Weekly RiskDAO report 29 Sept ‘23

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


According to DeFiLlama, lending TVL has surpassed DEX TVL, making lending the #2 category by TVL (w/out counting borrowed funds).

Vesta Finance will dissolve after a tokenholder vote that unanimously decided to shut down the project. VSTA token will be redeemable for ~$0.5. In the same context, Fuji Finance also announced to shut down the protocol after trying different product iterations (first lending aggregator, then cross-chain lending). Fuji had not issued a token yet, hence there was significantly less public attention.

Curve founder Mich Egorov entirely repaid his debt on Aave: He used Silo Finance to mint crvUSD against CRV collateral, swap crvUSD for USDT and repay the outstanding loans on Aave. Mich now owes a total of $42.7m in debt across 4 protocols (Silo, Fraxlend, Inverse, CREAM).

In other news, Maple Finance decided to entirely withdraw from undercollateralised lending citing limited profitability.

Stablecoin monitoring

GUSD liquidity further recovered from $2.3m to $2.9m. sUSD liquidity also increased from $6.8m to $7.2m. LUSD liquidity fell from $6m to $5m. sUSD backing stayed steady around 400%. LUSD backing improved to 250%.

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


stETH remains the heavyweight collateral across Gearbox with a share of 60.3% (+200bps 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 two weeks.

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 two weeks.

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.


The pool amounts increased from $10.4m to $11.2m. The largest collateral assets are stETH (from $9.6m to $10.5m), FRAX (unchanged at $0.4m) and yvWETH at $0.2m (also unchanged).

The pool is 94% collateralized by stETH.

Total debt has increased from $8.3m to $9m.


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.