Weekly RiskDAO report 2 June ‘23

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


The Multichain saga still has not been resolved: The CEO Zhaojun is missing and server access is also impossible. The affected chains for cross-chain operations are Kekchain, PublicMint, Dyno Chain, Red Light Chain, Dexit, Ekta, HPB, ONUS, Omax, Findora, Planq.

There are rumours CEX Gate.io has been impacted by the Multichain incident which Gate.io refutes. ETH, BTC and stablecoin deposits on Gate.io have dropped by 14% ($124m) over the last 48 hrs according to CryptoQuant.

LST-backed stablecoin project UnshETH has become the latest victim of compromised deployer private keys which resulted in 350 stolen ETH. ETH withdrawals have been emergency paused on.

MakerDAO’s core development team has proposed to increase the DAI Savings Rate (DSR) to 3.3% which currently stands at 1%. The idea is to bring the DSR closer to the Fed Fund Rate of 5-5.25% creating a higher native on-chain yield.

Stablecoins backed by Liquid Staking Tokens (LSTs) are generating a lot of excitement in the market. Prevailing collateral is yielding ETH such as stETH, cbETH, rETH and others. New projects are emerging on a daily basis, either as new protocols or forks (eg Tai Money is a RAI fork).

Binance is launching an NFT lending platform, with inaugural collections being blue-chip NFTs such as BAYC, MAYC and Azuki. LTVs range from 40-60% at interest rates of ~8%.

Stablecoin monitoring

GUSD liquidity stayed largely flat around $11.5m. sUSD liquidity fell from $18.4m to $17.8m. LUSD liquidity declined from $23m to $21m. sUSD backing fell from 445% to 412%. LUSD backing increased marginally from 257% to 263%.

There are no significant oracle deviations between DEX and CEX prices. The only deviation standing out is the sUSD CEX price which is 5.5% below the oracle price.


stkcvxcrvPlain3andSUSD has an outsized share within the collateral pool as it accounts for 35% (unchanged) of the total. The ratio has come down from a peak of ~40%. We continue monitoring this ratio to avoid concentration risk from building up.

Pools summary (weekly comparison)


Total pool size declined stayed flat at $12.1m. stkcvxcrvPlain3andSUSD remains the #1 asset at $7.2m (unchanged), followed by stkcvxgusd3CRV at $2.9m (unchanged) and yvDAI at $1.2m (unchanged).

Total debt also remained unchanged at $10.2m.

The pool remains predominantly collateralized by stablecoins.


Total pool collateral declined from $18.9m to $18.5m, with the largest collateral assets being stkcvxcrvPlain3andSUSD at $11.4m, followed by stkcvxgusd3CRV at $3.8m and stkcvxFRAX3CRV-f at $1.3m.

This pool also remains largely backed by stablecoin assets.

Total debt fell from $15.5m to $15.1m.


The pool decreased from $21.8m to $19m. The largest collateral assets are stETH (-$0.8m to $16.8m), stkcvxsteCRV ($1.2m, -$2m) and FRAX ($0.5m, unchanged).

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

Total debt decreased $17.7m to $15.3m.


This pool has total collateral of $2.6m (-$1.1m), mostly in the form of stkcvxgusd3CRV

($1.8m) & yvDAI ($0.8m).

Total debt stands at $2.2m.


This is a relatively small pool with $0.4m in deposits (denominated in stETH) and $0.3m in loans. It’s heavily concentrated with one depositor and one borrower.


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