PR with payloads
Abstract
This proposal requests BalancerDAO’s approval for updates and new actions to the permissions policy governing the KPK-managed treasury on Ethereum Mainnet.
The proposed changes expand the existing permissions to include new yield-bearing strategies, KPK-curated vaults, and additional swap routes.
The additions cover the new savings GHO (sGHO) contract , KPK-curated Morpho vaults across USDC, USDT and ETH, a tokenized treasury (VBILL) market on Euler, and liquid staking exposure via ether.fi and Stader, alongside an expanded set of stablecoin and LST swap pairs on CoW Swap.
Motivation
These additions give the treasury access to a broader set of yield sources across the stable and ETH books while staying within the existing risk framework. On the stable side, sGHO, the KPK-curated Morpho vaults, and the Euler VBILL/USDC market add native and tokenized treasury yield without taking on new directional risk. On the ETH side, weETH, eETH, and ETHx extend liquid staking coverage beyond the current set. The expanded CoW Swap pairs are operational: they let us rotate between these positions and rebalance the stable and LST books without routing through intermediate assets.
Changes to the Permissions Policy
The following modifications are proposed for the Manager Role on Ethereum Mainnet:
Positions
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Aave: sGHO (new contract)
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Morpho (KPK-curated vaults): KPK USDT Prime, KPK USDC Yield, KPK USDC Prime Core, KPK ETH Yield v2
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Euler: KPK Securitize VBILL / USDC market
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ether.fi: weETH and eETH
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Stader: ETHx
Swaps (CoW Swap)
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USD strategies: inclusion of syrupUSDC, syrupUSDT, sGHO, USDS in the USD related swap pairs
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LST set: inclusion of weETH, eETH, ETHx in the ETH LST related swap pairs
Notes and Clarifications
To keep the review efficient, we are flagging the following items up front:
- LST swap pairs: All LST swap pairs are aggregated into a single bundle rather than split into multiple LST bundles.
Additional Points
This section covers changes that are implemented indirectly through this permission update. Most come from DeFi-Kit updates that accumulated since the Balancer MANAGER policy was last applied on-chain: when a protocol redeploys or upgrades a contract, DeFi-Kit updates the scoped contracts accordingly. The remaining two are a KPK fix and the cleanup of a stale integration. None introduce a new protocol or counterparty.
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Rocket Pool: deposit entry migrated: 0xDD3f50F8A6CafbE9b31a427582963f465E745AF8 → 0xCE15294273CFb9D9b628F4D61636623decDF4fdC. Source: DeFi-Kit, PR #524, 12 Mar 2026 (v2.26.7). New ETH staking entry point after a Rocket Pool architecture change. Old target removed, new one added; “deposit ETH” keeps working.
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StakeWise V3, vault implementation upgrade: scoped at 0x927A83c679A5e1a6435D6BfaEF7F20D4db23e2cC (previously 0xba0B5ba961B108BFf8D761A256e9763a4FccFF23). Source: DeFi-Kit, PR #512, 23 Dec 2025 (v2.26.2). ETH vault implementation upgraded; the existing staking action now resolves to the new implementation.
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Gearbox (KPK ETH & wstETH vaults), withdraw added: KPK ETH v3 0x9396DCbf78fc526bb003665337C5E73b699571EF, KPK wstETH v3 0xA9d17f6D3285208280a1Fd9B94479c62e0AABa64. Source: DeFi-Kit, PR #508, 19 Dec 2025 (v2.26.0). Withdraw now bundled alongside the already-approved deposit and redeem.
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Gnosis Bridge, claim repointed: 0x4C36d2919e407f0Cc2Ee3c993ccF8ac26d9CE64e → 0x9a873656c19Efecbfb4f9FAb5B7acdeAb466a0B0. Source: KPK (client-configs), PR #164, 14 Jan 2026. KPK fix repointing bridge-claiming to the correct bridge contract. Done in January, not yet pushed.
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Pendle, full removal of the Pendle Router integration: Router V4 0x888888888889758F76e7103c6CbF23ABbF58F946, PT-USDe Feb-2026 0x1F84a51296691320478c98b8d77f2Bbd17D34350, market 0xAADBC004DAcF10e1fdbd87ca1a40ecAF77CC5B02. Source: KPK (client-configs), commit 88ea0e9, 19 Jun 2026. RouterV4 USDe ↔ PT-USDe swaps and approvals removed. Never reached production and the Feb-2026 maturity is stale.