Weekly RiskDAO report 23 Dec 22

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

Summary

Ankr disclosed that the hack from early Dec (see 9 Dec 2022 RiskDAO report) was carried out by a former employee.

GMX was at the center of attention by on-chain sleuths this week over inconsistent reporting of GLP price and AUM. GMX was quick to deploy a fix which should close the price deviation and the team has been pointing out that this error was not exploited for profit.

REN-assets will be phased out in the coming days and REN-asset holders are advised to redeem their assets urgently.

Uncertainty about the stability of Centralized Exchanges (CEX) dominates headlines as the most recent FUD is also engulfing Binance which saw outflows of $6bn over the last week (of which $2bn in a single day). Mazars, an audit firm, canceled all proof of reserve appointments with clients (incl Binance, KuCoin, crypto.com and others).

The WBTC DAO has finished the clean-up of the DAO multi-sig, having now 11 active signers.

Stablecoin monitoring

GUSD liquidity is hovering around the $15m-mark. sUSD backing decreased from 456% to 420% and LUSD backing slightly decreased to 234%. sUSD liquidity has dropped from $30m to $26m.

LUSD liquidity increased to $57m from $50m. The other stablecoins remained largely unchanged.

Pools summary (weekly comparison)

DAI

Total pool size increased from $18.6m to $20.9m. yvDAI added $1.9m. All other assets remained largely stable.

The pool remains predominantly collateralized by stablecoins.

USDC

Total pool collateral remained stable at $31m. This pool also remains large backed by stablecoin assets.

WETH

The pool experienced a decrease from $24.1m to $22m, driven by stkcvxsteCRV and yvWETH.

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

WBTC

No material change compared to the previous week.

wstETH

No material change compared to the previous week.

Summary

Current risk parameters are on par with our models.

We continue to closely monitor stablecoin liquidity.

Additional stats, updated daily, are available in our dashboard at https://gearbox.riskdao.org/