[Anthias Labs] Minimum Reserve Recommendations (12/16/25)
The following report gives minimum reserves recommendations for Base and OP Mainnet for the month of December. Below are our recommendations as well as the current state of reserves and bad debt on Base and OP Mainnet. Additionally, the bottom of this post contains recommendations for next steps to remediate bad debt on the protocol using reserves.
Base
Recommended Minimum Reserves
| Asset | Recommended Reserves |
|---|---|
| AERO | 600000 |
| cbBTC | 4 |
| cbETH | 100 |
| cbXRP | 1300000 |
| DAI | 1500 |
| EURC | 250000 |
| LBTC | 1 |
| MAMO | 600000 |
| MORPHO | 140000 |
| rETH | 6 |
| tBTC | 1 |
| USDC | 800000 |
| USDS | 2500 |
| VIRTUAL | 2000000 |
| weETH | 8 |
| WELL | 4000000 |
| WETH | 400 |
| wrsETH | 1 |
| wstETH | 100 |
Current Reserves & Bad Debt
| Asset | Price | Total Reserves (Tokens) | Total Reserves (USD) | Bad Debt (Tokens) | Bad Debt (USD) |
|---|---|---|---|---|---|
| AERO | 0.575 | 147759.546 | $84,961.74 | 459784.458 | $264,376.06 |
| cbBTC | 89546.68 | 0.4487 | $40,179.60 | 0.1469 | $13,154.41 |
| cbETH | 3471.534 | 9.9961 | $34,701.80 | 47.8666 | $166,170.53 |
| cbXRP | 2.004 | 28666.1874 | $57,447.04 | 1225753.388 | $2,456,409.79 |
| DAI | 1 | 1754.9993 | $1,755.00 | 0 | $0.00 |
| EURC | 1.173 | 23164.9412 | $27,172.48 | 155059.066 | $181,884.28 |
| LBTC | 89748.471 | 0.2013 | $18,066.37 | 0 | $0.00 |
| MAMO | 0.024 | 3062.8274 | $73.51 | 0 | $0.00 |
| MORPHO | 1.12 | 14212.7112 | $15,918.24 | 119173.5443 | $133,474.37 |
| rETH | 3585.587 | 2.9319 | $10,512.58 | 0.0005 | $1.79 |
| tBTC | 89590.277 | 0.0746 | $6,683.43 | 0.0121 | $1,084.04 |
| USDC | 1 | 95739.4147 | $95,739.41 | 80317.9231 | $80,317.92 |
| USDS | 1 | 125.0824 | $125.08 | 0 | $0.00 |
| VIRTUAL | 0.787 | 862109.553 | $678,480.22 | 1929294.963 | $1,518,355.14 |
| weETH | 3378.157 | 6.0097 | $20,301.71 | 0.0033 | $11.15 |
| WELL | 0.009 | 2252524.68 | $20,272.72 | 0 | $0.00 |
| WETH | 3117.615 | 348.6991 | $1,087,109.54 | 0.2253 | $702.40 |
| wrsETH | 3305.991 | 0.8118 | $2,683.80 | 0.0003 | $0.99 |
| wstETH | 3809.628 | 6.6392 | $25,292.88 | 81.8152 | $311,685.48 |
| Total: $2,227,477.15 | Total: $5,127,628.35 |
OP Mainnet
Recommended Minimum Reserves
| Asset | Recommended Reserves |
|---|---|
| cbETH | 0.2 |
| DAI | 22500 |
| OP | 10000 |
| rETH | 3 |
| USDC | 136000 |
| USDT | 73600 |
| USDT0 | 40000 |
| VELO | 600000 |
| weETH | 3 |
| WETH | 180 |
| wrsETH | 2 |
| wstETH | 12 |
Current Reserves & Bad Debt
| Asset | Price | Total Reserves | Total Reserves (USD) | Bad Debt (Tokens) | Bad Debt (USD) |
|---|---|---|---|---|---|
| DAI | 1 | 1,524.25 | $1,524.25 | 0 | $0.00 |
| OP | 0.313 | 8,173.47 | $2,558.30 | 0 | $0.00 |
| USDC | 1.00 | 63,104.54 | $63,104.54 | 0 | $0.00 |
| USDT | 1.00 | 9,149.35 | $9,149.35 | 0 | $0.00 |
| USDT0 | 1 | 3,068.55 | $3,068.55 | 0 | $0.00 |
| VELO | 0.026 | 310,924.88 | $8,084.05 | 1,437.7383 | $37.38 |
| WETH | 3,118.10 | 32.3211 | $100,780.55 | 0 | $0.00 |
| cbETH | 3,472.07 | 0 | $0.00 | 0.1003 | $348.25 |
| rETH | 3,586.11 | 0.1233 | $442.17 | 2.3114 | $8,288.94 |
| weETH | 3,378.42 | 0.1478 | $499.33 | 0 | $0.00 |
| wrsETH | 3,306.51 | 0.1363 | $450.68 | 0 | $0.00 |
| wstETH | 3,809.48 | 1.8297 | $6,970.20 | 1.3960 | $5,318.03 |
| Total: $196,631.97 | Total: $13,992.60 |
Bad Debt Remediation
Last month approximately half of the VIRTUAL bad debt on Base was covered by moving excess USDC and cbBTC reserves to VIRTUAL reserves. This month we recommend using 300 WETH from reserves and transferring it fully to cbXRP reserves. This move seeks to cover approximately $900K of the ~$2.5M cbXRP debt.
Additionally, there exist small amounts of bad debt on OP Mainnet originating from 11/4. To fully cover it with current protocol reserves we recommend withdrawing a total of 3.2 WETH and allocating it to rETH and cbETH reserves. Specifically, 3 WETH should be swapped for rETH and deposited into rETH reserves, and 0.2 WETH swapped for cbETH and deposited into cbETH reserves. This way, all bad debt will be fully covered by reserves.
Base
| Source | Reserves to be withdrawn | Destination | Approximate reserves to be added |
|---|---|---|---|
| WETH reserves | 300 WETH | cbXRP reserves | 460,000 cbXRP |
OP Mainnet
| Source | Reserves to be withdrawn | Destination | Approximate reserves to be added |
|---|---|---|---|
| WETH reserves | 3 WETH | rETH reserves | 2.61 rETH |
| WETH reserves | 0.2 WETH | cbETH reserves | 0.18 cbETH |