[Gauntlet] Weekly Market Updates: Ethereum WETH

[Gauntlet] Weekly Market Updates: Ethereum WETH (7/21/23 - 7/28/23)

Gauntlet would like to provide the community with an update on metrics from the Ethereum WETH comet over the past week and will include any relevant recommendations.

Simple Summary

  • Due to the low utilization, Gauntlet recommends allocating rewards to the borrowers. Additionally, to increase the appeal of the protocol, we can decrease the Liquidation Bonus while decreasing the Storefront Price Factor. We will provide a formal proposal next week.
  • WETH borrows are down 1.2%.
  • WETH supply is up 0.2%.
  • The comet accumulated $4.13k WETH reserves over the past week, with an average reserve growth of 13.4%.
  • The comet distributed $21.35k COMP rewards over the past week, for a Net Protocol Profit of -$17.22k.

Analysis

Below are metrics of the market and parameters over the past week.

Market Growth

Total Collateral (USD) is down 5.1%, from $59.04M to $56.00M.

WETH borrows are down 1.2%, from $44.20M to $43.67M.

WETH supply is up 0.2%, from $95.97M to $96.17M.

Supply Caps

As seen above, wstETH (39.6%) and cbETH (2.1%) both have supply cap utilizations < 75%. We do not currently recommend changing the supply caps.

Above is a time series of supply cap utilization for each asset over the past week.

Utilization and Reserves

The minimum WETH utilization was 43.5%, and the maximum was 46.9%.

The minimum WETH reserve growth was 12.5%, and the maximum was 17.0%. The average WETH reserve growth was 13.4%.

The comet steadily accumulated $4.13k WETH reserves, while distributing $21.35k COMP rewards, for a weekly Net Protocol Profit of -$17.22k.

Recommendations

Due to the low utilization, Gauntlet recommends allocating rewards to the borrowers. Additionally, to increase the appeal of the protocol, we can decrease the Liquidation Bonus while decreasing the Storefront Price Factor. We will provide a formal proposal next week.

3 Likes

Hello @Gauntlet, the stETH APR is at around 4% and the cbETH APR is at around 3.5%. Thus it is not profitable for users to borrow above 60% utilization, which explains the current low utilization (and big spread). Don’t you think that this market needs an IRM update also ?

5 Likes

Echoing @MathisGD’s sentiment here. The WETH market has shown to function effectively by only incentivizing suppliers. This is because borrowers are naturally incentivized by the leveraged staking yield trade whenever the borrow rate is below the ETH staking rate. An IRM update seems like the better approach here compared to giving COMP incentives to a market that doesn’t necessarily need it.

Furthermore, if COMP incentives were to be increased in the WETH market, I’d argue that they should be allocated to the supply side because that would attract more suppliers, bring down the utilization, and ultimately lead to lower borrow rates that would attract new borrowers into the system.

4 Likes

Thank you @MathisGD and @kevin for your feedback. Here is our proposal for risk parameters, IR curve and incentive optimization changes on the WETH comet. Let us know if this answers your question.

2 Likes

Gauntlet Weekly Market Update: Ethereum WETH (7/28/23 - 8/3/23)

Gauntlet would like to provide the community with an update on metrics from the Ethereum WETH comet over the past week.

Simple Summary

  • Gauntlet recently recommended the following changes in this forum post:
    • Increase storefront price factor from 50% to 100%.
    • Decrease liquidation penalty from 5% to 2.5%.
    • Decrease the borrow interest rate curve lower slope from 0.51 to 0.37.
    • Increase COMP supply distribution from 38 to 70.
  • WETH borrows are up 7.3%, from $43.13M to $46.28M.
  • WETH supply is up 4.0%, from $94.98M to $98.77M.
  • WETH utilization has increased from 43.6% to 46.9%.
  • The comet accumulated $6.83k WETH reserves over the past week, with an average reserve growth of 18.2%.
  • The comet distributed $20.87k COMP rewards over the past week, for a Net Protocol Profit of -$14.04k.

Analysis

Below are metrics of the market and parameters over the past week.

Market Growth

Collateral Time Series

Total Collateral (USD) is up 10.5%, from $55.06M to $60.82M.

WETH Borrows Time Series

WETH borrows are up 7.3%, from $43.13M to $46.28M.

WETH Supply Time Series

WETH supply is up 4.0%, from $94.98M to $98.77M.

WETH utilization has increased from 43.6% to 46.9%.

Supply Caps

As seen above, wstETH (44.7%) and cbETH (0.8%) both have supply cap utilizations < 75%.

Above is a time series of supply cap utilization for each asset over the past week.

Utilization and Reserves

The minimum WETH utilization was 43.6%, and the maximum was 57.1%.

The minimum WETH reserve growth was 12.4%, and the maximum was 28%. The average WETH reserve growth was 18.2%.

The comet steadily accumulated $6.83k WETH reserves, while distributing $20.87k COMP rewards, for a weekly Net Protocol Profit of -$14.04k.

[Gauntlet] Weekly Market Update: Ethereum WETH (8/4/23 - 8/10/23)

Gauntlet would like to provide the community with an update on metrics from the Ethereum WETH comet over the past week.

Simple Summary

  • WETH borrows are down 5.3%, from $46.66M to $44.19M.
  • WETH supply is down 7.3%, from $99.57M to $92.27M.
  • WETH utilization has decreased from 53.0% to 47.9%.
  • The comet accumulated $4.62k WETH reserves over the past week, with an average reserve growth of 15.9%.
  • The comet distributed $15.23k COMP rewards over the past week for a Net Protocol Profit of -$10.61k.

Analysis

Below are metrics of the market and parameters over the past week.

Market Growth

Collateral Time Series

Total Collateral (USD) is up 0.3%, from $61.33M to $61.52M.

WETH Borrows Time Series

WETH borrows are down 5.3%, from $46.66M to $44.19M.

WETH Supply Time Series

WETH supply is down 7.3%, from $99.57M to $92.27M.

WETH utilization has decreased from 53.0% to 47.9%.

Supply Caps

As seen above, wstETH (47.7%) and cbETH (0.6%) both have supply cap utilizations < 75%.

Above is a time series of supply cap utilization for each asset over the past week.

Utilization and Reserves

The minimum WETH utilization was 41.5%, and the maximum was 51.0%.

The minimum WETH reserve growth was 9.7%, and the maximum was 21.8%. The average WETH reserve growth was 15.9%.

The comet steadily accumulated $4.62k WETH reserves while distributing $15.23k COMP rewards for a weekly Net Protocol Profit of -$10.61k.

1 Like

Hello @Gauntlet, what do you think about having the balances values quoted in ETH too in these weekly updates ?

1 Like

Hi @MathisGD,

Absolutely, we were planning on doing something similar. For the next updates, we will show the balances normalized to the end date USD value of ETH, so as to show the changes in user behavior as opposed to changes in underlying ETH price. Let us know if you have any other thoughts.

2 Likes

[Gauntlet] Weekly Market Update: Ethereum WETH (8/11/23 - 8/17/23)

Gauntlet would like to provide the community with an update on metrics from the Ethereum WETH comet over the past week.

Simple Summary

  • WETH borrows are down 17.1%, from $40.24M to $33.34M.
  • WETH supply is down 29.5%, from $84.02M to $59.25M.
  • WETH utilization has decreased from 47.9% to 56.3%.
  • The minimum WETH reserve growth was 17.3%, and the maximum was 35%. The average WETH reserve growth was 26.7%.
  • The comet steadily accumulated $8.13k WETH reserves while distributing $13.88k COMP rewards for a weekly Net Protocol Profit of -$5.75k.

Analysis

Below are metrics of the market and parameters over the past week. Note that collateral supply values are normalized to end-date token prices to get an idea of intentional user behavior instead of fluctuations in underlying token prices.

Market Growth

Collateral Time Series

Total Collateral (USD) is down 20.7%, from $59.97M to $47.58M.

WETH Borrows Time Series

WETH borrows are down 17.1%, from $40.24M to $33.34M.

WETH Supply Time Series

WETH supply is down 29.5%, from $84.02M to $59.25M.

WETH utilization has decreased from 47.9% to 56.3%.

Supply Caps

As seen above, wstETH (35.7%) and cbETH (0.6%) both have supply cap utilizations < 75%.

Above is a time series of supply cap utilization for each asset over the past week.

Utilization and Reserves

The minimum WETH utilization was 47.2%, and the maximum was 65.3%.

The minimum WETH reserve growth was 17.3%, and the maximum was 35%. The average WETH reserve growth was 26.7%.

The comet steadily accumulated $8.13k WETH reserves while distributing $13.88k COMP rewards for a weekly Net Protocol Profit of -$5.75k.

1 Like

[Gauntlet] Weekly Market Update: Ethereum WETH (8/18/23 - 8/24/23)

Gauntlet would like to provide the community with an update on metrics from the Ethereum WETH comet over the past week.

Simple Summary

  • WETH borrows are down 11.8%, from $32.83M to $28.96M.
  • WETH supply is up 0.3%, from $58.34M to $58.54M.
  • WETH utilization has decreased from 56.3% to 49.5%.

Analysis

Below are metrics of the market and parameters over the past week. Note that collateral supply values are normalized to end-date token prices to get an idea of intentional user behavior instead of fluctuations in underlying token prices.

Market Growth

Collateral Time Series

Total Collateral (USD) is down 11.2%, from $44.23M to $39.26M.

WETH Borrows Time Series

WETH borrows are down 11.8%, from $32.83M to $28.96M.

WETH Supply Time Series

WETH supply is up 0.3%, from $58.34M to $58.54M.

WETH utilization has decreased from 56.3% to 49.5%.

Supply Caps

As seen above, wstETH (31.1%) and cbETH (1.4%) both have supply cap utilizations < 75%.

Above is a time series of supply cap utilization for each asset over the past week.

1 Like

[Gauntlet] Ethereum v3 WETH Update (08/25/2023 - 08/31/2023)

Gauntlet would like to provide the community with an update on metrics from the Ethereum v3 WETH comet over the past week.

Simple Summary

  • WETH Borrows are up 14.53%, from 17.45k ($28.71M) to 19.99k ($32.88M).
  • WETH Supply is up 8.21%, from 35.21k ($58.04M) to 38.1k ($62.8M).
  • WETH utilization increased 5.85%, from 49.5% to 52.4%.
  • The minimum WETH reserve growth was -4.1%, and the maximum was 5.4%. The average WETH reserve growth was -0.5%.
  • The comet accumulated $-0.06k WETH reserves while distributing $20.63k COMP rewards for a weekly Net Protocol Profit of $-20.69k.

Analysis

Below are metrics of the market and parameters over the past week. Note that collateral supply values are normalized to end date token prices, in order to get an idea of intentional user behavior as opposed to fluctuations in underlying token prices.

Market Growth

Total Collateral (USD) is up 12.01%, from $39.92M to $44.71M.

WETH Supply is up 8.21%, from 35.21k ($58.04M) to 38.1k ($62.8M).

WETH Borrows are up 14.53%, from 17.45k ($28.71M) to 19.99k ($32.88M).

USDC utilization increased 5.85%, from 49.5% to 52.4%.

Supply Caps

Above are the current supply cap utilizations for each collateral asset.

Above is a time series of supply cap utilization for each asset over the past week.

Utilization and Reserves

The minimum USDC utilization was 46.8%, and the maximum was 54.2%.

The minimum USDC reserve growth was -4.1%, and the maximum was 5.4%. The average USDC reserve growth was -0.5%.

The comet accumulated $-0.06k USDC reserves while distributing $20.63k COMP rewards for a weekly Net Protocol Profit of $-20.69k.

1 Like

[Gauntlet] Ethereum v3 WETH Update (09/01/2023 - 09/07/2023)

Gauntlet would like to provide the community with an update on metrics from the Ethereum v3 WETH comet over the past week.

Simple Summary

  • WETH Borrows are up 20.81%, from 19.99k ($32.92M) to 24.14k ($39.77M).
  • WETH Supply is up 0.09%, from 38.1k ($62.87M) to 38.13k ($62.93M).
  • USDC utilization increased 20.69%, from 52.4% to 63.2%.
  • The minimum USDC reserve growth was -2.9%, and the maximum was 18.2%. The average USDC reserve growth was 7.4%.
  • The comet accumulated $1.72k USDC reserves while distributing $19.56k COMP rewards for a weekly Net Protocol Profit of $-17.83k.

Analysis

Below are metrics of the market and parameters over the past week. Note that collateral supply values are normalized to end date token prices, in order to get an idea of intentional user behavior as opposed to fluctuations in underlying token prices.

Market Growth

Total Collateral (USD) is up 18.95%, from $42.82M to $50.93M.

WETH Supply is up 0.09%, from 38.1k ($62.87M) to 38.13k ($62.93M).

WETH Borrows are up 20.81%, from 19.99k ($32.92M) to 24.14k ($39.77M).

USDC utilization increased 20.69%, from 52.4% to 63.2%.

Supply Caps

Above are the current supply cap utilizations for each collateral asset.

Above is a time series of supply cap utilization for each asset over the past week.

Utilization and Reserves

The minimum USDC utilization was 47.6%, and the maximum was 66.9%.

The minimum USDC reserve growth was -2.9%, and the maximum was 18.2%. The average USDC reserve growth was 7.4%.

The comet accumulated $1.72k USDC reserves while distributing $19.56k COMP rewards for a weekly Net Protocol Profit of $-17.83k.

1 Like

[Gauntlet] Ethereum v3 WETH Update (09/08/2023 - 09/14/2023)

Gauntlet would like to provide the community with an update on metrics from the Ethereum v3 WETH comet over the past week.

Simple Summary

  • WETH Borrows are down 8.81%, from 24.14k ($39.29M) to 22.02k ($35.83M).
  • WETH Supply is up 3.60%, from 38.13k ($62.17M) to 39.5k ($64.41M).
  • USDC utilization decreased 11.98%, from 63.2% to 55.6%.
  • The minimum USDC reserve growth was -0.5%, and the maximum was 26.4%. The average USDC reserve growth was 14.2%.
  • The comet accumulated $3.93k USDC reserves while distributing $18.61k COMP rewards for a weekly Net Protocol Profit of $-14.68k.

Analysis

Below are metrics of the market and parameters over the past week. Note that collateral supply values are normalized to end date token prices, in order to get an idea of intentional user behavior as opposed to fluctuations in underlying token prices.

Market Growth

Total Collateral (USD) is down 6.85%, from $50.21M to $46.77M.

WETH Supply is up 3.60%, from 38.13k ($62.17M) to 39.5k ($64.41M).

WETH Borrows are down 8.81%, from 24.14k ($39.29M) to 22.02k ($35.83M).

USDC utilization decreased 11.98%, from 63.2% to 55.6%.

Supply Caps

Above are the current supply cap utilizations for each collateral asset.

Above is a time series of supply cap utilization for each asset over the past week.

Utilization and Reserves

The minimum USDC utilization was 49.4%, and the maximum was 77.3%.
The minimum USDC reserve growth was -0.5%, and the maximum was 26.4%. The average USDC reserve growth was 14.2%.

The comet accumulated $3.93k USDC reserves while distributing $18.61k COMP rewards for a weekly Net Protocol Profit of $-14.68k.

1 Like

[Gauntlet] Ethereum v3 WETH Update (09/15/2023 - 09/21/2023)

Gauntlet would like to provide the community with an update on metrics from the Ethereum v3 WETH comet over the past week.

Simple Summary

  • WETH Borrows are up 14.67%, from 22.02k ($34.9M) to 25.25k ($40.02M).
  • WETH Supply is down 2.41%, from 39.5k ($62.74M) to 38.55k ($61.23M).
  • USDC utilization increased 17.51%, from 55.6% to 65.4%.
  • The minimum USDC reserve growth was 1.2%, and the maximum was 16.8%. The average USDC reserve growth was 8.3%.
  • The comet accumulated $1.93k USDC reserves while distributing $19.3k COMP rewards for a weekly Net Protocol Profit of $-17.37k.

Analysis

Below are metrics of the market and parameters over the past week. Note that collateral supply values are normalized to end date token prices, in order to get an idea of intentional user behavior as opposed to fluctuations in underlying token prices.

Market Growth

Total Collateral (USD) is up 19.32%, from $47.26M to $56.39M.

WETH Supply is down 2.41%, from 39.5k ($62.74M) to 38.55k ($61.23M).

WETH Borrows are up 14.67%, from 22.02k ($34.9M) to 25.25k ($40.02M).

USDC utilization increased 17.51%, from 55.6% to 65.4%.

Supply Caps

Above are the current supply cap utilizations for each collateral asset.

Above is a time series of supply cap utilization for each asset over the past week.

Utilization and Reserves

The minimum USDC utilization was 50.7%, and the maximum was 65.4%.

The minimum USDC reserve growth was 1.2%, and the maximum was 16.8%. The average USDC reserve growth was 8.3%.

The comet accumulated $1.93k USDC reserves while distributing $19.3k COMP rewards for a weekly Net Protocol Profit of $-17.37k.

1 Like

[Gauntlet] Ethereum v3 WETH Update (09/22/2023 - 09/28/2023)

Gauntlet would like to provide the community with an update on metrics from the Ethereum v3 WETH comet over the past week.

Simple Summary

  • WETH Borrows are up 7.56%, from 25.25k ($41.72M) to 27.16k ($44.87M).
  • WETH Supply is up 4.07%, from 38.55k ($63.83M) to 40.12k ($66.43M).
  • WETH utilization increased 3.37%, from 65.4% to 67.6%.
  • The minimum WETH reserve growth was 10.8%, and the maximum was 19.2%. The average WETH reserve growth was 15.1%.
  • The comet accumulated $3.88k WETH reserves while distributing $20.1k COMP rewards for a weekly Net Protocol Profit of $-16.22k.

Analysis

Below are metrics of the market and parameters over the past week. Note that collateral supply values are normalized to end date token prices, in order to get an idea of intentional user behavior as opposed to fluctuations in underlying token prices.

Market Growth

Total Collateral (USD) is up 8.53%, from $55.54M to $60.28M.

WETH Supply is up 4.07%, from 38.55k ($63.83M) to 40.12k ($66.43M).

WETH Borrows are up 7.56%, from 25.25k ($41.72M) to 27.16k ($44.87M).

WETH utilization increased 3.37%, from 65.4% to 67.6%.

Supply Caps

Above are the current supply cap utilizations for each collateral asset.

Above is a time series of supply cap utilization for each asset over the past week.

Utilization and Reserves

The minimum WETH utilization was 59.1%, and the maximum was 68.1%.

The minimum WETH reserve growth was 10.8%, and the maximum was 19.2%. The average WETH reserve growth was 15.1%.

The comet accumulated $3.88k WETH reserves while distributing $20.1k COMP rewards for a weekly Net Protocol Profit of $-16.22k.

2 Likes

[Gauntlet] Ethereum v3 WETH Update (09/29/2023 - 10/05/2023)

Gauntlet would like to provide the community with an update on metrics from the Ethereum v3 WETH comet over the past week.

Simple Summary

  • WETH Borrows are down 6.38%, from 27.16k ($43.8M) to 25.42k ($41.01M).
  • WETH Supply is up 0.41%, from 40.12k ($64.85M) to 40.27k ($65.12M).
  • WETH utilization decreased 6.77%, from 67.5% to 63.0%.
  • The minimum WETH reserve growth was 14.6%, and the maximum was 26.5%. The average WETH reserve growth was 18.7%.
  • The comet accumulated $5.83k WETH reserves while distributing $22.33k COMP rewards for a weekly Net Protocol Profit of $-16.49k.

Analysis

Below are metrics of the market and parameters over the past week. Note that collateral supply values are normalized to end date token prices, in order to get an idea of intentional user behavior as opposed to fluctuations in underlying token prices.

Market Growth

Total Collateral (USD) is down 6.19%, from $62.18M to $58.33M.

WETH Supply is up 0.41%, from 40.12k ($64.85M) to 40.27k ($65.12M).

WETH Borrows are down 6.38%, from 27.16k ($43.8M) to 25.42k ($41.01M).

WETH utilization decreased 6.77%, from 67.5% to 63.0%.

Supply Caps

Above are the current supply cap utilizations for each collateral asset.

Above is a time series of supply cap utilization for each asset over the past week.

Utilization and Reserves

The minimum WETH utilization was 63.0%, and the maximum was 77.4%.

The minimum WETH reserve growth was 14.6%, and the maximum was 26.5%. The average WETH reserve growth was 18.7%.

The comet accumulated $5.83k WETH reserves while distributing $22.33k COMP rewards for a weekly Net Protocol Profit of $-16.49k.

1 Like

[Gauntlet] Ethereum v3 WETH Update (10/06/2023 - 10/12/2023)

Gauntlet would like to provide the community with an update on metrics from the Ethereum v3 WETH comet over the past week.

Simple Summary

  • WETH Borrows are up 1.39%, from 25.42k ($39.09M) to 25.78k ($39.64M).
  • WETH Supply is up 8.82%, from 40.27k ($62.08M) to 43.83k ($67.55M).
  • WETH utilization decreased 6.82%, from 63.0% to 58.7%.
  • The minimum WETH reserve growth was 4.4%, and the maximum was 24.8%. The average WETH reserve growth was 14.6%.
  • The comet accumulated $4.06k WETH reserves while distributing $20.63k COMP rewards for a weekly Net Protocol Profit of $-16.57k.

Analysis

Below are metrics of the market and parameters over the past week. Note that collateral supply values are normalized to end date token prices, in order to get an idea of intentional user behavior as opposed to fluctuations in underlying token prices.

Market Growth

Total Collateral (USD) is down 0.35%, from $55.49M to $55.29M.

WETH Supply is up 8.82%, from 40.27k ($62.08M) to 43.83k ($67.55M).

WETH Borrows are up 1.39%, from 25.42k ($39.09M) to 25.78k ($39.64M).

WETH utilization decreased 6.82%, from 63.0% to 58.7%.

Supply Caps

Above are the current supply cap utilizations for each collateral asset.

Above is a time series of supply cap utilization for each asset over the past week.

Utilization and Reserves

The minimum WETH utilization was 53.4%, and the maximum was 75.2%.
The minimum WETH reserve growth was 4.4%, and the maximum was 24.8%. The average WETH reserve growth was 14.6%.

The comet accumulated $4.06k WETH reserves while distributing $20.63k COMP rewards for a weekly Net Protocol Profit of $-16.57k.

1 Like

[Gauntlet] Ethereum v3 WETH Update (10/13/2023 - 10/19/2023)

Gauntlet would like to provide the community with an update on metrics from the Ethereum v3 WETH comet over the past week.

Simple Summary

  • WETH Borrows are up 5.56%, from 25.78k ($40.4M) to 27.21k ($42.65M).
  • WETH Supply is down 1.09%, from 43.83k ($68.85M) to 43.34k ($68.1M).
  • WETH utilization increased 6.72%, from 58.7% to 62.6%.
  • The minimum WETH reserve growth was 8.4%, and the maximum was 22.0%. The average WETH reserve growth was 13.7%.
  • The comet accumulated $3.77k WETH reserves while distributing $19.77k COMP rewards for a weekly Net Protocol Profit of $-16.0k.

Analysis

Below are metrics of the market and parameters over the past week. Note that collateral supply values are normalized to end date token prices, in order to get an idea of intentional user behavior as opposed to fluctuations in underlying token prices.

Market Growth

Total Collateral (USD) is down 4.87%, from $55.23M to $52.54M.

WETH Supply is down 1.09%, from 43.83k ($68.85M) to 43.34k ($68.1M).

WETH Borrows are up 5.56%, from 25.78k ($40.4M) to 27.21k ($42.65M).

WETH utilization increased 6.72%, from 58.7% to 62.6%.

Supply Caps

Above are the current supply cap utilizations for each collateral asset.

Above is a time series of supply cap utilization for each asset over the past week.

Utilization and Reserves

The minimum WETH utilization was 56.9%, and the maximum was 71.4%.
The minimum WETH reserve growth was 8.4%, and the maximum was 22.0%. The average WETH reserve growth was 13.7%.

The comet accumulated $3.77k WETH reserves while distributing $19.77k COMP rewards for a weekly Net Protocol Profit of $-16.0k.

1 Like

[Gauntlet] Ethereum v3 WETH Update (10/20/2023 - 10/26/2023)

Gauntlet would like to provide the community with an update on metrics from the Ethereum v3 WETH comet over the past week.

Simple Summary

  • WETH Borrows are down 8.85%, from 27.21k ($49.09M) to 24.8k ($44.74M).
  • WETH Supply is up 2.10%, from 43.35k ($78.38M) to 44.27k ($80.02M).
  • WETH utilization decreased 12.05%, from 62.6% to 55.1%.
  • The minimum WETH reserve growth was 5.1%, and the maximum was 14.7%. The average WETH reserve growth was 10.4%.
  • The comet accumulated $2.82k WETH reserves while distributing $21.57k COMP rewards for a weekly Net Protocol Profit of $-18.75k.

Analysis

Below are metrics of the market and parameters over the past week. Note that collateral supply values are normalized to end date token prices, in order to get an idea of intentional user behavior as opposed to fluctuations in underlying token prices.

Market Growth

Total Collateral (USD) is down 8.46%, from $60.09M to $55.01M.

WETH Supply is up 2.10%, from 43.35k ($78.38M) to 44.27k ($80.02M).

WETH Borrows are down 8.85%, from 27.21k ($49.09M) to 24.8k ($44.74M).

WETH utilization decreased 12.05%, from 62.6% to 55.1%.

Supply Caps

Above are the current supply cap utilizations for each collateral asset.

Above is a time series of supply cap utilization for each asset over the past week.

Utilization and Reserves

The minimum WETH utilization was 53.9%, and the maximum was 63.1%.
The minimum WETH reserve growth was 5.1%, and the maximum was 14.7%. The average WETH reserve growth was 10.4%.

The comet accumulated $2.82k WETH reserves while distributing $21.57k COMP rewards for a weekly Net Protocol Profit of $-18.75k.

1 Like

[Gauntlet] Ethereum v3 WETH Update (10/27/2023 - 11/02/2023)

Gauntlet would like to provide the community with an update on metrics from the Ethereum v3 WETH comet over the past week.

Simple Summary

  • WETH Borrows are down 12.20%, from 24.99k ($44.97M) to 21.94k ($39.48M).
  • WETH Supply is down 0.02%, from 45.27k ($81.64M) to 45.26k ($81.62M).
  • WETH utilization decreased 12.18%, from 55.1% to 48.4%.
  • The minimum WETH reserve growth was -6.5%, and the maximum was 17.9%. The average WETH reserve growth was 3.0%.
  • The comet accumulated $1.23k WETH reserves while distributing $22.67k COMP rewards for a weekly Net Protocol Profit of $-21.44k.

Analysis

Below are metrics of the market and parameters over the past week. Note that collateral supply values are normalized to end date token prices, in order to get an idea of intentional user behavior as opposed to fluctuations in underlying token prices.

Market Growth

Total Collateral (USD) is down 10.31%, from $57.26M to $51.36M.

WETH Supply is down 0.02%, from 45.27k ($81.64M) to 45.26k ($81.62M).

WETH Borrows are down 12.20%, from 24.99k ($44.97M) to 21.94k ($39.48M).

WETH utilization decreased 12.18%, from 55.1% to 48.4%.

Supply Caps

Above are the current supply cap utilizations for each collateral asset.

Above is a time series of supply cap utilization for each asset over the past week.

Utilization and Reserves

The minimum WETH utilization was 45.1%, and the maximum was 66.5%.
The minimum WETH reserve growth was -6.5%, and the maximum was 17.9%. The average WETH reserve growth was 3.0%.

The comet accumulated $1.23k WETH reserves while distributing $22.67k COMP rewards for a weekly Net Protocol Profit of $-21.44k.

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