exposure is smart-contract risk due to the protocol's reliance on automated market-making mechanisms. This pool benefits from deep liquidity, supporting stable interest rates and efficient capital allocation for lenders.

Composed 2026-05-20 from the structured data above. See methodology for the full pipeline.

Risk profile

• Smart contract risk

  Funds are deposited into a smart contract. A bug or exploit in the contract could lead to total loss. Audits reduce, but do not eliminate, this risk. Check the protocol page for audit history.

• Yield variability

  Current APY is 1.05%; 30-day mean is 0.70%. Yields can change as TVL and incentive emissions change.

• DefiLlama yield prediction

  DefiLlama's model classifies this pool's yield as "Down" with 55% confidence based on historical patterns.

These notes are derived from the pool's structured data, not editorial advice. See our methodology.