KPK launched ETH Yield Term on Euler, a fixed-rate WETH lending vault that sets its borrow rate once per calendar month rather than continuously based on utilization. The vault addresses volatile variable-rate ETH borrow costs that are tied to utilization, in which rates can spike sharply when a market fills up. In May, an ETH rate squeeze hit borrowers across DeFi with little warning.

ETH Yield Term aims to remove rate uncertainty. The borrow rate is fixed for the entire month, anchored to Treehouse's Ethereum Staking Rate (TESR), a consensus benchmark for ETH staking yields, and stays within a 2.05–2.50% APY band. The vault is live with two cyclical markets: wstETH Term and tETH Term.

Collateral is priced at fundamental redemption value rather than spot price, so temporary depegs do not trigger liquidations. A 3-day timelock governs all risk parameter changes. LST and LRT loopers can borrow WETH against staking collateral at a monthly fixed cost. The vaults are now open for deposits.

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