[Gauntlet] Weekly Market Updates: Ethereum WETH

[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.

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