StakeWise osETH

StakeWise osETH is the only Ethereum liquid staking token we rate that is genuinely overcollateralised. It is minted as debt against staked ETH held in vaults under a 90 percent LTV cap, and on-chain there are currently 151,369 ETH of assets backing 140,448 osETH, a collateral surplus of about 7.8 percent. Every input to that calculation is readable directly from the contracts with no permission and no API key, which gives it the strongest on-chain verifiability in the category. osETH scores 64/100 (Tier 3) on the RWTS Trust Score. Two things hold it down. In November 2025 roughly 6,851 osETH was stolen through an exploit of Balancer, a venue StakeWise did not control, and the DAO recovered about 73 percent of it by temporarily granting its own four-of-seven multisig the power to burn the attacker's tokens and mint replacements. Affected users were not made whole. StakeWise then removed that capability permanently, and this is verifiable: ownership of the osETH token contract has been renounced to the zero address, so the controller set can never be changed again and the seizure could not be repeated. The multisig still governs the oracle registry and the LTV and liquidation parameters, which remains a real governance surface.

Issuer / protocol

StakeWise V3

Backing

Staked ETH in permissionless vaults, overcollateralised at roughly 7.8% under a 90% LTV cap

Redemption / lock-up

Permissionless. Partial vault withdrawals roughly 27 to 28 hours, full exits up to about a month

Audit & proof of reserves

Independently audited

Availability

Global

Chain

Ethereum

Tier

Tier 3 — Secured DeFi

Contract

0xf1C9…0E38

Scored on the published RWTS methodology (v1.1), reviewed quarterly and on material events. Ratings are independent and never pay-influenced.

Calculations are indicative. Actual yields may vary.

Projections assume constant APY of 2.32%. Actual returns may vary. Not financial advice.

Beyond osETH's own score, two structural questions matter: what is it built on, and what has broken before in this part of the market. A high score in isolation can still carry hidden, shared exposure.

Liquidity read: TVL of $356.28M indicates healthy on-chain liquidity. Lock-up: Permissionless. Partial vault withdrawals roughly 27 to 28 hours, full exits up to about a month.