Simple Summary
Gauntlet would like to refresh the analysis on tBTC considering the prevailing market conditions and the ongoing speculation around WBTC. The below recommendations expand further to recommend listing tBTC on both USDT and WETH Comets on Mainnet.
USDC
| Parameter | Value |
|---|---|
| Collateral Factor | 76% |
| Liquidation Factor | 81% |
| Liquidation Penalty | 10% |
| Supply Cap | 285 |
USDT
| Parameter | Value |
|---|---|
| Collateral Factor | 76% |
| Liquidation Factor | 81% |
| Liquidation Penalty | 10% |
| Supply Cap | 285 |
WETH
| Parameter | Value |
|---|---|
| Collateral Factor | 76% |
| Liquidation Factor | 81% |
| Liquidation Penalty | 10% |
| Supply Cap | 315 |
Analysis
Liquidity
The liquidity for tBTC has generally increased since the previous recommendation as seen in the table below.
| Dex | TVL(mil) | URL |
|---|---|---|
| curve | 22.35 | Link |
| curve | 8.43 | Link |
| curve | 3.28 | Link |
| curve | 3.28 | Link |
| uniswap_v3 | 2.99 | Link |
| uniswap_v3 | 1.98 | Link |
| balancer_ethereum | 1.01 | Link |
Total: $43.32M
5% DEX slippage
Risk Parameters
Supply Caps
Due to improved liquidity Gauntlet recommends increasing the supply cap to 285 tBTC for USDC and USDT Comet, and recommend setting the supply cap to 315 tBTC for the WETH Comet.
USDT and WETH Comet
Gauntlet recommends aligning the CF, LF, and LP for the USDT Comet and WETH Comet to that of USDC Comet.