[Gauntlet] Weekly V3 Ethereum Market Update

[Gauntlet]

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.

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.

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.

Supply Cap Usage

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

Borrow Cap Usage

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

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

[Gauntlet]

[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

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.

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.

Utilization Trend

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

Supply Cap Usage Trend

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

Borrow Cap Usage Trend

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

[Gauntlet]

[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

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

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.

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.

Utilization Trend

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

Supply Cap Usage Trend

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

Borrow Cap Usage Trend

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

[Gauntlet]

[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.

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

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.

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.

Utilization Trend

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

Supply Cap Usage Trend

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

Borrow Cap Usage Trend

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

[Gauntlet]

[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

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

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

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.

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.

Utilization Trend

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

Supply Cap Usage Trend

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

Borrow Cap Usage Trend

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