Introduction
Supply cap utilization for WELL in the Core market on Base has reached 100%, and cbXRP supply cap utilization on Base has reached 80%. Anthias labs proposes increasing supply caps for both markets, we will implement the changes via Cap Guardian.
| Asset | Current Supply Cap | Recommended Supply Cap |
|---|---|---|
| WELL | 150,000,000 WELL | 220,000,000 WELL |
| cbXRP | 1,000,000 cbXRP | 2,000,000 cbXRP |
Supporting Data
WELL
Following the opening of a large position supplying approximately 40M WELL on June 29th, WELL supply has creeped up steadily and has recently hit 100% utilization.
The largest position supplies approximately 40M WELL and borrows USDC.
Looking at the top 10 positions supplying WELL, the majority of borrowed assets are USDC and EURC.
At the moment, approximately 25M WELL can be swapped for USDC while slippage stays below the liquidator bonus of 7%.
cbXRP
cbXRP supply has steadily increased over the past 30d, and has just recently surpassed 70% supply cap utilization.
Most of the top 10 positions supplying cbXRP borrow USDC.
At the moment approximately 550K cbXRP can be swapped to USDC while slippage stays below the liquidator bonus of 7%.
The main DEX for trading cbXRP is Aerodrome. cbXRP volume, along with other Coinbase wrapped assets, has significantly increased there over the past few weeks.
Conclusion
Anthias Labs will use cap guardian to enact these changes.