Weekly RiskDAO report 03 Nov '23

All referenced data can be accessed directly on the Gearbox dashboard by RiskDAO.


SBF was found guilty on all 7 counts charged against him.

Multichain bridge suspiciously “resurrected” for 2 hours, letting a user profit from arbitraging WBTC from Fantom to Ethereum.

DeFi voices its discontent with the centralization implications of WalletConnect blocking its services in Russia and other countries, following new OFAC guidelines.

Frax got their domains frax.finance and frax.com hacked. The issue was resolved after a few hours but is still under investigation.

Stablecoin monitoring

Here’s a summary of this week’s main changes in the stablecoin monitoring section -

Asset Liquidity 7d change Backing Ratio (7d change)
GUSD $1.83M +$0.44M (31%)
sUSD $5.85M -$0.18M (3%) 409.69% (-4000bps)
LUSD $6.49M -$2.21M (25%) 290.9% (-200bps)

There are no significant oracle deviations between DEX and CEX prices.


stETH grows its dominance slightly up to 63.6% ($10.85m) of all collateral across Gearbox, with stkcvxLUSD3CRV-f ($1.48M), stkcvxcrvFRAX ($1.27M), stkcvxcrvPlain3andSUSD ($1.19M), and yvDAI ($1.17M) accounts for almost another 30%.

The growing importance of stETH requires continuous monitoring to avoid the build-up of significant cluster risks.

Pools summary (weekly comparison)


Pool size rose back up to $2.9m from last week’s low of $2.02m (43%), most of it coming from an inflow of $0.76m in stETH. yDAI remains the largest asset in the pool with $1.17m (unch), but with lower dominance of 40.3% (down 1800 bps from last week), followed by stkcvxLUSD3CRV-f with $0.7m and WETH with $0.24m.

Total debt rose to $2.2m from last week’s $1.74m.


The pool size remains largely at the same level at $3.8m, with the same collateral assets distribution - stkcvxcrvFRAS at $1.27m (unch), stkcvxcrvPlain3andSUSD at $1.2m (unch), and stkcvxLUSD3CRV-f at $0.7m (unch) accounting in total for 83.5% of the pool.

The pool remains largely backed by stablecoin assets.

Total debt in the pool remains at $3.03m, unchanged from last week.


The pool’s total size grew to $10.33m from last week’s $10.1m.

stETH still dominates ~98% of the market with $10.09m, with yvWETH drops slightly to $0.16m.

Total debt grew from $8.2m to $8.39m.


The pool’s credit account has been closed as of a few weeks ago.


The pool has no active credit accounts. All active positions were closed several weeks ago.


Demand for borrowing stETH continues to be subdued with no active credit accounts. This is in continuation of previous weeks.