Weekly RiskDAO report 28 Mar ‘23

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


Last week’s headlines were dominated by the Arbitrum $ARB airdrop (congrats to Vesta for getting 2.7m $ARB!!).

Alpha Homora’s standoff with Iron Bank continues although the AH community is making progress: On 21 March, AH has published the 5th Open Letter proposing to commit to paying IB ~1.89M USDT and ~1.92M DAI within 1.5 years, allowing ETH and USDC depositors on Alpha Homora v2 to withdraw excess amounts proportionately (~30% for ETH and ~57% for USDC). As AH repays the debt, 63M locked ALPHA tokens will be returned from IB to Alpha treasury and distributed to affected users over time. Additionally, 20% of protocol fees from all upcoming Alpha products will be distributed to depositors over 1.5 years.

The AH community has approved the above proposal and is awaiting feedback from IB to implement the code changes.

In other news, Euler received $150m back from the hacker, 75% of total stolen funds.

The regulatory side continues to hit hard with CFTC accusing Binance of operating an unregistered derivatives exchanges. Price declined in the wake of the news but recovered ever since.

USDC received support from the MakerDAO community which voted to retain USDC as the primary reserve asset.

Dashboard Highlights

The cap utilization of gOHM remains at 98%. The cap utilization for sGLP increased from 97% to 103%.

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 further increased from 39% to 45%.

Total pool collateral has decreased from $17.1m to $16.6m. gOHM remains the #1 collateral asset accounting for $11.3m or 68% of total collateral base, followed by DPX which stands at $2.7m (16% of total collateral) and ETH at $1.5m (9% of total collateral).

Total debt amounts to $6.5m (+$0.1m) which equates to a utilization rate of 39%. The Top 10 debtors account for 51% of the total debt volume.

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