KPK wARS YieldV2
A Morpho V2 vault on Ethereum that lends out wARS deposits, curated by KPK. Depositors earn 22.55% a year right now after a 0% performance fee.
Data from Morpho's API · updated
Net APY
22.55%
incl. 22.15% in rewards
30-day APY
0.31%
7-day 0.42%
Deposits
$5.91M
9.48B wARS
Withdrawable now
$5.78M
98% of deposits
Performance fee
0%
of the interest earned
Depositors
14
largest holds 79.2%
KPK wARS Yield APY history
Net APY earned each day, measured from the vault's share price
| Day | Deposits | Net APY |
|---|
Deposits over time
Where the money goes
The markets this vault lends to right now, largest first
| Market | Lent | Share |
|---|---|---|
| USDC / wARSLLTV 77% | $51.5K | 41.8% |
| wstETH / wARSLLTV 62.5% | $44.2K | 35.9% |
| WBTC / wARSLLTV 62.5% | $15.2K | 12.4% |
| USDT / wARSLLTV 77% | $8.3K | 6.8% |
| sUSDS / wARSLLTV 62.5% | $3.7K | 3.0% |
| WETH / wARSLLTV 62.5% · not listed in the Morpho app | $97.00 | 0.1% |
| cbBTC / wARSLLTV 62.5% · not listed in the Morpho app | $71.00 | 0.1% |
The curator decides which markets the vault may use and how much it may put in each (the cap). Allocators then move money between those markets within the caps. How vaults work.
What the loans are backed by
Share of this vault's lending by the collateral borrowers put up
| USDC | 41.8% |
|---|---|
| wstETH | 35.9% |
| WBTC | 12.4% |
| USDT | 6.8% |
| sUSDS | 3.0% |
| Other | 0.1% |
Returns over time
Net APY actually earned over each period, from the share price
| Last day | 22.84% |
|---|---|
| Last 7 days | 0.42% |
| Last 30 days | 0.31% |
| Since the vault started | 16.18% |
Who controls this vault
| Curator | KPK |
|---|---|
| Owner | 0x8b88…A5375-of-8 multisig |
| Timelock to raise a cap | 3 dayswait before more can go into a market |
| Timelock to add an adapter | 3 dayswait before a new kind of investment |
| Timelock to raise fees | 14 days |
| Allocators | 4addresses that move money between markets |
| Sentinels | 1can pull money back or cut caps in an emergency |
| Created | July 27, 2026 |
Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.
Details
| Deposit asset | wARSprice $0.0006 |
|---|---|
| Vault version | Morpho Vault V2 |
| APY before fees | 0.41% |
| Rewards | wARS 22.15% |
| Vault contract | 0xb5ce…B938 |
| wARS token | 0x0DC4…D90D |
| Network | Ethereum |
The curator's description: "A low-risk wARS vault with 24h automation. Allocations are continuously rebalanced across liquid markets with strict collateral filters to preserve liquidity and mitigate risk."
Largest depositors
14 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0xD48e…3E72 | $4.68M | 79.2% |
| 0x49f4…ebf2 | $1.23M | 20.8% |
| 0xEa10…27B3 | $2.5K | 0.0% |
| 0x6dE0…4999 | $1.0K | 0.0% |
| 0xF82e…811a | $210 | <0.01% |
| 0x14E5…F9D5 | $162 | <0.01% |
| 0xd9D8…619f | $63.00 | <0.01% |
| 0xC6F3…bD53 | $48.00 | <0.01% |
| 0x1fd7…f395 | $19.00 | <0.01% |
| 0x967E…5955 | $4.00 | <0.01% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About KPK wARS Yield
KPK wARS Yield is a Morpho V2 vault on Ethereum, created on July 27, 2026. It takes wARS deposits and lends them to borrowers in 7 Morpho markets. The curator, KPK, decides which markets it may use and how much can go into each.
It holds $5.91M (9.48B wARS) from 14 depositors and pays a net APY of 22.55% after its 0% performance fee. Over the last 30 days depositors actually earned 0.31% a year. About 22.15% of today's rate comes from wARS rewards, which can stop at any time.
Its largest position is USDC / wARS at 42% of what it lends, followed by wstETH / wARS (36%) and WBTC / wARS (12%). Counting every market, its loans are backed mainly by USDC (42%), wstETH (36%) and WBTC (12%). 98% of deposits could be withdrawn right now.
Risky changes, such as adding a market, wait behind a 3-day timelock on raising caps, which gives depositors time to leave first. The owner is a 5-of-8 multisig wallet. Morpho's app shows no warnings for this vault.
KPK wARS Yield: quick answers
What is the APY of KPK wARS Yield on Ethereum?
KPK wARS Yield pays 22.55% net APY right now, after its fees and including 22.15% of rewards. Measured from the growth of its share price, it paid 0.31% over the last 30 days. The rate changes every day with what its borrowers pay.
What does KPK wARS Yield lend against?
It lends wARS through 7 Morpho markets. The biggest is USDC / wARS with 42% of its lending. Overall its loans are backed mainly by USDC (42%), wstETH (36%) and WBTC (12%).
Can I withdraw from KPK wARS Yield right now?
About $5.78M of its $5.91M in deposits (98%) could be withdrawn immediately. The rest is lent out and frees up as borrowers repay or as higher rates bring in new lenders.
Who runs KPK wARS Yield and what does it charge?
KPK curates it. It keeps 0% of the interest earned as a performance fee. The net APY shown is after these fees.
What are the risks of KPK wARS Yield?
Like every Morpho vault, it can lose money if a borrower's collateral crashes faster than it can be liquidated, if a price oracle fails, or through a smart contract bug. Withdrawals can wait when its markets are fully borrowed. Changes to it wait behind a 3-day timelock on raising caps. This is not advice.
