One WETH Vault, Multiple Redemption Rails: Introducing the Multi-Asset WETH ARM

The WETH ARM is now open for deposits.

Origin's first multi-asset ARM Vault gives LPs one WETH position across stETH, wstETH, eETH, and weETH. Instead of dedicating liquidity to a single token pair, the vault uses one shared pool of WETH to quote all four markets.

The multi-asset design gives LP capital more opportunities to earn from redemption spreads without requiring depositors to allocate between separate vaults when market conditions shift. Direct support for wrapped assets also makes the WETH ARM's eligible market 3.24 times the size of the markets covered by the stETH ARM and eETH ARM alone.

One WETH pool serves four markets

The WETH ARM continuously publishes a separate WETH quote for every supported asset. Arbitrageurs and aggregators can trade LSTs against those quotes when market pricing creates an opportunity.

When a supported asset is sold to the vault, the inventory enters its primary redemption process. ETH returned from redemption is wrapped and sent back to the shared WETH pool, where it can fund new quotes. The difference between the acquisition cost of LSTs and the ETH returned through redemption accrues to LPs as yield.

The WETH ARM Vault routes idle capital to the Morpho WETH ARM Vault at launch. Returns come from both redemption-discount arbitrage and Morpho lending market yields.

The vault supports four assets across two redemption rails:

OETH and wOETH are planned as the next additions.

Shared liquidity does not mean shared controls

All four markets draw from one WETH pool, but each asset has its own prices, liquidity limits, inventory accounting, pending-redemption tracking, and redemption adapter.

Operators can adjust the quote or available capacity for one market without changing the others. Inventory moving through Lido remains separate from inventory moving through ether.fi. Shared WETH gives the vault flexibility to respond to activity across several markets without combining their controls or accounting.

For LPs, this removes the need to divide WETH among separate positions before knowing where the next opportunity will appear.

Wrapped assets expand the market size

The existing stETH and eETH ARM Vaults quote the rebasing assets directly. They do not quote wstETH or weETH, even though the wrapped tokens account for a large share of trading in both asset families.

Internal research measured direct two-way volume over the 90 days ending July 24, 2026:

Adding wstETH and weETH makes the eligible direct market 3.24 times the size of the market covered by stETH and eETH alone.

This is a measure of eligible market volume, not a forecast of what the WETH ARM will capture. Actual activity depends on competitive quotes, available WETH, asset-level limits, redemption capacity, and aggregator routing.

More markets create more earning opportunities

A single-asset ARM depends on pricing and activity in one market. If no trade clears its quote, it does not begin a new redemption cycle.

The WETH ARM can quote four markets at the same time. Quiet conditions for stETH do not prevent wstETH, eETH, or weETH from producing a trade. The shared pool can support whichever eligible market is active without requiring LPs to move capital between vaults.

Existing ARM volume provides the operating history

Origin’s ARM framework already has an operating history across Lido and ether.fi assets.

As of July 2026, the existing stETH and eETH ARM Vaults had processed more than $2.7 billion in indexed volume. That activity reflects repeated use of ARM liquidity and redemption infrastructure across both ecosystems.

The multi-asset WETH ARM builds on that foundation by extending the same framework across direct and wrapped token markets, expanding the set of redemption-spread opportunities available to LPs.

More routes from one WETH Vault

The multi-asset WETH ARM gives aggregators one source of WETH liquidity across rebasing and wrapped tokens. One vault can quote all four assets without splitting LP liquidity across separate products.

The design creates clear benefits:

• Traders and aggregators gain more eligible routes into WETH.
• LPs can support activity across all four markets through one vault position.
• Operators can adjust pricing and quote capacity as market conditions change.
• Each asset retains its own pricing, liquidity limits, inventory accounting, and redemption process.

The result is broader atomic WETH liquidity without fragmenting LP capital across separate vaults.

Explore the WETH ARM: app.originprotocol.com

Read the WETH ARM documentation: docs.originprotocol.com