Weekly RiskDAO report 28 Apr ‘23

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


Two weeks post-Shapella, ETH staking inflows continue to be positive: Net inflows (excl rewards) have amounted to ETH 639,436 since Shapella.

Ameen, a RAI cofounder made the headlines this week by announcing a new stablecoin project called HAI which is a RAI fork with 3 major changes: It’s multi-collateral, involves active governance and is launching on Optimism. The project even attracted praise from Maker co-founder Rune.

The Defiant published an interesting article highlighting that hacked DeFi protocols rarely recover. The story finds that “a survey of the top five hacks in dollar terms shows that each protocol’s total value locked is down by at least 96% since it was hacked.” This article suggests that security is of paramount importance to protocols and cannot be understated.

HundredFinance has published a post-mortem to last week’s hack. The issue applies to Compound-forks and is not HundredFinance specific. The protocol has been unsuccessful in getting a response from the hacker and is now enlisting the services of investigators and law enforcement.

Alpha Homora’s (AH) stand-off with Iron Bank (IB) is entering the next phase: AH’s community voted to start legal proceedings against IB if no agreement is achieved by 28 April 8am UTC. As the deadline has elapsed, the dispute will now become a matter of lawyers and courts.

Stablecoin monitoring

GUSD liquidity continues to increase from $61m to $64m. sUSD liquidity dropped from $22.8m to $20m. LUSD decreased from $31m to $23m. sUSD backing decreased from 473% to 401%. LUSD backing declined from 286% to 271%.

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


stkcvxcrvPlain3andSUSD has an outsized share within the collateral pool as it accounts for 33% (-100bps) of the total. The ratio has come down a lot over the last weeks from a peak of ~40%. We continue monitoring this ratio to avoid concentration risk from building up.

Pools summary (weekly comparison)


Total pool size decreased from $14.8m to $13.4m. stkcvxcrvPlain3andSUSD remains the #1 asset at $8.4m (-$1.1m), followed by stkcvxgusd3CRV at $2.9m (unchanged) and yvDAI at $1.3m (-$0.1m).

Total debt declined from $12.4m to $§11.3m.

The pool remains predominantly collateralized by stablecoins.


Total pool collateral declined from $21.5m $20.3m, with the largest collateral assets being stkcvxcrvPlain3andSUSD at $13m, followed by stkcvxgusd3CRV at $3.9m and stkcvxFRAX3CRV-f at $1.3m.

This pool also remains large backed by stablecoin assets.

Total debt dropped from $17.5m to $16.6m.


The pool declined from $29m to $27m. The largest collateral assets are stETH (-$1m to $19.1m), stkcvxsteCRV (-$0.8m to $7.1m) and FRAX ($0.5m, unchanged).

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

Total debt declined from $23.7m to $22.2m.


This is a new pool that went online recently. It has total collateral of $3.8m (unchanged), mostly in the form of stkcvxFRAX3CRV-f ($1.5m) and stkcvxgusd3CRV ($1.2m) as well as yvDAI ($0.8m).

Total debt stands at $3.1m.


A new credit account has been opened up over the last week, totalling $0.5m in deposits (denominated in stETH) and $0.4m in loans.


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