[Gauntlet] - USDe/sUSDe Recommendations
Summary
Gauntlet does NOT currently support the addition of USDe/sUSDe as collateral in Moonwell’s lending markets on Base and Optimism. This position is based on a comprehensive risk assessment that highlights concerns related to liquidity constraints and insufficient market depth.
While USDe/sUSDe has gained traction as a stablecoin, its current liquidity profile on Base/Optimism presents challenges for risk management.
We will continue to monitor the evolution of USDe/sUSDe on Base and Optimism. If these factors improve sufficiently to mitigate the associated risks, we may reconsider this stance in the future. However, at present, the risks outweigh the potential benefits, and we recommend maintaining a cautious approach.
Supporting Data
TVL & Liquidity
The data below represents the USDe pool on Base. However, with a total value locked (TVL) of approximately $150K, the pool remains relatively small and lacks the necessary scale for meaningful impact or broader liquidity participation.
| pool_name | pool_type | pool_url | pool_tvl_usd | volume_24h_usd |
|---|---|---|---|---|
| USDe / USDC 0.01% | uniswap-v3-base | Link | $146.91K | $26.91K |
Onchain Marketcap
sUSDe currently has an on-chain market capitalization of approximately $2.7 million on Base, with a highly concentrated distribution—where the top holder controls around 70% of the total supply.
