Weekly RiskDAO report 14 Apr ‘23

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


BTC broke through $30k again and ETH is close to $2k as the Shanghai upgrade has been successfully completed. Nansen data shows that 3.9k ETH have been withdrawn shortly after withdrawals were enabled.

The Euler hacker is reported to be “a regular guy” instead of a North Korean hacker group. The individual - nicknamed “Jacob” - was fully doxxed after a detailed investigation by Ogle, a pseudonymous, independent security researcher.

BlockSec rescued 100 ETH for 0xSifu. This comes after previous rescues for ParaSpace, Saddle Finance and Platypus.

Arbitrum-based lending protocol Sentiment was hacked for about $1 million on 5 April. The root cause is a reentrance attack on Balancer.

Tier 2 stablecoins were able to capture market share from the big incumbents (USDC, BUSD) over the last months: TUSD, USDP and LUSD were up 60%, 14% & 18% month/month, respectively.

Stablecoin monitoring

GUSD liquidity declined from $61m to $56m. sUSD liquidity stayed at $22.6m. LUSD held steady around $27.5m. sUSD backing fell from 440% to 426%. LUSD backing remained flat around 280%.

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


stkcvxcrvPlain3andSUSD has an outsized share within the collateral pool as it accounts for 32% (unchanged) of the total. The ratio has come down a lot over the last weeks from a peak of ~40%. We continue monitoring this ratio to avoid concentration risk from building up.

Pools summary (weekly comparison)


Total pool size decreased from $18.7m to $16.9m. stkcvxcrvPlain3andSUSD remains the #1 asset at $10.7m (unchanged), followed by stkcvxgusd3CRV at $2.9m (-$0.9m) and yvDAI at $2.4m (-$0.9m).

Total debt declined from $16m to $14.3m.

The pool remains predominantly collateralized by stablecoins.


Total pool collateral remained unchanged at $21.5m, with the largest collateral assets being stkcvxcrvPlain3andSUSD ($13.2m), followed by stkcvxgusd3CRV at $3.8m (-$0.3m) and stkcvxFRAX3CRV-f at $1.3m.

This pool also remains large backed by stablecoin assets.

Total debt remained unchanged at $17.5m.


The pool stayed flat at $33m. The largest collateral assets are stETH (-$0.2m to $21.4m), stkcvxsteCRV (+$1.2m to $9.2m) and yvWETH (+$0.1m $1.5m).

The pool remains collateralized by mostly ETH or staked ETH assets.

Total debt remained flat at $26.9m.


This is a new pool that went online recently. It has total collateral of $2.3m (unchanged), mostly in the form of stkcvxFRAX3CRV-f ($1.5m) and stkcvxgusd3CRV ($0.6m).

Total debt remains flat at $1.9m.


There are no active credit accounts.


Demand for borrowing stETH continues to be subdued with no active credit accounts. This is a continuation from the previous week.