All referenced data can be accessed directly on the Gearbox dashboard by RiskDAO.
Summary
This week proved particularly bullish for crypto: Cointelegraph published a fake report that BlackRock’s spot BTC ETF is approved and the SEC dropped it’s lawsuit against Ripple’s executives. BTC is up 10% on the week with the clear winner being SOL this week (+25%).
crvUSD has started to become a meaningful fee generator for Curve Finance. 0xAlunara did the heavy lifting in terms of data collection and it turns out that crvUSD fees are ~50% of total Curve fee income. These crvUSD fees are generated primarily from borrowing interest rates and some swapping fees.
In other stablecoin news, Aave has increased the GHO borrow rate from 2.5% to 3%.
Stablecoin monitoring
GUSD liquidity fell to $1.6m. sUSD liquidity remains at $4.6m. LUSD liquidity declined from $9.2m to $8.3m. sUSD backing grew slightly to 382%. LUSD backing also remained largely unchanged at 250%.
There are no significant oracle deviations between DEX and CEX prices.
Watchlist
stETH remains the heavyweight collateral across Gearbox with a share of 59.1% (-510bps vs last week). The growing importance of stETH requires monitoring to avoid the build-up of significant cluster risks.
Pools summary (weekly comparison)
DAI
There have been no changes in the pool compared to the last week.
Total pool size amounts to $2.4m. The largest asset is yvDAI at $1.2m (unch), followed by stkcvxLUSD3CRV-f at $0.7m and stkcvxgusd3CR at $0.5m.
Total debt amounts to $2m.
The pool remains predominantly collateralized by stablecoins.
USDC
Total pool size has increased from $2.6m to $3.8m, with the largest collateral assets being stkcvxcrvFRAS at $1.2m (+$1.2m), followed by stkcvxcrvPlain3andSUSD at $1.2m (unch) and stkcvxLUSD3CRV-f at $0.7m (unch).
This pool also remains largely backed by stablecoin assets.
Total debt increased from $2.2m to $3.1m.
WETH
The pool amounts increased from $10.5m to $10.6m. The largest collateral assets are stETH (unchanged at $9.9m), FRAX (unchanged at $0.4m) and yvWETH at $0.2m (also unchanged).
The pool is 94% collateralized by stETH.
Total debt has increased from $8.4m to $8.5m.
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.