Weekly RiskDAO report 24 Feb ‘23

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


The market has recovered materially over the last week with BTC breaking through $25k and ETH at $1.7k. The bullish market moves come against a backdrop of regulatory turbulence as the SEC is stepping up the actions against US onshore crypto platforms.

OlympusDAO is launching a Lending AMO and $OHM borrowing markets are enabled on Euler and Silo. The Lending AMO (short for Algorithmic Market Operations Controller) is an enhanced feature and will mint a maximum of Ω200k (~$2m) into these lending markets. The purpose of the AMO is to keep OHM borrow rates more attractive, scale OHM supply more strategically and optimize utility, further diversify the OHM backing.

Platypus’ stablecoin USDP depegged on Thursday last week as the underlying protocol suffered a flashloan exploit to the tune of $8.5m. However, in a fortunate turn of events and with help from BlockSec, Platypus has been able to recover a portion of the funds (c. USDC 2.4m).

The attacker could only cash out $270,000 out of the almost $9.1 million in stolen funds from Platypus. As per on-chain data, approximately $8.5 million of stolen funds are frozen in the contract they were transferred to, and another $380,000 from a second attempted exploit were mistakenly sent back to Aave. Using a callback function in the attacker’s contract, BlockSec helped Platypus recover a portion of the stolen funds.

Avi Eisenberg asks court if he can keep the Mango exploit funds.

Stablecoin monitoring

GUSD liquidity slightly declined from $35.5m to $34m. sUSD liquidity also declined somewhat from $25.8m to $24.2m. LUSD remained flat at $23.7m. sUSD backing dropped from 408% to 387%. LUSD backing amounts to 261% (down from 270%).

DEX liquidity for all other stablecoins remained largely unchanged.

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


stkcvxcrvPlain3andSUSD has an outsized share within the collateral pool as it accounts for 40% (unchanged from last week) of the total. This in itself does not pose a specific red flag but deserves extra attention to avoid concentration risk from building up.

Pools summary (weekly comparison)


Total pool size decreased from $22.5m $21.7m. stkcvxcrvPlain3andSUSD remains the #1 asset at $13.6m (unchanged), followed by stkcvxgusd3CRV at $5.1m (unchanged) and yvDAI at $1.7m (-$0.8m).

Total debt decreased from $18.9m to $18.2m.

The pool remains predominantly collateralized by stablecoins.


Total pool collateral fell again to $32.9m (-$1.2m), with the largest collateral assets being stkcvxcrvPlain3andSUSD (-$0.8m to $20.8m) & stkcvxgusd3CRV ($7m, unchanged), followed by stkcvxFRAX3CRV-f at $1.7M (+$0.3m).

This pool also remains large backed by stablecoin assets.

Total debt fell by $1m to $27.3m.


The pool experienced a weekly decrease from $31.8m to $30.8m. The largest collateral assets are stETH (-$0.3m to $17.2m), stkcvxsteCRV (-$0.6m to $9.4m) and yvWETH (unchanged, $2.8m).

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

Total debt decreased from $25.8m to $25m.


All credit accounts have been closed. The pool has had relatively small scale since inception with total assets of $0.14m over the last weeks.


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