Weekly RiskDAO report 3 Feb ‘23

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


Both Aave & Compound have recently launched v3s on Ethereum Mainnet. Kaiko published a very interesting chart highlighting withdrawal volumes from v2 as a possible indicator of product cannibalization: So far, token withdrawals have not shown unusually high volumes.

RAI, Reflexer Labs’ ETH-backed stablecoin, received a fair amount of attention as co-founder Ameen publicly criticized the ETH-only model. He argues that ETH staking yields introduce an opportunity cost which reduces the amount of ETH flowing into RAI. RAI was built on the ethos of decentralized collateral & governance with a certain “ETH-purity”. Ameen’s tweet triggered a a public debate about what other collateral types RAI should accept (eg staked ETH) from the community and other protocol members.

LUSD is going multi-chain using Stargate Finance.

Mango Markets is suing Avi Eisenberg for $47m in damages.

Stablecoin monitoring

GUSD liquidity recovered slightly from $26m to $26.7m. sUSD liquidity remained constant at $24.2m and LUSD dropped from $46.8m to $43.3m. sUSD backing dropped from 595% back to 580%. LUSD backing declined from 262% to 253%.

DEX liquidity for all other stablecoins remained largely unchanged.

There are no oracle deviations between DEX and CEX prices.


stkcvxcrvPlain3andSUSD has an outsized share within the collateral pool as it accounts for 36% 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 stayed at $20.4m. stkcvxcrvPlain3andSUSD remains the #1 asset at $11m(unchanged), followed by stkcvxgusd3CRV at $5.1m (unchanged) and yvDAI at $1.6m (unchanged).

Total debt stayed at $17.2m.

The pool remains predominantly collateralized by stablecoins.


Total pool collateral has increased slightly from $32.9m to $33.5m, with the largest collateral assets being stkcvxcrvPlain3andSUSD (-$0.1m to $20.3m) & stkcvxgusd3CRV (+$1.1m to $6.2m), followed by stkcvxLUSD3CRV-f (-$0.2m to $1.5m).

This pool also remains large backed by stablecoin assets.


The pool experienced a weekly increase from $29.7m to $32.6m. The largest collateral assets are stETH (+$1.5m to $17.4m), stkcvxsteCRV (+$1.5m to $11.1m) and yvWETH (-$0.1m to $2.8m).

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

Any DEX-to-CEX price deviation for stETH has been eliminated. The price data is consistent between the different sources.


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.


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/

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