wstETH Moonwell - Sherwood

Not yet available on Robinhood testnet (chain 46630), Sherwood’s current deployment target. This strategy will come online as Sherwood expands to more chains.

The WstETHMoonwellStrategy is a stacked yield strategy: it swaps WETH to wstETH via Aerodrome, then supplies wstETH to Moonwell’s lending market. The vault earns both Lido staking yield and Moonwell lending interest simultaneously.

Architecture

Yield Sources

Lido Staking

wstETH appreciates relative to ETH as Lido staking rewards accrue. This is embedded in the wstETH/WETH exchange rate.

Moonwell Lending

Supplying wstETH to Moonwell earns lending interest on top of the staking yield.

Lifecycle

Pending → execute() → Executed → settle() → Settled

Phase	What happens	Who calls
Execute	Pull WETH → swap to wstETH (Aerodrome) → mint mwstETH (Moonwell)	Governor (proposal execution)
Executed	mwstETH accrues Lido staking + Moonwell lending yield	—
Settle	Redeem mwstETH → swap wstETH to WETH (Aerodrome) → push to vault	Governor (proposal settlement)

Batch Calls

Execute

[WETH.approve(strategy, supplyAmount), strategy.execute()]

Settle

[strategy.settle()]

InitParams

struct InitParams {
    address weth;                 // WETH token
    address wsteth;               // wstETH (Lido wrapped staked ETH)
    address mwsteth;              // Moonwell wstETH market token
    address aeroRouter;           // Aerodrome Router (for WETH ↔ wstETH swaps)
    address aeroFactory;          // Aerodrome Factory (pool lookup)
    address chainlinkWstethEthFeed; // Chainlink WSTETH/ETH feed (off-chain reference only; not consumed on-chain)
    uint256 supplyAmount;         // Amount of WETH to deploy (0 = full vault WETH balance at execute)
    uint256 minWstethOutPerWeth;  // Slippage rate (1e18-scaled): min wstETH per 1e18 WETH (execute swap)
    uint256 minWethOutPerWsteth;  // Slippage rate (1e18-scaled): min WETH per 1e18 wstETH (settle swap)
    uint256 deadlineOffset;       // Seconds added to block.timestamp for swap deadlines (default: 300)
}

The two slippage fields are per-unit rates scaled by 1e18, not absolute amounts. At swap time the contract computes minOut = amountIn * rate / 1e18, so the floor scales with the actual amount swapped (safe for dynamic-all mode and for yield-accrued settle balances). Both rates are required — initialization reverts with InvalidAmount if either is 0.

Tunable Parameters

The proposer can update slippage parameters in both Pending and Executed states (unlike other strategies which only allow updates while Executed):

Parameter	Description
`minWethOutPerWsteth`	Per-unit rate (1e18): min WETH per 1e18 wstETH on the settle swap
`minWstethOutPerWeth`	Per-unit rate (1e18): min wstETH per 1e18 WETH on the execute swap
`deadlineOffset`	Swap deadline in seconds from current block

The decode order is (newMinWethOutPerWsteth, newMinWstethOutPerWeth, newDeadlineOffset) — settle-side rate first:

strategy.updateParams(abi.encode(newMinWethOutPerWsteth, newMinWstethOutPerWeth, newDeadlineOffset));
// Pass 0 to keep current value

Allowing param updates in Pending state lets the proposer adjust slippage before execution — useful if the WETH/wstETH rate shifts during the voting period.

CLI Usage

sherwood strategy propose wsteth-moonwell \
  --vault 0x... \
  --amount 1 \
  --slippage 500 \
  --name "wstETH Yield Stack" \
  --duration 7d

Flag	Description	Default
`--amount <n>`	Amount of WETH to deploy	required
`--slippage <bps>`	Slippage tolerance in basis points	500 (5%)

The CLI converts the --slippage value into the two 1e18-scaled per-unit rates (minWstethOutPerWeth, minWethOutPerWsteth). For example a 5% (500 bps) tolerance produces a rate near 0.95e18, and the contract enforces minOut = amountIn * rate / 1e18 at each swap.

Vault Liquidity During a Proposal

This strategy is Lane B only — it does not override positions(), so the vault reports no priceable position for it and there is no oracle instant-lane. While a proposal on this strategy is active, deposits and redeems go through the Lane B async queue: requestDeposit / requestRedeem escrow in the VaultWithdrawalQueue and settle at the single frozen, realized per-proposal price stamped when the proposal settles. Outside a proposal, entry/exit is instant ERC-4626 against vault float. The chainlinkWstethEthFeed is retained for off-chain reference only — it is not consumed on-chain and does not drive vault NAV. See Deposits & Withdrawals for the full two-lane model.

Addresses (Base reference)

Contract	Address
WstETHMoonwellStrategy template	`0x23d145Bd100599C7418164FEae235bcE391Ae032`
WETH	`0x4200000000000000000000000000000000000006`
wstETH	`0xc1CBa3fCea344f92D9239c08C0568f6F2F0ee452`
Moonwell mwstETH	`0x627Fe393Bc6EdDA28e99AE648fD6fF362514304b`
Aerodrome Router	`0xcF77a3Ba9A5CA399B7c97c74d54e5b1Beb874E43`
Aerodrome Factory	`0x420DD381b31aEf6683db6B902084cB0FFECe40Da`
Chainlink WSTETH/ETH feed	`0x43a5C292A453A3bF3606fa856197f09D7B74251a`

​Architecture

​Yield Sources

Lido Staking

Moonwell Lending

​Lifecycle

​Batch Calls

​Execute

​Settle

​InitParams

​Tunable Parameters

​CLI Usage

​Vault Liquidity During a Proposal

​Addresses (Base reference)

Architecture

Yield Sources

Lifecycle

Batch Calls

Execute

Settle

InitParams

Tunable Parameters

CLI Usage

Vault Liquidity During a Proposal

Addresses (Base reference)