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Introducing the Multi-Asset WETH ARM

Jul 30, 2026Last updated: Jul 30, 2026
Origin Protocol WETH ARM

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

Origin’s multi-asset WETH ARM is now open, giving LPs one position across four liquid staking markets. The multi-asset WETH ARM lets all assets trade against one pool of WETH.

The vault supports:

  • stETH
  • wstETH
  • eETH
  • weETH

Each asset lane keeps its own:

  • Buy and sell prices
  • Buy and sell liquidity limits
  • Inventory and pending-redemption tracking
  • Redemption adapter

Aggregators get more eligible routes, while LPs gain access to arbitrage opportunities across four markets without moving or splitting liquidity between separate ARM Vaults.

This is the first rollout. Additional LSTs, including OETH and wOETH, are planned as follow-on additions to the multi-asset WETH ARM.

Existing ARMs have processed more than $2.7 billion in volume

When a redeemable asset trades below its redemption value, users and aggregators can sell it into the ARM’s quotes. An operator submits the resulting inventory through the asset’s redemption process, and the returned backing asset flows back to the vault. The resulting spread contributes to LP yield.

Dune trade data shows meaningful activity in both existing ARMs:

  • stETH ARM: Dune recorded more than $2.53B in volume (956k stETH) over more than 54,000 transactions since public launch on October 17, 2024.
  • eETH ARM: Dune recorded more than $163M in volume (80k eETH) over more than 4,000 transactions since public launch on October 30, 2025.

That history shows repeated use of ARM liquidity. Much of the market also trades through wstETH and weETH, which the existing ARMs do not accept. The multi-asset WETH ARM builds on that operating history while adding support for wstETH and weETH.

Why wrapped-token support matters

Wrapped tokens account for a significant share of the Lido and ether.fi markets. As of July 25, wstETH represented nearly half of Lido’s stETH TVL, while weETH represented approximately 95% of ether.fi’s eETH TVL.

The existing ARM Vaults support stETH and eETH, but not their wrapped counterparts. Adding wstETH and weETH allows the multi-asset WETH ARM to quote a much broader share of each market.

Dune data provides two overlapping views of trading activity across this market over the 90 days ending July 24:

  • User-facing aggregator trades: $1.901B of executed swaps with wstETH or weETH on one endpoint and ETH/WETH on the other. Of that total, $709.7M started with a wrapper and ended in ETH/WETH (query).
  • Pool-level DEX swaps: $1.903B of direct wrapper/ETH-WETH execution legs. Of that total, $864.2M sold a wrapper for ETH/WETH inside a pool (query).

The totals are similar, but the datasets measure different parts of a trade. The aggregator table records the user's starting and ending tokens. The pool table records each qualifying execution leg, including direct DEX swaps and legs produced by aggregator routes. A routed trade can produce more than one pool leg, so the two datasets overlap and should not be combined. Dune documents this relationship for dex_aggregator.trades and dex.trades.

Before wrapped-token support, the ARM could not quote wstETH/WETH or weETH/WETH directly. Supporting these assets makes those routes eligible for ARM quotes. Whether the ARM captures that volume will depend on competitive pricing, available liquidity, and aggregator integration.

How shared WETH inventory works

LPs deposit WETH into one vault that serves all four supported markets. Each asset draws from the shared WETH pool while retaining its own prices, liquidity limits, inventory tracking, and redemption adapter.

  • The operator sets prices and available liquidity for each asset.
  • Users and aggregators execute against the ARM’s quotes.
  • The appropriate adapter prepares assets received by the vault for redemption.
  • The operator submits the redemption, and the returned ETH is wrapped and returned to the shared WETH pool.

Because WETH liquidity is shared, capital is not restricted to a single token pair.

If wstETH activity is quiet while weETH trades at a wider discount, the operator can optimize pricing and limits to direct more of the shared WETH capacity toward weETH. This allows the vault to respond to changing market conditions without requiring LPs to move capital between products.

A direct market 3.24x the previous size

Over the 90d period ended July 24th:

  • The existing stETH/WETH and eETH/WETH markets generated $851.4M in two-way direct volume.
  • The added wstETH/WETH and weETH/WETH markets generated $1.9B.
  • Combined volume across all four supported markets reached $2.76B.

Adding wrapped assets makes the eligible direct market 3.24x the size of the market covered by the existing ARM Vaults.

This does not mean the WETH ARM will capture all of that volume. Actual activity will depend on competitive pricing, available WETH, aggregator integration, and redemption capacity.

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.
  • The operator 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. You can read more about WETH ARM in our docs here.

Rafael Ugolini
Rafael Ugolini