Weekly RiskDAO report 21 Feb ‘23

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


The market has recovered materially over the last week with BTC breaking through $25k and ETH at $1.7k. The bullish market moves come against a backdrop of regulatory turbulence as the SEC is stepping up the actions against US onshore crypto platforms.

OlympusDAO is launching a Lending AMO and $OHM borrowing markets are enabled on Euler and Silo. The Lending AMO (short for Algorithmic Market Operations Controller) is an enhanced feature and will mint a maximum of Ω200k (~$2m) into these lending markets. The purpose of the AMO is to keep OHM borrow rates more attractive, scale OHM supply more strategically and optimize utility, further diversify the OHM backing.

Platypus’ stablecoin USDP depegged on Thursday last week as the underlying protocol suffered a flashloan exploit to the tune of $8.5m. However, in a fortunate turn of events and with help from BlockSec, Platypus has been able to recover a portion of the funds (c. USDC 2.4m).

The attacker could only cash out $270,000 out of the almost $9.1 million in stolen funds from Platypus. As per on-chain data, approximately $8.5 million of stolen funds are frozen in the contract they were transferred to, and another $380,000 from a second attempted exploit were mistakenly sent back to Aave. Using a callback function in the attacker’s contract, BlockSec helped Platypus recover a portion of the stolen funds.

Avi Eisenberg asks court if he can keep the Mango exploit funds.

Dashboard Highlights

The cap utilization of gOHM is steady at 96%, up 400bps from the previous week.

The VAR for the worst day simulation stands at zero. Current MCRs are at or above recommended levels.

The weight of $VST in the VST-FRAX has increased again from 72% to 78%.

Total pool collateral recovered back to levels from 2 weeks ago and increased from $20.5m to $22.3m. gOHM remains the #1 collateral asset accounting for $14.8m or 66% of total collateral base, followed by sGLP which stands at $2.8m (13% of total collateral), unchanged from last week.

Total debt amounts to $8.9m (+$0.4m) which equates to a utilization rate of 40%. The Top 10 debtors account for 55% of the total debt volume.

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