Wrapped liquid staked Ether 2.0 · by Lido · ETH
wstETH is the wrapped, non-rebasing version of Lido's stETH, the largest liquid staking token on Ethereum. When you stake ETH through Lido it is delegated across a curated set of professional node operators who run the validators, and the staking rewards accrue to wstETH through a steadily rising exchange rate rather than a growing balance, so one wstETH is worth progressively more ETH over time.
That design is what makes it useful as collateral: your staked ETH keeps earning Ethereum consensus and execution-layer rewards while staying liquid and composable across DeFi. Because wstETH tracks the price of ETH closely, looping it on Spiral Stake is aimed at amplifying that staking yield rather than taking a directional bet, with every borrow cost and liquidation threshold shown before you confirm.
Spiral Stake supplies wstETH as collateral on Morpho, borrows a correlated asset against it, and recycles that back into more wstETH — looping in a single transaction to amplify the underlying ETH Staking yield. Because the assets are price-correlated, the position targets a higher APY rather than a directional bet, with every cost and liquidation threshold shown upfront.
Leveraged wstETH yield is a strategy that loops wstETH on the Morpho lending protocol to multiply your exposure to its ETH Staking yield. Spiral Stake executes the whole loop in a single transaction.
wstETH earns yield from ETH Staking, issued by Lido. Looping amplifies that base yield.
Leveraged positions carry liquidation risk if collateral value falls relative to the borrowed asset, plus smart-contract and market risk. Every cost and liquidation threshold is shown before you confirm.
Live APY, leverage multiplier and available liquidity are shown in the app.