Meta Vaults

A Meta Vault is a specialized Vault that doesn't run validators itself. Instead, it accepts deposits and routes them across a set of underlying Vaults — called sub-vaults — which handle validator operations. Just like with a regular Vault, stakers can mint osToken against their position and redeem it for the underlying stake at any time. Meta Vaults are also available in ERC-20 and Private variants: the ERC-20 variant issues a transferable token as the share representation, while the Private variant adds a whitelist gate on deposits.

Any third party can deploy a Meta Vault permissionlessly via the EthMetaVaultFactory ↗ contract, which opens up modular, layered strategies. An operator can run a Meta Vault to diversify its stake across multiple sub-vaults for simplified management and reduced single-operator risk. Meta Vaults support a common institutional pattern: a top-level Meta Vault routing deposits to themed Meta Vaults with per-client customization (fees, branding, etc.) while sharing a single validator fleet underneath.

How Meta Vaults Work

Allocation is handled by a Curator — a contract that decides how ETH is distributed to and withdrawn from sub-vaults. Curator contracts must be approved by the DAO and registered in the CuratorsRegistry ↗. Currently, one curator is available: the BalancedCurator ↗, which spreads deposits and withdrawals evenly across sub-vaults.

Before routing, the BalancedCurator checks each sub-vault's remaining capacity and distributes within those limits, saturating or skipping sub-vaults that are full. This means deposits continue to succeed even when one sub-vault in the set has reached its cap, instead of the entire deposit reverting. A Meta Vault can route to up to 50 sub-vaults.