[Gauntlet] Ethereum v3 WETH Update (11/03/2023 - 11/09/2023)
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 29.72%, from 21.94k ($46.55M) to 15.42k ($32.72M).
- WETH Supply is down 1.38%, from 45.27k ($96.24M) to 44.65k ($94.91M).
- WETH utilization decreased 28.74%, from 48.4% to 34.5%.
- The minimum WETH reserve growth was -43.4%, and the maximum was -1.9%. The average WETH reserve growth was -17.4%.
- The comet accumulated $-2.3k WETH reserves while distributing $24.7k COMP rewards for a weekly Net Protocol Profit of $-27.0k.
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 32.66%, from $52.65M to $35.45M.
WETH Supply is down 1.38%, from 45.27k ($96.24M) to 44.65k ($94.91M).
WETH Borrows are down 29.72%, from 21.94k ($46.55M) to 15.42k ($32.72M).
WETH utilization decreased 28.74%, from 48.4% to 34.5%.
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 26.6%, and the maximum was 48.4%.
The minimum WETH reserve growth was -43.4%, and the maximum was -1.9%. The average WETH reserve growth was -17.4%.
The comet accumulated $-2.3k WETH reserves while distributing $24.7k COMP rewards for a weekly Net Protocol Profit of $-27.0k.