All referenced data can be accessed directly on the Gearbox dashboard by RiskDAO.
Summary
BTC is up 2.4% over the last week, with ETH largely flat.
The summer break is over: Protocol developers, crypto teams and investors flocked to conferences like Token2049 in Singapore and DappCon in Berlin.
Binance.US made the headlines as a string of senior executives have left the organisation, including the CEO Brian Shroder.
CoinEx’s wallets got hacked for $54m and it seems like North Korea’s Lazarus organisation is responsible, on-chain sleuths found. Going through on-chain trails shows that Lazarus has stolen over $270 million dollars worth of crypto in the last 102 days.
The Tokenized Asset Coalition has been launched to bring more RWAs into crypto. The mission is to introduce standards and drive innovation, spearheaded by crypto-native protocols.
Stablecoin monitoring
GUSD liquidity declined from $2.2m to $1.7m. sUSD liquidity stayed flat at $6.9m. LUSD liquidity recovered from $5.1m to $5.7m, after last week’s drop. sUSD backing declined from 437% to 407%. LUSD backing stayed largely flat around 230%.
There are no significant oracle deviations between DEX and CEX prices.
Watchlist
stETH remains the heavyweight collateral across Gearbox with a share of 58.6% (+380bps vs last week). The growing importance of stETH requires monitoring to avoid the build-up of significant cluster risks.
Pools summary (weekly comparison)
DAI
Total pool size extended the recent decline and fell from $4.7m to $3.6m. stkcvxcrvPlain3andSUSD is the #1 asset at $1.2m (unch), followed by yvDAI at $1.2m (-$1.1m) and stkcvxLUSD3CRV-f at $0.7m.
Total debt fell from $4.1m to $3.1m.
The pool remains predominantly collateralized by stablecoins.
USDC
Total pool size stayed flat at $2.6m, with the largest collateral assets being stkcvxcrvPlain3andSUSD at $1.2m (unch), followed by stkcvxLUSD3CRV-f at $0.7m (unch) and USDC at $0.4m (unch).
This pool also remains largely backed by stablecoin assets.
Total debt also stayed static at $2.2m.
WETH
There have been no changes in the pool compared to last week.
The pool amount decreased from $10.9m to $10.4m. The largest collateral assets are stETH (unchanged at $9.7m), FRAX (unchanged at $0.4m) and yvWETH at $0.2m (also unchanged).
The pool is 93% collateralized by stETH.
Total debt amounts to $8.3m.
FRAX
The pool’s credit account has been closed as of a few weeks ago.
WBTC
The pool has no active credit accounts. All active positions were closed several weeks ago.
wstETH
Demand for borrowing stETH continues to be subdued with no active credit accounts. This is a continuation from the previous weeks.