[SIP2.29] Onboard Gearbox cp0xLRT Pool - ETH Higher Risk Vault

[cp0x]

Add Gearbox cp0xLRT Pool to ETH Higher Risk Vault

Submission Date : 26 August 2025
Author : @cp0x

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Summary

This proposal suggests adding the Gearbox cp0xLRT wstETH v3 pool as a new ARK strategy within the Summer.fi ETH Higher Risk Vault (Ethereum Mainnet).

The Gearbox pool supports cp0xLRT, a liquid restaking token backed by wstETH, and currently offers one of the highest yields among Gearbox vaults.

• Current Supply APY: 7.21%
• Pool Status: Among the top Gearbox vaults by size and utilization with 301 wstETH supply
• Mellow cp0x LRT Conservative Vault with 1674 wstETH TVL
  https://app.mellow.finance/vaults/ethereum-cp0xlrt

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Motivation

• High Yield Opportunity: The cp0xLRT pool currently provides a 6.34% APY (more than current ETH higher risk vaults) to suppliers, making it one of the top-performing Gearbox lending markets. Integrating it strengthens Summer.fi’s higher-risk strategies with sustainable yield.
• Diversification: Adding cp0xLRT, cp0xLRT (→ wstETH) expands the range of supported collaterals in the ETH Higher-Risk Vault, reducing dependency on a limited set of assets.
• Liquidity Growth: Strengthening the connection between Summer.fi and Gearbox benefits both ecosystems and creates new opportunities for users.

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Specifications

• Vault: Summer.fi ETH Higher Risk (Ethereum Mainnet)
• New ARK: Gearbox cp0xLRT Lending Pool
• Supported Asset: cp0xLRT, cp0xLRT → wstETH
• Format: ERC-4626 lending pool, fully compatible with Lazy Summer architecture
• Network: Ethereum Mainnet

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Risk & Integration

• Block Analitica Review: Will define caps, exposure thresholds, cooldowns, and other safety parameters.
• Protocol Security: Gearbox has operated for over 4 years without incidents, audited by ChainSecurity, ABDK, Decurity, and MixBytes.
• Collateral Security: cp0xLRT is a liquid restaking token (LRT) backed by wstETH, leveraging the security and liquidity of Ethereum staking while enabling restaking yield.
• Seamless Integration: The ERC-4626 design of the Gearbox pool ensures smooth integration with Lazy Summer vaults.

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Next Steps

1. Collect feedback from @Recognized_Delegates.
2. Finalize parameters with @BlockAnalitica.
3. Proceed to on-chain vote if no blocking issues arise.

[jensei]

Welcome to the forum @cp0x great to see you posting your first SIP with such a well-prepared proposal!

This looks like an interesting addition to the mainnet ETH HR vault, reducing concentration and building resilience. Since, we have previously integrated some Gearbox’s strategies, its ERC-4626 design makes this a clean plug into Lazy Summer’s architecture.

I’m curious to hear @Recognized_Delegates community views on how much exposure to restaking assets we’re comfortable with in this risk tier, considering its withdrawal period <2 weeks

[Eren_DAOplomats]

The yield is compelling and a high-yield, liquid restaking strategy via a trusted protocol like Gearbox is a perfect fit.

[Sixty]

Hey @cp0x, thanks for sharing this proposal. While the yield on the cp0x wstETH pool is highly attractive, my main concern is with the TVL being relatively low at only 310 wstETH.

For comparison, the top 4 vaults by allocation on the high-risk ETH fleet have over 400 ETH allocated each, with some not even close to their maximum allocation cap. If the cp0xLRT Pool were to be added at its current TVL, I don’t see how we could take advantage of the yield, given it would be a very small part of the ETH fleet.

[jensei]

getting back to this proposal by @cp0x

I see that the strategy is fully utilized at the moment. Which makes me curious if there is a plan to grow this strategy further into the future?