diff --git a/contracts/contracts/token/WOETH.sol b/contracts/contracts/token/WOETH.sol
index 4fe91a107c..a15aa6283e 100644
--- a/contracts/contracts/token/WOETH.sol
+++ b/contracts/contracts/token/WOETH.sol
@@ -1,11 +1,55 @@
 // SPDX-License-Identifier: MIT
 pragma solidity ^0.8.0;
 
+import { ERC4626 } from "../../lib/openzeppelin/contracts/token/ERC20/extensions/ERC4626.sol";
+import { ERC20 } from "@openzeppelin/contracts/token/ERC20/ERC20.sol";
+import { IERC20 } from "@openzeppelin/contracts/token/ERC20/IERC20.sol";
+import { SafeERC20 } from "@openzeppelin/contracts/token/ERC20/utils/SafeERC20.sol";
+
+import { Governable } from "../governance/Governable.sol";
+import { Initializable } from "../utils/Initializable.sol";
+import { OETH } from "./OETH.sol";
+
 /**
  * @title OETH Token Contract
  * @author Origin Protocol Inc
  */
 
-contract WOETH {
+contract WOETH is ERC4626, Governable, Initializable {
+    using SafeERC20 for IERC20;
+
+    constructor(
+        ERC20 underlying_,
+        string memory name_,
+        string memory symbol_
+    ) ERC20(name_, symbol_) ERC4626(underlying_) Governable() {}
+
+    /**
+     * @notice Enable OETH rebasing for this contract
+     */
+    function initialize() external onlyGovernor initializer {
+        OETH(address(asset())).rebaseOptIn();
+    }
+
+    function name() public view override returns (string memory) {
+        return "Wrapped OETH";
+    }
+
+    function symbol() public view override returns (string memory) {
+        return "WOETH";
+    }
 
+    /**
+     * @notice Transfer token to governor. Intended for recovering tokens stuck in
+     *      contract, i.e. mistaken sends. Cannot transfer OETH
+     * @param asset_ Address for the asset
+     * @param amount_ Amount of the asset to transfer
+     */
+    function transferToken(address asset_, uint256 amount_)
+        external
+        onlyGovernor
+    {
+        require(asset_ != address(asset()), "Cannot collect OETH");
+        IERC20(asset_).safeTransfer(governor(), amount_);
+    }
 }
diff --git a/contracts/deploy/051_oeth.js b/contracts/deploy/051_oeth.js
index a2e460a3a1..ad1d0a163b 100644
--- a/contracts/deploy/051_oeth.js
+++ b/contracts/deploy/051_oeth.js
@@ -19,7 +19,6 @@ module.exports = deploymentWithGuardianGovernor(
     const { deployerAddr, governorAddr } = await getNamedAccounts();
     const sDeployer = await ethers.provider.getSigner(deployerAddr);
 
-    // actions = actions.concat(actions2)
     let actions = await deployCore({
       deployWithConfirmation,
       withConfirmation,
diff --git a/contracts/deploy/052_woeth.js b/contracts/deploy/052_woeth.js
new file mode 100644
index 0000000000..6c32c9bc8e
--- /dev/null
+++ b/contracts/deploy/052_woeth.js
@@ -0,0 +1,68 @@
+const { deploymentWithGuardianGovernor } = require("../utils/deploy");
+const addresses = require("../utils/addresses");
+const hre = require("hardhat");
+const { BigNumber, utils } = require("ethers");
+const {
+  getAssetAddresses,
+  getOracleAddresses,
+  isMainnet,
+  isFork,
+  isMainnetOrFork,
+} = require("../test/helpers.js");
+
+// 5/8 multisig
+const guardianAddr = addresses.mainnet.Guardian;
+
+module.exports = deploymentWithGuardianGovernor(
+  { deployName: "052_woeth" },
+  async ({ deployWithConfirmation, ethers, getTxOpts, withConfirmation }) => {
+    const { deployerAddr, governorAddr } = await getNamedAccounts();
+    const sDeployer = await ethers.provider.getSigner(deployerAddr);
+
+    const actions = await deployWOETH({
+      deployWithConfirmation,
+      withConfirmation,
+      ethers,
+    });
+
+    // Governance Actions
+    // ----------------
+    return {
+      name: "Deploy OETH Vault, Token, Strategies, Harvester and the Dripper",
+      actions,
+    };
+  }
+);
+
+const deployWOETH = async ({
+  deployWithConfirmation,
+  withConfirmation,
+  ethers,
+}) => {
+  const { deployerAddr } = await getNamedAccounts();
+  const sDeployer = await ethers.provider.getSigner(deployerAddr);
+
+  const cOETHProxy = await ethers.getContract("OETHProxy");
+  const cWOETHProxy = await ethers.getContract("WOETHProxy");
+
+  const dWOETHImpl = await deployWithConfirmation("WOETH", [
+    cOETHProxy.address,
+    "Wrapped OETH",
+    "WOETH",
+  ]);
+
+  const cWOETH = await ethers.getContractAt("WOETH", cWOETHProxy.address);
+
+  return [
+    {
+      contract: cWOETHProxy,
+      signature: "upgradeTo(address)",
+      args: [dWOETHImpl.address],
+    },
+    {
+      contract: cWOETH,
+      signature: "initialize()",
+      args: [],
+    },
+  ];
+};