Summary
LlamaRisk is aligned with the caps and parameters presented by ChaosLabs. Below, we illustrate the current state of liquidity on the network for the proposed assets for the Aave deployment, namely USDT0, WMNT, USDC, USDe, GHO, fBTC, sUSDe, syrupUSDT, WETH, and wrsETH.
Additionally, we highlight that the liquidity bootstrapping efforts are currently in progress in order to bring the liquidity of certain asset pairs up to a level that can support these proposed caps. We will continue monitoring the liquidity growth and coordinate with Mantle’s team to ensure that sufficient liquidity targets are met to support safe deployment and scaling of the instance.
Liquidity
The heuristics that we use to determine if network liquidity is adequate to support initial supply and borrow caps are based on the following approach:
- For assets that will be used as collateral against stablecoins, we observe the liquidity value within a 5-7.5% price impact when selling into stablecoins, recommending that liquidity is distributed between different venues rather than a single liquidity pool.
- For assets that will be used within correlated E-Modes, the liquidity should be in the correlated pairs. The liquidation risk for these collateral-borrow pairs is greatly lower, therefore the requirements are less strict. In the context of the Mantle deployment, this applies to WETH/wrsETH, sUSDe-Stablecoins, and syrupUSDT-stablecoins.
| Assets | Aggregated DEX liquidity within LBs | USD Value | Price Impact | Proposed Supply Cap |
|---|---|---|---|---|
| USDT0 | 990 000 | $990 000 | 6.68% | *50 000 000 |
| USDC | 2 800 000 | $2 800 000 | 5.59% | 10 000 000 |
| USDe | 6 500 000 | $6 500 000 | 5.94% | 20 000 000 |
| GHO | None | None | - | *20 000 000 |
| fBTC | 10 | $955,727 | 6.92% | 50 |
| sUSDe | 4 400 000 | $5 348 285 | 3.63% | 20 000 000 |
| syrupUSDT | None | None | - | *70 000 000 |
| WETH | 295 | $927 476 | 4.95% | *30 000 |
| wrsETH | None | None | - | *18,000 |
| WMNT | 800 000 | $754 527 | 8.26% | 5 000 000 |
as of January 16th, 2026
*Note: Recommended supply cap values are well below available swap liquidity; liquidity for these assets is expected to be bootstrapped by Mantle and external entities before the market instance is deployed.
Additional Context
Following our discussions with the Mantle and TokenLogic teams, additional context is provided in this section regarding caps and liquidity plans. Assets that have a DEX liquidity that is significantly below what would reasonably support caps are intended to be supported by a number of stakeholder bootstrapping efforts. The ‘Aave effect’ of liquidity flowing to a network following an Aave deployment is also a factor we considered for the initial phase of this deployment and liquidity recommendations.
Pools
The most significant pairs for each asset are presented below. This presents liquidity depth and range across different markets to support market growth and liquidations.
USDT0
| Pairs | TVL | DEX |
|---|---|---|
| USDT / USDT0 | $4.40M | Agni Finance |
| $4,512,708 | Merchant Moe |
Approximate Total = $8.9M
USDC
| Pairs | TVL | DEX |
|---|---|---|
| USDC / USDe | $1.68M | Agni Finance |
| USDe / USDC | $2,142,660 | Merchant Moe |
| USDC / USDT | $72,382 | Merchant Moe |
Approximate Total = $3.90M
USDe
| Pairs | TVL | DEX |
|---|---|---|
| cmETH / USDe | $12,984,283 | Merchant Moe |
| sUSDe / USDe | $8,398,654 | Merchant Moe |
| USDe / USDT | $6,003,178 | Merchant Moe |
| AUSD / USDe | $5,333,708 | Merchant Moe |
| USDe / MNT | $4,954,181 | Merchant Moe |
| USDe / USDC | $2,141,721 | Merchant Moe |
| USDe / cmETH | $9.24M | Agni Finance |
| USDe / WMNT | $2.30M | Agni Finance |
| sUSDe / USDe | $4.16M | Agni Finance |
| USDC / USDe | $1.68M | Agni Finance |
| USDT / USDe | $1.49M | Agni Finance |
| USDe / COOK | $906.56K | Agni Finance |
Approximate Total = $58.69M
fBTC
| Pairs | TVL | DEX |
|---|---|---|
| FBTC / cmETH | $7,848,429 | Merchant Moe |
| FBTC / WBTC | $4,136,368 | Merchant Moe |
| FBTC / mETH | $5,700 | Merchant Moe |
| FBTC / cmETH | $10.02M | Agni Finance |
| FBTC / WBTC | $2.38M | Agni Finance |
Approximate Total = $24.39M
sUSDe
| Pairs | TVL | DEX |
|---|---|---|
| sUSDe / USDe | $8,402,771 | Merchant Moe |
| sUSDe / USDe | $4.16M | Agni Finance |
Approximate Total = $12.56M
WETH
| Pairs | TVL | DEX |
|---|---|---|
| cmETH / WETH | $1,788,290 | Merchant Moe |
| cmETH / WETH | $703,111 | Merchant Moe |
| mETH / WETH | $500,389 | Merchant Moe |
| MNT / WETH | $137,735 | Merchant Moe |
| WETH / cmETH | $1.76M | Agni Finance |
| mETH / WETH | $5.84K | Agni Finance |
Approximate Total = $4.90M
WMNT
| Pairs | TVL | DEX |
|---|---|---|
| USDe / MNT | $4,954,181 | Merchant Moe |
| MNT / USDT | $1,821,470 | Merchant Moe |
| MOE / MNT | $496,922 | Merchant Moe |
| WETH / MNT | $138,167 | Merchant Moe |
| USDe / MNT | $2.27M | Agni Finance |
Approximate Total = $9.68M
Parameter Recommendations
Parameters have been agreed jointly with @ChaosLabs.
Disclaimer
This review was independently prepared by LlamaRisk, a community-led non-profit decentralized organization funded in part by the Aave DAO. LlamaRisk is not directly affiliated with the protocol(s) reviewed in this assessment and did not receive any compensation from the protocol(s) or their affiliated entities for this work.
The information provided should not be construed as legal, financial, tax, or professional advice.