diff --git a/.github/workflows/testnet_docker.yml b/.github/workflows/testnet_docker.yml
index 2142e5241..233d13312 100644
--- a/.github/workflows/testnet_docker.yml
+++ b/.github/workflows/testnet_docker.yml
@@ -54,18 +54,13 @@ jobs:
           build-args: |
             ADMIN=${{ vars.TESTNET_ADMIN }}
             IS_COMPETITION_MODE=true
-            BASE_TOKEN_NAME=Wrapped Ether
-            BASE_TOKEN_SYMBOL=WETH
-            VAULT_NAME=stETH
-            VAULT_SYMBOL=STETH
-            VAULT_STARTING_RATE=35000000000000000 # 3.5% APR
-            HYPERDRIVE_CONTRIBUTION=50000000000000000000000 # 50,000 ETH
-            HYPERDRIVE_FIXED_RATE=35000000000000000 # 3.5% APR
-            HYPERDRIVE_INITIAL_SHARE_PRICE=1000000000000000000 # 1 base/share
-            HYPERDRIVE_MINIMUM_SHARE_RESERVES=1000000000000000 # 1e15
-            HYPERDRIVE_MINIMUM_TRANSACTION_AMOUNT=1000000000000 # 1e12
-            HYPERDRIVE_POSITION_DURATION=31536000 # 1 year in seconds
-            HYPERDRIVE_CHECKPOINT_DURATION=86400 # 1 day in seconds
-            HYPERDRIVE_TIME_STRETCH_APR=35000000000000000 # 3.5% APR
-            HYPERDRIVE_ORACLE_SIZE=10 # 10 recorded spot prices
-            HYPERDRIVE_UPDATE_GAP=3600 # 1 hour in seconds
+            BASE_TOKEN_NAME=Multi Collateral DAI
+            BASE_TOKEN_SYMBOL=DAI
+            VAULT_NAME=sDai
+            VAULT_SYMBOL=SDAI
+            VAULT_STARTING_RATE=50000000000000000 # 5% APR
+            LIDO_STARTING_RATE=35000000000000000 # 3.5% APR
+            ERC4626_HYPERDRIVE_POSITION_DURATION=31536000 # 1 year in seconds
+            ERC4626_HYPERDRIVE_CHECKPOINT_DURATION=86400 # 1 day in seconds
+            STETH_HYPERDRIVE_POSITION_DURATION=31536000 # 1 year in seconds
+            STETH_HYPERDRIVE_CHECKPOINT_DURATION=86400 # 1 day in seconds
diff --git a/Dockerfile b/Dockerfile
index 36e7008b4..503e819a1 100644
--- a/Dockerfile
+++ b/Dockerfile
@@ -30,23 +30,32 @@ ARG ADMIN
 ARG IS_COMPETITION_MODE
 ARG BASE_TOKEN_NAME
 ARG BASE_TOKEN_SYMBOL
+ARG VAULT_NAME
+ARG VAULT_SYMBOL
 ARG VAULT_STARTING_RATE
-ARG HYPERDRIVE_CONTRIBUTION
-ARG HYPERDRIVE_FIXED_RATE
-ARG HYPERDRIVE_INITIAL_SHARE_PRICE
-ARG HYPERDRIVE_MINIMUM_SHARE_RESERVES
-ARG HYPERDRIVE_MINIMUM_TRANSACTION_AMOUNT
-ARG HYPERDRIVE_POSITION_DURATION
-ARG HYPERDRIVE_CHECKPOINT_DURATION
-ARG HYPERDRIVE_TIME_STRETCH_APR
-ARG HYPERDRIVE_ORACLE_SIZE
-ARG HYPERDRIVE_UPDATE_GAP
+ARG LIDO_STARTING_RATE
+ARG ERC4626_HYPERDRIVE_CONTRIBUTION
+ARG ERC4626_HYPERDRIVE_FIXED_RATE
+ARG ERC4626_HYPERDRIVE_INITIAL_SHARE_PRICE
+ARG ERC4626_HYPERDRIVE_MINIMUM_SHARE_RESERVES
+ARG ERC4626_HYPERDRIVE_MINIMUM_TRANSACTION_AMOUNT
+ARG ERC4626_HYPERDRIVE_POSITION_DURATION
+ARG ERC4626_HYPERDRIVE_CHECKPOINT_DURATION
+ARG ERC4626_HYPERDRIVE_TIME_STRETCH_APR
+ARG STETH_HYPERDRIVE_CONTRIBUTION
+ARG STETH_HYPERDRIVE_FIXED_RATE
+ARG STETH_HYPERDRIVE_INITIAL_SHARE_PRICE
+ARG STETH_HYPERDRIVE_MINIMUM_SHARE_RESERVES
+ARG STETH_HYPERDRIVE_MINIMUM_TRANSACTION_AMOUNT
+ARG STETH_HYPERDRIVE_POSITION_DURATION
+ARG STETH_HYPERDRIVE_CHECKPOINT_DURATION
+ARG STETH_HYPERDRIVE_TIME_STRETCH_APR
 
 # Run anvil as a background process. We run the migrations against this anvil 
 # node and dump the state into the "./data" directory. At runtime, the consumer
 # can start anvil with the "--load-state ./data" flag to start up anvil with 
 # the post-migrations state.
-RUN anvil --dump-state ./data --code-size-limit 9999999999 & \
+RUN anvil --dump-state ./data --balance 100000 & \
     ANVIL="$!" && \ 
     sleep 2 && \
     ./migrate.sh && \
diff --git a/Makefile b/Makefile
index 5dd397d68..742d75fa5 100644
--- a/Makefile
+++ b/Makefile
@@ -30,9 +30,8 @@ test-rust:
 lint:
 	make lint-sol && make lint-rust
 
-# FIXME: Add the code-size-check back once we've created a target2 contract.
 lint-sol:
-	make solhint && make style-check && make spell-check && make warnings-check
+	make solhint && make style-check && make spell-check && make warnings-check && make code-size-check
 
 code-size-check:
 	FOUNDRY_PROFILE=production forge build && python3 python/contract_size.py out
diff --git a/contracts/src/instances/ERC4626HyperdriveDeployer.sol b/contracts/src/deployers/HyperdriveDeployerCoordinator.sol
similarity index 74%
rename from contracts/src/instances/ERC4626HyperdriveDeployer.sol
rename to contracts/src/deployers/HyperdriveDeployerCoordinator.sol
index 13a0b7b13..d307c31dc 100644
--- a/contracts/src/instances/ERC4626HyperdriveDeployer.sol
+++ b/contracts/src/deployers/HyperdriveDeployerCoordinator.sol
@@ -1,54 +1,49 @@
 // SPDX-License-Identifier: Apache-2.0
 pragma solidity 0.8.19;
 
-import { ERC4626Hyperdrive } from "../instances/ERC4626Hyperdrive.sol";
-import { IERC4626 } from "../interfaces/IERC4626.sol";
 import { IHyperdrive } from "../interfaces/IHyperdrive.sol";
-import { IERC4626HyperdriveDeployer } from "../interfaces/IERC4626HyperdriveDeployer.sol";
+import { IHyperdriveCoreDeployer } from "../interfaces/IHyperdriveCoreDeployer.sol";
 import { IHyperdriveDeployer } from "../interfaces/IHyperdriveDeployer.sol";
 import { IHyperdriveTargetDeployer } from "../interfaces/IHyperdriveTargetDeployer.sol";
-import { ONE } from "../libraries/FixedPointMath.sol";
 
 /// @author DELV
-/// @title ERC4626HyperdriveDeployer
-/// @notice This is a minimal factory which contains only the logic to deploy
-///         Hyperdrive and is called by a more complex factory which
-///         initializes the Hyperdrive instances and acts as a registry.
-/// @dev We use two contracts to avoid any code size limit issues with Hyperdrive.
+/// @title HyperdriveDeployerCoordinator
+/// @notice This Hyperdrive deployer coordinates the process of deploying the
+///         Hyperdrive system utilizing several child deployers.
+/// @dev We use multiple deployers to avoid the maximum code size.
 /// @custom:disclaimer The language used in this code is for coding convenience
 ///                    only, and is not intended to, and does not, have any
 ///                    particular legal or regulatory significance.
-contract ERC4626HyperdriveDeployer is IHyperdriveDeployer {
+abstract contract HyperdriveDeployerCoordinator is IHyperdriveDeployer {
     /// @notice The contract used to deploy new instances of Hyperdrive.
-    address public immutable hyperdriveCoreDeployer;
+    address public immutable coreDeployer;
 
-    /// @notice The contract used to deploy new instances of Hyperdrive target0.
+    /// @notice The contract used to deploy new instances of HyperdriveTarget0.
     address public immutable target0Deployer;
 
-    /// @notice The contract used to deploy new instances of Hyperdrive target1.
+    /// @notice The contract used to deploy new instances of HyperdriveTarget1.
     address public immutable target1Deployer;
 
-    /// @notice The contract used to deploy new instances of Hyperdrive target2.
+    /// @notice The contract used to deploy new instances of HyperdriveTarget2.
     address public immutable target2Deployer;
 
-    /// @notice The contract used to deploy new instances of Hyperdrive target3.
+    /// @notice The contract used to deploy new instances of HyperdriveTarget3.
     address public immutable target3Deployer;
 
-    /// @notice Initializes the contract with the given parameters.
-    /// @param _hyperdriveCoreDeployer The contract used to deploy new instances
-    ///        of Hyperdrive.
+    /// @notice Instantiates the deployer coordinator.
+    /// @param _coreDeployer The core deployer.
     /// @param _target0Deployer The target0 deployer.
     /// @param _target1Deployer The target1 deployer.
     /// @param _target2Deployer The target2 deployer.
     /// @param _target3Deployer The target3 deployer.
     constructor(
-        address _hyperdriveCoreDeployer,
+        address _coreDeployer,
         address _target0Deployer,
         address _target1Deployer,
         address _target2Deployer,
         address _target3Deployer
     ) {
-        hyperdriveCoreDeployer = _hyperdriveCoreDeployer;
+        coreDeployer = _coreDeployer;
         target0Deployer = _target0Deployer;
         target1Deployer = _target1Deployer;
         target2Deployer = _target2Deployer;
@@ -63,13 +58,10 @@ contract ERC4626HyperdriveDeployer is IHyperdriveDeployer {
         IHyperdrive.PoolDeployConfig memory _deployConfig,
         bytes memory _extraData
     ) external override returns (address) {
-        // Decode the extra data to extract the pool address.
-        (address pool, ) = abi.decode(_extraData, (address, address[]));
-
         // Convert the deploy config into the pool config and set the initial
         // share price.
         IHyperdrive.PoolConfig memory _config = _copyPoolConfig(_deployConfig);
-        _config.initialSharePrice = IERC4626(pool).convertToAssets(ONE);
+        _config.initialSharePrice = _getInitialSharePrice(_extraData);
 
         // Deploy the target0 contract.
         address target0 = IHyperdriveTargetDeployer(target0Deployer).deploy(
@@ -89,9 +81,9 @@ contract ERC4626HyperdriveDeployer is IHyperdriveDeployer {
             _extraData
         );
 
-        // Deploy the ERC4626Hyperdrive instance.
+        // Deploy the Hyperdrive instance.
         return
-            IERC4626HyperdriveDeployer(hyperdriveCoreDeployer).deploy(
+            IHyperdriveCoreDeployer(coreDeployer).deploy(
                 _config,
                 _extraData,
                 target0,
@@ -101,6 +93,13 @@ contract ERC4626HyperdriveDeployer is IHyperdriveDeployer {
             );
     }
 
+    /// @dev Gets the initial share price of the Hyperdrive pool.
+    /// @param _extraData The extra data passed to the child deployers.
+    /// @return The initial share price of the Hyperdrive pool.
+    function _getInitialSharePrice(
+        bytes memory _extraData
+    ) internal view virtual returns (uint256);
+
     /// @notice Copies the deploy config into a pool config.
     /// @param _deployConfig The deploy configuration of the Hyperdrive pool.
     /// @return _config The pool configuration of the Hyperdrive pool.
diff --git a/contracts/src/instances/ERC4626HyperdriveCoreDeployer.sol b/contracts/src/deployers/erc4626/ERC4626HyperdriveCoreDeployer.sol
similarity index 71%
rename from contracts/src/instances/ERC4626HyperdriveCoreDeployer.sol
rename to contracts/src/deployers/erc4626/ERC4626HyperdriveCoreDeployer.sol
index 11fffc6de..09b2ff15b 100644
--- a/contracts/src/instances/ERC4626HyperdriveCoreDeployer.sol
+++ b/contracts/src/deployers/erc4626/ERC4626HyperdriveCoreDeployer.sol
@@ -1,20 +1,18 @@
 // SPDX-License-Identifier: Apache-2.0
 pragma solidity 0.8.19;
 
-import { IERC4626 } from "../interfaces/IERC4626.sol";
-import { IHyperdrive } from "../interfaces/IHyperdrive.sol";
-import { IERC4626HyperdriveDeployer } from "../interfaces/IERC4626HyperdriveDeployer.sol";
-import { ERC4626Hyperdrive } from "../instances/ERC4626Hyperdrive.sol";
+import { IERC4626 } from "../../interfaces/IERC4626.sol";
+import { IHyperdrive } from "../../interfaces/IHyperdrive.sol";
+import { IHyperdriveCoreDeployer } from "../../interfaces/IHyperdriveCoreDeployer.sol";
+import { ERC4626Hyperdrive } from "../../instances/erc4626/ERC4626Hyperdrive.sol";
 
 /// @author DELV
 /// @title ERC4626HyperdriveCoreDeployer
-/// @notice This is a minimal factory which contains only the logic to deploy
-///         the hyperdrive contract and is called by a more complex factory which
-///         initializes the Hyperdrive instances and acts as a registry.
+/// @notice The core deployer for the ERC4626Hyperdrive implementation.
 /// @custom:disclaimer The language used in this code is for coding convenience
 ///                    only, and is not intended to, and does not, have any
 ///                    particular legal or regulatory significance.
-contract ERC4626HyperdriveCoreDeployer is IERC4626HyperdriveDeployer {
+contract ERC4626HyperdriveCoreDeployer is IHyperdriveCoreDeployer {
     /// @notice Deploys a Hyperdrive instance with the given parameters.
     /// @param _config The configuration of the Hyperdrive pool.
     /// @param _extraData The extra data that contains the ERC4626 vault.
@@ -31,9 +29,8 @@ contract ERC4626HyperdriveCoreDeployer is IERC4626HyperdriveDeployer {
         address target2,
         address target3
     ) external override returns (address) {
-        address pool = abi.decode(_extraData, (address));
-
         // Deploy the ERC4626Hyperdrive instance.
+        address pool = abi.decode(_extraData, (address));
         return (
             address(
                 new ERC4626Hyperdrive(
diff --git a/contracts/src/deployers/erc4626/ERC4626HyperdriveDeployerCoordinator.sol b/contracts/src/deployers/erc4626/ERC4626HyperdriveDeployerCoordinator.sol
new file mode 100644
index 000000000..5bbbd912f
--- /dev/null
+++ b/contracts/src/deployers/erc4626/ERC4626HyperdriveDeployerCoordinator.sol
@@ -0,0 +1,47 @@
+// SPDX-License-Identifier: Apache-2.0
+pragma solidity 0.8.19;
+
+import { IERC4626 } from "../../interfaces/IERC4626.sol";
+import { ONE } from "../../libraries/FixedPointMath.sol";
+import { HyperdriveDeployerCoordinator } from "../HyperdriveDeployerCoordinator.sol";
+
+/// @author DELV
+/// @title ERC4626HyperdriveDeployerCoordinator
+/// @notice The deployer coordinator for the ERC4626Hyperdrive implementation.
+/// @custom:disclaimer The language used in this code is for coding convenience
+///                    only, and is not intended to, and does not, have any
+///                    particular legal or regulatory significance.
+contract ERC4626HyperdriveDeployerCoordinator is HyperdriveDeployerCoordinator {
+    /// @notice Instantiates the deployer coordinator.
+    /// @param _coreDeployer The core deployer.
+    /// @param _target0Deployer The target0 deployer.
+    /// @param _target1Deployer The target1 deployer.
+    /// @param _target2Deployer The target2 deployer.
+    /// @param _target3Deployer The target3 deployer.
+    constructor(
+        address _coreDeployer,
+        address _target0Deployer,
+        address _target1Deployer,
+        address _target2Deployer,
+        address _target3Deployer
+    )
+        HyperdriveDeployerCoordinator(
+            _coreDeployer,
+            _target0Deployer,
+            _target1Deployer,
+            _target2Deployer,
+            _target3Deployer
+        )
+    {}
+
+    /// @dev Gets the initial share price of the Hyperdrive pool.
+    /// @param _extraData The extra data passed to the child deployers.
+    /// @return The initial share price of the Hyperdrive pool.
+    function _getInitialSharePrice(
+        bytes memory _extraData
+    ) internal view override returns (uint256) {
+        // Return the vault's current share price.
+        IERC4626 pool = IERC4626(abi.decode(_extraData, (address)));
+        return pool.convertToAssets(ONE);
+    }
+}
diff --git a/contracts/src/instances/ERC4626Target0Deployer.sol b/contracts/src/deployers/erc4626/ERC4626Target0Deployer.sol
similarity index 55%
rename from contracts/src/instances/ERC4626Target0Deployer.sol
rename to contracts/src/deployers/erc4626/ERC4626Target0Deployer.sol
index 18bcdd2a8..879010357 100644
--- a/contracts/src/instances/ERC4626Target0Deployer.sol
+++ b/contracts/src/deployers/erc4626/ERC4626Target0Deployer.sol
@@ -1,17 +1,14 @@
 // SPDX-License-Identifier: Apache-2.0
 pragma solidity 0.8.19;
 
-import { IERC4626 } from "../interfaces/IERC4626.sol";
-import { IHyperdrive } from "../interfaces/IHyperdrive.sol";
-import { IHyperdriveTargetDeployer } from "../interfaces/IHyperdriveTargetDeployer.sol";
-import { ERC4626Target0 } from "../instances/ERC4626Target0.sol";
+import { ERC4626Target0 } from "../../instances/erc4626/ERC4626Target0.sol";
+import { IERC4626 } from "../../interfaces/IERC4626.sol";
+import { IHyperdrive } from "../../interfaces/IHyperdrive.sol";
+import { IHyperdriveTargetDeployer } from "../../interfaces/IHyperdriveTargetDeployer.sol";
 
 /// @author DELV
 /// @title ERC4626Target0Deployer
-/// @notice This is a minimal factory which contains only the logic to deploy
-///         the target0 contract and is called by a more complex factory which
-///         initializes the Hyperdrive instances and acts as a registry.
-/// @dev We use two contracts to avoid any code size limit issues with Hyperdrive.
+/// @notice The target0 deployer for the ERC4626Hyperdrive implementation.
 /// @custom:disclaimer The language used in this code is for coding convenience
 ///                    only, and is not intended to, and does not, have any
 ///                    particular legal or regulatory significance.
@@ -24,8 +21,8 @@ contract ERC4626Target0Deployer is IHyperdriveTargetDeployer {
         IHyperdrive.PoolConfig memory _config,
         bytes memory _extraData
     ) external override returns (address) {
-        (address pool, ) = abi.decode(_extraData, (address, address[]));
         // Deploy the ERC4626Target0 instance.
-        return (address(new ERC4626Target0(_config, IERC4626(pool))));
+        IERC4626 pool = IERC4626(abi.decode(_extraData, (address)));
+        return address(new ERC4626Target0(_config, pool));
     }
 }
diff --git a/contracts/src/instances/ERC4626Target1Deployer.sol b/contracts/src/deployers/erc4626/ERC4626Target1Deployer.sol
similarity index 55%
rename from contracts/src/instances/ERC4626Target1Deployer.sol
rename to contracts/src/deployers/erc4626/ERC4626Target1Deployer.sol
index 87ca3414f..a05c5a9bb 100644
--- a/contracts/src/instances/ERC4626Target1Deployer.sol
+++ b/contracts/src/deployers/erc4626/ERC4626Target1Deployer.sol
@@ -1,17 +1,14 @@
 // SPDX-License-Identifier: Apache-2.0
 pragma solidity 0.8.19;
 
-import { IERC4626 } from "../interfaces/IERC4626.sol";
-import { IHyperdrive } from "../interfaces/IHyperdrive.sol";
-import { IHyperdriveTargetDeployer } from "../interfaces/IHyperdriveTargetDeployer.sol";
-import { ERC4626Target1 } from "../instances/ERC4626Target1.sol";
+import { ERC4626Target1 } from "../../instances/erc4626/ERC4626Target1.sol";
+import { IERC4626 } from "../../interfaces/IERC4626.sol";
+import { IHyperdrive } from "../../interfaces/IHyperdrive.sol";
+import { IHyperdriveTargetDeployer } from "../../interfaces/IHyperdriveTargetDeployer.sol";
 
 /// @author DELV
 /// @title ERC4626Target1Deployer
-/// @notice This is a minimal factory which contains only the logic to deploy
-///         the target1 contract and is called by a more complex factory which
-///         initializes the Hyperdrive instances and acts as a registry.
-/// @dev We use two contracts to avoid any code size limit issues with Hyperdrive.
+/// @notice The target1 deployer for the ERC4626Hyperdrive implementation.
 /// @custom:disclaimer The language used in this code is for coding convenience
 ///                    only, and is not intended to, and does not, have any
 ///                    particular legal or regulatory significance.
@@ -24,8 +21,8 @@ contract ERC4626Target1Deployer is IHyperdriveTargetDeployer {
         IHyperdrive.PoolConfig memory _config,
         bytes memory _extraData
     ) external override returns (address) {
-        (address pool, ) = abi.decode(_extraData, (address, address[]));
         // Deploy the ERC4626Target1 instance.
-        return address(new ERC4626Target1(_config, IERC4626(pool)));
+        IERC4626 pool = IERC4626(abi.decode(_extraData, (address)));
+        return address(new ERC4626Target1(_config, pool));
     }
 }
diff --git a/contracts/src/instances/ERC4626Target2Deployer.sol b/contracts/src/deployers/erc4626/ERC4626Target2Deployer.sol
similarity index 55%
rename from contracts/src/instances/ERC4626Target2Deployer.sol
rename to contracts/src/deployers/erc4626/ERC4626Target2Deployer.sol
index d11029d4e..b3fb02aa4 100644
--- a/contracts/src/instances/ERC4626Target2Deployer.sol
+++ b/contracts/src/deployers/erc4626/ERC4626Target2Deployer.sol
@@ -1,17 +1,14 @@
 // SPDX-License-Identifier: Apache-2.0
 pragma solidity 0.8.19;
 
-import { IERC4626 } from "../interfaces/IERC4626.sol";
-import { IHyperdrive } from "../interfaces/IHyperdrive.sol";
-import { IHyperdriveTargetDeployer } from "../interfaces/IHyperdriveTargetDeployer.sol";
-import { ERC4626Target2 } from "../instances/ERC4626Target2.sol";
+import { ERC4626Target2 } from "../../instances/erc4626/ERC4626Target2.sol";
+import { IERC4626 } from "../../interfaces/IERC4626.sol";
+import { IHyperdrive } from "../../interfaces/IHyperdrive.sol";
+import { IHyperdriveTargetDeployer } from "../../interfaces/IHyperdriveTargetDeployer.sol";
 
 /// @author DELV
 /// @title ERC4626Target2Deployer
-/// @notice This is a minimal factory which contains only the logic to deploy
-///         the target2 contract and is called by a more complex factory which
-///         initializes the Hyperdrive instances and acts as a registry.
-/// @dev We use two contracts to avoid any code size limit issues with Hyperdrive.
+/// @notice The target2 deployer for the ERC4626Hyperdrive implementation.
 /// @custom:disclaimer The language used in this code is for coding convenience
 ///                    only, and is not intended to, and does not, have any
 ///                    particular legal or regulatory significance.
@@ -24,8 +21,8 @@ contract ERC4626Target2Deployer is IHyperdriveTargetDeployer {
         IHyperdrive.PoolConfig memory _config,
         bytes memory _extraData
     ) external override returns (address) {
-        (address pool, ) = abi.decode(_extraData, (address, address[]));
         // Deploy the ERC4626Target2 instance.
-        return address(new ERC4626Target2(_config, IERC4626(pool)));
+        IERC4626 pool = IERC4626(abi.decode(_extraData, (address)));
+        return address(new ERC4626Target2(_config, pool));
     }
 }
diff --git a/contracts/src/instances/ERC4626Target3Deployer.sol b/contracts/src/deployers/erc4626/ERC4626Target3Deployer.sol
similarity index 55%
rename from contracts/src/instances/ERC4626Target3Deployer.sol
rename to contracts/src/deployers/erc4626/ERC4626Target3Deployer.sol
index cede8903b..eee744983 100644
--- a/contracts/src/instances/ERC4626Target3Deployer.sol
+++ b/contracts/src/deployers/erc4626/ERC4626Target3Deployer.sol
@@ -1,17 +1,14 @@
 // SPDX-License-Identifier: Apache-2.0
 pragma solidity 0.8.19;
 
-import { IERC4626 } from "../interfaces/IERC4626.sol";
-import { IHyperdrive } from "../interfaces/IHyperdrive.sol";
-import { IHyperdriveTargetDeployer } from "../interfaces/IHyperdriveTargetDeployer.sol";
-import { ERC4626Target3 } from "../instances/ERC4626Target3.sol";
+import { ERC4626Target3 } from "../../instances/erc4626/ERC4626Target3.sol";
+import { IERC4626 } from "../../interfaces/IERC4626.sol";
+import { IHyperdrive } from "../../interfaces/IHyperdrive.sol";
+import { IHyperdriveTargetDeployer } from "../../interfaces/IHyperdriveTargetDeployer.sol";
 
 /// @author DELV
 /// @title ERC4626Target3Deployer
-/// @notice This is a minimal factory which contains only the logic to deploy
-///         the target3 contract and is called by a more complex factory which
-///         initializes the Hyperdrive instances and acts as a registry.
-/// @dev We use two contracts to avoid any code size limit issues with Hyperdrive.
+/// @notice The target3 deployer for the ERC4626Hyperdrive implementation.
 /// @custom:disclaimer The language used in this code is for coding convenience
 ///                    only, and is not intended to, and does not, have any
 ///                    particular legal or regulatory significance.
@@ -24,8 +21,8 @@ contract ERC4626Target3Deployer is IHyperdriveTargetDeployer {
         IHyperdrive.PoolConfig memory _config,
         bytes memory _extraData
     ) external override returns (address) {
-        (address pool, ) = abi.decode(_extraData, (address, address[]));
         // Deploy the ERC4626Target3 instance.
-        return address(new ERC4626Target3(_config, IERC4626(pool)));
+        IERC4626 pool = IERC4626(abi.decode(_extraData, (address)));
+        return address(new ERC4626Target3(_config, pool));
     }
 }
diff --git a/contracts/src/deployers/steth/StETHHyperdriveCoreDeployer.sol b/contracts/src/deployers/steth/StETHHyperdriveCoreDeployer.sol
new file mode 100644
index 000000000..c6b6ebd22
--- /dev/null
+++ b/contracts/src/deployers/steth/StETHHyperdriveCoreDeployer.sol
@@ -0,0 +1,53 @@
+// SPDX-License-Identifier: Apache-2.0
+pragma solidity 0.8.19;
+
+import { IHyperdrive } from "../../interfaces/IHyperdrive.sol";
+import { IHyperdriveCoreDeployer } from "../../interfaces/IHyperdriveCoreDeployer.sol";
+import { ILido } from "../../interfaces/ILido.sol";
+import { StETHHyperdrive } from "../../instances/steth/StETHHyperdrive.sol";
+
+/// @author DELV
+/// @title StETHHyperdriveCoreDeployer
+/// @notice The core deployer for the StETHHyperdrive implementation.
+/// @custom:disclaimer The language used in this code is for coding convenience
+///                    only, and is not intended to, and does not, have any
+///                    particular legal or regulatory significance.
+contract StETHHyperdriveCoreDeployer is IHyperdriveCoreDeployer {
+    /// @notice The Lido contract.
+    ILido public immutable lido;
+
+    /// @notice Instanstiates the core deployer.
+    /// @param _lido The Lido contract.
+    constructor(ILido _lido) {
+        lido = _lido;
+    }
+
+    /// @notice Deploys a Hyperdrive instance with the given parameters.
+    /// @param _config The configuration of the Hyperdrive pool.
+    /// @param target0 The target0 address.
+    /// @param target1 The target1 address.
+    /// @param target2 The target2 address.
+    /// @param target3 The target3 address.
+    /// @return The address of the newly deployed StETHHyperdrive Instance.
+    function deploy(
+        IHyperdrive.PoolConfig memory _config,
+        bytes memory, // unused extra data
+        address target0,
+        address target1,
+        address target2,
+        address target3
+    ) external override returns (address) {
+        return (
+            address(
+                new StETHHyperdrive(
+                    _config,
+                    target0,
+                    target1,
+                    target2,
+                    target3,
+                    lido
+                )
+            )
+        );
+    }
+}
diff --git a/contracts/src/deployers/steth/StETHHyperdriveDeployerCoordinator.sol b/contracts/src/deployers/steth/StETHHyperdriveDeployerCoordinator.sol
new file mode 100644
index 000000000..824bc8b16
--- /dev/null
+++ b/contracts/src/deployers/steth/StETHHyperdriveDeployerCoordinator.sol
@@ -0,0 +1,54 @@
+// SPDX-License-Identifier: Apache-2.0
+pragma solidity 0.8.19;
+
+import { ILido } from "../../interfaces/ILido.sol";
+import { FixedPointMath, ONE } from "../../libraries/FixedPointMath.sol";
+import { HyperdriveDeployerCoordinator } from "../HyperdriveDeployerCoordinator.sol";
+
+/// @author DELV
+/// @title StETHHyperdriveDeployerCoordinator
+/// @notice The deployer coordinator for the StETHHyperdrive implementation.
+/// @custom:disclaimer The language used in this code is for coding convenience
+///                    only, and is not intended to, and does not, have any
+///                    particular legal or regulatory significance.
+contract StETHHyperdriveDeployerCoordinator is HyperdriveDeployerCoordinator {
+    using FixedPointMath for uint256;
+
+    /// @notice The Lido contract.
+    ILido public immutable lido;
+
+    /// @notice Instantiates the deployer coordinator.
+    /// @param _coreDeployer The core deployer.
+    /// @param _target0Deployer The target0 deployer.
+    /// @param _target1Deployer The target1 deployer.
+    /// @param _target2Deployer The target2 deployer.
+    /// @param _target3Deployer The target3 deployer.
+    /// @param _lido The Lido contract.
+    constructor(
+        address _coreDeployer,
+        address _target0Deployer,
+        address _target1Deployer,
+        address _target2Deployer,
+        address _target3Deployer,
+        ILido _lido
+    )
+        HyperdriveDeployerCoordinator(
+            _coreDeployer,
+            _target0Deployer,
+            _target1Deployer,
+            _target2Deployer,
+            _target3Deployer
+        )
+    {
+        lido = _lido;
+    }
+
+    /// @dev Gets the initial share price of the Hyperdrive pool.
+    /// @return The initial share price of the Hyperdrive pool.
+    function _getInitialSharePrice(
+        bytes memory // unused extra data
+    ) internal view override returns (uint256) {
+        // Return the stETH's current share price.
+        return lido.getTotalPooledEther().divDown(lido.getTotalShares());
+    }
+}
diff --git a/contracts/src/deployers/steth/StETHTarget0Deployer.sol b/contracts/src/deployers/steth/StETHTarget0Deployer.sol
new file mode 100644
index 000000000..7af308c09
--- /dev/null
+++ b/contracts/src/deployers/steth/StETHTarget0Deployer.sol
@@ -0,0 +1,35 @@
+// SPDX-License-Identifier: Apache-2.0
+pragma solidity 0.8.19;
+
+import { StETHTarget0 } from "../../instances/steth/StETHTarget0.sol";
+import { IHyperdrive } from "../../interfaces/IHyperdrive.sol";
+import { IHyperdriveTargetDeployer } from "../../interfaces/IHyperdriveTargetDeployer.sol";
+import { ILido } from "../../interfaces/ILido.sol";
+
+/// @author DELV
+/// @title StETHTarget0Deployer
+/// @notice The target0 deployer for the StETHHyperdrive implementation.
+/// @custom:disclaimer The language used in this code is for coding convenience
+///                    only, and is not intended to, and does not, have any
+///                    particular legal or regulatory significance.
+contract StETHTarget0Deployer is IHyperdriveTargetDeployer {
+    /// @notice The Lido contract.
+    ILido public immutable lido;
+
+    /// @notice Instanstiates the target0 deployer.
+    /// @param _lido The Lido contract.
+    constructor(ILido _lido) {
+        lido = _lido;
+    }
+
+    /// @notice Deploys a target0 instance with the given parameters.
+    /// @param _config The configuration of the Hyperdrive pool.
+    /// @return The address of the newly deployed StETHTarget0 Instance.
+    function deploy(
+        IHyperdrive.PoolConfig memory _config,
+        bytes memory // unused extra data
+    ) external override returns (address) {
+        // Deploy the StETHTarget0 instance.
+        return address(new StETHTarget0(_config, lido));
+    }
+}
diff --git a/contracts/src/deployers/steth/StETHTarget1Deployer.sol b/contracts/src/deployers/steth/StETHTarget1Deployer.sol
new file mode 100644
index 000000000..0cadc1b5d
--- /dev/null
+++ b/contracts/src/deployers/steth/StETHTarget1Deployer.sol
@@ -0,0 +1,35 @@
+// SPDX-License-Identifier: Apache-2.0
+pragma solidity 0.8.19;
+
+import { StETHTarget1 } from "../../instances/steth/StETHTarget1.sol";
+import { IHyperdrive } from "../../interfaces/IHyperdrive.sol";
+import { IHyperdriveTargetDeployer } from "../../interfaces/IHyperdriveTargetDeployer.sol";
+import { ILido } from "../../interfaces/ILido.sol";
+
+/// @author DELV
+/// @title StETHTarget1Deployer
+/// @notice The target1 deployer for the StETHHyperdrive implementation.
+/// @custom:disclaimer The language used in this code is for coding convenience
+///                    only, and is not intended to, and does not, have any
+///                    particular legal or regulatory significance.
+contract StETHTarget1Deployer is IHyperdriveTargetDeployer {
+    /// @notice The Lido contract.
+    ILido public immutable lido;
+
+    /// @notice Instanstiates the target1 deployer.
+    /// @param _lido The Lido contract.
+    constructor(ILido _lido) {
+        lido = _lido;
+    }
+
+    /// @notice Deploys a target1 instance with the given parameters.
+    /// @param _config The configuration of the Hyperdrive pool.
+    /// @return The address of the newly deployed StETHTarget1 Instance.
+    function deploy(
+        IHyperdrive.PoolConfig memory _config,
+        bytes memory // unused extra data
+    ) external override returns (address) {
+        // Deploy the StETHTarget1 instance.
+        return address(new StETHTarget1(_config, lido));
+    }
+}
diff --git a/contracts/src/deployers/steth/StETHTarget2Deployer.sol b/contracts/src/deployers/steth/StETHTarget2Deployer.sol
new file mode 100644
index 000000000..fd320cfed
--- /dev/null
+++ b/contracts/src/deployers/steth/StETHTarget2Deployer.sol
@@ -0,0 +1,35 @@
+// SPDX-License-Identifier: Apache-2.0
+pragma solidity 0.8.19;
+
+import { StETHTarget2 } from "../../instances/steth/StETHTarget2.sol";
+import { IHyperdrive } from "../../interfaces/IHyperdrive.sol";
+import { IHyperdriveTargetDeployer } from "../../interfaces/IHyperdriveTargetDeployer.sol";
+import { ILido } from "../../interfaces/ILido.sol";
+
+/// @author DELV
+/// @title StETHTarget2Deployer
+/// @notice The target2 deployer for the StETHHyperdrive implementation.
+/// @custom:disclaimer The language used in this code is for coding convenience
+///                    only, and is not intended to, and does not, have any
+///                    particular legal or regulatory significance.
+contract StETHTarget2Deployer is IHyperdriveTargetDeployer {
+    /// @notice The Lido contract.
+    ILido public immutable lido;
+
+    /// @notice Instanstiates the target2 deployer.
+    /// @param _lido The Lido contract.
+    constructor(ILido _lido) {
+        lido = _lido;
+    }
+
+    /// @notice Deploys a target2 instance with the given parameters.
+    /// @param _config The configuration of the Hyperdrive pool.
+    /// @return The address of the newly deployed StETHTarget2 Instance.
+    function deploy(
+        IHyperdrive.PoolConfig memory _config,
+        bytes memory // unused extra data
+    ) external override returns (address) {
+        // Deploy the StETHTarget2 instance.
+        return address(new StETHTarget2(_config, lido));
+    }
+}
diff --git a/contracts/src/deployers/steth/StETHTarget3Deployer.sol b/contracts/src/deployers/steth/StETHTarget3Deployer.sol
new file mode 100644
index 000000000..b95b42725
--- /dev/null
+++ b/contracts/src/deployers/steth/StETHTarget3Deployer.sol
@@ -0,0 +1,35 @@
+// SPDX-License-Identifier: Apache-2.0
+pragma solidity 0.8.19;
+
+import { StETHTarget3 } from "../../instances/steth/StETHTarget3.sol";
+import { IHyperdrive } from "../../interfaces/IHyperdrive.sol";
+import { IHyperdriveTargetDeployer } from "../../interfaces/IHyperdriveTargetDeployer.sol";
+import { ILido } from "../../interfaces/ILido.sol";
+
+/// @author DELV
+/// @title StETHTarget3Deployer
+/// @notice The target3 deployer for the StETHHyperdrive implementation.
+/// @custom:disclaimer The language used in this code is for coding convenience
+///                    only, and is not intended to, and does not, have any
+///                    particular legal or regulatory significance.
+contract StETHTarget3Deployer is IHyperdriveTargetDeployer {
+    /// @notice The Lido contract.
+    ILido public immutable lido;
+
+    /// @notice Instanstiates the target3 deployer.
+    /// @param _lido The Lido contract.
+    constructor(ILido _lido) {
+        lido = _lido;
+    }
+
+    /// @notice Deploys a target3 instance with the given parameters.
+    /// @param _config The configuration of the Hyperdrive pool.
+    /// @return The address of the newly deployed StETHTarget3 Instance.
+    function deploy(
+        IHyperdrive.PoolConfig memory _config,
+        bytes memory // unused extra data
+    ) external override returns (address) {
+        // Deploy the StETHTarget3 instance.
+        return address(new StETHTarget3(_config, lido));
+    }
+}
diff --git a/contracts/src/factory/HyperdriveFactory.sol b/contracts/src/factory/HyperdriveFactory.sol
index 68655b8be..1896cbd82 100644
--- a/contracts/src/factory/HyperdriveFactory.sol
+++ b/contracts/src/factory/HyperdriveFactory.sol
@@ -1,6 +1,8 @@
 // SPDX-License-Identifier: Apache-2.0
 pragma solidity 0.8.19;
 
+import { ERC20 } from "solmate/tokens/ERC20.sol";
+import { SafeTransferLib } from "solmate/utils/SafeTransferLib.sol";
 import { IHyperdrive } from "../interfaces/IHyperdrive.sol";
 import { IHyperdriveDeployer } from "../interfaces/IHyperdriveDeployer.sol";
 import { FixedPointMath, ONE } from "../libraries/FixedPointMath.sol";
@@ -14,6 +16,7 @@ import { FixedPointMath, ONE } from "../libraries/FixedPointMath.sol";
 ///                    particular legal or regulatory significance.
 contract HyperdriveFactory {
     using FixedPointMath for uint256;
+    using SafeTransferLib for ERC20;
 
     /// @notice Emitted when governance is transferred.
     event GovernanceUpdated(address indexed governance);
@@ -263,7 +266,8 @@ contract HyperdriveFactory {
     ///      by default.
     /// @param _hyperdriveDeployer Address of the hyperdrive deployer.
     /// @param _deployConfig The deploy configuration of the Hyperdrive pool.
-    /// @param _extraData The extra data that contains data necessary for the specific deployer.
+    /// @param _extraData The extra data that contains data necessary for the
+    ///        specific deployer.
     /// @param _contribution Base token to call init with
     /// @param _apr The apr to call init with
     /// @param _initializeExtraData The extra data for the `initialize` call.
@@ -276,15 +280,7 @@ contract HyperdriveFactory {
         uint256 _apr,
         bytes memory _initializeExtraData
     ) public payable virtual returns (IHyperdrive) {
-        if (msg.value > 0) {
-            revert IHyperdrive.NonPayableInitialization();
-        }
-
-        // TODO: Should we do some input validation on the config like making
-        // sure that the linker factory and linker code hash are set to zero?
-        // This kind of check makes it clear that the deployer knows the values
-        // will be overridden.
-
+        // Ensure that the target deployer has been registered.
         if (!isHyperdriveDeployer[_hyperdriveDeployer]) {
             revert IHyperdrive.InvalidDeployer();
         }
@@ -320,28 +316,57 @@ contract HyperdriveFactory {
         isInstance[address(hyperdrive)] = true;
 
         // Initialize the Hyperdrive instance.
-        _deployConfig.baseToken.transferFrom(
-            msg.sender,
-            address(this),
-            _contribution
-        );
-        if (
-            !_deployConfig.baseToken.approve(
+        uint256 refund;
+        if (msg.value >= _contribution) {
+            // Only the contribution amount of ether will be passed to
+            // Hyperdrive.
+            refund = msg.value - _contribution;
+
+            // Initialize the Hyperdrive instance.
+            hyperdrive.initialize{ value: _contribution }(
+                _contribution,
+                _apr,
+                IHyperdrive.Options({
+                    destination: msg.sender,
+                    asBase: true,
+                    extraData: _initializeExtraData
+                })
+            );
+        } else {
+            // None of the provided ether is used for the contribution.
+            refund = msg.value;
+
+            // Transfer the contribution to this contract and set an approval
+            // on Hyperdrive to prepare for initialization.
+            ERC20(address(_deployConfig.baseToken)).safeTransferFrom(
+                msg.sender,
+                address(this),
+                _contribution
+            );
+            ERC20(address(_deployConfig.baseToken)).safeApprove(
                 address(hyperdrive),
-                type(uint256).max
-            )
-        ) {
-            revert IHyperdrive.ApprovalFailed();
+                _contribution
+            );
+
+            // Initialize the Hyperdrive instance.
+            hyperdrive.initialize(
+                _contribution,
+                _apr,
+                IHyperdrive.Options({
+                    destination: msg.sender,
+                    asBase: true,
+                    extraData: _initializeExtraData
+                })
+            );
+        }
+
+        // Refund any excess ether that was sent to this contract.
+        if (refund > 0) {
+            (bool success, ) = payable(msg.sender).call{ value: refund }("");
+            if (!success) {
+                revert IHyperdrive.TransferFailed();
+            }
         }
-        hyperdrive.initialize(
-            _contribution,
-            _apr,
-            IHyperdrive.Options({
-                destination: msg.sender,
-                asBase: true,
-                extraData: _initializeExtraData
-            })
-        );
 
         // Set the default pausers and transfer the governance status to the
         // hyperdrive governance address.
diff --git a/contracts/src/instances/ERC4626Base.sol b/contracts/src/instances/erc4626/ERC4626Base.sol
similarity index 93%
rename from contracts/src/instances/ERC4626Base.sol
rename to contracts/src/instances/erc4626/ERC4626Base.sol
index b8657f394..e14c1e82d 100644
--- a/contracts/src/instances/ERC4626Base.sol
+++ b/contracts/src/instances/erc4626/ERC4626Base.sol
@@ -3,11 +3,11 @@ pragma solidity 0.8.19;
 
 import { ERC20 } from "solmate/tokens/ERC20.sol";
 import { SafeTransferLib } from "solmate/utils/SafeTransferLib.sol";
-import { IERC4626 } from "../interfaces/IERC4626.sol";
-import { IHyperdrive } from "../interfaces/IHyperdrive.sol";
-import { IERC4626Hyperdrive } from "../interfaces/IERC4626Hyperdrive.sol";
-import { HyperdriveBase } from "../internal/HyperdriveBase.sol";
-import { FixedPointMath, ONE } from "../libraries/FixedPointMath.sol";
+import { IERC4626 } from "../../interfaces/IERC4626.sol";
+import { IHyperdrive } from "../../interfaces/IHyperdrive.sol";
+import { IERC4626Hyperdrive } from "../../interfaces/IERC4626Hyperdrive.sol";
+import { HyperdriveBase } from "../../internal/HyperdriveBase.sol";
+import { FixedPointMath, ONE } from "../../libraries/FixedPointMath.sol";
 
 /// @author DELV
 /// @title ERC4626Base
diff --git a/contracts/src/instances/ERC4626Hyperdrive.sol b/contracts/src/instances/erc4626/ERC4626Hyperdrive.sol
similarity index 81%
rename from contracts/src/instances/ERC4626Hyperdrive.sol
rename to contracts/src/instances/erc4626/ERC4626Hyperdrive.sol
index 346f35ab4..d0605708e 100644
--- a/contracts/src/instances/ERC4626Hyperdrive.sol
+++ b/contracts/src/instances/erc4626/ERC4626Hyperdrive.sol
@@ -3,12 +3,12 @@ pragma solidity 0.8.19;
 
 import { ERC20 } from "solmate/tokens/ERC20.sol";
 import { SafeTransferLib } from "solmate/utils/SafeTransferLib.sol";
-import { Hyperdrive } from "../external/Hyperdrive.sol";
-import { IERC20 } from "../interfaces/IERC20.sol";
-import { IERC4626 } from "../interfaces/IERC4626.sol";
-import { IHyperdrive } from "../interfaces/IHyperdrive.sol";
-import { IERC4626Hyperdrive } from "../interfaces/IERC4626Hyperdrive.sol";
-import { FixedPointMath } from "../libraries/FixedPointMath.sol";
+import { Hyperdrive } from "../../external/Hyperdrive.sol";
+import { IERC20 } from "../../interfaces/IERC20.sol";
+import { IERC4626 } from "../../interfaces/IERC4626.sol";
+import { IHyperdrive } from "../../interfaces/IHyperdrive.sol";
+import { IERC4626Hyperdrive } from "../../interfaces/IERC4626Hyperdrive.sol";
+import { FixedPointMath } from "../../libraries/FixedPointMath.sol";
 import { ERC4626Base } from "./ERC4626Base.sol";
 
 /// @author DELV
@@ -39,8 +39,9 @@ contract ERC4626Hyperdrive is Hyperdrive, ERC4626Base {
         Hyperdrive(_config, _target0, _target1, _target2, _target3)
         ERC4626Base(__pool)
     {
-        // Ensure that the Hyperdrive pool was configured properly.
-        // WARN: 4626 implementations should be checked that if they use an
+        // Ensure that the initial share price is properly configured.
+        //
+        // WARN: ERC4626 implementations should be checked that if they use an
         // asset with decimals less than 18 that the preview deposit is scale
         // invariant. EG - because this line uses a very large query to load
         // price for USDC if the price per share changes based on size of
@@ -49,6 +50,9 @@ contract ERC4626Hyperdrive is Hyperdrive, ERC4626Base {
         if (_config.initialSharePrice != _pricePerShare()) {
             revert IHyperdrive.InvalidInitialSharePrice();
         }
+
+        // Ensure that the base token is the same as the vault's underlying
+        // asset.
         if (address(_config.baseToken) != IERC4626(_pool).asset()) {
             revert IHyperdrive.InvalidBaseToken();
         }
diff --git a/contracts/src/instances/ERC4626Target0.sol b/contracts/src/instances/erc4626/ERC4626Target0.sol
similarity index 89%
rename from contracts/src/instances/ERC4626Target0.sol
rename to contracts/src/instances/erc4626/ERC4626Target0.sol
index ae09baf63..edabf8d00 100644
--- a/contracts/src/instances/ERC4626Target0.sol
+++ b/contracts/src/instances/erc4626/ERC4626Target0.sol
@@ -3,15 +3,15 @@ pragma solidity 0.8.19;
 
 import { ERC20 } from "solmate/tokens/ERC20.sol";
 import { SafeTransferLib } from "solmate/utils/SafeTransferLib.sol";
-import { HyperdriveTarget0 } from "../external/HyperdriveTarget0.sol";
-import { IERC20 } from "../interfaces/IERC20.sol";
-import { IERC4626 } from "../interfaces/IERC4626.sol";
-import { IHyperdrive } from "../interfaces/IHyperdrive.sol";
+import { HyperdriveTarget0 } from "../../external/HyperdriveTarget0.sol";
+import { IERC20 } from "../../interfaces/IERC20.sol";
+import { IERC4626 } from "../../interfaces/IERC4626.sol";
+import { IHyperdrive } from "../../interfaces/IHyperdrive.sol";
 import { ERC4626Base } from "./ERC4626Base.sol";
 
 /// @author DELV
 /// @title ERC4626Target0
-/// @notice ERC4626Hyperdrive's target 0 logic contract. This contract contains
+/// @notice ERC4626Hyperdrive's target0 logic contract. This contract contains
 ///         all of the getters for Hyperdrive as well as some stateful
 ///         functions.
 /// @custom:disclaimer The language used in this code is for coding convenience
diff --git a/contracts/src/instances/ERC4626Target1.sol b/contracts/src/instances/erc4626/ERC4626Target1.sol
similarity index 66%
rename from contracts/src/instances/ERC4626Target1.sol
rename to contracts/src/instances/erc4626/ERC4626Target1.sol
index 2f90967b5..3a6cc704c 100644
--- a/contracts/src/instances/ERC4626Target1.sol
+++ b/contracts/src/instances/erc4626/ERC4626Target1.sol
@@ -1,16 +1,14 @@
 // SPDX-License-Identifier: Apache-2.0
 pragma solidity 0.8.19;
 
-import { HyperdriveTarget1 } from "../external/HyperdriveTarget1.sol";
-import { IERC4626 } from "../interfaces/IERC4626.sol";
-import { IHyperdrive } from "../interfaces/IHyperdrive.sol";
+import { HyperdriveTarget1 } from "../../external/HyperdriveTarget1.sol";
+import { IERC4626 } from "../../interfaces/IERC4626.sol";
+import { IHyperdrive } from "../../interfaces/IHyperdrive.sol";
 import { ERC4626Base } from "./ERC4626Base.sol";
 
 /// @author DELV
 /// @title ERC4626Target1
-/// @notice ERC4626Hyperdrive's target 1 logic contract. This contract contains
-///         several stateful functions that couldn't fit into the Hyperdrive
-///         contract.
+/// @notice ERC4626Hyperdrive's target1 logic contract.
 /// @custom:disclaimer The language used in this code is for coding convenience
 ///                    only, and is not intended to, and does not, have any
 ///                    particular legal or regulatory significance.
diff --git a/contracts/src/instances/ERC4626Target2.sol b/contracts/src/instances/erc4626/ERC4626Target2.sol
similarity index 75%
rename from contracts/src/instances/ERC4626Target2.sol
rename to contracts/src/instances/erc4626/ERC4626Target2.sol
index fd36f7871..e9fadf9dd 100644
--- a/contracts/src/instances/ERC4626Target2.sol
+++ b/contracts/src/instances/erc4626/ERC4626Target2.sol
@@ -1,14 +1,14 @@
 // SPDX-License-Identifier: Apache-2.0
 pragma solidity 0.8.19;
 
-import { HyperdriveTarget2 } from "../external/HyperdriveTarget2.sol";
-import { IERC4626 } from "../interfaces/IERC4626.sol";
-import { IHyperdrive } from "../interfaces/IHyperdrive.sol";
+import { HyperdriveTarget2 } from "../../external/HyperdriveTarget2.sol";
+import { IERC4626 } from "../../interfaces/IERC4626.sol";
+import { IHyperdrive } from "../../interfaces/IHyperdrive.sol";
 import { ERC4626Base } from "./ERC4626Base.sol";
 
 /// @author DELV
 /// @title ERC4626Target2
-/// @notice ERC4626Hyperdrive's target 2 logic contract. This contract contains
+/// @notice ERC4626Hyperdrive's target2 logic contract. This contract contains
 ///         several stateful functions that couldn't fit into the Hyperdrive
 ///         contract.
 /// @custom:disclaimer The language used in this code is for coding convenience
diff --git a/contracts/src/instances/ERC4626Target3.sol b/contracts/src/instances/erc4626/ERC4626Target3.sol
similarity index 75%
rename from contracts/src/instances/ERC4626Target3.sol
rename to contracts/src/instances/erc4626/ERC4626Target3.sol
index 1f0569757..e018866c6 100644
--- a/contracts/src/instances/ERC4626Target3.sol
+++ b/contracts/src/instances/erc4626/ERC4626Target3.sol
@@ -1,14 +1,14 @@
 // SPDX-License-Identifier: Apache-2.0
 pragma solidity 0.8.19;
 
-import { HyperdriveTarget3 } from "../external/HyperdriveTarget3.sol";
-import { IERC4626 } from "../interfaces/IERC4626.sol";
-import { IHyperdrive } from "../interfaces/IHyperdrive.sol";
+import { HyperdriveTarget3 } from "../../external/HyperdriveTarget3.sol";
+import { IERC4626 } from "../../interfaces/IERC4626.sol";
+import { IHyperdrive } from "../../interfaces/IHyperdrive.sol";
 import { ERC4626Base } from "./ERC4626Base.sol";
 
 /// @author DELV
 /// @title ERC4626Target3
-/// @notice ERC4626Hyperdrive's target 3 logic contract. This contract contains
+/// @notice ERC4626Hyperdrive's target3 logic contract. This contract contains
 ///         several stateful functions that couldn't fit into the Hyperdrive
 ///         contract.
 /// @custom:disclaimer The language used in this code is for coding convenience
diff --git a/contracts/src/instances/steth/StETHBase.sol b/contracts/src/instances/steth/StETHBase.sol
new file mode 100644
index 000000000..a06fa1c1f
--- /dev/null
+++ b/contracts/src/instances/steth/StETHBase.sol
@@ -0,0 +1,137 @@
+// SPDX-License-Identifier: Apache-2.0
+pragma solidity 0.8.19;
+
+import { IHyperdrive } from "../../interfaces/IHyperdrive.sol";
+import { ILido } from "../../interfaces/ILido.sol";
+import { HyperdriveBase } from "../../internal/HyperdriveBase.sol";
+import { FixedPointMath } from "../../libraries/FixedPointMath.sol";
+
+/// @author DELV
+/// @title StethHyperdrive
+/// @notice The base contract for the stETH Hyperdrive implementation.
+/// @dev Lido has it's own notion of shares to account for the accrual of
+///      interest on the ether pooled in the Lido protocol. Instead of
+///      maintaining a balance of shares, this integration can simply use Lido
+///      shares directly.
+/// @custom:disclaimer The language used in this code is for coding convenience
+///                    only, and is not intended to, and does not, have any
+///                    particular legal or regulatory significance.
+abstract contract StETHBase is HyperdriveBase {
+    using FixedPointMath for uint256;
+
+    /// @dev The Lido contract.
+    ILido internal immutable _lido;
+
+    /// @notice Instantiates the stETH Hyperdrive base contract.
+    /// @param __lido The Lido contract.
+    constructor(ILido __lido) {
+        _lido = __lido;
+
+        // Ensure that the minimum share reserves are equal to 1e15. This value
+        // has been tested to prevent arithmetic overflows in the
+        // `_updateLiquidity` function when the share reserves are as high as
+        // 200 million.
+        if (_minimumShareReserves != 1e15) {
+            revert IHyperdrive.InvalidMinimumShareReserves();
+        }
+    }
+
+    /// Yield Source ///
+
+    /// @dev Accepts a transfer from the user in base or the yield source token.
+    /// @param _amount The amount of token to transfer. It will be in either
+    ///          base or shares depending on the `asBase` option.
+    /// @param _options The options that configure the deposit. The only option
+    ///        used in this implementation is "asBase" which determines if
+    ///        the deposit is settled in ETH or stETH shares.
+    /// @return shares The amount of shares that represents the amount deposited.
+    /// @return sharePrice The current share price.
+    function _deposit(
+        uint256 _amount,
+        IHyperdrive.Options calldata _options
+    ) internal override returns (uint256 shares, uint256 sharePrice) {
+        uint256 refund;
+        if (_options.asBase) {
+            // Ensure that sufficient ether was provided.
+            if (msg.value < _amount) {
+                revert IHyperdrive.TransferFailed();
+            }
+
+            // If the user sent more ether than the amount specified, refund the
+            // excess ether.
+            refund = msg.value - _amount;
+
+            // Submit the provided ether to Lido to be deposited. The fee
+            // collector address is passed as the referral address; however,
+            // users can specify whatever referrer they'd like by depositing
+            // stETH instead of WETH.
+            shares = _lido.submit{ value: _amount }(_feeCollector);
+
+            // Calculate the share price.
+            sharePrice = _pricePerShare();
+        } else {
+            // Refund any ether that was sent to the contract.
+            refund = msg.value;
+
+            // Transfer stETH shares into the contract.
+            _lido.transferSharesFrom(msg.sender, address(this), _amount);
+
+            // Calculate the share price.
+            shares = _amount;
+            sharePrice = _pricePerShare();
+        }
+
+        // Return excess ether that was sent to the contract.
+        if (refund > 0) {
+            (bool success, ) = payable(msg.sender).call{ value: refund }("");
+            if (!success) {
+                revert IHyperdrive.TransferFailed();
+            }
+        }
+
+        return (shares, sharePrice);
+    }
+
+    /// @notice Processes a trader's withdrawal. This yield source only supports
+    ///         withdrawals in stETH shares.
+    /// @param _shares The amount of shares to withdraw from Hyperdrive.
+    /// @param _options The options that configure the withdrawal. The options
+    ///        used in this implementation are "destination" which specifies the
+    ///        recipient of the withdrawal and "asBase" which determines
+    ///        if the withdrawal is settled in base or vault shares. The "asBase"
+    ///        option must be false since stETH withdrawals aren't processed
+    ///        instantaneously. Users that want to withdraw can manage their
+    ///        withdrawal separately.
+    /// @return The amount of shares withdrawn from the yield source.
+    function _withdraw(
+        uint256 _shares,
+        IHyperdrive.Options calldata _options
+    ) internal override returns (uint256) {
+        // stETH withdrawals aren't necessarily instantaneous. Users that want
+        // to withdraw can manage their withdrawal separately.
+        if (_options.asBase) {
+            revert IHyperdrive.UnsupportedToken();
+        }
+
+        // If we're withdrawing zero shares, short circuit and return 0.
+        if (_shares == 0) {
+            return 0;
+        }
+
+        // Transfer the stETH shares to the destination.
+        _lido.transferShares(_options.destination, _shares);
+
+        return _shares;
+    }
+
+    /// @dev Returns the current share price. We simply use Lido's share price.
+    /// @return price The current share price.
+    /// @dev must remain consistent with the impl inside of the DataProvider
+    function _pricePerShare() internal view override returns (uint256 price) {
+        return _lido.getTotalPooledEther().divDown(_lido.getTotalShares());
+    }
+
+    /// @dev We override the message value check since this integration is
+    ///      payable.
+    function _checkMessageValue() internal pure override {}
+}
diff --git a/contracts/src/instances/steth/StETHHyperdrive.sol b/contracts/src/instances/steth/StETHHyperdrive.sol
new file mode 100644
index 000000000..386efae7d
--- /dev/null
+++ b/contracts/src/instances/steth/StETHHyperdrive.sol
@@ -0,0 +1,57 @@
+// SPDX-License-Identifier: Apache-2.0
+pragma solidity 0.8.19;
+
+import { Hyperdrive } from "../../external/Hyperdrive.sol";
+import { IHyperdrive } from "../../interfaces/IHyperdrive.sol";
+import { IERC20 } from "../../interfaces/IERC20.sol";
+import { ILido } from "../../interfaces/ILido.sol";
+import { StETHBase } from "./StETHBase.sol";
+
+/// @author DELV
+/// @title StETHHyperdrive
+/// @notice A Hyperdrive instance that uses StETH as the yield source.
+/// @custom:disclaimer The language used in this code is for coding convenience
+///                    only, and is not intended to, and does not, have any
+///                    particular legal or regulatory significance.
+contract StETHHyperdrive is Hyperdrive, StETHBase {
+    address constant ETH = 0xEeeeeEeeeEeEeeEeEeEeeEEEeeeeEeeeeeeeEEeE;
+
+    /// @notice Instantiates Hyperdrive with StETH as the yield source.
+    /// @param _config The configuration of the Hyperdrive pool.
+    /// @param _target0 The target0 address.
+    /// @param _target1 The target1 address.
+    /// @param _target2 The target2 address.
+    /// @param _target3 The target3 address.
+    /// @param _lido The Lido contract.
+    constructor(
+        IHyperdrive.PoolConfig memory _config,
+        address _target0,
+        address _target1,
+        address _target2,
+        address _target3,
+        ILido _lido
+    )
+        Hyperdrive(_config, _target0, _target1, _target2, _target3)
+        StETHBase(_lido)
+    {
+        // Ensure that the base token address is properly configured.
+        if (address(_config.baseToken) != ETH) {
+            revert IHyperdrive.InvalidBaseToken();
+        }
+
+        // Ensure that the initial share price is properly configured.
+        if (_config.initialSharePrice != _pricePerShare()) {
+            revert IHyperdrive.InvalidInitialSharePrice();
+        }
+    }
+
+    /// @notice Some yield sources [eg Morpho] pay rewards directly to this
+    ///         contract but we can't handle distributing them internally so we
+    ///         sweep to the fee collector address to then redistribute to users.
+    /// @dev WARN: It is unlikely but possible that there is a selector overlap
+    ///      with 'transferFrom'. Any integrating contracts should be checked
+    ///      for that, as it may result in an unexpected call from this address.
+    function sweep(IERC20) external {
+        _delegate(target0);
+    }
+}
diff --git a/contracts/src/instances/steth/StETHTarget0.sol b/contracts/src/instances/steth/StETHTarget0.sol
new file mode 100644
index 000000000..2cc339362
--- /dev/null
+++ b/contracts/src/instances/steth/StETHTarget0.sol
@@ -0,0 +1,71 @@
+// SPDX-License-Identifier: Apache-2.0
+pragma solidity 0.8.19;
+
+import { ERC20 } from "solmate/tokens/ERC20.sol";
+import { SafeTransferLib } from "solmate/utils/SafeTransferLib.sol";
+import { HyperdriveTarget0 } from "../../external/HyperdriveTarget0.sol";
+import { IHyperdrive } from "../../interfaces/IHyperdrive.sol";
+import { IERC20 } from "../../interfaces/IERC20.sol";
+import { ILido } from "../../interfaces/ILido.sol";
+import { StETHBase } from "./StETHBase.sol";
+
+/// @author DELV
+/// @title StETHTarget0
+/// @notice StETHHyperdrive's target0 logic contract. This contract contains
+///         all of the getters for Hyperdrive as well as some stateful
+///         functions.
+/// @custom:disclaimer The language used in this code is for coding convenience
+///                    only, and is not intended to, and does not, have any
+///                    particular legal or regulatory significance.
+contract StETHTarget0 is HyperdriveTarget0, StETHBase {
+    using SafeTransferLib for ERC20;
+
+    /// @notice Initializes the target0 contract.
+    /// @param _config The configuration of the Hyperdrive pool.
+    /// @param _lido The Lido contract.
+    constructor(
+        IHyperdrive.PoolConfig memory _config,
+        ILido _lido
+    ) HyperdriveTarget0(_config) StETHBase(_lido) {}
+
+    /// Extras ///
+
+    /// @notice Some yield sources [eg Morpho] pay rewards directly to this
+    ///         contract but we can't handle distributing them internally so we
+    ///         sweep to the fee collector address to then redistribute to users.
+    /// @dev WARN: It is unlikely but possible that there is a selector overlap
+    ///      with 'transferFrom'. Any integrating contracts should be checked
+    ///      for that, as it may result in an unexpected call from this address.
+    /// @param _target The token to sweep.
+    function sweep(IERC20 _target) external {
+        // Ensure that the sender is the fee collector or a pauser.
+        if (msg.sender != _feeCollector && !_pausers[msg.sender]) {
+            revert IHyperdrive.Unauthorized();
+        }
+
+        // Ensure that thet target isn't the stETH token.
+        if (address(_target) == address(_lido)) {
+            revert IHyperdrive.UnsupportedToken();
+        }
+
+        // Get Hyperdrive's balance of stETH tokens prior to sweeping.
+        uint256 stETHBalance = _lido.balanceOf(address(this));
+
+        // Transfer the entire balance of the sweep target to the fee collector.
+        uint256 balance = _target.balanceOf(address(this));
+        ERC20(address(_target)).safeTransfer(_feeCollector, balance);
+
+        // Ensure that the stETH balance hasn't changed.
+        if (_lido.balanceOf(address(this)) != stETHBalance) {
+            revert IHyperdrive.SweepFailed();
+        }
+    }
+
+    /// Getters ///
+
+    /// @notice Returns the Lido contract.
+    /// @return lido The Lido contract.
+    function lido() external view returns (ILido) {
+        _revert(abi.encode(_lido));
+    }
+}
diff --git a/contracts/src/instances/steth/StETHTarget1.sol b/contracts/src/instances/steth/StETHTarget1.sol
new file mode 100644
index 000000000..29b17ca03
--- /dev/null
+++ b/contracts/src/instances/steth/StETHTarget1.sol
@@ -0,0 +1,23 @@
+// SPDX-License-Identifier: Apache-2.0
+pragma solidity 0.8.19;
+
+import { HyperdriveTarget1 } from "../../external/HyperdriveTarget1.sol";
+import { IHyperdrive } from "../../interfaces/IHyperdrive.sol";
+import { ILido } from "../../interfaces/ILido.sol";
+import { StETHBase } from "./StETHBase.sol";
+
+/// @author DELV
+/// @title StETHTarget1
+/// @notice StETHHyperdrive's target1 logic contract.
+/// @custom:disclaimer The language used in this code is for coding convenience
+///                    only, and is not intended to, and does not, have any
+///                    particular legal or regulatory significance.
+contract StETHTarget1 is HyperdriveTarget1, StETHBase {
+    /// @notice Initializes the target1 contract.
+    /// @param _config The configuration of the Hyperdrive pool.
+    /// @param _lido The Lido contract.
+    constructor(
+        IHyperdrive.PoolConfig memory _config,
+        ILido _lido
+    ) HyperdriveTarget1(_config) StETHBase(_lido) {}
+}
diff --git a/contracts/src/instances/steth/StETHTarget2.sol b/contracts/src/instances/steth/StETHTarget2.sol
new file mode 100644
index 000000000..c41c48123
--- /dev/null
+++ b/contracts/src/instances/steth/StETHTarget2.sol
@@ -0,0 +1,23 @@
+// SPDX-License-Identifier: Apache-2.0
+pragma solidity 0.8.19;
+
+import { HyperdriveTarget2 } from "../../external/HyperdriveTarget2.sol";
+import { IHyperdrive } from "../../interfaces/IHyperdrive.sol";
+import { ILido } from "../../interfaces/ILido.sol";
+import { StETHBase } from "./StETHBase.sol";
+
+/// @author DELV
+/// @title StETHTarget2
+/// @notice StETHHyperdrive's target2 logic contract.
+/// @custom:disclaimer The language used in this code is for coding convenience
+///                    only, and is not intended to, and does not, have any
+///                    particular legal or regulatory significance.
+contract StETHTarget2 is HyperdriveTarget2, StETHBase {
+    /// @notice Initializes the target2 contract.
+    /// @param _config The configuration of the Hyperdrive pool.
+    /// @param _lido The Lido contract.
+    constructor(
+        IHyperdrive.PoolConfig memory _config,
+        ILido _lido
+    ) HyperdriveTarget2(_config) StETHBase(_lido) {}
+}
diff --git a/contracts/src/instances/steth/StETHTarget3.sol b/contracts/src/instances/steth/StETHTarget3.sol
new file mode 100644
index 000000000..5c37b5427
--- /dev/null
+++ b/contracts/src/instances/steth/StETHTarget3.sol
@@ -0,0 +1,23 @@
+// SPDX-License-Identifier: Apache-2.0
+pragma solidity 0.8.19;
+
+import { HyperdriveTarget3 } from "../../external/HyperdriveTarget3.sol";
+import { IHyperdrive } from "../../interfaces/IHyperdrive.sol";
+import { ILido } from "../../interfaces/ILido.sol";
+import { StETHBase } from "./StETHBase.sol";
+
+/// @author DELV
+/// @title StETHTarget3
+/// @notice StETHHyperdrive's target3 logic contract.
+/// @custom:disclaimer The language used in this code is for coding convenience
+///                    only, and is not intended to, and does not, have any
+///                    particular legal or regulatory significance.
+contract StETHTarget3 is HyperdriveTarget3, StETHBase {
+    /// @notice Initializes the target3 contract.
+    /// @param _config The configuration of the Hyperdrive pool.
+    /// @param _lido The Lido contract.
+    constructor(
+        IHyperdrive.PoolConfig memory _config,
+        ILido _lido
+    ) HyperdriveTarget3(_config) StETHBase(_lido) {}
+}
diff --git a/contracts/src/interfaces/IHyperdrive.sol b/contracts/src/interfaces/IHyperdrive.sol
index 98d1ea681..21dda1a50 100644
--- a/contracts/src/interfaces/IHyperdrive.sol
+++ b/contracts/src/interfaces/IHyperdrive.sol
@@ -253,7 +253,6 @@ interface IHyperdrive is IHyperdriveRead, IHyperdriveCore, IMultiToken {
     /// ##################
     /// ### Hyperdrive ###
     /// ##################
-    error ApprovalFailed();
     error BelowMinimumContribution();
     error BelowMinimumShareReserves();
     error EndIndexTooLarge();
@@ -367,4 +366,8 @@ interface IHyperdrive is IHyperdriveRead, IHyperdriveCore, IMultiToken {
     function target0() external view returns (address);
 
     function target1() external view returns (address);
+
+    function target2() external view returns (address);
+
+    function target3() external view returns (address);
 }
diff --git a/contracts/src/interfaces/IERC4626HyperdriveDeployer.sol b/contracts/src/interfaces/IHyperdriveCoreDeployer.sol
similarity index 89%
rename from contracts/src/interfaces/IERC4626HyperdriveDeployer.sol
rename to contracts/src/interfaces/IHyperdriveCoreDeployer.sol
index d6a88ce6d..65b730d14 100644
--- a/contracts/src/interfaces/IERC4626HyperdriveDeployer.sol
+++ b/contracts/src/interfaces/IHyperdriveCoreDeployer.sol
@@ -3,7 +3,7 @@ pragma solidity 0.8.19;
 
 import { IHyperdrive } from "./IHyperdrive.sol";
 
-interface IERC4626HyperdriveDeployer {
+interface IHyperdriveCoreDeployer {
     function deploy(
         IHyperdrive.PoolConfig memory _config,
         bytes memory _extraData,
diff --git a/contracts/src/interfaces/ILido.sol b/contracts/src/interfaces/ILido.sol
index 0ec21f7c5..1af2b760c 100644
--- a/contracts/src/interfaces/ILido.sol
+++ b/contracts/src/interfaces/ILido.sol
@@ -11,6 +11,12 @@ interface ILido is IERC20 {
         uint256 _sharesAmount
     ) external returns (uint256);
 
+    function transferSharesFrom(
+        address _sender,
+        address _recipient,
+        uint256 _sharesAmount
+    ) external returns (uint256);
+
     function getBufferedEther() external view returns (uint256);
 
     function getTotalPooledEther() external view returns (uint256);
diff --git a/contracts/src/interfaces/IStETHHyperdrive.sol b/contracts/src/interfaces/IStETHHyperdrive.sol
new file mode 100644
index 000000000..ced14f345
--- /dev/null
+++ b/contracts/src/interfaces/IStETHHyperdrive.sol
@@ -0,0 +1,13 @@
+// SPDX-License-Identifier: Apache-2.0
+pragma solidity 0.8.19;
+
+import { IHyperdrive } from "./IHyperdrive.sol";
+import { IStETHHyperdriveCore } from "./IStETHHyperdriveCore.sol";
+import { IStETHHyperdriveRead } from "./IStETHHyperdriveRead.sol";
+
+// prettier-ignore
+interface IStETHHyperdrive is
+    IHyperdrive,
+    IStETHHyperdriveRead,
+    IStETHHyperdriveCore
+{}
diff --git a/contracts/src/interfaces/IStETHHyperdriveCore.sol b/contracts/src/interfaces/IStETHHyperdriveCore.sol
new file mode 100644
index 000000000..5116c83e8
--- /dev/null
+++ b/contracts/src/interfaces/IStETHHyperdriveCore.sol
@@ -0,0 +1,9 @@
+// SPDX-License-Identifier: Apache-2.0
+pragma solidity 0.8.19;
+
+import { IERC20 } from "./IERC20.sol";
+import { IHyperdriveCore } from "./IHyperdriveCore.sol";
+
+interface IStETHHyperdriveCore is IHyperdriveCore {
+    function sweep(IERC20 _target) external;
+}
diff --git a/contracts/src/interfaces/IStETHHyperdriveRead.sol b/contracts/src/interfaces/IStETHHyperdriveRead.sol
new file mode 100644
index 000000000..453c10eb9
--- /dev/null
+++ b/contracts/src/interfaces/IStETHHyperdriveRead.sol
@@ -0,0 +1,9 @@
+// SPDX-License-Identifier: Apache-2.0
+pragma solidity 0.8.19;
+
+import { IHyperdriveRead } from "./IHyperdriveRead.sol";
+import { ILido } from "./ILido.sol";
+
+interface IStETHHyperdriveRead is IHyperdriveRead {
+    function lido() external view returns (ILido);
+}
diff --git a/contracts/src/interfaces/IWETH.sol b/contracts/src/interfaces/IWETH.sol
deleted file mode 100644
index 20d72cab9..000000000
--- a/contracts/src/interfaces/IWETH.sol
+++ /dev/null
@@ -1,10 +0,0 @@
-// SPDX-License-Identifier: Apache-2.0
-pragma solidity 0.8.19;
-
-import { IERC20 } from "./IERC20.sol";
-
-interface IWETH is IERC20 {
-    function deposit() external payable;
-
-    function withdraw(uint256 wad) external;
-}
diff --git a/contracts/test/MockERC4626Hyperdrive.sol b/contracts/test/MockERC4626Hyperdrive.sol
index e70144ff9..2657f9b18 100644
--- a/contracts/test/MockERC4626Hyperdrive.sol
+++ b/contracts/test/MockERC4626Hyperdrive.sol
@@ -1,7 +1,9 @@
 // SPDX-License-Identifier: Apache-2.0
 pragma solidity 0.8.19;
 
-import { ERC4626Hyperdrive, IHyperdrive, IERC4626 } from "contracts/src/instances/ERC4626Hyperdrive.sol";
+import { ERC4626Hyperdrive } from "contracts/src/instances/erc4626/ERC4626Hyperdrive.sol";
+import { IERC4626 } from "contracts/src/interfaces/IERC4626.sol";
+import { IHyperdrive } from "contracts/src/interfaces/IHyperdrive.sol";
 
 // This contract stubs out the yield source implementations of `ERC4626Hyperdrive`
 // so that we can test the `ERC4626Hyperdrive` contract in isolation.
diff --git a/contracts/test/MockLido.sol b/contracts/test/MockLido.sol
new file mode 100644
index 000000000..49a34d7ca
--- /dev/null
+++ b/contracts/test/MockLido.sol
@@ -0,0 +1,164 @@
+// SPDX-License-Identifier: Apache-2.0
+pragma solidity 0.8.19;
+
+import { Authority } from "solmate/auth/Auth.sol";
+import { MultiRolesAuthority } from "solmate/auth/authorities/MultiRolesAuthority.sol";
+import { ILido } from "../src/interfaces/ILido.sol";
+import { FixedPointMath } from "../src/libraries/FixedPointMath.sol";
+import { ERC20Mintable } from "./ERC20Mintable.sol";
+
+/// @author DELV
+/// @title MockLido
+/// @notice This mock yield source will accrue interest at a specified rate
+///         Every stateful interaction will accrue interest, so the interest
+///         accrual will approximate continuous compounding as the contract
+///         is called more frequently.
+/// @custom:disclaimer The language used in this code is for coding convenience
+///                    only, and is not intended to, and does not, have any
+///                    particular legal or regulatory significance.
+contract MockLido is MultiRolesAuthority, ERC20Mintable {
+    using FixedPointMath for uint256;
+
+    // Interest State
+    uint256 internal _rate;
+    uint256 internal _lastUpdated;
+
+    // Lido State
+    uint256 totalPooledEther;
+    uint256 totalShares;
+
+    constructor(
+        uint256 _initialRate,
+        address _admin,
+        bool _isCompetitionMode
+    )
+        ERC20Mintable(
+            "Liquid staked Ether 2.0",
+            "stETH",
+            18,
+            _admin,
+            _isCompetitionMode
+        )
+    {
+        _rate = _initialRate;
+        _lastUpdated = block.timestamp;
+    }
+
+    /// Overrides ///
+
+    function submit(address) external payable returns (uint256) {
+        // Accrue interest.
+        _accrue();
+
+        // If this is the first deposit, mint shares 1:1.
+        if (getTotalShares() == 0) {
+            totalShares = msg.value;
+            totalPooledEther = msg.value;
+            _mint(msg.sender, msg.value);
+            return msg.value;
+        }
+
+        // Calculate the amount of stETH shares that should be minted.
+        uint256 shares = msg.value.mulDivDown(
+            getTotalShares(),
+            getTotalPooledEther()
+        );
+
+        // Update the Lido state.
+        totalPooledEther += msg.value;
+        totalShares += shares;
+
+        // Mint the stETH tokens to the user.
+        _mint(msg.sender, msg.value);
+
+        return shares;
+    }
+
+    function transferShares(
+        address _recipient,
+        uint256 _sharesAmount
+    ) external returns (uint256) {
+        // Accrue interest.
+        _accrue();
+
+        // Calculate the amount of tokens that should be transferred.
+        uint256 tokenAmount = _sharesAmount.mulDivDown(
+            getTotalPooledEther(),
+            getTotalShares()
+        );
+
+        // Transfer the tokens to the user.
+        transfer(_recipient, tokenAmount);
+
+        return tokenAmount;
+    }
+
+    function transferSharesFrom(
+        address _sender,
+        address _recipient,
+        uint256 _sharesAmount
+    ) external returns (uint256) {
+        // Accrue interest.
+        _accrue();
+
+        // Calculate the amount of tokens that should be transferred.
+        uint256 tokenAmount = _sharesAmount.mulDivDown(
+            getTotalPooledEther(),
+            getTotalShares()
+        );
+
+        // Transfer the tokens to the user.
+        transferFrom(_sender, _recipient, tokenAmount);
+
+        return tokenAmount;
+    }
+
+    function getBufferedEther() external pure returns (uint256) {
+        return 0;
+    }
+
+    function getTotalPooledEther() public view returns (uint256) {
+        return totalPooledEther + _getAccruedInterest();
+    }
+
+    function getTotalShares() public view returns (uint256) {
+        return totalShares;
+    }
+
+    function sharesOf(address _account) external view returns (uint256) {
+        uint256 tokenBalance = balanceOf[_account];
+        return tokenBalance.mulDivDown(getTotalShares(), getTotalPooledEther());
+    }
+
+    /// Mock ///
+
+    function setRate(uint256 _rate_) external requiresAuthDuringCompetition {
+        _accrue();
+        _rate = _rate_;
+    }
+
+    function getRate() external view returns (uint256) {
+        return _rate;
+    }
+
+    function _accrue() internal {
+        uint256 interest = _getAccruedInterest();
+        if (interest > 0) {
+            totalPooledEther += interest;
+        }
+        _lastUpdated = block.timestamp;
+    }
+
+    function _getAccruedInterest() internal view returns (uint256) {
+        if (_rate == 0) {
+            return 0;
+        }
+
+        // base_balance = base_balance * (1 + r * t)
+        uint256 timeElapsed = (block.timestamp - _lastUpdated).divDown(
+            365 days
+        );
+        uint256 accrued = totalPooledEther.mulDown(_rate.mulDown(timeElapsed));
+        return accrued;
+    }
+}
diff --git a/crates/test-utils/src/chain/test_chain.rs b/crates/test-utils/src/chain/test_chain.rs
index cacb04269..93478e4a7 100644
--- a/crates/test-utils/src/chain/test_chain.rs
+++ b/crates/test-utils/src/chain/test_chain.rs
@@ -335,6 +335,8 @@ impl TestChain {
         // Get the contract addresses of the vault and the targets.
         let target0_address = hyperdrive.target_0().call().await?;
         let target1_address = hyperdrive.target_1().call().await?;
+        let target2_address = hyperdrive.target_2().call().await?;
+        let target3_address = hyperdrive.target_3().call().await?;
         let vault_address = hyperdrive.pool().call().await?;
 
         // Deploy templates for each of the contracts that should be etched and
@@ -393,12 +395,28 @@ impl TestChain {
 
             // Deploy the target1 template.
             let target1_template =
-                ERC4626Target0::deploy(client.clone(), (config.clone(), vault_address))?
+                ERC4626Target1::deploy(client.clone(), (config.clone(), vault_address))?
                     .gas_price(DEFAULT_GAS_PRICE)
                     .send()
                     .await?;
             pairs.push((target1_address, target1_template.address()));
 
+            // Deploy the target2 template.
+            let target2_template =
+                ERC4626Target2::deploy(client.clone(), (config.clone(), vault_address))?
+                    .gas_price(DEFAULT_GAS_PRICE)
+                    .send()
+                    .await?;
+            pairs.push((target2_address, target2_template.address()));
+
+            // Deploy the target3 template.
+            let target3_template =
+                ERC4626Target3::deploy(client.clone(), (config.clone(), vault_address))?
+                    .gas_price(DEFAULT_GAS_PRICE)
+                    .send()
+                    .await?;
+            pairs.push((target3_address, target3_template.address()));
+
             // Etch the "etching vault" onto the current vault contract. The
             // etching vault implements `convertToAssets` to return the immutable
             // that was passed on deployment. This is necessary because the
@@ -423,6 +441,8 @@ impl TestChain {
                     config,
                     target0_address,
                     target1_address,
+                    target2_address,
+                    target3_address,
                     vault_address,
                     Vec::<Address>::new(),
                 ),
diff --git a/migrate.sh b/migrate.sh
index de98ee06e..f89c9bccc 100755
--- a/migrate.sh
+++ b/migrate.sh
@@ -9,7 +9,6 @@ forge script script/DevnetMigration.s.sol:DevnetMigration \
    --sender "${ETH_FROM}" \
    --private-key "${PRIVATE_KEY}" \
    --rpc-url "${RPC_URL}" \
-   --code-size-limit 9999999999 \
    --slow \
    --broadcast
 
diff --git a/script/DevnetMigration.s.sol b/script/DevnetMigration.s.sol
index d083d6919..cb39d1c24 100644
--- a/script/DevnetMigration.s.sol
+++ b/script/DevnetMigration.s.sol
@@ -4,20 +4,29 @@ pragma solidity 0.8.19;
 import { Script } from "forge-std/Script.sol";
 import { stdJson } from "forge-std/StdJson.sol";
 import { MultiRolesAuthority } from "solmate/auth/authorities/MultiRolesAuthority.sol";
+import { ERC4626HyperdriveCoreDeployer } from "contracts/src/deployers/erc4626/ERC4626HyperdriveCoreDeployer.sol";
+import { ERC4626HyperdriveDeployerCoordinator } from "contracts/src/deployers/erc4626/ERC4626HyperdriveDeployerCoordinator.sol";
+import { ERC4626Target0Deployer } from "contracts/src/deployers/erc4626/ERC4626Target0Deployer.sol";
+import { ERC4626Target1Deployer } from "contracts/src/deployers/erc4626/ERC4626Target1Deployer.sol";
+import { ERC4626Target2Deployer } from "contracts/src/deployers/erc4626/ERC4626Target2Deployer.sol";
+import { ERC4626Target3Deployer } from "contracts/src/deployers/erc4626/ERC4626Target3Deployer.sol";
+import { StETHHyperdriveCoreDeployer } from "contracts/src/deployers/steth/StETHHyperdriveCoreDeployer.sol";
+import { StETHHyperdriveDeployerCoordinator } from "contracts/src/deployers/steth/StETHHyperdriveDeployerCoordinator.sol";
+import { StETHTarget0Deployer } from "contracts/src/deployers/steth/StETHTarget0Deployer.sol";
+import { StETHTarget1Deployer } from "contracts/src/deployers/steth/StETHTarget1Deployer.sol";
+import { StETHTarget2Deployer } from "contracts/src/deployers/steth/StETHTarget2Deployer.sol";
+import { StETHTarget3Deployer } from "contracts/src/deployers/steth/StETHTarget3Deployer.sol";
 import { HyperdriveFactory } from "contracts/src/factory/HyperdriveFactory.sol";
 import { IERC20 } from "contracts/src/interfaces/IERC20.sol";
 import { IERC4626 } from "contracts/src/interfaces/IERC4626.sol";
 import { IHyperdrive } from "contracts/src/interfaces/IHyperdrive.sol";
-import { ERC4626HyperdriveDeployer } from "contracts/src/instances/ERC4626HyperdriveDeployer.sol";
-import { ERC4626Target0Deployer } from "contracts/src/instances/ERC4626Target0Deployer.sol";
-import { ERC4626Target1Deployer } from "contracts/src/instances/ERC4626Target1Deployer.sol";
-import { ERC4626Target2Deployer } from "contracts/src/instances/ERC4626Target2Deployer.sol";
-import { ERC4626Target3Deployer } from "contracts/src/instances/ERC4626Target3Deployer.sol";
-import { ERC4626HyperdriveCoreDeployer } from "contracts/src/instances/ERC4626HyperdriveCoreDeployer.sol";
+import { ILido } from "contracts/src/interfaces/ILido.sol";
 import { ForwarderFactory } from "contracts/src/token/ForwarderFactory.sol";
 import { ERC20Mintable } from "contracts/test/ERC20Mintable.sol";
 import { MockERC4626 } from "contracts/test/MockERC4626.sol";
 import { MockHyperdriveMath } from "contracts/test/MockHyperdriveMath.sol";
+import { MockLido } from "contracts/test/MockLido.sol";
+import { ETH } from "test/utils/Constants.sol";
 import { HyperdriveUtils } from "test/utils/HyperdriveUtils.sol";
 
 /// @author DELV
@@ -46,6 +55,8 @@ contract DevnetMigration is Script {
         string vaultName;
         string vaultSymbol;
         uint256 vaultStartingRate;
+        // lido configuration
+        uint256 lidoStartingRate;
         // factory configuration
         uint256 factoryCurveFee;
         uint256 factoryFlatFee;
@@ -55,16 +66,22 @@ contract DevnetMigration is Script {
         uint256 factoryMaxFlatFee;
         uint256 factoryMaxGovernanceLPFee;
         uint256 factoryMaxGovernanceZombieFee;
-        // hyperdrive configuration
-        uint256 hyperdriveContribution;
-        uint256 hyperdriveFixedRate;
-        uint256 hyperdriveMinimumShareReserves;
-        uint256 hyperdriveMinimumTransactionAmount;
-        uint256 hyperdrivePositionDuration;
-        uint256 hyperdriveCheckpointDuration;
-        uint256 hyperdriveTimeStretchApr;
-        uint256 hyperdriveOracleSize;
-        uint256 hyperdriveUpdateGap;
+        // erc4626 hyperdrive configuration
+        uint256 erc4626HyperdriveContribution;
+        uint256 erc4626HyperdriveFixedRate;
+        uint256 erc4626HyperdriveMinimumShareReserves;
+        uint256 erc4626HyperdriveMinimumTransactionAmount;
+        uint256 erc4626HyperdrivePositionDuration;
+        uint256 erc4626HyperdriveCheckpointDuration;
+        uint256 erc4626HyperdriveTimeStretchApr;
+        // steth hyperdrive configuration
+        uint256 stethHyperdriveContribution;
+        uint256 stethHyperdriveFixedRate;
+        uint256 stethHyperdriveMinimumShareReserves;
+        uint256 stethHyperdriveMinimumTransactionAmount;
+        uint256 stethHyperdrivePositionDuration;
+        uint256 stethHyperdriveCheckpointDuration;
+        uint256 stethHyperdriveTimeStretchApr;
     }
 
     function run() external {
@@ -79,17 +96,23 @@ contract DevnetMigration is Script {
             revert("BASE_TOKEN_DECIMALS exceeds uint8");
         }
         Config memory config = Config({
+            // admin configuration
             admin: vm.envOr("ADMIN", msg.sender),
             isCompetitionMode: vm.envOr("IS_COMPETITION_MODE", false),
+            // base token configuration
             baseTokenName: vm.envOr("BASE_TOKEN_NAME", string("Base")),
             baseTokenSymbol: vm.envOr("BASE_TOKEN_SYMBOL", string("BASE")),
             baseTokenDecimals: uint8(baseTokenDecimals),
+            // vault configuration
             vaultName: vm.envOr("VAULT_NAME", string("Delvnet Yield Source")),
             vaultSymbol: vm.envOr("VAULT_SYMBOL", string("DELV")),
             vaultStartingRate: vm.envOr(
                 "VAULT_STARTING_RATE",
                 uint256(0.05e18)
             ),
+            // lido configuration
+            lidoStartingRate: vm.envOr("LIDO_STARTING_RATE", uint256(0.035e18)),
+            // factory configuration
             factoryCurveFee: vm.envOr("FACTORY_CURVE_FEE", uint256(0.1e18)),
             factoryFlatFee: vm.envOr("FACTORY_FLAT_FEE", uint256(0.0005e18)),
             factoryGovernanceLPFee: vm.envOr(
@@ -116,41 +139,63 @@ contract DevnetMigration is Script {
                 "FACTORY_MAX_GOVERNANCE_ZOMBIE_FEE",
                 uint256(0.3e18)
             ),
-            hyperdriveContribution: vm.envOr(
-                "HYPERDRIVE_CONTRIBUTION",
+            // erc4626 hyperdrive configuration
+            erc4626HyperdriveContribution: vm.envOr(
+                "ERC4626_HYPERDRIVE_CONTRIBUTION",
                 uint256(100_000_000e18)
             ),
-            hyperdriveFixedRate: vm.envOr(
-                "HYPERDRIVE_FIXED_RATE",
+            erc4626HyperdriveFixedRate: vm.envOr(
+                "ERC4626_HYPERDRIVE_FIXED_RATE",
                 uint256(0.05e18)
             ),
-            hyperdriveMinimumShareReserves: vm.envOr(
-                "HYPERDRIVE_MINIMUM_SHARE_RESERVES",
+            erc4626HyperdriveMinimumShareReserves: vm.envOr(
+                "ERC4626_HYPERDRIVE_MINIMUM_SHARE_RESERVES",
                 uint256(10e18)
             ),
-            hyperdriveMinimumTransactionAmount: vm.envOr(
-                "HYPERDRIVE_MINIMUM_TRANSACTION_AMOUNT",
+            erc4626HyperdriveMinimumTransactionAmount: vm.envOr(
+                "ERC4626_HYPERDRIVE_MINIMUM_TRANSACTION_AMOUNT",
                 uint256(0.001e18)
             ),
-            hyperdrivePositionDuration: vm.envOr(
-                "HYPERDRIVE_POSITION_DURATION",
+            erc4626HyperdrivePositionDuration: vm.envOr(
+                "ERC4626_HYPERDRIVE_POSITION_DURATION",
                 uint256(1 weeks)
             ),
-            hyperdriveCheckpointDuration: vm.envOr(
-                "HYPERDRIVE_CHECKPOINT_DURATION",
+            erc4626HyperdriveCheckpointDuration: vm.envOr(
+                "ERC4626_HYPERDRIVE_CHECKPOINT_DURATION",
                 uint256(1 hours)
             ),
-            hyperdriveTimeStretchApr: vm.envOr(
-                "HYPERDRIVE_TIME_STRETCH_APR",
+            erc4626HyperdriveTimeStretchApr: vm.envOr(
+                "ERC4626_HYPERDRIVE_TIME_STRETCH_APR",
                 uint256(0.05e18)
             ),
-            hyperdriveOracleSize: vm.envOr(
-                "HYPERDRIVE_ORACLE_SIZE",
-                uint256(10)
+            // steth hyperdrive configuration
+            stethHyperdriveContribution: vm.envOr(
+                "STETH_HYPERDRIVE_CONTRIBUTION",
+                uint256(50_000e18)
             ),
-            hyperdriveUpdateGap: vm.envOr(
-                "HYPERDRIVE_UPDATE_GAP",
+            stethHyperdriveFixedRate: vm.envOr(
+                "STETH_HYPERDRIVE_FIXED_RATE",
+                uint256(0.035e18)
+            ),
+            stethHyperdriveMinimumShareReserves: vm.envOr(
+                "STETH_HYPERDRIVE_MINIMUM_SHARE_RESERVES",
+                uint256(1e15)
+            ),
+            stethHyperdriveMinimumTransactionAmount: vm.envOr(
+                "STETH_HYPERDRIVE_MINIMUM_TRANSACTION_AMOUNT",
+                uint256(0.001e18)
+            ),
+            stethHyperdrivePositionDuration: vm.envOr(
+                "STETH_HYPERDRIVE_POSITION_DURATION",
+                uint256(1 weeks)
+            ),
+            stethHyperdriveCheckpointDuration: vm.envOr(
+                "STETH_HYPERDRIVE_CHECKPOINT_DURATION",
                 uint256(1 hours)
+            ),
+            stethHyperdriveTimeStretchApr: vm.envOr(
+                "STETH_HYPERDRIVE_TIME_STRETCH_APR",
+                uint256(0.035e18)
             )
         });
 
@@ -184,6 +229,16 @@ contract DevnetMigration is Script {
             );
         }
 
+        // Deploy the mock Lido system. We fund Lido with 1 eth to start to
+        // avoid reverts when we initialize the pool.
+        MockLido lido = new MockLido(
+            config.lidoStartingRate,
+            msg.sender,
+            config.isCompetitionMode
+        );
+        vm.deal(msg.sender, 1 ether);
+        lido.submit{ value: 1 ether }(address(0));
+
         // Deploy the Hyperdrive factory.
         HyperdriveFactory factory;
         {
@@ -214,9 +269,9 @@ contract DevnetMigration is Script {
             factory = new HyperdriveFactory(factoryConfig);
         }
 
-        // Deploy the Hyperdrive deployers and add them to the factory.
-        address hyperdriveDeployer = address(
-            new ERC4626HyperdriveDeployer(
+        // Deploy the ERC4626Hyperdrive deployers and add them to the factory.
+        address erc4626DeployerCoordinator = address(
+            new ERC4626HyperdriveDeployerCoordinator(
                 address(new ERC4626HyperdriveCoreDeployer()),
                 address(new ERC4626Target0Deployer()),
                 address(new ERC4626Target1Deployer()),
@@ -224,13 +279,13 @@ contract DevnetMigration is Script {
                 address(new ERC4626Target3Deployer())
             )
         );
-        factory.addHyperdriveDeployer(hyperdriveDeployer);
+        factory.addHyperdriveDeployer(erc4626DeployerCoordinator);
 
-        // Deploy and initialize an initial Hyperdrive instance for the devnet.
-        IHyperdrive hyperdrive;
+        // Deploy and initialize an initial ERC4626Hyperdrive instance.
+        IHyperdrive erc4626Hyperdrive;
         {
-            uint256 contribution = config.hyperdriveContribution;
-            uint256 fixedRate = config.hyperdriveFixedRate;
+            uint256 contribution = config.erc4626HyperdriveContribution;
+            uint256 fixedRate = config.erc4626HyperdriveFixedRate;
             baseToken.mint(msg.sender, contribution);
             baseToken.approve(address(factory), contribution);
             IHyperdrive.PoolDeployConfig memory poolConfig = IHyperdrive
@@ -238,15 +293,72 @@ contract DevnetMigration is Script {
                     baseToken: IERC20(address(baseToken)),
                     linkerFactory: address(0),
                     linkerCodeHash: bytes32(0),
-                    minimumShareReserves: config.hyperdriveMinimumShareReserves,
+                    minimumShareReserves: config
+                        .erc4626HyperdriveMinimumShareReserves,
+                    minimumTransactionAmount: config
+                        .erc4626HyperdriveMinimumTransactionAmount,
+                    positionDuration: config.erc4626HyperdrivePositionDuration,
+                    checkpointDuration: config
+                        .erc4626HyperdriveCheckpointDuration,
+                    timeStretch: config
+                        .erc4626HyperdriveTimeStretchApr
+                        .calculateTimeStretch(
+                            config.erc4626HyperdrivePositionDuration
+                        ),
+                    governance: config.admin,
+                    feeCollector: config.admin,
+                    fees: IHyperdrive.Fees({
+                        curve: config.factoryCurveFee,
+                        flat: config.factoryFlatFee,
+                        governanceLP: config.factoryGovernanceLPFee,
+                        governanceZombie: config.factoryGovernanceZombieFee
+                    })
+                });
+            erc4626Hyperdrive = factory.deployAndInitialize(
+                erc4626DeployerCoordinator,
+                poolConfig,
+                abi.encode(address(pool), new address[](0)),
+                contribution,
+                fixedRate,
+                new bytes(0)
+            );
+        }
+
+        // Deploy the StETHHyperdrive deployers and add them to the factory.
+        address stethDeployerCoordinator = address(
+            new StETHHyperdriveDeployerCoordinator(
+                address(new StETHHyperdriveCoreDeployer(ILido(address(lido)))),
+                address(new StETHTarget0Deployer(ILido(address(lido)))),
+                address(new StETHTarget1Deployer(ILido(address(lido)))),
+                address(new StETHTarget2Deployer(ILido(address(lido)))),
+                address(new StETHTarget3Deployer(ILido(address(lido)))),
+                ILido(address(lido))
+            )
+        );
+        factory.addHyperdriveDeployer(stethDeployerCoordinator);
+
+        // Deploy and initialize an initial StETHHyperdrive instance.
+        IHyperdrive stethHyperdrive;
+        {
+            uint256 contribution = config.stethHyperdriveContribution;
+            uint256 fixedRate = config.stethHyperdriveFixedRate;
+            vm.deal(msg.sender, contribution);
+            IHyperdrive.PoolDeployConfig memory poolConfig = IHyperdrive
+                .PoolDeployConfig({
+                    baseToken: IERC20(address(ETH)),
+                    linkerFactory: address(0),
+                    linkerCodeHash: bytes32(0),
+                    minimumShareReserves: config
+                        .stethHyperdriveMinimumShareReserves,
                     minimumTransactionAmount: config
-                        .hyperdriveMinimumTransactionAmount,
-                    positionDuration: config.hyperdrivePositionDuration,
-                    checkpointDuration: config.hyperdriveCheckpointDuration,
+                        .stethHyperdriveMinimumTransactionAmount,
+                    positionDuration: config.stethHyperdrivePositionDuration,
+                    checkpointDuration: config
+                        .stethHyperdriveCheckpointDuration,
                     timeStretch: config
-                        .hyperdriveTimeStretchApr
+                        .stethHyperdriveTimeStretchApr
                         .calculateTimeStretch(
-                            config.hyperdrivePositionDuration
+                            config.stethHyperdrivePositionDuration
                         ),
                     governance: config.admin,
                     feeCollector: config.admin,
@@ -257,8 +369,10 @@ contract DevnetMigration is Script {
                         governanceZombie: config.factoryGovernanceZombieFee
                     })
                 });
-            hyperdrive = factory.deployAndInitialize(
-                hyperdriveDeployer,
+            stethHyperdrive = factory.deployAndInitialize{
+                value: contribution
+            }(
+                stethDeployerCoordinator,
                 poolConfig,
                 abi.encode(address(pool), new address[](0)),
                 contribution,
@@ -270,12 +384,13 @@ contract DevnetMigration is Script {
         // Deploy the MockHyperdriveMath contract.
         MockHyperdriveMath mockHyperdriveMath = new MockHyperdriveMath();
 
-        // Transfer ownership of the base token, factory, and vault to the admin
-        // address now that we're done minting tokens and updating the
+        // Transfer ownership of the base token, factory, vault, and lido to the
+        // admin address now that we're done minting tokens and updating the
         // configuration.
         baseToken.transferOwnership(config.admin);
         factory.updateGovernance(config.admin);
         pool.transferOwnership(config.admin);
+        lido.transferOwnership(config.admin);
 
         vm.stopBroadcast();
 
@@ -283,8 +398,16 @@ contract DevnetMigration is Script {
         string memory result = "result";
         vm.serializeAddress(result, "baseToken", address(baseToken));
         vm.serializeAddress(result, "hyperdriveFactory", address(factory));
-        // TODO: This is deprecated and should be removed by 0.0.11.
-        vm.serializeAddress(result, "mockHyperdrive", address(hyperdrive));
+        vm.serializeAddress(
+            result,
+            "erc4626Hyperdrive",
+            address(erc4626Hyperdrive)
+        );
+        vm.serializeAddress(
+            result,
+            "stethHyperdrive",
+            address(stethHyperdrive)
+        );
         result = vm.serializeAddress(
             result,
             "mockHyperdriveMath",
diff --git a/test/instances/erc4626/AaveV3ERC4626.t.sol b/test/instances/erc4626/AaveV3ERC4626.t.sol
index 3a1575846..4cdd129ba 100644
--- a/test/instances/erc4626/AaveV3ERC4626.t.sol
+++ b/test/instances/erc4626/AaveV3ERC4626.t.sol
@@ -4,23 +4,9 @@ pragma solidity 0.8.19;
 import { AaveV3ERC4626Factory, IPool, IRewardsController, ERC20 } from "yield-daddy/src/aave-v3/AaveV3ERC4626Factory.sol";
 import { IERC20 } from "contracts/src/interfaces/IERC20.sol";
 import { IERC4626 } from "contracts/src/interfaces/IERC4626.sol";
-import { IHyperdrive } from "contracts/src/interfaces/IHyperdrive.sol";
-import { IHyperdriveDeployer } from "contracts/src/interfaces/IHyperdriveDeployer.sol";
-import { ERC4626HyperdriveDeployer } from "contracts/src/instances/ERC4626HyperdriveDeployer.sol";
-import { AssetId } from "contracts/src/libraries/AssetId.sol";
-import { FixedPointMath } from "contracts/src/libraries/FixedPointMath.sol";
-import { ForwarderFactory } from "contracts/src/token/ForwarderFactory.sol";
-import { MockERC4626Hyperdrive } from "contracts/test/MockERC4626Hyperdrive.sol";
-import { HyperdriveTest } from "test/utils/HyperdriveTest.sol";
-import { HyperdriveUtils } from "test/utils/HyperdriveUtils.sol";
-import { Lib } from "test/utils/Lib.sol";
 import { ERC4626ValidationTest } from "./ERC4626Validation.t.sol";
 
-import { AaveV3ERC4626Factory, IPool, IRewardsController, ERC20 } from "yield-daddy/src/aave-v3/AaveV3ERC4626Factory.sol";
-
 contract AaveV3ERC4626Test is ERC4626ValidationTest {
-    using FixedPointMath for uint256;
-
     function setUp() public override __mainnet_fork(17_318_972) {
         super.setUp();
 
diff --git a/test/instances/erc4626/ERC4626Hyperdrive.t.sol b/test/instances/erc4626/ERC4626Hyperdrive.t.sol
index 666fe4ca6..4e302554b 100644
--- a/test/instances/erc4626/ERC4626Hyperdrive.t.sol
+++ b/test/instances/erc4626/ERC4626Hyperdrive.t.sol
@@ -1,22 +1,22 @@
 // SPDX-License-Identifier: Apache-2.0
 pragma solidity 0.8.19;
 
+import { ERC4626HyperdriveCoreDeployer } from "contracts/src/deployers/erc4626/ERC4626HyperdriveCoreDeployer.sol";
+import { ERC4626HyperdriveDeployerCoordinator } from "contracts/src/deployers/erc4626/ERC4626HyperdriveDeployerCoordinator.sol";
+import { ERC4626Target0Deployer } from "contracts/src/deployers/erc4626/ERC4626Target0Deployer.sol";
+import { ERC4626Target1Deployer } from "contracts/src/deployers/erc4626/ERC4626Target1Deployer.sol";
+import { ERC4626Target2Deployer } from "contracts/src/deployers/erc4626/ERC4626Target2Deployer.sol";
+import { ERC4626Target3Deployer } from "contracts/src/deployers/erc4626/ERC4626Target3Deployer.sol";
 import { HyperdriveFactory } from "contracts/src/factory/HyperdriveFactory.sol";
-import { ERC4626Target0 } from "contracts/src/instances/ERC4626Target0.sol";
-import { ERC4626Target1 } from "contracts/src/instances/ERC4626Target1.sol";
-import { ERC4626Target2 } from "contracts/src/instances/ERC4626Target2.sol";
-import { ERC4626Target3 } from "contracts/src/instances/ERC4626Target3.sol";
-import { ERC4626HyperdriveCoreDeployer } from "contracts/src/instances/ERC4626HyperdriveCoreDeployer.sol";
+import { ERC4626Target0 } from "contracts/src/instances/erc4626/ERC4626Target0.sol";
+import { ERC4626Target1 } from "contracts/src/instances/erc4626/ERC4626Target1.sol";
+import { ERC4626Target2 } from "contracts/src/instances/erc4626/ERC4626Target2.sol";
+import { ERC4626Target3 } from "contracts/src/instances/erc4626/ERC4626Target3.sol";
 import { IERC20 } from "contracts/src/interfaces/IERC20.sol";
 import { IERC4626 } from "contracts/src/interfaces/IERC4626.sol";
 import { IERC4626Hyperdrive } from "contracts/src/interfaces/IERC4626Hyperdrive.sol";
 import { IHyperdrive } from "contracts/src/interfaces/IHyperdrive.sol";
 import { IHyperdriveDeployer } from "contracts/src/interfaces/IHyperdriveDeployer.sol";
-import { ERC4626HyperdriveDeployer } from "contracts/src/instances/ERC4626HyperdriveDeployer.sol";
-import { ERC4626Target0Deployer } from "contracts/src/instances/ERC4626Target0Deployer.sol";
-import { ERC4626Target1Deployer } from "contracts/src/instances/ERC4626Target1Deployer.sol";
-import { ERC4626Target2Deployer } from "contracts/src/instances/ERC4626Target2Deployer.sol";
-import { ERC4626Target3Deployer } from "contracts/src/instances/ERC4626Target3Deployer.sol";
 import { AssetId } from "contracts/src/libraries/AssetId.sol";
 import { FixedPointMath, ONE } from "contracts/src/libraries/FixedPointMath.sol";
 import { ForwarderFactory } from "contracts/src/token/ForwarderFactory.sol";
@@ -31,8 +31,8 @@ contract ERC4626HyperdriveTest is HyperdriveTest {
 
     HyperdriveFactory factory;
 
-    address hyperdriveDeployer;
-    address hyperdriveCoreDeployer;
+    address deployerCoordinator;
+    address coreDeployer;
     address target0Deployer;
     address target1Deployer;
     address target2Deployer;
@@ -62,14 +62,14 @@ contract ERC4626HyperdriveTest is HyperdriveTest {
                 )
             )
         );
-        hyperdriveCoreDeployer = address(new ERC4626HyperdriveCoreDeployer());
+        coreDeployer = address(new ERC4626HyperdriveCoreDeployer());
         target0Deployer = address(new ERC4626Target0Deployer());
         target1Deployer = address(new ERC4626Target1Deployer());
         target2Deployer = address(new ERC4626Target2Deployer());
         target3Deployer = address(new ERC4626Target3Deployer());
-        hyperdriveDeployer = address(
-            new ERC4626HyperdriveDeployer(
-                hyperdriveCoreDeployer,
+        deployerCoordinator = address(
+            new ERC4626HyperdriveDeployerCoordinator(
+                coreDeployer,
                 target0Deployer,
                 target1Deployer,
                 target2Deployer,
@@ -126,7 +126,7 @@ contract ERC4626HyperdriveTest is HyperdriveTest {
 
         vm.stopPrank();
         vm.startPrank(alice);
-        factory.addHyperdriveDeployer(hyperdriveDeployer);
+        factory.addHyperdriveDeployer(deployerCoordinator);
         dai.approve(address(factory), type(uint256).max);
         dai.approve(address(hyperdrive), type(uint256).max);
         dai.approve(address(mockHyperdrive), type(uint256).max);
@@ -269,7 +269,7 @@ contract ERC4626HyperdriveTest is HyperdriveTest {
             });
         dai.approve(address(factory), type(uint256).max);
         hyperdrive = factory.deployAndInitialize(
-            hyperdriveDeployer,
+            deployerCoordinator,
             config,
             abi.encode(address(pool), new address[](0)),
             contribution,
@@ -323,7 +323,7 @@ contract ERC4626HyperdriveTest is HyperdriveTest {
             });
         dai.approve(address(factory), type(uint256).max);
         hyperdrive = factory.deployAndInitialize(
-            hyperdriveDeployer,
+            deployerCoordinator,
             config,
             abi.encode(address(pool), new address[](0)),
             contribution,
diff --git a/test/instances/erc4626/ERC4626Validation.t.sol b/test/instances/erc4626/ERC4626Validation.t.sol
index eafe80c2c..f320d9577 100644
--- a/test/instances/erc4626/ERC4626Validation.t.sol
+++ b/test/instances/erc4626/ERC4626Validation.t.sol
@@ -1,17 +1,17 @@
 // SPDX-License-Identifier: Apache-2.0
 pragma solidity 0.8.19;
 
+import { ERC4626HyperdriveCoreDeployer } from "contracts/src/deployers/erc4626/ERC4626HyperdriveCoreDeployer.sol";
+import { ERC4626HyperdriveDeployerCoordinator } from "contracts/src/deployers/erc4626/ERC4626HyperdriveDeployerCoordinator.sol";
+import { ERC4626Target0Deployer } from "contracts/src/deployers/erc4626/ERC4626Target0Deployer.sol";
+import { ERC4626Target1Deployer } from "contracts/src/deployers/erc4626/ERC4626Target1Deployer.sol";
+import { ERC4626Target2Deployer } from "contracts/src/deployers/erc4626/ERC4626Target2Deployer.sol";
+import { ERC4626Target3Deployer } from "contracts/src/deployers/erc4626/ERC4626Target3Deployer.sol";
 import { HyperdriveFactory } from "contracts/src/factory/HyperdriveFactory.sol";
 import { IERC20 } from "contracts/src/interfaces/IERC20.sol";
 import { IERC4626 } from "contracts/src/interfaces/IERC4626.sol";
 import { IHyperdrive } from "contracts/src/interfaces/IHyperdrive.sol";
 import { IHyperdriveDeployer } from "contracts/src/interfaces/IHyperdriveDeployer.sol";
-import { ERC4626HyperdriveDeployer } from "contracts/src/instances/ERC4626HyperdriveDeployer.sol";
-import { ERC4626Target0Deployer } from "contracts/src/instances/ERC4626Target0Deployer.sol";
-import { ERC4626Target1Deployer } from "contracts/src/instances/ERC4626Target1Deployer.sol";
-import { ERC4626Target2Deployer } from "contracts/src/instances/ERC4626Target2Deployer.sol";
-import { ERC4626Target3Deployer } from "contracts/src/instances/ERC4626Target3Deployer.sol";
-import { ERC4626HyperdriveCoreDeployer } from "contracts/src/instances/ERC4626HyperdriveCoreDeployer.sol";
 import { AssetId } from "contracts/src/libraries/AssetId.sol";
 import { FixedPointMath, ONE } from "contracts/src/libraries/FixedPointMath.sol";
 import { HyperdriveMath } from "contracts/src/libraries/HyperdriveMath.sol";
@@ -20,18 +20,17 @@ import { MockERC4626Hyperdrive } from "contracts/test/MockERC4626Hyperdrive.sol"
 import { HyperdriveTest } from "test/utils/HyperdriveTest.sol";
 import { HyperdriveUtils } from "test/utils/HyperdriveUtils.sol";
 import { Lib } from "test/utils/Lib.sol";
-import { HyperdriveMath } from "contracts/src/libraries/HyperdriveMath.sol";
 
 abstract contract ERC4626ValidationTest is HyperdriveTest {
     using FixedPointMath for *;
     using Lib for *;
 
-    address hyperdriveDeployer;
+    address deployerCoordinator;
+    address coreDeployer;
     address target0Deployer;
     address target1Deployer;
     address target2Deployer;
     address target3Deployer;
-    address hyperdriveCoreDeployer;
 
     HyperdriveFactory internal factory;
     IERC20 internal underlyingToken;
@@ -46,15 +45,15 @@ abstract contract ERC4626ValidationTest is HyperdriveTest {
         vm.startPrank(deployer);
 
         // Deploy the ERC4626Hyperdrive factory and deployer.
-        hyperdriveCoreDeployer = address(new ERC4626HyperdriveCoreDeployer());
+        coreDeployer = address(new ERC4626HyperdriveCoreDeployer());
         target0Deployer = address(new ERC4626Target0Deployer());
         target1Deployer = address(new ERC4626Target1Deployer());
         target2Deployer = address(new ERC4626Target2Deployer());
         target3Deployer = address(new ERC4626Target3Deployer());
 
-        hyperdriveDeployer = address(
-            new ERC4626HyperdriveDeployer(
-                hyperdriveCoreDeployer,
+        deployerCoordinator = address(
+            new ERC4626HyperdriveDeployerCoordinator(
+                coreDeployer,
                 target0Deployer,
                 target1Deployer,
                 target2Deployer,
@@ -90,14 +89,14 @@ abstract contract ERC4626ValidationTest is HyperdriveTest {
         vm.stopPrank();
         vm.startPrank(alice);
 
-        factory.addHyperdriveDeployer(hyperdriveDeployer);
+        factory.addHyperdriveDeployer(deployerCoordinator);
 
         // Set approval to allow initial contribution to factory
         underlyingToken.approve(address(factory), type(uint256).max);
 
         // Deploy and set hyperdrive instance
         hyperdrive = factory.deployAndInitialize(
-            hyperdriveDeployer,
+            deployerCoordinator,
             config,
             abi.encode(address(token), new address[](0)),
             contribution,
@@ -141,7 +140,7 @@ abstract contract ERC4626ValidationTest is HyperdriveTest {
 
         // Deploy a new hyperdrive instance
         hyperdrive = factory.deployAndInitialize(
-            hyperdriveDeployer,
+            deployerCoordinator,
             config,
             abi.encode(address(token), new address[](0)),
             contribution,
diff --git a/test/instances/erc4626/StethERC4626.t.sol b/test/instances/erc4626/StethERC4626.t.sol
deleted file mode 100644
index 11c44d761..000000000
--- a/test/instances/erc4626/StethERC4626.t.sol
+++ /dev/null
@@ -1,63 +0,0 @@
-// SPDX-License-Identifier: Apache-2.0
-pragma solidity 0.8.19;
-
-import { ERC4626HyperdriveDeployer } from "contracts/src/instances/ERC4626HyperdriveDeployer.sol";
-import { IERC20 } from "contracts/src/interfaces/IERC20.sol";
-import { IERC4626 } from "contracts/src/interfaces/IERC4626.sol";
-import { IHyperdrive } from "contracts/src/interfaces/IHyperdrive.sol";
-import { IHyperdriveDeployer } from "contracts/src/interfaces/IHyperdriveDeployer.sol";
-import { ILido } from "contracts/src/interfaces/ILido.sol";
-import { ERC4626HyperdriveDeployer } from "contracts/src/instances/ERC4626HyperdriveDeployer.sol";
-import { AssetId } from "contracts/src/libraries/AssetId.sol";
-import { FixedPointMath } from "contracts/src/libraries/FixedPointMath.sol";
-import { ForwarderFactory } from "contracts/src/token/ForwarderFactory.sol";
-import { HyperdriveTest } from "test/utils/HyperdriveTest.sol";
-import { MockERC4626Hyperdrive } from "contracts/test/MockERC4626Hyperdrive.sol";
-import { HyperdriveUtils } from "test/utils/HyperdriveUtils.sol";
-import { Lib } from "test/utils/Lib.sol";
-import { ERC4626ValidationTest } from "./ERC4626Validation.t.sol";
-
-contract StethERC4626 is ERC4626ValidationTest {
-    using FixedPointMath for *;
-
-    function setUp() public override __mainnet_fork(17_376_154) {
-        super.setUp();
-        underlyingToken = IERC20(0xae7ab96520DE3A18E5e111B5EaAb095312D7fE84);
-        token = IERC4626(0xF9A98A9452485ed55cd3Ce5260C2b71c9807b11a);
-
-        // Note this is wsteth so it could be somewhat problematic in the future
-        // depending on whether or not tests interact with wsEth.
-        address stethWhale = 0x7f39C581F595B53c5cb19bD0b3f8dA6c935E2Ca0;
-        whaleTransfer(stethWhale, underlyingToken, alice);
-
-        _setUp();
-    }
-
-    function advanceTimeWithYield(
-        uint256 timeDelta,
-        int256 variableRate
-    ) public override {
-        vm.warp(block.timestamp + timeDelta);
-
-        // The Lido storage location that tracks buffered ether reserves. We can
-        // simulate the accrual of interest by updating this value.
-        bytes32 BUFFERED_ETHER_POSITION = keccak256("lido.Lido.bufferedEther");
-
-        ILido LIDO = ILido(0xae7ab96520DE3A18E5e111B5EaAb095312D7fE84);
-
-        // Accrue interest in Lido. Since the share price is given by
-        // `getTotalPooledEther() / getTotalShares()`, we can simulate the
-        // accrual of interest by multiplying the total pooled ether by the
-        // variable rate plus one.
-        uint256 bufferedEther = variableRate >= 0
-            ? LIDO.getBufferedEther() +
-                LIDO.getTotalPooledEther().mulDown(uint256(variableRate))
-            : LIDO.getBufferedEther() -
-                LIDO.getTotalPooledEther().mulDown(uint256(variableRate));
-        vm.store(
-            address(LIDO),
-            BUFFERED_ETHER_POSITION,
-            bytes32(bufferedEther)
-        );
-    }
-}
diff --git a/test/instances/erc4626/Sweep.t.sol b/test/instances/erc4626/Sweep.t.sol
index 33d15ad07..0e1526641 100644
--- a/test/instances/erc4626/Sweep.t.sol
+++ b/test/instances/erc4626/Sweep.t.sol
@@ -1,11 +1,11 @@
 // SPDX-License-Identifier: Apache-2.0
 pragma solidity 0.8.19;
 
-import { ERC4626Hyperdrive } from "contracts/src/instances/ERC4626Hyperdrive.sol";
-import { ERC4626Target0 } from "contracts/src/instances/ERC4626Target0.sol";
-import { ERC4626Target1 } from "contracts/src/instances/ERC4626Target1.sol";
-import { ERC4626Target2 } from "contracts/src/instances/ERC4626Target2.sol";
-import { ERC4626Target3 } from "contracts/src/instances/ERC4626Target3.sol";
+import { ERC4626Hyperdrive } from "contracts/src/instances/erc4626/ERC4626Hyperdrive.sol";
+import { ERC4626Target0 } from "contracts/src/instances/erc4626/ERC4626Target0.sol";
+import { ERC4626Target1 } from "contracts/src/instances/erc4626/ERC4626Target1.sol";
+import { ERC4626Target2 } from "contracts/src/instances/erc4626/ERC4626Target2.sol";
+import { ERC4626Target3 } from "contracts/src/instances/erc4626/ERC4626Target3.sol";
 import { IERC20 } from "contracts/src/interfaces/IERC20.sol";
 import { IERC4626 } from "contracts/src/interfaces/IERC4626.sol";
 import { IERC4626Hyperdrive } from "contracts/src/interfaces/IERC4626Hyperdrive.sol";
diff --git a/test/instances/erc4626/UsdcERC4626.t.sol b/test/instances/erc4626/UsdcERC4626.t.sol
index dc6849699..04b670fd7 100644
--- a/test/instances/erc4626/UsdcERC4626.t.sol
+++ b/test/instances/erc4626/UsdcERC4626.t.sol
@@ -1,19 +1,18 @@
 // SPDX-License-Identifier: Apache-2.0
 pragma solidity 0.8.19;
 
-import { ERC4626HyperdriveDeployer } from "contracts/src/instances/ERC4626HyperdriveDeployer.sol";
+import { ERC4626HyperdriveCoreDeployer } from "contracts/src/deployers/erc4626/ERC4626HyperdriveCoreDeployer.sol";
+import { ERC4626HyperdriveDeployerCoordinator } from "contracts/src/deployers/erc4626/ERC4626HyperdriveDeployerCoordinator.sol";
+import { ERC4626Target0Deployer } from "contracts/src/deployers/erc4626/ERC4626Target0Deployer.sol";
+import { ERC4626Target1Deployer } from "contracts/src/deployers/erc4626/ERC4626Target1Deployer.sol";
+import { ERC4626Target2Deployer } from "contracts/src/deployers/erc4626/ERC4626Target2Deployer.sol";
+import { ERC4626Target3Deployer } from "contracts/src/deployers/erc4626/ERC4626Target3Deployer.sol";
 import { HyperdriveFactory } from "contracts/src/factory/HyperdriveFactory.sol";
 import { IERC20 } from "contracts/src/interfaces/IERC20.sol";
 import { IERC4626 } from "contracts/src/interfaces/IERC4626.sol";
 import { IHyperdrive } from "contracts/src/interfaces/IHyperdrive.sol";
 import { IHyperdriveDeployer } from "contracts/src/interfaces/IHyperdriveDeployer.sol";
 import { ILido } from "contracts/src/interfaces/ILido.sol";
-import { ERC4626HyperdriveDeployer } from "contracts/src/instances/ERC4626HyperdriveDeployer.sol";
-import { ERC4626Target0Deployer } from "contracts/src/instances/ERC4626Target0Deployer.sol";
-import { ERC4626Target1Deployer } from "contracts/src/instances/ERC4626Target1Deployer.sol";
-import { ERC4626Target2Deployer } from "contracts/src/instances/ERC4626Target2Deployer.sol";
-import { ERC4626Target3Deployer } from "contracts/src/instances/ERC4626Target3Deployer.sol";
-import { ERC4626HyperdriveCoreDeployer } from "contracts/src/instances/ERC4626HyperdriveCoreDeployer.sol";
 import { AssetId } from "contracts/src/libraries/AssetId.sol";
 import { FixedPointMath, ONE } from "contracts/src/libraries/FixedPointMath.sol";
 import { HyperdriveMath } from "contracts/src/libraries/HyperdriveMath.sol";
@@ -25,7 +24,6 @@ import { MockERC4626 } from "contracts/test/MockERC4626.sol";
 import { HyperdriveUtils } from "test/utils/HyperdriveUtils.sol";
 import { Lib } from "test/utils/Lib.sol";
 import { ERC4626ValidationTest } from "./ERC4626Validation.t.sol";
-import { HyperdriveMath } from "contracts/src/libraries/HyperdriveMath.sol";
 
 contract UsdcERC4626 is ERC4626ValidationTest {
     using FixedPointMath for *;
@@ -56,14 +54,14 @@ contract UsdcERC4626 is ERC4626ValidationTest {
         ERC20Mintable(address(underlyingToken)).mint(bob, monies);
 
         // Initialize deployer contracts and forwarder.
-        hyperdriveCoreDeployer = address(new ERC4626HyperdriveCoreDeployer());
+        coreDeployer = address(new ERC4626HyperdriveCoreDeployer());
         target0Deployer = address(new ERC4626Target0Deployer());
         target1Deployer = address(new ERC4626Target1Deployer());
         target2Deployer = address(new ERC4626Target2Deployer());
         target3Deployer = address(new ERC4626Target3Deployer());
-        hyperdriveDeployer = address(
-            new ERC4626HyperdriveDeployer(
-                hyperdriveCoreDeployer,
+        deployerCoordinator = address(
+            new ERC4626HyperdriveDeployerCoordinator(
+                coreDeployer,
                 target0Deployer,
                 target1Deployer,
                 target2Deployer,
@@ -101,14 +99,14 @@ contract UsdcERC4626 is ERC4626ValidationTest {
         vm.stopPrank();
         vm.startPrank(alice);
 
-        factory.addHyperdriveDeployer(hyperdriveDeployer);
+        factory.addHyperdriveDeployer(deployerCoordinator);
 
         // Set approval to allow initial contribution to factory.
         underlyingToken.approve(address(factory), type(uint256).max);
 
         // Deploy and set hyperdrive instance.
         hyperdrive = factory.deployAndInitialize(
-            hyperdriveDeployer,
+            deployerCoordinator,
             config,
             abi.encode(address(token), new address[](0)),
             contribution,
diff --git a/test/instances/erc4626/sDai.t.sol b/test/instances/erc4626/sDai.t.sol
index 3d1cfc963..07eec7bfd 100644
--- a/test/instances/erc4626/sDai.t.sol
+++ b/test/instances/erc4626/sDai.t.sol
@@ -1,19 +1,8 @@
 // SPDX-License-Identifier: Apache-2.0
 pragma solidity 0.8.19;
 
-import { ERC4626HyperdriveDeployer } from "contracts/src/instances/ERC4626HyperdriveDeployer.sol";
 import { IERC20 } from "contracts/src/interfaces/IERC20.sol";
 import { IERC4626 } from "contracts/src/interfaces/IERC4626.sol";
-import { IHyperdrive } from "contracts/src/interfaces/IHyperdrive.sol";
-import { IHyperdriveDeployer } from "contracts/src/interfaces/IHyperdriveDeployer.sol";
-import { ERC4626HyperdriveDeployer } from "contracts/src/instances/ERC4626HyperdriveDeployer.sol";
-import { AssetId } from "contracts/src/libraries/AssetId.sol";
-import { FixedPointMath } from "contracts/src/libraries/FixedPointMath.sol";
-import { ForwarderFactory } from "contracts/src/token/ForwarderFactory.sol";
-import { MockERC4626Hyperdrive } from "contracts/test/MockERC4626Hyperdrive.sol";
-import { HyperdriveTest } from "test/utils/HyperdriveTest.sol";
-import { HyperdriveUtils } from "test/utils/HyperdriveUtils.sol";
-import { Lib } from "test/utils/Lib.sol";
 import { ERC4626ValidationTest } from "./ERC4626Validation.t.sol";
 
 // Interface for the `Pot` of the underlying DSR
@@ -26,8 +15,6 @@ interface PotLike {
 }
 
 contract sDaiTest is ERC4626ValidationTest {
-    using FixedPointMath for *;
-
     function setUp() public override __mainnet_fork(17_318_972) {
         super.setUp();
 
diff --git a/test/instances/steth/StETHHyperdrive.t.sol b/test/instances/steth/StETHHyperdrive.t.sol
new file mode 100644
index 000000000..e9cff3f8d
--- /dev/null
+++ b/test/instances/steth/StETHHyperdrive.t.sol
@@ -0,0 +1,932 @@
+// SPDX-License-Identifier: Apache-2.0
+pragma solidity 0.8.19;
+
+import { stdStorage, StdStorage } from "forge-std/Test.sol";
+import { StETHHyperdriveCoreDeployer } from "contracts/src/deployers/steth/StETHHyperdriveCoreDeployer.sol";
+import { StETHHyperdriveDeployerCoordinator } from "contracts/src/deployers/steth/StETHHyperdriveDeployerCoordinator.sol";
+import { StETHTarget0Deployer } from "contracts/src/deployers/steth/StETHTarget0Deployer.sol";
+import { StETHTarget1Deployer } from "contracts/src/deployers/steth/StETHTarget1Deployer.sol";
+import { StETHTarget2Deployer } from "contracts/src/deployers/steth/StETHTarget2Deployer.sol";
+import { StETHTarget3Deployer } from "contracts/src/deployers/steth/StETHTarget3Deployer.sol";
+import { HyperdriveFactory } from "contracts/src/factory/HyperdriveFactory.sol";
+import { IERC20 } from "contracts/src/interfaces/IERC20.sol";
+import { IHyperdrive } from "contracts/src/interfaces/IHyperdrive.sol";
+import { ILido } from "contracts/src/interfaces/ILido.sol";
+import { AssetId } from "contracts/src/libraries/AssetId.sol";
+import { FixedPointMath } from "contracts/src/libraries/FixedPointMath.sol";
+import { HyperdriveMath } from "contracts/src/libraries/HyperdriveMath.sol";
+import { ForwarderFactory } from "contracts/src/token/ForwarderFactory.sol";
+import { ERC20Mintable } from "contracts/test/ERC20Mintable.sol";
+import { ETH } from "test/utils/Constants.sol";
+import { HyperdriveTest } from "test/utils/HyperdriveTest.sol";
+import { HyperdriveUtils } from "test/utils/HyperdriveUtils.sol";
+import { Lib } from "test/utils/Lib.sol";
+
+contract StETHHyperdriveTest is HyperdriveTest {
+    using FixedPointMath for uint256;
+    using Lib for *;
+    using stdStorage for StdStorage;
+
+    uint256 internal constant FIXED_RATE = 0.05e18;
+
+    // The Lido storage location that tracks buffered ether reserves. We can
+    // simulate the accrual of interest by updating this value.
+    bytes32 internal constant BUFFERED_ETHER_POSITION =
+        keccak256("lido.Lido.bufferedEther");
+
+    ILido internal constant LIDO =
+        ILido(0xae7ab96520DE3A18E5e111B5EaAb095312D7fE84);
+
+    address internal STETH_WHALE = 0x1982b2F5814301d4e9a8b0201555376e62F82428;
+    address internal ETH_WHALE = 0x00000000219ab540356cBB839Cbe05303d7705Fa;
+
+    HyperdriveFactory factory;
+    address deployerCoordinator;
+
+    function setUp() public override __mainnet_fork(17_376_154) {
+        super.setUp();
+
+        // Deploy the hyperdrive factory.
+        vm.startPrank(deployer);
+        address[] memory defaults = new address[](1);
+        defaults[0] = bob;
+        forwarderFactory = new ForwarderFactory();
+        factory = new HyperdriveFactory(
+            HyperdriveFactory.FactoryConfig({
+                governance: deployer,
+                hyperdriveGovernance: bob,
+                feeCollector: bob,
+                defaultPausers: defaults,
+                fees: IHyperdrive.Fees(0, 0, 0, 0),
+                maxFees: IHyperdrive.Fees(0, 0, 0, 0),
+                linkerFactory: address(forwarderFactory),
+                linkerCodeHash: forwarderFactory.ERC20LINK_HASH()
+            })
+        );
+
+        // Deploy the hyperdrive deployers and register the deployer coordinator
+        // in the factory.
+        deployerCoordinator = address(
+            new StETHHyperdriveDeployerCoordinator(
+                address(new StETHHyperdriveCoreDeployer(LIDO)),
+                address(new StETHTarget0Deployer(LIDO)),
+                address(new StETHTarget1Deployer(LIDO)),
+                address(new StETHTarget2Deployer(LIDO)),
+                address(new StETHTarget3Deployer(LIDO)),
+                LIDO
+            )
+        );
+        factory.addHyperdriveDeployer(address(deployerCoordinator));
+
+        // Alice deploys the hyperdrive instance.
+        vm.stopPrank();
+        vm.startPrank(alice);
+        IHyperdrive.PoolDeployConfig memory config = IHyperdrive
+            .PoolDeployConfig({
+                baseToken: IERC20(ETH),
+                linkerFactory: address(0),
+                linkerCodeHash: bytes32(0),
+                minimumShareReserves: 1e15,
+                minimumTransactionAmount: 1e14,
+                positionDuration: POSITION_DURATION,
+                checkpointDuration: CHECKPOINT_DURATION,
+                timeStretch: HyperdriveUtils.calculateTimeStretch(
+                    0.05e18,
+                    POSITION_DURATION
+                ),
+                governance: governance,
+                feeCollector: feeCollector,
+                fees: IHyperdrive.Fees({
+                    curve: 0,
+                    flat: 0,
+                    governanceLP: 0,
+                    governanceZombie: 0
+                })
+            });
+        uint256 contribution = 10_000e18;
+        hyperdrive = factory.deployAndInitialize{ value: contribution }(
+            deployerCoordinator,
+            config,
+            new bytes(0),
+            contribution,
+            FIXED_RATE,
+            new bytes(0)
+        );
+
+        // Ensure that Bob received the correct amount of LP tokens. She should
+        // receive LP shares totaling the amount of shares that she contributed
+        // minus the shares set aside for the minimum share reserves and the
+        // zero address's initial LP contribution.
+        assertApproxEqAbs(
+            hyperdrive.balanceOf(AssetId._LP_ASSET_ID, alice),
+            contribution.divDown(hyperdrive.getPoolConfig().initialSharePrice) -
+                2 *
+                hyperdrive.getPoolConfig().minimumShareReserves,
+            1e5
+        );
+
+        // Fund the test accounts with stETH and ETH.
+        address[] memory accounts = new address[](3);
+        accounts[0] = alice;
+        accounts[1] = bob;
+        accounts[2] = celine;
+        fundAccounts(address(hyperdrive), IERC20(LIDO), STETH_WHALE, accounts);
+
+        // Start recording event logs.
+        vm.recordLogs();
+    }
+
+    /// Deploy and Initialize ///
+
+    function test__steth__deployAndInitialize() external {
+        // Deploy and Initialize the stETH hyperdrive instance. Excess ether is
+        // sent, and should be returned to the sender.
+        vm.stopPrank();
+        vm.startPrank(bob);
+        uint256 bobBalanceBefore = address(bob).balance;
+        IHyperdrive.PoolDeployConfig memory config = IHyperdrive
+            .PoolDeployConfig({
+                baseToken: IERC20(ETH),
+                linkerFactory: address(0),
+                linkerCodeHash: bytes32(0),
+                minimumShareReserves: 1e15,
+                minimumTransactionAmount: 1e14,
+                positionDuration: POSITION_DURATION,
+                checkpointDuration: CHECKPOINT_DURATION,
+                timeStretch: HyperdriveUtils.calculateTimeStretch(
+                    0.05e18,
+                    POSITION_DURATION
+                ),
+                governance: governance,
+                feeCollector: feeCollector,
+                fees: IHyperdrive.Fees({
+                    curve: 0,
+                    flat: 0,
+                    governanceLP: 0,
+                    governanceZombie: 0
+                })
+            });
+        uint256 contribution = 5_000e18;
+        hyperdrive = factory.deployAndInitialize{ value: contribution + 1e18 }(
+            address(deployerCoordinator),
+            config,
+            new bytes(0),
+            contribution,
+            FIXED_RATE,
+            new bytes(0)
+        );
+        assertEq(address(bob).balance, bobBalanceBefore - contribution);
+
+        // Ensure that Bob received the correct amount of LP tokens. He should
+        // receive LP shares totaling the amount of shares that he contributed
+        // minus the shares set aside for the minimum share reserves and the
+        // zero address's initial LP contribution.
+        assertApproxEqAbs(
+            hyperdrive.balanceOf(AssetId._LP_ASSET_ID, bob),
+            contribution.divDown(hyperdrive.getPoolConfig().initialSharePrice) -
+                2 *
+                hyperdrive.getPoolConfig().minimumShareReserves,
+            1e5
+        );
+
+        // Ensure that the share reserves and LP total supply are equal and correct.
+        assertApproxEqAbs(
+            hyperdrive.getPoolInfo().shareReserves,
+            contribution.mulDivDown(
+                LIDO.getTotalShares(),
+                LIDO.getTotalPooledEther()
+            ),
+            1
+        );
+        assertEq(
+            hyperdrive.getPoolInfo().lpTotalSupply,
+            hyperdrive.getPoolInfo().shareReserves - config.minimumShareReserves
+        );
+
+        // Verify that the correct events were emitted.
+        verifyFactoryEvents(
+            factory,
+            hyperdrive,
+            bob,
+            contribution,
+            FIXED_RATE,
+            config.minimumShareReserves,
+            new bytes(0),
+            // NOTE: Tolerance since stETH uses mulDivDown for share calculations.
+            1e5
+        );
+    }
+
+    /// Price Per Share ///
+
+    function test__pricePerShare(uint256 basePaid) external {
+        // Ensure that the share price is the expected value.
+        uint256 totalPooledEther = LIDO.getTotalPooledEther();
+        uint256 totalShares = LIDO.getTotalShares();
+        uint256 sharePrice = hyperdrive.getPoolInfo().sharePrice;
+        assertEq(sharePrice, totalPooledEther.divDown(totalShares));
+
+        // Ensure that the share price accurately predicts the amount of shares
+        // that will be minted for depositing a given amount of ETH. This will
+        // be an approximation since Lido uses `mulDivDown` whereas this test
+        // pre-computes the share price.
+        basePaid = basePaid.normalizeToRange(
+            2 * hyperdrive.getPoolConfig().minimumTransactionAmount,
+            HyperdriveUtils.calculateMaxLong(hyperdrive)
+        );
+        uint256 hyperdriveSharesBefore = LIDO.sharesOf(address(hyperdrive));
+        openLong(bob, basePaid);
+        assertApproxEqAbs(
+            LIDO.sharesOf(address(hyperdrive)),
+            hyperdriveSharesBefore + basePaid.divDown(sharePrice),
+            1e4
+        );
+    }
+
+    /// Long ///
+
+    function test_open_long_with_ETH(uint256 basePaid) external {
+        // Get some balance information before the deposit.
+        uint256 totalPooledEtherBefore = LIDO.getTotalPooledEther();
+        uint256 totalSharesBefore = LIDO.getTotalShares();
+        AccountBalances memory bobBalancesBefore = getAccountBalances(bob);
+        AccountBalances memory hyperdriveBalancesBefore = getAccountBalances(
+            address(hyperdrive)
+        );
+
+        // Bob opens a long by depositing ETH.
+        basePaid = basePaid.normalizeToRange(
+            2 * hyperdrive.getPoolConfig().minimumTransactionAmount,
+            HyperdriveUtils.calculateMaxLong(hyperdrive)
+        );
+        openLong(bob, basePaid);
+
+        // Ensure that Lido's aggregates and the token balances were updated
+        // correctly during the trade.
+        verifyDeposit(
+            bob,
+            basePaid,
+            true,
+            totalPooledEtherBefore,
+            totalSharesBefore,
+            bobBalancesBefore,
+            hyperdriveBalancesBefore
+        );
+    }
+
+    function test_open_long_refunds() external {
+        vm.startPrank(bob);
+
+        // Ensure that Bob receives a refund on the excess ETH that he sent
+        // when opening a long with "asBase" set to true.
+        uint256 ethBalanceBefore = address(bob).balance;
+        hyperdrive.openLong{ value: 2e18 }(
+            1e18,
+            0,
+            0,
+            IHyperdrive.Options({
+                destination: bob,
+                asBase: true,
+                extraData: new bytes(0)
+            })
+        );
+        assertEq(address(bob).balance, ethBalanceBefore - 1e18);
+
+        // Ensure that Bob receives a  refund when he opens a long with "asBase"
+        // set to false and sends ether to the contract.
+        ethBalanceBefore = address(bob).balance;
+        hyperdrive.openLong{ value: 0.5e18 }(
+            1e18,
+            0,
+            0,
+            IHyperdrive.Options({
+                destination: bob,
+                asBase: false,
+                extraData: new bytes(0)
+            })
+        );
+        assertEq(address(bob).balance, ethBalanceBefore);
+    }
+
+    function test_open_long_with_steth(uint256 basePaid) external {
+        // Get some balance information before the deposit.
+        uint256 totalPooledEtherBefore = LIDO.getTotalPooledEther();
+        uint256 totalSharesBefore = LIDO.getTotalShares();
+        AccountBalances memory bobBalancesBefore = getAccountBalances(bob);
+        AccountBalances memory hyperdriveBalancesBefore = getAccountBalances(
+            address(hyperdrive)
+        );
+
+        // Bob opens a long by depositing stETH.
+        basePaid = basePaid.normalizeToRange(
+            2 * hyperdrive.getPoolConfig().minimumTransactionAmount,
+            HyperdriveUtils.calculateMaxLong(hyperdrive)
+        );
+        uint256 sharesPaid = basePaid.mulDivDown(
+            LIDO.getTotalShares(),
+            LIDO.getTotalPooledEther()
+        );
+        openLong(bob, sharesPaid, false);
+
+        // Ensure that Lido's aggregates and the token balances were updated
+        // correctly during the trade.
+        verifyDeposit(
+            bob,
+            basePaid,
+            false,
+            totalPooledEtherBefore,
+            totalSharesBefore,
+            bobBalancesBefore,
+            hyperdriveBalancesBefore
+        );
+    }
+
+    function test_close_long_with_ETH(uint256 basePaid) external {
+        // Bob opens a long.
+        basePaid = basePaid.normalizeToRange(
+            2 * hyperdrive.getPoolConfig().minimumTransactionAmount,
+            HyperdriveUtils.calculateMaxLong(hyperdrive)
+        );
+        (uint256 maturityTime, uint256 longAmount) = openLong(bob, basePaid);
+
+        // Bob attempts to close his long with ETH as the target asset. This
+        // fails since ETH isn't supported as a withdrawal asset.
+        vm.stopPrank();
+        vm.startPrank(bob);
+        vm.expectRevert(IHyperdrive.UnsupportedToken.selector);
+        hyperdrive.closeLong(
+            maturityTime,
+            longAmount,
+            0,
+            IHyperdrive.Options({
+                destination: bob,
+                asBase: true,
+                extraData: new bytes(0)
+            })
+        );
+    }
+
+    function test_close_long_with_steth(uint256 basePaid) external {
+        // Bob opens a long.
+        basePaid = basePaid.normalizeToRange(
+            2 * hyperdrive.getPoolConfig().minimumTransactionAmount,
+            HyperdriveUtils.calculateMaxLong(hyperdrive)
+        );
+        (uint256 maturityTime, uint256 longAmount) = openLong(bob, basePaid);
+
+        // Get some balance information before the withdrawal.
+        uint256 totalPooledEtherBefore = LIDO.getTotalPooledEther();
+        uint256 totalSharesBefore = LIDO.getTotalShares();
+        AccountBalances memory bobBalancesBefore = getAccountBalances(bob);
+        AccountBalances memory hyperdriveBalancesBefore = getAccountBalances(
+            address(hyperdrive)
+        );
+
+        // Bob closes his long with stETH as the target asset.
+        uint256 shareProceeds = closeLong(bob, maturityTime, longAmount, false);
+        uint256 baseProceeds = shareProceeds.mulDivDown(
+            LIDO.getTotalPooledEther(),
+            LIDO.getTotalShares()
+        );
+
+        // Ensure that Lido's aggregates and the token balances were updated
+        // correctly during the trade.
+        verifyStethWithdrawal(
+            bob,
+            baseProceeds,
+            totalPooledEtherBefore,
+            totalSharesBefore,
+            bobBalancesBefore,
+            hyperdriveBalancesBefore
+        );
+    }
+
+    /// Short ///
+
+    function test_open_short_with_ETH(uint256 shortAmount) external {
+        // Get some balance information before the deposit.
+        uint256 totalPooledEtherBefore = LIDO.getTotalPooledEther();
+        uint256 totalSharesBefore = LIDO.getTotalShares();
+        AccountBalances memory bobBalancesBefore = getAccountBalances(bob);
+        AccountBalances memory hyperdriveBalancesBefore = getAccountBalances(
+            address(hyperdrive)
+        );
+
+        // Bob opens a short by depositing ETH.
+        shortAmount = shortAmount.normalizeToRange(
+            2 * hyperdrive.getPoolConfig().minimumTransactionAmount,
+            HyperdriveUtils.calculateMaxShort(hyperdrive)
+        );
+        uint256 balanceBefore = bob.balance;
+        vm.deal(bob, shortAmount);
+        (, uint256 basePaid) = openShort(bob, shortAmount);
+        vm.deal(bob, balanceBefore - basePaid);
+
+        // Ensure that the amount of base paid by the short is reasonable.
+        uint256 realizedRate = HyperdriveUtils.calculateAPRFromRealizedPrice(
+            shortAmount - basePaid,
+            shortAmount,
+            1e18
+        );
+        assertGt(basePaid, 0);
+        assertGe(realizedRate, FIXED_RATE);
+
+        // Ensure that Lido's aggregates and the token balances were updated
+        // correctly during the trade.
+        verifyDeposit(
+            bob,
+            basePaid,
+            true,
+            totalPooledEtherBefore,
+            totalSharesBefore,
+            bobBalancesBefore,
+            hyperdriveBalancesBefore
+        );
+    }
+
+    function test_open_short_with_steth(uint256 shortAmount) external {
+        // Get some balance information before the deposit.
+        uint256 totalPooledEtherBefore = LIDO.getTotalPooledEther();
+        uint256 totalSharesBefore = LIDO.getTotalShares();
+        AccountBalances memory bobBalancesBefore = getAccountBalances(bob);
+        AccountBalances memory hyperdriveBalancesBefore = getAccountBalances(
+            address(hyperdrive)
+        );
+
+        // Bob opens a short by depositing ETH.
+        shortAmount = shortAmount.normalizeToRange(
+            2 * hyperdrive.getPoolConfig().minimumTransactionAmount,
+            HyperdriveUtils.calculateMaxShort(hyperdrive)
+        );
+        (, uint256 sharesPaid) = openShort(bob, shortAmount, false);
+        uint256 basePaid = sharesPaid.mulDivDown(
+            LIDO.getTotalPooledEther(),
+            LIDO.getTotalShares()
+        );
+
+        // Ensure that the amount of base paid by the short is reasonable.
+        uint256 realizedRate = HyperdriveUtils.calculateAPRFromRealizedPrice(
+            shortAmount - basePaid,
+            shortAmount,
+            1e18
+        );
+        assertGt(basePaid, 0);
+        assertGe(realizedRate, FIXED_RATE);
+
+        // Ensure that Lido's aggregates and the token balances were updated
+        // correctly during the trade.
+        verifyDeposit(
+            bob,
+            basePaid,
+            false,
+            totalPooledEtherBefore,
+            totalSharesBefore,
+            bobBalancesBefore,
+            hyperdriveBalancesBefore
+        );
+    }
+
+    function test_open_short_refunds() external {
+        vm.startPrank(bob);
+
+        // Ensure that Bob receives a refund on the excess ETH that he sent
+        // when opening a long with "asBase" set to true.
+        uint256 ethBalanceBefore = address(bob).balance;
+        (, uint256 basePaid) = hyperdrive.openShort{ value: 2e18 }(
+            1e18,
+            1e18,
+            0,
+            IHyperdrive.Options({
+                destination: bob,
+                asBase: true,
+                extraData: new bytes(0)
+            })
+        );
+        assertEq(address(bob).balance, ethBalanceBefore - basePaid);
+
+        // Ensure that Bob receives a  refund when he opens a long with "asBase"
+        // set to false and sends ether to the contract.
+        ethBalanceBefore = address(bob).balance;
+        hyperdrive.openShort{ value: 0.5e18 }(
+            1e18,
+            1e18,
+            0,
+            IHyperdrive.Options({
+                destination: bob,
+                asBase: false,
+                extraData: new bytes(0)
+            })
+        );
+        assertEq(address(bob).balance, ethBalanceBefore);
+    }
+
+    function test_close_short_with_eth(
+        uint256 shortAmount,
+        int256 variableRate
+    ) external {
+        // Bob opens a short.
+        shortAmount = shortAmount.normalizeToRange(
+            2 * hyperdrive.getPoolConfig().minimumTransactionAmount,
+            HyperdriveUtils.calculateMaxShort(hyperdrive)
+        );
+        uint256 balanceBefore = bob.balance;
+        vm.deal(bob, shortAmount);
+        (uint256 maturityTime, uint256 basePaid) = openShort(bob, shortAmount);
+        vm.deal(bob, balanceBefore - basePaid);
+
+        // The term passes and interest accrues.
+        variableRate = variableRate.normalizeToRange(0, 2.5e18);
+        advanceTime(POSITION_DURATION, variableRate);
+
+        // Bob attempts to close his short with ETH as the target asset. This
+        // fails since ETH isn't supported as a withdrawal asset.
+        vm.stopPrank();
+        vm.startPrank(bob);
+        vm.expectRevert(IHyperdrive.UnsupportedToken.selector);
+        hyperdrive.closeShort(
+            maturityTime,
+            shortAmount,
+            0,
+            IHyperdrive.Options({
+                destination: bob,
+                asBase: true,
+                extraData: new bytes(0)
+            })
+        );
+    }
+
+    function test_close_short_with_steth(
+        uint256 shortAmount,
+        int256 variableRate
+    ) external {
+        // Bob opens a short.
+        shortAmount = shortAmount.normalizeToRange(
+            2 * hyperdrive.getPoolConfig().minimumTransactionAmount,
+            HyperdriveUtils.calculateMaxShort(hyperdrive)
+        );
+        uint256 balanceBefore = bob.balance;
+        vm.deal(bob, shortAmount);
+        (uint256 maturityTime, uint256 basePaid) = openShort(bob, shortAmount);
+        vm.deal(bob, balanceBefore - basePaid);
+
+        // The term passes and interest accrues.
+        variableRate = variableRate.normalizeToRange(0, 2.5e18);
+        advanceTime(POSITION_DURATION, variableRate);
+
+        // Get some balance information before closing the short.
+        uint256 totalPooledEtherBefore = LIDO.getTotalPooledEther();
+        uint256 totalSharesBefore = LIDO.getTotalShares();
+        AccountBalances memory bobBalancesBefore = getAccountBalances(bob);
+        AccountBalances memory hyperdriveBalancesBefore = getAccountBalances(
+            address(hyperdrive)
+        );
+
+        // Bob closes his short with stETH as the target asset. Bob's proceeds
+        // should be the variable interest that accrued on the shorted bonds.
+        (, int256 expectedBaseProceeds) = HyperdriveUtils.calculateInterest(
+            shortAmount,
+            variableRate,
+            POSITION_DURATION
+        );
+        uint256 shareProceeds = closeShort(
+            bob,
+            maturityTime,
+            shortAmount,
+            false
+        );
+        uint256 baseProceeds = shareProceeds.mulDivDown(
+            LIDO.getTotalPooledEther(),
+            LIDO.getTotalShares()
+        );
+        assertApproxEqAbs(baseProceeds, uint256(expectedBaseProceeds), 1e9);
+
+        // Ensure that Lido's aggregates and the token balances were updated
+        // correctly during the trade.
+        verifyStethWithdrawal(
+            bob,
+            baseProceeds,
+            totalPooledEtherBefore,
+            totalSharesBefore,
+            bobBalancesBefore,
+            hyperdriveBalancesBefore
+        );
+    }
+
+    function test_attack_long_steth() external {
+        // Get some balance information before the deposit.
+        LIDO.sharesOf(address(hyperdrive));
+
+        // Bob opens a long by depositing ETH.
+        uint256 basePaid = HyperdriveUtils.calculateMaxLong(hyperdrive);
+        (uint256 maturityTime, uint256 longAmount) = openLong(bob, basePaid);
+
+        // Get some balance information before the withdrawal.
+        uint256 totalPooledEtherBefore = LIDO.getTotalPooledEther();
+        uint256 totalSharesBefore = LIDO.getTotalShares();
+        AccountBalances memory bobBalancesBefore = getAccountBalances(bob);
+        AccountBalances memory hyperdriveBalancesBefore = getAccountBalances(
+            address(hyperdrive)
+        );
+
+        // Bob closes his long with stETH as the target asset.
+        uint256 shareProceeds = closeLong(bob, maturityTime, longAmount, false);
+        uint256 baseProceeds = shareProceeds.mulDivDown(
+            LIDO.getTotalPooledEther(),
+            LIDO.getTotalShares()
+        );
+
+        // Ensure that Lido's aggregates and the token balances were updated
+        // correctly during the trade.
+        verifyStethWithdrawal(
+            bob,
+            baseProceeds,
+            totalPooledEtherBefore,
+            totalSharesBefore,
+            bobBalancesBefore,
+            hyperdriveBalancesBefore
+        );
+    }
+
+    function test__DOSStethHyperdriveCloseLong() external {
+        //###########################################################################"
+        //#### TEST: Denial of Service when LIDO's `TotalPooledEther` decreases. ####"
+        //###########################################################################"
+
+        // Ensure that the share price is the expected value.
+        uint256 totalPooledEther = LIDO.getTotalPooledEther();
+        uint256 totalShares = LIDO.getTotalShares();
+        uint256 sharePrice = hyperdrive.getPoolInfo().sharePrice;
+        assertEq(sharePrice, totalPooledEther.divDown(totalShares));
+
+        // Ensure that the share price accurately predicts the amount of shares
+        // that will be minted for depositing a given amount of ETH. This will
+        // be an approximation since Lido uses `mulDivDown` whereas this test
+        // pre-computes the share price.
+        uint256 basePaid = HyperdriveUtils.calculateMaxLong(hyperdrive) / 10;
+        uint256 hyperdriveSharesBefore = LIDO.sharesOf(address(hyperdrive));
+
+        // Bob calls openLong()
+        (uint256 maturityTime, uint256 longAmount) = openLong(bob, basePaid);
+        // Bob paid basePaid == ", basePaid);
+        // Bob received longAmount == ", longAmount);
+        assertApproxEqAbs(
+            LIDO.sharesOf(address(hyperdrive)),
+            hyperdriveSharesBefore + basePaid.divDown(sharePrice),
+            1e4
+        );
+
+        // Get some balance information before the withdrawal.
+        uint256 totalPooledEtherBefore = LIDO.getTotalPooledEther();
+        uint256 totalSharesBefore = LIDO.getTotalShares();
+        AccountBalances memory bobBalancesBefore = getAccountBalances(bob);
+        AccountBalances memory hyperdriveBalancesBefore = getAccountBalances(
+            address(hyperdrive)
+        );
+        uint256 snapshotId = vm.snapshot();
+
+        // Taking a Snapshot of the state
+        // Bob closes his long with stETH as the target asset.
+        uint256 shareProceeds = closeLong(
+            bob,
+            maturityTime,
+            longAmount / 2,
+            false
+        );
+        uint256 baseProceeds = shareProceeds.mulDivDown(
+            LIDO.getTotalPooledEther(),
+            LIDO.getTotalShares()
+        );
+
+        // Ensure that Lido's aggregates and the token balances were updated
+        // correctly during the trade.
+        verifyStethWithdrawal(
+            bob,
+            baseProceeds,
+            totalPooledEtherBefore,
+            totalSharesBefore,
+            bobBalancesBefore,
+            hyperdriveBalancesBefore
+        );
+        // # Reverting to the saved state Snapshot #\n");
+        vm.revertTo(snapshotId);
+
+        // # Manipulating Lido's totalPooledEther : removing only 1e18
+        bytes32 balanceBefore = vm.load(
+            address(LIDO),
+            bytes32(
+                0xa66d35f054e68143c18f32c990ed5cb972bb68a68f500cd2dd3a16bbf3686483
+            )
+        );
+        // LIDO.CL_BALANCE_POSITION Before: ", uint(balanceBefore));
+        uint(LIDO.getTotalPooledEther());
+        hyperdrive.balanceOf(
+            AssetId.encodeAssetId(AssetId.AssetIdPrefix.Long, maturityTime),
+            bob
+        );
+        vm.store(
+            address(LIDO),
+            bytes32(
+                uint256(
+                    0xa66d35f054e68143c18f32c990ed5cb972bb68a68f500cd2dd3a16bbf3686483
+                )
+            ),
+            bytes32(uint256(balanceBefore) - 1e18)
+        );
+
+        // Avoid Stack too deep
+        uint256 maturityTime_ = maturityTime;
+        uint256 longAmount_ = longAmount;
+
+        vm.load(
+            address(LIDO),
+            bytes32(
+                uint256(
+                    0xa66d35f054e68143c18f32c990ed5cb972bb68a68f500cd2dd3a16bbf3686483
+                )
+            )
+        );
+
+        // Bob closes his long with stETH as the target asset.
+        hyperdrive.balanceOf(
+            AssetId.encodeAssetId(AssetId.AssetIdPrefix.Long, maturityTime_),
+            bob
+        );
+
+        // The fact that this doesn't revert means that it works
+        closeLong(bob, maturityTime_, longAmount_ / 2, false);
+    }
+
+    function verifyDeposit(
+        address trader,
+        uint256 basePaid,
+        bool asBase,
+        uint256 totalPooledEtherBefore,
+        uint256 totalSharesBefore,
+        AccountBalances memory traderBalancesBefore,
+        AccountBalances memory hyperdriveBalancesBefore
+    ) internal {
+        if (asBase) {
+            // Ensure that the amount of pooled ether increased by the base paid.
+            assertEq(
+                LIDO.getTotalPooledEther(),
+                totalPooledEtherBefore + basePaid
+            );
+
+            // Ensure that the ETH balances were updated correctly.
+            assertEq(
+                address(hyperdrive).balance,
+                hyperdriveBalancesBefore.ETHBalance
+            );
+            assertEq(bob.balance, traderBalancesBefore.ETHBalance - basePaid);
+
+            // Ensure that the stETH balances were updated correctly.
+            assertApproxEqAbs(
+                LIDO.balanceOf(address(hyperdrive)),
+                hyperdriveBalancesBefore.stethBalance + basePaid,
+                1
+            );
+            assertEq(LIDO.balanceOf(trader), traderBalancesBefore.stethBalance);
+
+            // Ensure that the stETH shares were updated correctly.
+            uint256 expectedShares = basePaid.mulDivDown(
+                totalSharesBefore,
+                totalPooledEtherBefore
+            );
+            assertEq(LIDO.getTotalShares(), totalSharesBefore + expectedShares);
+            assertEq(
+                LIDO.sharesOf(address(hyperdrive)),
+                hyperdriveBalancesBefore.stethShares + expectedShares
+            );
+            assertEq(LIDO.sharesOf(bob), traderBalancesBefore.stethShares);
+        } else {
+            // Ensure that the amount of pooled ether stays the same.
+            assertEq(LIDO.getTotalPooledEther(), totalPooledEtherBefore);
+
+            // Ensure that the ETH balances were updated correctly.
+            assertEq(
+                address(hyperdrive).balance,
+                hyperdriveBalancesBefore.ETHBalance
+            );
+            assertEq(trader.balance, traderBalancesBefore.ETHBalance);
+
+            // Ensure that the stETH balances were updated correctly.
+            assertApproxEqAbs(
+                LIDO.balanceOf(address(hyperdrive)),
+                hyperdriveBalancesBefore.stethBalance + basePaid,
+                1
+            );
+            assertApproxEqAbs(
+                LIDO.balanceOf(trader),
+                traderBalancesBefore.stethBalance - basePaid,
+                1
+            );
+
+            // Ensure that the stETH shares were updated correctly.
+            uint256 expectedShares = basePaid.mulDivDown(
+                totalSharesBefore,
+                totalPooledEtherBefore
+            );
+            assertEq(LIDO.getTotalShares(), totalSharesBefore);
+            assertApproxEqAbs(
+                LIDO.sharesOf(address(hyperdrive)),
+                hyperdriveBalancesBefore.stethShares + expectedShares,
+                1
+            );
+            assertApproxEqAbs(
+                LIDO.sharesOf(trader),
+                traderBalancesBefore.stethShares - expectedShares,
+                1
+            );
+        }
+    }
+
+    function verifyStethWithdrawal(
+        address trader,
+        uint256 baseProceeds,
+        uint256 totalPooledEtherBefore,
+        uint256 totalSharesBefore,
+        AccountBalances memory traderBalancesBefore,
+        AccountBalances memory hyperdriveBalancesBefore
+    ) internal {
+        // Ensure that the total pooled ether and shares stays the same.
+        assertEq(LIDO.getTotalPooledEther(), totalPooledEtherBefore);
+        assertApproxEqAbs(LIDO.getTotalShares(), totalSharesBefore, 1);
+
+        // Ensure that the ETH balances were updated correctly.
+        assertEq(
+            address(hyperdrive).balance,
+            hyperdriveBalancesBefore.ETHBalance
+        );
+        assertEq(trader.balance, traderBalancesBefore.ETHBalance);
+
+        // Ensure that the stETH balances were updated correctly.
+        assertApproxEqAbs(
+            LIDO.balanceOf(address(hyperdrive)),
+            hyperdriveBalancesBefore.stethBalance - baseProceeds,
+            1
+        );
+        assertApproxEqAbs(
+            LIDO.balanceOf(trader),
+            traderBalancesBefore.stethBalance + baseProceeds,
+            1
+        );
+
+        // Ensure that the stETH shares were updated correctly.
+        uint256 expectedShares = baseProceeds.mulDivDown(
+            totalSharesBefore,
+            totalPooledEtherBefore
+        );
+        assertApproxEqAbs(
+            LIDO.sharesOf(address(hyperdrive)),
+            hyperdriveBalancesBefore.stethShares - expectedShares,
+            1
+        );
+        assertApproxEqAbs(
+            LIDO.sharesOf(trader),
+            traderBalancesBefore.stethShares + expectedShares,
+            1
+        );
+    }
+
+    /// Helpers ///
+
+    function advanceTime(
+        uint256 timeDelta,
+        int256 variableRate
+    ) internal override {
+        // Advance the time.
+        vm.warp(block.timestamp + timeDelta);
+
+        // Accrue interest in Lido. Since the share price is given by
+        // `getTotalPooledEther() / getTotalShares()`, we can simulate the
+        // accrual of interest by multiplying the total pooled ether by the
+        // variable rate plus one.
+        uint256 bufferedEther = variableRate >= 0
+            ? LIDO.getBufferedEther() +
+                LIDO.getTotalPooledEther().mulDown(uint256(variableRate))
+            : LIDO.getBufferedEther() -
+                LIDO.getTotalPooledEther().mulDown(uint256(variableRate));
+        vm.store(
+            address(LIDO),
+            BUFFERED_ETHER_POSITION,
+            bytes32(bufferedEther)
+        );
+    }
+
+    struct AccountBalances {
+        uint256 stethShares;
+        uint256 stethBalance;
+        uint256 ETHBalance;
+    }
+
+    function getAccountBalances(
+        address account
+    ) internal view returns (AccountBalances memory) {
+        return
+            AccountBalances({
+                stethShares: LIDO.sharesOf(account),
+                stethBalance: LIDO.balanceOf(account),
+                ETHBalance: account.balance
+            });
+    }
+}
diff --git a/test/instances/steth/Sweep.t.sol b/test/instances/steth/Sweep.t.sol
new file mode 100644
index 000000000..45e211ae9
--- /dev/null
+++ b/test/instances/steth/Sweep.t.sol
@@ -0,0 +1,193 @@
+// SPDX-License-Identifier: Apache-2.0
+pragma solidity 0.8.19;
+
+import { StETHHyperdrive } from "contracts/src/instances/steth/StETHHyperdrive.sol";
+import { StETHTarget0 } from "contracts/src/instances/steth/StETHTarget0.sol";
+import { StETHTarget1 } from "contracts/src/instances/steth/StETHTarget1.sol";
+import { StETHTarget2 } from "contracts/src/instances/steth/StETHTarget2.sol";
+import { StETHTarget3 } from "contracts/src/instances/steth/StETHTarget3.sol";
+import { IERC20 } from "contracts/src/interfaces/IERC20.sol";
+import { ILido } from "contracts/src/interfaces/ILido.sol";
+import { IStETHHyperdrive } from "contracts/src/interfaces/IStETHHyperdrive.sol";
+import { IHyperdrive } from "contracts/src/interfaces/IHyperdrive.sol";
+import { ONE } from "contracts/src/libraries/FixedPointMath.sol";
+import { ERC20Mintable } from "contracts/test/ERC20Mintable.sol";
+import { MockLido } from "contracts/test/MockLido.sol";
+import { BaseTest } from "test/utils/BaseTest.sol";
+import { HyperdriveUtils } from "test/utils/HyperdriveUtils.sol";
+import { ETH } from "test/utils/Constants.sol";
+
+contract SweepTest is BaseTest {
+    ForwardingToken lidoForwarder;
+    ERC20Mintable sweepable;
+
+    IStETHHyperdrive hyperdrive;
+
+    function setUp() public override {
+        super.setUp();
+
+        // We'll use Alice to deploy the contracts.
+        vm.startPrank(alice);
+
+        // Deploy the sweepable ERC20.
+        sweepable = new ERC20Mintable(
+            "Sweepable",
+            "SWEEP",
+            18,
+            address(0),
+            false
+        );
+
+        // Deploy the leaky lido instance. Then deploy forwarding tokens for
+        // each of the targets. Add some ETH to the leaky lido instance to
+        // ensure that it has a well-defined share price.
+        LeakyLido leakyLido = new LeakyLido();
+        lidoForwarder = new ForwardingToken(address(leakyLido));
+        leakyLido.submit{ value: 1e18 }(address(0));
+
+        // Deploy Hyperdrive with the leaky lido.
+        IHyperdrive.PoolConfig memory config = IHyperdrive.PoolConfig({
+            baseToken: IERC20(address(ETH)),
+            linkerFactory: address(0),
+            linkerCodeHash: bytes32(0),
+            initialSharePrice: ONE,
+            minimumShareReserves: 1e15,
+            minimumTransactionAmount: 1e12,
+            positionDuration: 365 days,
+            checkpointDuration: 1 days,
+            timeStretch: HyperdriveUtils.calculateTimeStretch(
+                0.01e18,
+                365 days
+            ),
+            governance: alice,
+            feeCollector: bob,
+            fees: IHyperdrive.Fees(0, 0, 0, 0)
+        });
+        vm.warp(3 * config.positionDuration);
+        hyperdrive = IStETHHyperdrive(
+            address(
+                new StETHHyperdrive(
+                    config,
+                    address(
+                        new StETHTarget0(config, ILido(address(leakyLido)))
+                    ),
+                    address(
+                        new StETHTarget1(config, ILido(address(leakyLido)))
+                    ),
+                    address(
+                        new StETHTarget2(config, ILido(address(leakyLido)))
+                    ),
+                    address(
+                        new StETHTarget3(config, ILido(address(leakyLido)))
+                    ),
+                    ILido(address(leakyLido))
+                )
+            )
+        );
+
+        // Initialize Hyperdrive. This ensures that Hyperdrive has vault tokens
+        // to sweep.
+        hyperdrive.initialize{ value: 100e18 }(
+            100e18,
+            0.05e18,
+            IHyperdrive.Options({
+                destination: alice,
+                asBase: true,
+                extraData: new bytes(0)
+            })
+        );
+
+        // Mint some of the sweepable tokens to Hyperdrive.
+        sweepable.mint(address(hyperdrive), 100e18);
+    }
+
+    function test_sweep_failure_invalid_sweeper() external {
+        vm.stopPrank();
+        vm.startPrank(celine);
+
+        // Trying to call sweep with an invalid sweeper (an address that isn't
+        // the fee collector or a pauser) should fail.
+        vm.expectRevert(IHyperdrive.Unauthorized.selector);
+        hyperdrive.sweep(IERC20(address(sweepable)));
+    }
+
+    function test_sweep_failure_direct_sweeps() external {
+        vm.stopPrank();
+        vm.startPrank(bob);
+
+        // Trying to sweep the stETH token should fail.
+        address lido = address(hyperdrive.lido());
+        vm.expectRevert(IHyperdrive.UnsupportedToken.selector);
+        hyperdrive.sweep(IERC20(lido));
+    }
+
+    function test_sweep_failure_indirect_sweeps() external {
+        vm.stopPrank();
+        vm.startPrank(bob);
+
+        // Trying to sweep the stETH via the forwarding token should fail.
+        vm.expectRevert(IHyperdrive.SweepFailed.selector);
+        hyperdrive.sweep(IERC20(address(lidoForwarder)));
+    }
+
+    function test_sweep_success_feeCollector() external {
+        // The fee collector can sweep a sweepable token.
+        vm.stopPrank();
+        vm.startPrank(bob);
+        hyperdrive.sweep(IERC20(address(sweepable)));
+    }
+
+    function test_sweep_success_pauser() external {
+        // Set up Celine as a pauser.
+        vm.stopPrank();
+        vm.startPrank(alice);
+        hyperdrive.setPauser(celine, true);
+
+        // A pauser can sweep a sweepable token.
+        vm.stopPrank();
+        vm.startPrank(celine);
+        hyperdrive.sweep(IERC20(address(sweepable)));
+    }
+}
+
+contract LeakyLido is MockLido {
+    constructor() MockLido(0, address(0), false) {}
+
+    // This function allows other addresses to transfer tokens from a spender.
+    // This is obviously insecure, but it's an easy way to expose a forwarding
+    // token that can abuse this leaky transfer function. This gives us a way
+    // to test the `sweep` function.
+    function leakyTransferFrom(
+        address from,
+        address to,
+        uint256 amount
+    ) external returns (bool) {
+        balanceOf[from] -= amount;
+
+        // Cannot overflow because the sum of all user
+        // balances can't exceed the max uint256 value.
+        unchecked {
+            balanceOf[to] += amount;
+        }
+
+        emit Transfer(from, to, amount);
+
+        return true;
+    }
+}
+
+contract ForwardingToken {
+    address internal target;
+
+    constructor(address _target) {
+        target = _target;
+    }
+
+    function balanceOf(address account) external view returns (uint256) {
+        return LeakyLido(target).balanceOf(account);
+    }
+
+    function transfer(address to, uint256 amount) external returns (bool) {
+        return LeakyLido(target).leakyTransferFrom(msg.sender, to, amount);
+    }
+}
diff --git a/test/integrations/factory/HyperdriveFactory.t.sol b/test/integrations/factory/HyperdriveFactory.t.sol
index cd33e0ad1..52ef4a9f9 100644
--- a/test/integrations/factory/HyperdriveFactory.t.sol
+++ b/test/integrations/factory/HyperdriveFactory.t.sol
@@ -1,18 +1,18 @@
 // SPDX-License-Identifier: Apache-2.0
 pragma solidity 0.8.19;
 
+import { ERC4626HyperdriveCoreDeployer } from "contracts/src/deployers/erc4626/ERC4626HyperdriveCoreDeployer.sol";
+import { ERC4626HyperdriveDeployerCoordinator } from "contracts/src/deployers/erc4626/ERC4626HyperdriveDeployerCoordinator.sol";
+import { ERC4626Target0Deployer } from "contracts/src/deployers/erc4626/ERC4626Target0Deployer.sol";
+import { ERC4626Target1Deployer } from "contracts/src/deployers/erc4626/ERC4626Target1Deployer.sol";
+import { ERC4626Target2Deployer } from "contracts/src/deployers/erc4626/ERC4626Target2Deployer.sol";
+import { ERC4626Target3Deployer } from "contracts/src/deployers/erc4626/ERC4626Target3Deployer.sol";
 import { HyperdriveFactory } from "contracts/src/factory/HyperdriveFactory.sol";
-import { ERC4626HyperdriveDeployer } from "contracts/src/instances/ERC4626HyperdriveDeployer.sol";
 import { IERC20 } from "contracts/src/interfaces/IERC20.sol";
 import { IERC4626 } from "contracts/src/interfaces/IERC4626.sol";
 import { MockERC4626, ERC20 } from "contracts/test/MockERC4626.sol";
 import { IHyperdrive } from "contracts/src/interfaces/IHyperdrive.sol";
 import { IHyperdriveDeployer } from "contracts/src/interfaces/IHyperdriveDeployer.sol";
-import { ERC4626Target0Deployer } from "contracts/src/instances/ERC4626Target0Deployer.sol";
-import { ERC4626Target1Deployer } from "contracts/src/instances/ERC4626Target1Deployer.sol";
-import { ERC4626Target2Deployer } from "contracts/src/instances/ERC4626Target2Deployer.sol";
-import { ERC4626Target3Deployer } from "contracts/src/instances/ERC4626Target3Deployer.sol";
-import { ERC4626HyperdriveCoreDeployer } from "contracts/src/instances/ERC4626HyperdriveCoreDeployer.sol";
 import { AssetId } from "contracts/src/libraries/AssetId.sol";
 import { FixedPointMath } from "contracts/src/libraries/FixedPointMath.sol";
 import { ForwarderFactory } from "contracts/src/token/ForwarderFactory.sol";
@@ -105,8 +105,8 @@ contract HyperdriveFactoryBaseTest is HyperdriveTest {
 
     HyperdriveFactory factory;
 
-    address hyperdriveDeployer;
-    address hyperdriveCoreDeployer;
+    address deployerCoordinator;
+    address coreDeployer;
     address target0Deployer;
     address target1Deployer;
     address target2Deployer;
@@ -131,15 +131,15 @@ contract HyperdriveFactoryBaseTest is HyperdriveTest {
         vm.startPrank(deployer);
 
         // Deploy the ERC4626Hyperdrive factory and deployer.
-        hyperdriveCoreDeployer = address(new ERC4626HyperdriveCoreDeployer());
+        coreDeployer = address(new ERC4626HyperdriveCoreDeployer());
         target0Deployer = address(new ERC4626Target0Deployer());
         target1Deployer = address(new ERC4626Target1Deployer());
         target2Deployer = address(new ERC4626Target2Deployer());
         target3Deployer = address(new ERC4626Target3Deployer());
 
-        hyperdriveDeployer = address(
-            new ERC4626HyperdriveDeployer(
-                hyperdriveCoreDeployer,
+        deployerCoordinator = address(
+            new ERC4626HyperdriveDeployerCoordinator(
+                coreDeployer,
                 target0Deployer,
                 target1Deployer,
                 target2Deployer,
@@ -180,7 +180,7 @@ contract HyperdriveFactoryBaseTest is HyperdriveTest {
         vm.stopPrank();
 
         vm.prank(alice);
-        factory.addHyperdriveDeployer(hyperdriveDeployer);
+        factory.addHyperdriveDeployer(deployerCoordinator);
 
         // Deploy yield sources
         pool1 = IERC4626(
@@ -223,7 +223,7 @@ contract HyperdriveFactoryBaseTest is HyperdriveTest {
         dai.approve(address(factory), CONTRIBUTION);
 
         IHyperdrive hyperdrive = factory.deployAndInitialize(
-            hyperdriveDeployer,
+            deployerCoordinator,
             config,
             abi.encode(address(pool), new address[](0)), // TODO: Add test with sweeps
             CONTRIBUTION,
@@ -238,15 +238,15 @@ contract HyperdriveFactoryBaseTest is HyperdriveTest {
 }
 
 contract ERC4626FactoryMultiDeployTest is HyperdriveFactoryBaseTest {
-    address hyperdriveDeployer1;
+    address deployerCoordinator1;
 
     function setUp() public override {
         super.setUp();
         // Deploy a new hyperdrive deployer to demonstrate multiple deployers can be used
         // with different hyperdrive implementations. The first implementation is ERC4626 so
         // the logic is the same, but future implementations may have different logic.
-        hyperdriveDeployer1 = address(
-            new ERC4626HyperdriveDeployer(
+        deployerCoordinator1 = address(
+            new ERC4626HyperdriveDeployerCoordinator(
                 address(new ERC4626HyperdriveCoreDeployer()),
                 address(new ERC4626Target0Deployer()),
                 address(new ERC4626Target1Deployer()),
@@ -256,7 +256,7 @@ contract ERC4626FactoryMultiDeployTest is HyperdriveFactoryBaseTest {
         );
 
         vm.prank(alice);
-        factory.addHyperdriveDeployer(hyperdriveDeployer1);
+        factory.addHyperdriveDeployer(deployerCoordinator1);
     }
 
     function test_hyperdriveFactoryDeploy_multiDeploy_multiPool() external {
@@ -275,7 +275,7 @@ contract ERC4626FactoryMultiDeployTest is HyperdriveFactoryBaseTest {
         assertEq(dai.balanceOf(address(pool1)), 0);
 
         IHyperdrive hyperdrive1 = factory.deployAndInitialize(
-            hyperdriveDeployer,
+            deployerCoordinator,
             config,
             abi.encode(address(pool1), new address[](0)),
             CONTRIBUTION,
@@ -321,7 +321,7 @@ contract ERC4626FactoryMultiDeployTest is HyperdriveFactoryBaseTest {
         dai.approve(address(factory), CONTRIBUTION);
 
         IHyperdrive hyperdrive2 = factory.deployAndInitialize(
-            hyperdriveDeployer1,
+            deployerCoordinator1,
             config,
             abi.encode(address(pool2), new address[](0)),
             CONTRIBUTION,
@@ -374,7 +374,7 @@ contract ERC4626FactoryMultiDeployTest is HyperdriveFactoryBaseTest {
         assertEq(dai.balanceOf(address(pool2)), CONTRIBUTION); // From Charlie
 
         IHyperdrive hyperdrive3 = factory.deployAndInitialize(
-            hyperdriveDeployer,
+            deployerCoordinator,
             config,
             abi.encode(address(pool2), new address[](0)),
             CONTRIBUTION,
@@ -521,7 +521,7 @@ contract HyperdriveDeployerGetterTest is HyperdriveTest {
 
         for (uint256 i; i < numberOfHyperdriveDeployers; i++) {
             hyperdriveDeployers[i] = address(
-                new ERC4626HyperdriveDeployer(
+                new ERC4626HyperdriveDeployerCoordinator(
                     address(new ERC4626HyperdriveCoreDeployer()),
                     address(new ERC4626Target0Deployer()),
                     address(new ERC4626Target1Deployer()),
@@ -555,7 +555,7 @@ contract HyperdriveDeployerGetterTest is HyperdriveTest {
 
         for (uint256 i; i < numberOfHyperdriveDeployers; i++) {
             hyperdriveDeployers[i] = address(
-                new ERC4626HyperdriveDeployer(
+                new ERC4626HyperdriveDeployerCoordinator(
                     address(new ERC4626HyperdriveCoreDeployer()),
                     address(new ERC4626Target0Deployer()),
                     address(new ERC4626Target1Deployer()),
@@ -599,7 +599,7 @@ contract HyperdriveDeployerGetterTest is HyperdriveTest {
 
         for (uint256 i; i < numberOfHyperdriveDeployers; i++) {
             hyperdriveDeployers[i] = address(
-                new ERC4626HyperdriveDeployer(
+                new ERC4626HyperdriveDeployerCoordinator(
                     address(new ERC4626HyperdriveCoreDeployer()),
                     address(new ERC4626Target0Deployer()),
                     address(new ERC4626Target1Deployer()),
diff --git a/test/units/hyperdrive/HyperdriveDeploy.t.sol b/test/units/hyperdrive/HyperdriveDeploy.t.sol
index 475b4a4bc..0c297bf56 100644
--- a/test/units/hyperdrive/HyperdriveDeploy.t.sol
+++ b/test/units/hyperdrive/HyperdriveDeploy.t.sol
@@ -2,21 +2,9 @@
 pragma solidity 0.8.19;
 
 import { HyperdriveFactory } from "contracts/src/factory/HyperdriveFactory.sol";
-import { IERC20 } from "contracts/src/interfaces/IERC20.sol";
-import { IERC4626 } from "contracts/src/interfaces/IERC4626.sol";
 import { IHyperdrive } from "contracts/src/interfaces/IHyperdrive.sol";
-import { IHyperdriveDeployer } from "contracts/src/interfaces/IHyperdriveDeployer.sol";
-import { ERC4626HyperdriveDeployer } from "contracts/src/instances/ERC4626HyperdriveDeployer.sol";
-import { ERC4626Target0Deployer } from "contracts/src/instances/ERC4626Target0Deployer.sol";
-import { ERC4626Target1Deployer } from "contracts/src/instances/ERC4626Target1Deployer.sol";
-import { AssetId } from "contracts/src/libraries/AssetId.sol";
-import { FixedPointMath } from "contracts/src/libraries/FixedPointMath.sol";
 import { ForwarderFactory } from "contracts/src/token/ForwarderFactory.sol";
-import { ERC20Mintable } from "contracts/test/ERC20Mintable.sol";
-import { MockERC4626, ERC20 } from "contracts/test/MockERC4626.sol";
-import { MockERC4626Hyperdrive } from "contracts/test/MockERC4626Hyperdrive.sol";
 import { HyperdriveTest } from "test/utils/HyperdriveTest.sol";
-import { HyperdriveUtils } from "test/utils/HyperdriveUtils.sol";
 
 contract HyperdriveFactoryTest is HyperdriveTest {
     function test_hyperdrive_factory_admin_functions()
diff --git a/test/utils/HyperdriveUtils.sol b/test/utils/HyperdriveUtils.sol
index 906587ca8..ece5e625b 100644
--- a/test/utils/HyperdriveUtils.sol
+++ b/test/utils/HyperdriveUtils.sol
@@ -1625,9 +1625,6 @@ library HyperdriveUtils {
         if (_selector == IHyperdrive.UnsupportedToken.selector) {
             return "UnsupportedToken";
         }
-        if (_selector == IHyperdrive.ApprovalFailed.selector) {
-            return "ApprovalFailed";
-        }
         if (_selector == IHyperdrive.MinimumTransactionAmount.selector) {
             return "MinimumTransactionAmount";
         }