Simple Summary
Gauntlet recommends the following supply cap adjustments to the protocol:
Supply Cap Recommendations
| Comet | Asset | Supply Cap |
|---|---|---|
| Ethereum USDC | rsETH | 1,500→750 |
| Ethereum USDS | SKY | 96M→48M |
| Ethereum USDS | tBTC | 285→142 |
| Ethereum USDS | weETH | 12,000→6,000 |
| Ethereum USDS | USDe | 50M→25M |
| Ethereum USDT | mETH | 4,000→2,000 |
| Ethereum WBTC | LBTC | 200→100 |
| Ethereum WETH | rswETH | 1,000→500 |
| Ethereum WETH | cbBTC | 150→75 |
| Ethereum WETH | tBTC | 315→157 |
| Ethereum WETH | osETH | 10,000→5,000 |
| Ethereum WETH | pufETH | 4,500→2,250 |
| Ethereum WETH | ETHx | 2,100→1,050 |
| Ethereum WETH | rETH | 30,000→15,000 |
| Ethereum WETH | cbETH | 10,000→5,000 |
| Ethereum wstETH | tETH | 5,000→2,500 |
| Ethereum wstETH | ezETH | 15,000→7,500 |
| Ethereum wstETH | weETH | 10,000→5,000 |
Rationale
The markets below have demonstrated low user demand over the past 30 days, with average supply cap utilization consistently staying below 1%. To reduce risk exposure to the protocol, we recommend lowering the supply caps for these markets by 50%. We note that cap reductions will not affect currently open positions.
| Comet | Asset | Supply Cap Utilization (average over last 30 days) |
|---|---|---|
| Ethereum USDC | rsETH | 0.73% |
| Ethereum USDS | SKY | 0.08% |
| Ethereum USDS | tBTC | 0% |
| Ethereum USDS | weETH | 0% |
| Ethereum USDS | USDe | 0.04% |
| Ethereum USDT | mETH | 0.06% |
| Ethereum WBTC | LBTC | 0% |
| Ethereum WETH | rswETH | 0.05% |
| Ethereum WETH | cbBTC | 0.94% |
| Ethereum WETH | tBTC | 0.2% |
| Ethereum WETH | osETH | 0.81% |
| Ethereum WETH | pufETH | 0.88% |
| Ethereum WETH | ETHx | 0.01% |
| Ethereum WETH | rETH | 0.01% |
| Ethereum WETH | cbETH | 0.24% |
| Ethereum wstETH | tETH | 0.92% |
| Ethereum wstETH | ezETH | 0.19% |
| Ethereum wstETH | weETH | 0.46% |
Next Steps
- Gauntlet will continue monitoring market utilization and propose future cap adjustments accordingly.
- We welcome community feedback.