exETH
ETH-denominated yield-bearing token.
exETH represents a growing claim on Ethereum. Deposit wETH (Wormhole wrapped ETH on Solana), receive exETH, and earn yield denominated in ETH.
Key Facts
| Underlying asset | wETH (Wormhole Wrapped ETH) |
| Target APY | 8% |
| Withdrawal period | 24–48 hours |
| Withdrawal fee | 0.20% |
| Deposit cap | 1,400 ETH (~$3M) |
| Minimum deposit | 0.0025 ETH (~$5) |
| Mint address | 6y2BKH7RHHJbjKx6w2cFaSpPAFmwsBX1pKYxZ5MTqJR5 |
| Pair address | 5LBpmf4Su2K3qziCWJW7bLhaMwRRZXU7Bpi5Hq9hKAsS |
How Yield Is Generated
The exETH vault deploys wETH across strategies including lending and collateralized lending across Kamino and JupLend, with a portion allocated to institutional credit products.
Exchange Rate Mechanics
Same weekly process as all Exceed products:
- Weekly measurement of ETH vault net asset value change (in ETH terms)
- 15% performance fee deducted
- Net yield set as on-chain APY
- Compounds every 8 hours
The current rate is set at 8% APY, adjusted based on realized performance.
Withdrawal Process
- Request — Submit anytime before midnight UTC
- Lock-in — Midnight UTC, request becomes irrevocable
- Delivery — wETH delivered within 24 hours after lock-in
- Fee — 0.20% withdrawal fee
Risks
| Risk | Mitigation |
|---|---|
| wETH bridge risk | Wormhole-bridged ETH. Institutional adoption, but bridge risk remains. |
| Smart contract exploit | Quantstamp audit, Hypernative monitoring |
| Liquidation | 30% ETH drawdown modeled for effective LTV calculation |
| Limited Solana ETH liquidity | ETH-on-Solana markets are smaller. Deposit cap reflects available capacity. |
| Concentration | 1,400 ETH cap prevents overallocation to thin markets |
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