[Anthias Labs] Minimum Reserve Recommendations (2/4/26)
The following report gives minimum reserves recommendations for Base and OP Mainnet for the month of January. Below are our recommendations as well as the current state of reserves and bad debt on Base and OP Mainnet.
Base
Recommended Minimum Reserves
We recommend the protocol sends no reserves to auction this month in order to accrue reserves to cover bad debt as quickly as possible. The following recommendations propose minimum reserves above their current levels for all markets.
| 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
The table below details the current state of reserves on Base. It gives the current reserve level along with bad debt. Excess reserves represents reserves in markets that exceeds the amount required to cover any bad debt (if any). Uncovered debt represents bad debt totals after reserves are applied (bad debt - reserves).
| Asset | Total Reserves | Total Reserves (USD) | Bad Debt | Bad Debt (USD) | Excess Reserves | Uncovered Debt |
|---|---|---|---|---|---|---|
| AERO | 187200.0475 | $ 74,131.22 | 463855.1629 | $ 185,584.35 | $ - | $ 111,453.13 |
| cbBTC | 0.6913 | $ 53,830.67 | 0.1471 | $ 11,496.09 | $ 42,334.58 | $ - |
| cbETH | 11.8742 | $ 30,901.28 | 47.9221 | $ 124,119.82 | $ - | $ 93,218.54 |
| cbXRP | 506037.8987 | $ 819,781.40 | 1241652.626 | $ 1,996,950.19 | $ - | $ 1,177,168.79 |
| DAI | 1861.5045 | $ 1,861.50 | 0 | $ - | $ 1,861.50 | $ - |
| EURC | 24026.9081 | $ 28,327.72 | 156152.131 | $ 184,291.52 | $ - | $ 155,963.80 |
| LBTC | 0.2033 | $ 15,876.39 | 0 | $ - | $ 15,876.39 | $ - |
| MAMO | 12314.9745 | $ 160.09 | 0 | $ - | $ 160.09 | $ - |
| MORPHO | 14313.931 | $ 17,276.91 | 119318.045 | $ 152,846.42 | $ - | $ 135,569.51 |
| rETH | 3.5118 | $ 9,427.83 | 0.0005 | $ 1.32 | $ 9,426.51 | $ - |
| tBTC | 0.0748 | $ 5,838.34 | 0.0121 | $ 943.55 | $ 4,894.79 | $ - |
| USDC | 117329.1096 | $ 117,329.11 | 80996.5512 | $ 81,061.40 | $ 36,267.71 | $ - |
| USDS | 134.903 | $ 134.90 | 0 | $ - | $ 134.90 | $ - |
| VIRTUAL | 876160.9839 | $ 560,743.03 | 1966737.56 | $ 1,288,213.00 | $ - | $ 727,469.97 |
| weETH | 6.0231 | $ 15,187.95 | 0.0033 | $ 8.30 | $ 15,179.65 | $ - |
| WELL | 2604254.188 | $ 13,021.27 | 0 | $ - | $ 13,021.27 | $ - |
| WETH | 52.2966 | $ 121,380.93 | 0.2256 | $ 520.23 | $ 120,860.70 | $ - |
| wrsETH | 0.812 | $ 2,005.48 | 0.0003 | $ 0.82 | $ 2,004.66 | $ - |
| wstETH | 6.6958 | $ 19,044.66 | 81.8416 | $ 231,598.91 | $ - | $ 212,554.25 |
| TOTAL | $ 1,906,260.70 | $ 4,257,635.92 | $ 262,022.76 | $ 2,613,397.99 |
All bad debt can be attributed to the following three addresses on Base.
Address: 0xa98e339f5a0f135792286d481b4e23d91a667d3f
Reason: Oracle misprice 10/10/25
| Token | Amount | USD Value |
|---|---|---|
| VIRTUAL | 1966737.56 | $1,288,213.00 |
| MORPHO | 119307.7274 | $152,833.20 |
| AERO | 258412.0593 | $103,388.38 |
Address: 0x42ecd332d47c91cbc83b39bd7f53cebe5e9734bb
Reason: wrsETH oracle misprice 11/4/25
| Token | Amount | USD Value |
|---|---|---|
| cbXRP | 1241652.508 | $1,996,950.00 |
| wstETH | 81.8367 | $231,585.08 |
| EURC | 156152.131 | $184,291.52 |
| cbETH | 47.9219 | $124,119.30 |
| AERO | 205443.1036 | $82,195.97 |
| USDC | 80996.5512 | $81,061.40 |
| tBTC | 0.0121 | $943.55 |
Address: 0x6a8ee608d88db389796b9c02a1aaa36b89ac660c
Reason: Unfairly liquidated 11/4/25
| Token | Amount | USD Value |
|---|---|---|
| cbBTC | 0.1471 | $11,496.09 |
| WETH | 0.2256 | $520.23 |
| wstETH | 0.0049 | $13.83 |
| MORPHO | 10.3176 | $13.22 |
| weETH | 0.0033 | $8.30 |
| rETH | 0.0005 | $1.32 |
| wrsETH | 0.0003 | $0.82 |
| cbETH | 0.0002 | $0.52 |
| cbXRP | 0.1182 | $0.19 |
Reserve Accrual
The following table details how reserves have changed from January 7th to February 3rd 2026.
| Asset | USD Change | Token Change | From Liquidations | Liquidation % | From Interest | Interest % |
|---|---|---|---|---|---|---|
| AERO | $ 7,852.44 | 19829.4 | 10709.5 | 54.00% | 9119.89 | 46.00% |
| cbBTC | $ 17,629.50 | 0.2264 | 0.203692 | 90.00% | 0.0227077 | 10.00% |
| cbETH | $ 3,266.00 | 1.255 | 1.11112 | 88.50% | 0.143878 | 11.50% |
| cbXRP | $ 13,923.27 | 8594.61 | 4642.11 | 54.00% | 3952.5 | 46.00% |
| DAI | $ 58.15 | 58.1506 | 2.93E-02 | 0.10% | 58.1213 | 99.90% |
| EURC | $ 542.80 | 460.39 | 18.897 | 4.10% | 441.493 | 95.90% |
| LBTC | $ 140.57 | 0.0018 | 1.49E-03 | 82.50% | 3.15E-04 | 17.50% |
| MAMO | $ 113.56 | 8735.38 | 6938.59 | 79.40% | 1796.79 | 20.60% |
| MORPHO | $ 65.34 | 54.1305 | 5.83414 | 10.80% | 48.2964 | 89.20% |
| rETH | $ 1,526.47 | 0.5686 | 0.516243 | 90.80% | 0.0523566 | 9.20% |
| tBTC | $ 7.81 | 0.0001 | 7.53E-05 | 75.30% | 2.47E-05 | 24.70% |
| USDC | $ 10,830.90 | 10830.9 | 34.6873 | 0.30% | 10796.2 | 99.70% |
| USDS | $ 4.18 | 4.1784 | 0.0808615 | 1.90% | 4.09754 | 98.10% |
| VIRTUAL | $ 5,089.31 | 7952.04 | 607.376 | 7.60% | 7344.66 | 92.40% |
| weETH | $ 26.22 | 0.0104 | 0.00591068 | 56.80% | 0.00448932 | 43.20% |
| WELL | $ 559.07 | 111814 | 91936.6 | 82.20% | 19877.7 | 17.80% |
| WETH | $ 7,069.33 | 3.0458 | 2.35993 | 77.50% | 0.685873 | 22.50% |
| wrsETH | $ 0.49 | 0.0002 | 9.66E-05 | 48.30% | 0.000103412 | 51.70% |
| wstETH | $ 147.90 | 0.052 | 0.0438415 | 84.30% | 0.00815849 | 15.70% |
| TOTAL | $ 68,853.31 | |||||
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 | Total Reserves | Total Reserves (USD) | Bad Debt | Bad Debt (USD) |
|---|---|---|---|---|
| cbETH | 0.0005 | $ 1.28 | 0.1048 | $270.52 |
| DAI | 1620.2829 | $ 1,620.28 | ||
| OP | 9081.1667 | $ 2,070.51 | ||
| rETH | 0.2437 | $ 642.46 | 2.3139 | $6,154.01 |
| USDC | 63759.8265 | $ 63,759.83 | ||
| USDT | 9248.3736 | $ 9,239.13 | ||
| USDT0 | 3150.9642 | $ 3,147.81 | ||
| VELO | 414750.5925 | $ 7,050.76 | 1444.8106 | $24.50 |
| WBTC | 0.0001 | $ 7.80 | ||
| weETH | 0.1562 | $ 386.76 | ||
| WETH | 30.078 | $ 68,554.68 | ||
| wrsETH | 0.1363 | $ 330.57 | ||
| wstETH | 1.8573 | $ 5,187.29 | 1.3965 | $3,939.10 |
On OP Mainnet all bad debt materializes from three addresses listed below.
Address: 0xa98e339f5a0f135792286d481b4e23d91a667d3f
Reason: wrsETH oracle mispricing 11/4/25
| Asset | Amount | USD Value |
|---|---|---|
| rETH | 2.3139 | $6,154.01 |
| wstETH | 1.3965 | $3,939.10 |
| cbETH | 0.1048 | $270.52 |
Address: 0x79376987955480e421e0b23bfd01de05b6e068fe
Reason: Unknown circa March 2025
| Asset | Amount | USD Value |
|---|---|---|
| VELO | 803.129 | $13.62 |
Address: 0x703dfcd90b7003549dd89e97d541137ecb03c4d2
Reason: Unknown circa February 2025
| Asset | Amount | USD Value |
|---|---|---|
| VELO | 641.6816 | $10.88 |
Reserve Accrual
| Asset | USD Change | Token Change | From Liquidations | Liquidation % | From Interest | Interest % |
|---|---|---|---|---|---|---|
| cbETH | $ 1.28 | 0.0005 | 0 | 0.00% | 0.0005 | 100.00% |
| DAI | $ 59.34 | 59.3395 | 0 | 0.00% | 59.3395 | 100.00% |
| OP | $ 132.86 | 582.705 | 394.261 | 67.70% | 188.444 | 32.30% |
| rETH | $ 1.32 | 0.0005 | 0.000285459 | 57.10% | 0.000214541 | 42.90% |
| USDC | $ 512.74 | 512.742 | 286.3 | 55.80% | 226.442 | 44.20% |
| USDT | $ 56.35 | 56.406 | 0 | 0.00% | 56.406 | 100.00% |
| USDT0 | $ 62.94 | 62.9983 | 0.347869 | 0.60% | 62.6504 | 99.40% |
| VELO | $ 1,109.86 | 65286 | 57242.8 | 87.70% | 8043.2 | 12.30% |
| weETH | $ 20.55 | 0.0083 | 0.00756842 | 91.20% | 0.00073158 | 8.80% |
| WETH | $ 483.88 | 0.2123 | 0.123854 | 58.30% | 0.0884463 | 41.70% |
| wrsETH | $ - | 0 | 0 | 0.00% | 0 | 0.00% |
| wstETH | $ 76.81 | 0.0275 | 0.0248877 | 90.50% | 0.00261232 | 9.50% |
| TOTAL | $ 2,517.92 |