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 66/100 (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.
Price data from CoinGecko. Not financial advice.
Projections assume constant APY of 2.29%. 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.
What this and similar assets are built on, and where contagion could spread.
The depegs, defaults, and exploits that inform the Track Record dimension.
Liquidity read: TVL of $389.87M indicates healthy on-chain liquidity. Lock-up: Permissionless. Partial vault withdrawals roughly 27 to 28 hours, full exits up to about a month.
Is osETH safe?
osETH (StakeWise osETH) scores 66/100 on the independent RWTS Trust Score, which places it in Secured DeFi (Tier 3). Tier 3 carries real DeFi exposure: the backing is sound but smart-contract and collateral risk are live, so size positions accordingly. Backing: Staked ETH in permissionless vaults, overcollateralised at roughly 7.8% under a 90% LTV cap. It is independently audited. The score reflects backing, verification, redeemability, audit, regulatory standing, and track record, not headline yield. We rate. You decide.
Exit routes
12/15 · right 5/8 · routes 7/7If the issuer stopped cooperating tomorrow, could you get out?
Yes, by more than one independent route
- independent
StakeWise V3 vault
Burn osETH to unlock ETH from the vault. Permissionless.
- independent
Balancer V3
50.1% of volume. Pool liquidity is $15.4m across the two venues, far above the capacity floor.
- independent
Curve
49.9% of volume, so the two venues are near-evenly split and neither dominates.
Route 7. Daily volume is only $72,503, which looks thin until you see $15.4m of standing liquidity behind it: the depth needed to leave is there even though few people are leaving.
This is the redeemability component of the Trust Score above, which stands at 66/100 (B-). Until 1 September 2026 redeemability was a single figure measuring the right to redeem while ignoring how many routes existed to exercise it. Splitting it moved this asset’s score. How the score works
Assessed 2026-09-01. Route independence asks how many ways out the issuer cannot close, not how much the asset trades.
Compare osETH
Head to head on the Trust Score with similar assets.