> For the complete documentation index, see [llms.txt](https://docs.origami.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.origami.finance/the-third-fold-opal/opal-perpetual-pt-collection/opal-leveraged-weeth-ethereum/vault-synopsis.md).

# Vault Synopsis

The OPAL Leveraged weETH vault provides liquid leveraged exposure to weETH native yield and wETH lending rates on Ethereum mainnet.

#### Strategy Overview

The vault holds weETH tokens as collateral on Aave V3 (Core) and borrows wETH to achieve liquid leveraged exposure to the spread on the supply/lend yields. The depositor's vault share remains valid across all incentive campaign periods.

The yield source is the difference between the sum of yield from staking weETH and the wETH borrow cost on the lending market. As long as the borrow costs are lower than the reward yields, the vault generates a positive yield spread.

$$
\text{Yield Spread} = \text{(Staking yield)} \times \text{Leverage} - \text{Borrow Rate} \times (\text{Leverage} - 1)
$$

#### Current Position

| Parameter             | Value                      |
| --------------------- | -------------------------- |
| Chain                 | Ethereum                   |
| Underlying            | weETH (Ethena)             |
| Current Reward Market | weETH                      |
| Lending Market(s)     | Aave V3 (Core)             |
| Debt Token            | wETH                       |
| Deposit Token         | weETH or Any (Zap-enabled) |
| Share Token           | opal-weETH-a (ERC-20)      |
| Target Leverage       | 12.5x (may vary)           |
| Current LTV           | 92%                        |
| Liquidation LTV       | 95%                        |

#### Vault Actions

| Action   | User Provides              | User Receives              |
| -------- | -------------------------- | -------------------------- |
| Deposit  | weETH or Any (Zap-enabled) | opal-weETH-a               |
| Withdraw | opal-weETH-a               | weETH or Any (Zap-enabled) |

#### Adapters in This Vault

| Adapter                | Type    | Purpose                                 |
| ---------------------- | ------- | --------------------------------------- |
| Multi-asset Collateral | Aave V3 | Holds weETH as collateral, borrows wETH |

Additional adapters (e.g., Morpho, Euler) may be added in the future to access alternative borrow liquidity. See [The Adapter Layer](/the-third-fold-opal/how-does-an-opal-vault-work.md#the-adapter-layer) for details on how new adapters are deployed and migrated.