Skip to main content

Vault Types

Each Vault is assembled from modules that define how it operates, and different combinations produce different Vault types. The Standard Vault is the base type: adding a tokenization module makes its shares a transferable token (ERC-20), a whitelist module restricts deposits to approved addresses (Private), and a blocklist module blocks specific addresses from depositing (Blocklist).

There is also a special type — the MetaVault — which doesn't run validators itself but delegates staking to underlying sub-vaults. Like the Standard Vault, it can layer on the same tokenization (ERC-20) and whitelist (Private) modules.

Every Vault supports optional osETH minting via the VaultOsToken module, letting depositors mint osETH against their staked position without unstaking.

A Vault's type is set once at deployment.

Standard Vault​

The default Vault type. Accepts deposits from any wallet and issues non-transferable shares that represent each depositor's proportional stake and accrued rewards. Best suited for solo stakers and open pooled staking, where transferability of the staked position isn't required.

ERC-20 Vault​

Issues Vault shares as a transferable ERC-20 token, letting operators build a DeFi ecosystem around the Vault. The operator sets the token's name and symbol (e.g., mntETH), so it appears in most portfolio trackers. Users can move the token freely — or put it to work as collateral, for example to borrow against it on Morpho ↗ — as long as their remaining balance still covers any minted osETH position at the current LTV.

Private Vault​

Accepts deposits only from wallets whitelisted by the Whitelist Manager. Useful for permissioned staking setups of all kinds — from institutional pools with KYC requirements, to DAO treasuries restricted to members, to community Vaults limited to a pre-approved group.

Blocklist Vault​

Open to any wallet by default, but the Blocklist Manager can block specific addresses from depositing. This is useful for meeting sanctions or compliance requirements, or enforcing community moderation decisions, without restricting everyone else.

MetaVault​

A MetaVault is a specialized Vault that doesn't run validators itself. Instead, it accepts deposits and routes them across a set of underlying Vaults — called sub-vaults — which handle validator operations. Just like with a regular Vault, stakers can mint osETH against their position and redeem it for the underlying stake at any time.

Use Cases​

Any third party can deploy a MetaVault permissionlessly, which opens up modular, layered staking strategies:

  • Diversified staking ↗ — spread stake across multiple operators through a single MetaVault, reducing single-operator exposure, optimizing fees, and giving you one place to deposit, withdraw, and manage your osETH position.
  • Dedicated MetaVaults for clients ↗ — create a separate MetaVault for each client while routing all deposits into a shared Regular Vault. This keeps client funds isolated, supports per-client fees, delivers higher and more stable APY, and simplifies operations by managing a single validator fleet.

How MetaVaults Work​

Allocation is handled by a Curator — a contract that decides how ETH is distributed to and withdrawn from sub-vaults. Curator contracts must be approved by the DAO and registered in the CuratorsRegistry ↗. Currently, one curator is available: the BalancedCurator ↗, which spreads deposits and withdrawals evenly across sub-vaults.

Before routing, the BalancedCurator checks each sub-vault's remaining capacity and distributes within those limits, saturating or skipping sub-vaults that are full. This means deposits continue to succeed even when one sub-vault in the set has reached its cap, instead of the entire deposit reverting. A MetaVault can route across up to 50 sub-vaults.

Last updated on