Weekly RiskDAO report 22 Sept ‘23

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


Two of Vesta Finance’s co-founders want to exit the project and suggest a rage-quit with a $1.7m payout. The proposal comes after cultural issues within the founding team. Vesta’s third co-founder and CEO wants to continue with the project and proposes alternative outcomes.

Frax Finance proposes to launch staked FRAX (sFRAX) which distributes yield generated from RWAs. This move comes after MakerDAO successfully grew DAI supply by launching the DAI Savings Rate whose design inspired the sFRAX.

MakerDAO community debates a $100m allocation to tokenized US treasury bonds. The plan is to bring more RWA investments onchain which ties into Rune’s Endgame vision of launching a RWA-centric SubDAO called “Quant”.

Stablecoin monitoring

GUSD liquidity recovered from $1.7m to $2.3m. sUSD liquidity stayed flat at $6.8m. LUSD liquidity recovered from $5.7m to $6m. sUSD backing stayed steady around 410%. LUSD backing remained flat around 230%.

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


stETH remains the heavyweight collateral across Gearbox with a share of 58.3% (-50bps vs last week). The growing importance of stETH requires monitoring to avoid the build-up of significant cluster risks.

Pools summary (weekly comparison)


There have been no changes within the pool over the last week.

Total pool size amounts to $3.6m. stkcvxcrvPlain3andSUSD is the #1 asset at $1.2m (unch), followed by yvDAI at $1.2m (unch) and stkcvxLUSD3CRV-f at $0.7m.

Total remains at $3.1m.

The pool remains predominantly collateralized by stablecoins.


There have been no changes within the pool over the last week.

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.


There have been no changes in the pool compared to last week.

The pool amounts to $10.4m. The largest collateral assets are stETH (unchanged at $9.6m), 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.


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 a continuation from the previous weeks.