[Gauntlet] Weekly V3 Ethereum Market Update

V3 Ethereum Market Weekly: 2024-01-12 through 2024-01-18

Gauntlet would like to provide the community with an update on V3 Ethereum market over the previous week.

Simple Summary

  • STG’s borrow balance increased WoW by 78.20% from $1.10K to $1.96K.
  • LDO’s borrow balance decreased WoW by -60.49% from $83.82K to $33.12K.
  • CRV’s supply balance increased WoW by 236.23% from $1,431.74K to $4,813.97K.
  • ENS’s utilization increased WoW by 105.55% from 0.90% to 1.85%.
  • CRV’s utilization decreased WoW by -71.45% from 24.75% to 7.07%.

Total Supply

This graph shows the total supply of all assets over the time frame in question.

Supply

To see updated statistics, please see the live version of this graph here.

Total Borrow

This graph shows the total borrows of all assets over the time frame in question.

Borrows

To see updated statistics, please see the live version of this graph here.

Utilization

This graph shows the utilization (borrow / supply) of all assets over the time frame in question.

Utilization

Supply Cap Usage

This graph shows the supply cap usage (supply / supply cap) of all assets over the time frame in question.

supply_cap_usage

Borrow Cap Usage

This graph shows the borrow cap usage (borrow / borrow cap) of all assets over the time frame in question.

Borrow Cap Usage

On-chain Liquidity

This table gives high-level statistics over the time frame in question.

Asset Current Borrow Cap Current Supply Cap Average Borrow Cap Usage (Past Week) Average Supply Cap Usage (Past Week) Current DEX 25% Slippage (Tokens) Current DEX 25% Slippage (USD)
USDC 1,580,000.00K 1,760,000.00K 33.50% 33.14% 472,204.65K 472,294.78K
DAI 271,000.00K 338,000.00K 35.07% 31.74% 381,559.26K 381,540.45K
WETH 1,400.00K 1,800.00K 27.25% 32.27% 142.39K 351,295.61K
wstETH 24.00K 1,100.00K 18.00% 73.51% 65.10K 185,365.33K
WBTC 28.00K 43.00K 5.26% 40.69% 3.94K 162,493.32K
USDT 750,000.00K 800,000.00K 71.25% 74.48% 162,322.89K 162,167.87K
rETH 19.20K 90.00K 3.82% 49.40% 46.24K 125,025.63K
FRAX 12,000.00K 15,000.00K 5.68% 5.52% 65,140.15K 65,015.50K
CRVUSD 50,000.00K 60,000.00K 0.62% 0.64% 44,868.61K 44,833.42K
MKR 3.00K 22.50K 14.29% 59.52% 19.08K 37,992.31K
LINK 13,000.00K 15,000.00K 0.40% 50.12% 1,412.23K 20,699.17K
LUSD 8,000.00K 18,000.00K 54.30% 32.68% 19,169.46K 19,311.03K
BAL 370.00K 1,400.00K 41.09% 54.55% 3,659.36K 14,286.15K
UNI 500.00K 4,000.00K 8.41% 47.84% 1,457.30K 9,225.03K
FXS 500.00K 1,200.00K 0.80% 55.96% 1,015.67K 8,908.82K
STG 5,500.00K 10,000.00K 0.04% 22.00% 10,237.25K 5,554.44K
LDO 3,000.00K 6,000.00K 0.52% 19.95% 1,834.89K 5,486.15K
cbETH 2.40K 60.00K 15.94% 22.97% 1.51K 3,940.21K
CRV 5,000.00K 10,000.00K 13.00% 94.35% 4,970.69K 2,537.47K
RPL 480.00K 840.00K 37.92% 54.91% 58.68K 1,820.43K
ENS 40.00K 1,500.00K 31.78% 54.13% 71.36K 1,511.86K
SNX 1,100.00K 4,500.00K 4.41% 57.58% 300.83K 1,013.60K
1INCH 720.00K 30,000.00K 11.93% 59.51% 1,887.08K 798.56K
KNC 650.00K 1,200.00K 3.27% 14.17% 996.39K 618.19K

Weekly Annualized Reserve and Interest Projections

Interest and Reserves Projections

2 Likes

[Gauntlet] Weekly Market Update - (2024-01-19 through 2024-01-25)

Gauntlet would like to provide the community with an update on this market over the previous week. Gauntlet is continuing to monitor this market. At this time, we do not recommend any parameter updates, but will keep the community informed.

Summary

This table gives high-level statistics over the time frame in question.

note:

  • Gauntlet has decided to withhold its recommendation to increase the supply cap for wstETH, noting that its current utilization stands at only 77%. A significant factor in this decision is the availability of approximately $600 million in liquidity from the largest wstETH supplier, which is four times greater than that of the second largest supplier of wstETH.
  • CRV supply cap usage has fallen under 50% over the week.
Asset Current Borrow Cap Current Supply Cap Average Borrow Cap Usage (Past Week) Average Supply Cap Usage (Past Week) Current DEX 25% Slippage (Tokens) Current DEX 25% Slippage (USD)
USDC 1,580,000K 1,760,000K 34% 34% 417,758K 417,862K
USDT 930,000K 1,000,000K 56% 59% 210,835K 210,748K
DAI 271,000K 338,000K 38% 34% None None
CRVUSD 50,000K 60,000K 0% 1% 52,128K 52,092K
LINK 13,000K 15,000K 0% 52% 1,642K 22,632K
FRAX 12,000K 15,000K 6% 6% 62,593K 62,468K
LUSD 8,000K 18,000K 50% 29% 18,210K 18,251K
STG 5,500K 10,000K 0% 18% 11,509K 5,737K
CRV 5,000K 10,000K 15% 77% 6,459K 2,927K
LDO 3,000K 6,000K 0% 22% 2,351K 6,958K
WETH 1,400K 1,800K 30% 34% 130K 288,173K
SNX 1,100K 4,500K 3% 57% 522K 1,633K
1INCH 720K 30,000K 12% 59% 3,570K 1,341K
KNC 650K 1,200K 3% 14% 784K 457K
FXS 500K 1,200K 1% 56% 1,052K 10,379K
UNI 500K 4,000K 8% 51% 1,384K 7,964K
RPL 480K 840K 33% 58% 55K 1,549K
BAL 370K 1,400K 31% 54% 3,789K 13,326K
ENS 40K 1,500K 12% 54% 77K 1,399K
WBTC 28K 43K 6% 44% 4K 165,144K
wstETH 24K 1,100K 16% 77% 60K 154,756K
rETH 19K 90K 3% 51% 43K 104,455K
MKR 3K 22K 16% 60% 17K 36,570K
cbETH 2K 60K 20% 22% 2K 4,778K

Top Movers

  • STG’s borrow balance increased WoW by 246.35% from $1.96K to $6.79K.
  • ENS’s borrow balance decreased WoW by -75.64% from $316.35K to $77.07K.
  • MKR’s supply balance increased WoW by 20.04% from $25,905.74K to $31,096.78K.
  • STG’s utilization increased WoW by 448.37% from 0.16% to 0.90%.
  • ENS’s utilization decreased WoW by -71.57% from 1.85% to 0.53%.

Weekly Annualized Reserve and Interest Projection

Interest and Reserves Projections

Supply Trend

This graph shows the total supply of all assets over the time frame in question. To see updated statistics, please see the live version of this graph here.

Supply

Borrows Trend

This graph shows the total borrows of all assets over the time frame in question.
To see updated statistics, please see the live version of this graph here.

Borrows

Utilization Trend

This graph shows the utilization (borrow / supply) of all assets over the time frame in question.

Utilization

Supply Cap Usage Trend

This graph shows the supply cap usage (supply / supply cap) of all assets over the time frame in question.

Supply Cap Usage

Borrow Cap Usage Trend

This graph shows the borrow cap usage (borrow / borrow cap) of all assets over the time frame in question.

Borrow Cap Usage

1 Like

[Gauntlet] Weekly Market Update - (2024-01-26 through 2024-02-01)

Gauntlet would like to provide the community with an update on this market over the previous week. Gauntlet is continuing to monitor this market. At this time, we do not recommend any parameter updates, but will keep the community informed.

Summary

This table gives high-level statistics over the time frame in question. Bold lines correspond to weekly average supply cap usage over 75%.

Asset Current Borrow Cap Current Supply Cap Average Borrow Cap Usage (Past Week) Average Supply Cap Usage (Past Week) Current DEX 25% Slippage (Tokens) Current DEX 25% Slippage (USD)
USDC $1.58B $1.76B 33.98% 34.64% 409.02M $409.07M
USDT $930.00M $1.00B 52.26% 56.73% 173.71M $173.54M
DAI $271.00M $338.00M 40.26% 43.00% 329.07M $329.06M
CRVUSD $50.00M $60.00M 0.40% 1.82% 46.76M $46.71M
LINK $13.00M $15.00M 0.39% 50.77% 2.24M $38.21M
FRAX $12.00M $15.00M 6.20% 5.68% 55.22M $55.08M
LUSD $8.00M $18.00M 49.37% 28.62% 13.62M $13.62M
CRV $5.00M $10.00M 15.49% 28.33% 4.63M $2.06M
LDO $3.00M $6.00M 0.41% 22.00% 2.04M $5.75M
WETH $1.40M $1.80M 32.68% 34.14% 132.33K $304.74M
SNX $1.10M $4.50M 2.24% 56.24% 303.72K $957.68K
1INCH $720.00K $30.00M 11.79% 57.99% 3.60M $1.38M
KNC $650.00K $1.20M 3.27% 14.16% 816.55K $472.05K
FXS $500.00K $1.20M 0.80% 56.11% 1.03M $10.12M
UNI $500.00K $4.00M 8.28% 49.17% 1.34M $8.11M
RPL $480.00K $840.00K 30.19% 54.18% 63.42K $1.82M
BAL $370.00K $1.40M 31.05% 54.56% 4.15M $14.86M
ENS $40.00K $1.50M 10.60% 53.78% 71.29K $1.25M
WBTC $28.00K $43.00K 5.48% 46.04% 4.02K $172.86M
wstETH $24.00K $1.10M 16.84% 77.15% 64.65K $172.07M
rETH $19.20K $90.00K 5.39% 52.30% 46.09K $116.44M
MKR $3.00K $22.50K 18.20% 63.51% 20.48K $40.62M
cbETH $2.40K $60.00K 20.25% 19.46% 2.16K $5.26M

Key Interest Rates Trend

Screenshot 2024-02-02 at 4.02.26 PM

Top Movers

  • rETH’s borrow balance increased WoW by 126% from $1M to $3M.
  • STG’s borrow balance decreased WoW by -72% from $7K to $2K.
  • CRVUSD’s supply balance increased WoW by 592% from $310K to $2M.
  • rETH’s utilization increased WoW by 117% from 1% to 3%.
  • CRVUSD’s utilization decreased WoW by -89% from 75% to 8%.

Weekly Annualized Reserve and Interest Projections

Interest and Reserves Projections

Supply Trend

This graph shows the total supply of all assets over the time frame in question. To see updated statistics, please see the live version of this graph here.

Supply

Borrows Trend

This graph shows the total borrows of all assets over the time frame in question. To see updated statistics, please see the live version of this graph here.

Borrows

Utilization Trend

This graph shows the utilization (borrow / supply) of all assets over the time frame in question.

Utilization

Supply Cap Usage Trend

This graph shows the supply cap usage (supply / supply cap) of all assets over the time frame in question.

Supply Cap Usage

Borrow Cap Usage Trend

This graph shows the borrow cap usage (borrow / borrow cap) of all assets over the time frame in question.

Borrow Cap Usage

2 Likes

[Gauntlet] Weekly Market Update - (2024-02-02 through 2024-02-08)

Gauntlet would like to provide the community with an update on this market over the previous week. Gauntlet is continuing to monitor this market.

Summary

This table gives high-level statistics over the time frame in question. Bold lines correspond to weekly average supply cap usage over 75%.

  • Gauntlet wstETH supply cap increase proposal
Asset Current Borrow Cap Current Supply Cap Average Borrow Cap Usage (Past Week) Average Supply Cap Usage (Past Week) Average Utilization Current DEX 25% Slippage (USD)
USDC 1.58B 1.76B 34.70% 34.73% 89.69% $344.44M
USDT 930.00M 1.00B 51.71% 55.89% 86.04% $339.32M
DAI 271.00M 338.00M 47.36% 45.61% 83.25% $300.11M
CRVUSD 50.00M 60.00M 0.34% 0.38% 75.42% $58.37M
LINK 13.00M 15.00M 0.39% 51.98% 0.64% $29.91M
FRAX 12.00M 15.00M 5.04% 4.99% 80.93% $61.13M
LUSD 8.00M 18.00M 48.93% 28.90% 75.26% $6.61M
STG 5.50M 10.00M 0.27% 15.09% 0.98% $7.14M
CRV 5.00M 10.00M 16.47% 27.35% 30.11% $1.77M
LDO 3.00M 6.00M 0.58% 63.61% 0.46% $6.73M
WETH 1.40M 1.80M 33.69% 34.20% 76.61% $349.49M
SNX 1.10M 4.50M 1.73% 55.66% 0.76% $1.03M
1INCH 720.00K 30.00M 10.40% 58.56% 0.43% $1.50M
KNC 650.00K 1.20M 3.27% 14.16% 12.52% $674.98K
UNI 500.00K 4.00M 8.28% 45.49% 2.28% $8.98M
FXS 500.00K 1.20M 0.57% 56.61% 0.42% $8.97M
RPL 480.00K 840.00K 29.57% 53.48% 31.60% $1.47M
BAL 370.00K 1.40M 31.52% 54.70% 15.23% $16.56M
ENS 40.00K 1.50M 10.58% 53.46% 0.53% $1.53M
WBTC 28.00K 43.00K 5.71% 47.48% 7.83% $189.16M
wstETH 24.00K 1.10M 19.58% 76.58% 0.56% $178.71M
rETH 19.20K 90.00K 4.61% 53.12% 1.85% $128.05M
MKR 3.00K 22.50K 17.89% 63.09% 3.78% $35.79M
cbETH 2.40K 60.00K 13.59% 18.20% 2.99% $6.68M

Key Interest Rates Trend

This week’s USDC variable borrow rates trend support the rationale of keeping current Slope1 parameters.

Screenshot 2024-02-09 at 11.15.05 AM

Top Movers

  • STG’s borrow balance increased WoW by 458% from $2K to $10K.
  • rETH’s borrow balance decreased WoW by -59% from $3M to $1M.
  • LDO’s supply balance increased WoW by 274% from $4M to $14M.
  • CRVUSD’s utilization increased WoW by 746% from 8% to 71%.

Liquidations

Liquidated Asset Liquidated Amount (Tokens) Liquidated Amount (USD)
WETH 69.38 $160.96K
LINK 2.36K $43.27K
USDC 5.29K $5.29K

Weekly Annualized Reserve and Interest Projections

Interest and Reserves Projections

Supply Trend

This graph shows the total supply of all assets over the time frame in question. To see updated statistics, please see the live version of this graph here.

Supply

Borrows Trend

This graph shows the total borrows of all assets over the time frame in question. To see updated statistics, please see the live version of this graph here.

Borrows

Utilization Trend

This graph shows the utilization (borrow / supply) of all assets over the time frame in question.

Utilization

Supply Cap Usage Trend

This graph shows the supply cap usage (supply / supply cap) of all assets over the time frame in question.

Supply Cap Usage

Borrow Cap Usage Trend

This graph shows the borrow cap usage (borrow / borrow cap) of all assets over the time frame in question.

Borrow Cap Usage

1 Like

[Gauntlet] Weekly Market Update - (2024-02-09 through 2024-02-15)

Gauntlet would like to provide the community with an update on this market over the previous week. Gauntlet is continuing to monitor this market. At this time, we do not recommend any parameter updates, but will keep the community informed.

Summary

This table gives high-level statistics over the time frame in question. Bold lines correspond to weekly average supply/borrow cap usage over 75%.

note:

  • Gauntlet has decided to withhold its recommendation to increase the supply cap for LDO our of LDO liquidity concerns.
Asset Current Borrow Cap Current Supply Cap Average Borrow Cap Usage (Past Week) Average Supply Cap Usage (Past Week) Average Utilization Current DEX 25% Slippage (USD)
USDC 1.58B 1.76B 36.37% 35.93% 90.87% $147.44M
USDT 930.00M 1.00B 54.39% 55.66% 90.89% $374.29M
DAI 271.00M 338.00M 44.70% 39.58% 90.56% $134.44M
CRVUSD 50.00M 60.00M 0.28% 0.29% 80.88% $37.88M
LINK 13.00M 15.00M 0.39% 52.02% 0.65% $24.70M
FRAX 12.00M 15.00M 5.23% 4.95% 84.47% $60.13M
PYUSD 9.00M 10.00M 2.93% 37.51% 7.04% $79.15M
LUSD 8.00M 18.00M 50.08% 29.10% 76.48% $6.75M
STG 5.50M 10.00M 0.40% 15.09% 1.47% $6.97M
CRV 5.00M 10.00M 17.60% 27.03% 32.55% $2.04M
LDO 3.00M 6.00M 1.23% 80.48% 0.76% $6.01M
WETH 1.40M 1.80M 35.14% 32.71% 83.57% $189.87M
SNX 1.10M 4.50M 1.44% 56.82% 0.62% $1.02M
1INCH 720.00K 30.00M 11.39% 59.10% 0.46% $1.40M
UNI 500.00K 4.00M 8.27% 43.21% 2.39% $9.05M
FXS 500.00K 1.20M 0.39% 56.79% 0.29% $8.84M
RPL 480.00K 840.00K 31.22% 53.31% 33.47% $1.08M
BAL 370.00K 1.40M 31.81% 53.20% 15.80% $15.48M
ENS 40.00K 1.50M 10.58% 47.18% 0.60% $1.67M
WBTC 28.00K 43.00K 6.52% 49.56% 8.57% $149.30M
wstETH 24.00K 1.10M 19.85% 80.45% 0.54% $169.10M
rETH 19.20K 90.00K 2.32% 50.49% 0.98% $109.09M
MKR 3.00K 22.50K 19.17% 61.79% 4.14% $21.06M
cbETH 2.40K 60.00K 16.93% 15.36% 4.41% $7.23M

Top Movers

  • STG’s borrow balance increased WoW by 74% from $10K to $18K.
  • wstETH’s supply balance increased WoW by 27% from $2B to $3B.
  • STG’s utilization increased WoW by 52% from 1% to 2%.

Key Interest Rates

Key Interest Rates

Real borrow rates rocketed this week. At the same time, we observe curbed circulation and that TradFi real yield rises to 2% for first time since December Fed pivot.

Below shows circulating supply of USD-pegged public stablecoins
IMG_0152

Liquidations

Liquidated Asset Liquidated Amount (Tokens) Liquidated Amount (USD)
USDC 85.79K $85.79K
USDT 18.72K $18.72K
WBTC 0.36 $17.84K
WETH 6.31 $15.82K

Weekly Annualized Reserve and Interest Projections

Interest and Reserves Projections

Supply Trend

This graph shows the total supply of all assets over the time frame in question. To see updated statistics, please see the live version of this graph here.

Supply

Borrows Trend

This graph shows the total borrows of all assets over the time frame in question. To see updated statistics, please see the live version of this graph here.

Borrows

Utilization Trend

This graph shows the utilization (borrow / supply) of all assets over the time frame in question.

Utilization

Supply Cap Usage Trend

This graph shows the supply cap usage (supply / supply cap) of all assets over the time frame in question.

Supply Cap Usage

Borrow Cap Usage Trend

This graph shows the borrow cap usage (borrow / borrow cap) of all assets over the time frame in question.

Borrow Cap Usage