[Anthias Labs] Reserve Recommendations 7/22/26

Proposals
1

Summary

In this forum post, we share our reserve recommendations for August 2026. It covers the current status of reserves across all core market deployments on Base and OP Mainnet, as well as recommendations for using reserves to repay protocol bad debt.

Planned bad debt repayment:

Chain Bad-debt accounts Current reserves Gross bad-debt exposure Net shortfall Planned repayment
Base 93 $95,982.14 $4,177,290.13 $4,177,284.97 $45,962.68
OP Mainnet 3 $157,720.86 $9,028.84 $9,028.84 $3,978.58

Method and assumptions

  • A bad-debt account is one whose current gross borrow value is greater than its current gross supplied value. Values are recomputed from underlying token balances using the latest reserve-snapshot price.
  • Gross bad-debt exposure is the full outstanding borrow held by those accounts. Net shortfall is max(borrow USD - supply USD, 0) and is allocated pro-rata across each account’s borrowed markets for reporting.
  • The repayment plan includes only accounts with less than $1.00 of supplied assets.
  • Reserves are used only to repay debt in the same asset/market. If reserves cannot cover all eligible debt, every eligible borrower in that market receives the same pro-rata coverage percentage.
  • Repayment rows must be strictly greater than $100.00. Smaller rows are removed and the market allocation is recalculated among the remaining targets.
  • Snapshot USD values are estimates. Balances and prices can change before a governance proposal executes.

Base

All markets: reserves and bad debt

Market Price Reserves (tokens) Reserves (USD) Gross bad debt (tokens) Gross bad debt (USD) Planned reserve use Coverage Reserves after plan
VVV 12.39 $1,593.54 19743.92 0.00 $0.00 0 VVV ($0.00) 0.00% 1593.5366
VIRTUAL 0.656 18,964.36 $12,440.62 1,259,157.12 $826,007.07 18,964.3568 VIRTUAL ($12,440.62) 1.51% 0
USDC 1 11,807.45 $11,807.45 154,425.05 $154,425.05 11,807.4474 USDC ($11,807.45) 8.11% 0
WELL 0.004 2,902,172.54 $11,608.69 23,725.54 $94.90 0 WELL ($0.00) 0.00% 2902172.543
cbBTC 65731.442 0.17 $11,410.98 0.04 $2,631.41 0.03990043 cbBTC ($2,622.71) 100.00% 0.13369957
tBTC 65461.722 0.09 $5,747.54 0.01 $794.07 0.01212566 tBTC ($793.77) 100.00% 0.07567434
cbETH 2190.011 2.18 $4,766.78 674.49 $1,477,143.58 2.1766 cbETH ($4,766.78) 0.33% 0
cbXRP 1.13 2,910.23 $3,288.56 747,705.30 $844,906.99 2,910.2308 cbXRP ($3,288.56) 0.39% 0
WETH 1929.422 1.60 $3,077.81 161.57 $311,742.46 1.5952 WETH ($3,077.81) 1.10% 0
AERO 0.435 6,314.36 $2,746.75 159,440.56 $69,356.64 6,314.3566 AERO ($2,746.75) 4.00% 0
wrsETH 2076.663 1.17 $2,439.25 0.00 $0.98 0 wrsETH ($0.00) 0.00% 1.1746
DAI 1 2,130.47 $2,130.47 1,550.70 $1,550.70 1,550.7035003 DAI ($1,550.70) 100.00% 579.7674997
wstETH 2391.676 0.67 $1,597.16 46.55 $111,328.62 0.6678 wstETH ($1,597.16) 1.44% 0
rETH 2253.185 0.61 $1,369.71 0.00 $2.12 0 rETH ($0.00) 0.00% 0.6079
EURC 1.141 747.01 $852.34 143,941.05 $164,236.74 747.0118 EURC ($852.34) 0.56% 0
MAMO 0.01 40,287.89 $402.88 46.17 $0.46 0 MAMO ($0.00) 0.00% 40287.8851
MORPHO 2.019 112.95 $228.05 104,994.22 $211,983.34 112.9525 MORPHO ($228.05) 0.11% 0
USDS 1 189.99 $189.99 1,076.87 $1,076.87 189.9855 USDS ($189.99) 21.34% 0
weETH 2121.462 0.05 $109.47 0.00 $7.04 0 weETH ($0.00) 0.00% 0.0516
LBTC 66030.418 0.00 $19.81 0.00 $1.04 0 LBTC ($0.00) 0.00% 0.0003
USDbC 1 3.93 $3.93 0.03 $0.03 0 USDbC ($0.00) 0.00% 3.9277

Reserve repayment targets

Each row means: withdraw the shown same-asset reserve amount through the governance-approved execution path, then call repayBorrowBehalf in the listed mToken market with the listed borrower address.

Reserve market mToken / market address Borrower (repayBorrowBehalf target) Current borrow Planned repayment Repayment USD Market coverage Borrow remaining
AERO 0x73902f619CEB9B31FD8EFecf435CbDf89E369Ba6 0x42ecd332d47c91cbc83b39bd7f53cebe5e9734bb 157,758.26679833 AERO 6,314.3566 AERO $2,746.75 4.00% 151,443.91019833 AERO
cbBTC 0xF877ACaFA28c19b96727966690b2f44d35aD5976 0x2a2621a41011a22b5adda2593f4f81151c2aa4c7 0.01460137 cbBTC 0.01460137 cbBTC $959.77 100.00% 0 cbBTC
cbBTC 0xF877ACaFA28c19b96727966690b2f44d35aD5976 0x45854310c3302c5dab9c0c745e8058d485a4ae8a 0.00975022 cbBTC 0.00975022 cbBTC $640.90 100.00% 0 cbBTC
cbBTC 0xF877ACaFA28c19b96727966690b2f44d35aD5976 0xa36c71930f378875f09d6358073324ed015f2762 0.01554884 cbBTC 0.01554884 cbBTC $1,022.05 100.00% 0 cbBTC
cbETH 0x3bf93770f2d4a794c3d9EBEfBAeBAE2a8f09A5E5 0x0c740699fc922a72e61fef9689713e29a2b899fc 38.85277732 cbETH 0.12897784 cbETH $282.46 0.33% 38.72379948 cbETH
cbETH 0x3bf93770f2d4a794c3d9EBEfBAeBAE2a8f09A5E5 0x1bc8c6c06a43e3fbb2ebc613e0ebc0ecb95b5937 110.72051444 cbETH 0.36755397 cbETH $804.95 0.33% 110.35296047 cbETH
cbETH 0x3bf93770f2d4a794c3d9EBEfBAeBAE2a8f09A5E5 0x42ecd332d47c91cbc83b39bd7f53cebe5e9734bb 53.17203197 cbETH 0.17651283 cbETH $386.57 0.33% 52.99551914 cbETH
cbETH 0x3bf93770f2d4a794c3d9EBEfBAeBAE2a8f09A5E5 0x9e81b20e3255cdfaebda41d5decbacd9fc6ae0a9 404.05719767 cbETH 1.34133073 cbETH $2,937.53 0.33% 402.71586694 cbETH
cbETH 0x3bf93770f2d4a794c3d9EBEfBAeBAE2a8f09A5E5 0xbe4427685fe32cbaf4a77fe77f3c58a55bb955ad 48.86791026 cbETH 0.16222463 cbETH $355.27 0.33% 48.70568563 cbETH
cbXRP 0xb4fb8fed5b3AaA8434f0B19b1b623d977e07e86d 0x42ecd332d47c91cbc83b39bd7f53cebe5e9734bb 742,078.975821 cbXRP 2,910.2308 cbXRP $3,288.56 0.39% 739,168.745021 cbXRP
DAI 0x73b06D8d18De422E269645eaCe15400DE7462417 0x0441455e280d3a47e8ab2b4c82f68274dfc8d8a7 1,550.7035003 DAI 1,550.7035003 DAI $1,550.70 100.00% 0 DAI
EURC 0xb682c840B5F4FC58B20769E691A6fa1305A501a2 0x42ecd332d47c91cbc83b39bd7f53cebe5e9734bb 134,417.089031 EURC 747.0118 EURC $852.34 0.56% 133,670.077231 EURC
MORPHO 0x6308204872BdB7432dF97b04B42443c714904F3E 0xa98e339f5a0f135792286d481b4e23d91a667d3f 104,981.97957281 MORPHO 112.9525 MORPHO $228.05 0.11% 104,869.02707281 MORPHO
tBTC 0x9A858ebfF1bEb0D3495BB0e2897c1528eD84A218 0x42ecd332d47c91cbc83b39bd7f53cebe5e9734bb 0.01212566 tBTC 0.01212566 tBTC $793.77 100.00% 0 tBTC
USDC 0xEdc817A28E8B93B03976FBd4a3dDBc9f7D176c22 0x030b277dbffd53ebbaffca6add3865c6cbd028a0 8,167.641727 USDC 662.24266156 USDC $662.24 8.11% 7,505.39906544 USDC
USDC 0xEdc817A28E8B93B03976FBd4a3dDBc9f7D176c22 0x0ccb58bdbe1113afa9d13757558b98856d485f21 1,843.825555 USDC 149.4996945 USDC $149.50 8.11% 1,694.3258605 USDC
USDC 0xEdc817A28E8B93B03976FBd4a3dDBc9f7D176c22 0x185542374ce5fc8bf8f215f5fc681370704fd124 27,883.015742 USDC 2,260.78997765 USDC $2,260.79 8.11% 25,622.22576435 USDC
USDC 0xEdc817A28E8B93B03976FBd4a3dDBc9f7D176c22 0x22732c901c0c46128b418ae30b7b53fb95d18b38 2,888.766491 USDC 234.22481955 USDC $234.22 8.11% 2,654.54167145 USDC
USDC 0xEdc817A28E8B93B03976FBd4a3dDBc9f7D176c22 0x2ac5e20ed9773a751d972deb832c8f7f490bd752 1,793.934929 USDC 145.45449981 USDC $145.45 8.11% 1,648.48042919 USDC
USDC 0xEdc817A28E8B93B03976FBd4a3dDBc9f7D176c22 0x2ad6edea3ecd174be69e47bdc37fffe5adac6807 2,674.341877 USDC 216.83900222 USDC $216.84 8.11% 2,457.50287478 USDC
USDC 0xEdc817A28E8B93B03976FBd4a3dDBc9f7D176c22 0x3e2178cf851a0e5cbf84c0ff53f820ad7ead703b 11,249.882305 USDC 912.15460337 USDC $912.15 8.11% 10,337.72770163 USDC
USDC 0xEdc817A28E8B93B03976FBd4a3dDBc9f7D176c22 0x45854310c3302c5dab9c0c745e8058d485a4ae8a 1,678.161032 USDC 136.06740667 USDC $136.07 8.11% 1,542.09362533 USDC
USDC 0xEdc817A28E8B93B03976FBd4a3dDBc9f7D176c22 0x45b4f0b3216038632da1aebbbf52202f1d315307 7,249.513167 USDC 587.79964343 USDC $587.80 8.11% 6,661.71352357 USDC
USDC 0xEdc817A28E8B93B03976FBd4a3dDBc9f7D176c22 0x76e5db63bf8f1f22886ebe88fb4ed6859b36b6cd 10,904.820515 USDC 884.17655954 USDC $884.18 8.11% 10,020.64395546 USDC
USDC 0xEdc817A28E8B93B03976FBd4a3dDBc9f7D176c22 0x88e57c01beba95b51006df6de835fdec38d370af 1,970.548391 USDC 159.77454139 USDC $159.77 8.11% 1,810.77384961 USDC
USDC 0xEdc817A28E8B93B03976FBd4a3dDBc9f7D176c22 0x8c40a7d8c37b30c8a4b228ca0885e65444a676a0 10,021.096458 USDC 812.52310177 USDC $812.52 8.11% 9,208.57335623 USDC
USDC 0xEdc817A28E8B93B03976FBd4a3dDBc9f7D176c22 0x91e66db5904fbac6c877e8696bb4ed50841ae442 1,469.960395 USDC 119.18623722 USDC $119.19 8.11% 1,350.77415778 USDC
USDC 0xEdc817A28E8B93B03976FBd4a3dDBc9f7D176c22 0x9cde2b9d159036d49a9cb98d0560efc928c139d0 5,046.14737 USDC 409.147974 USDC $409.15 8.11% 4,636.999396 USDC
USDC 0xEdc817A28E8B93B03976FBd4a3dDBc9f7D176c22 0xa4caa152822a67bd8c8a689afc317b7b780f8210 1,392.441112 USDC 112.90087628 USDC $112.90 8.11% 1,279.54023572 USDC
USDC 0xEdc817A28E8B93B03976FBd4a3dDBc9f7D176c22 0xab2a43335a25566cd4cb446ea03b873aa26d0528 2,474.966477 USDC 200.67339408 USDC $200.67 8.11% 2,274.29308292 USDC
USDC 0xEdc817A28E8B93B03976FBd4a3dDBc9f7D176c22 0xb506428de44980901fd2eda619d23342fb8f2ed4 4,477.925753 USDC 363.07585079 USDC $363.08 8.11% 4,114.84990221 USDC
USDC 0xEdc817A28E8B93B03976FBd4a3dDBc9f7D176c22 0xc362b9936f973fc7d8729180a11cefcaf1fe8e40 2,242.290542 USDC 181.8077367 USDC $181.81 8.11% 2,060.4828053 USDC
USDC 0xEdc817A28E8B93B03976FBd4a3dDBc9f7D176c22 0xddf093745b0a723c68a8f040ab03e72eee2b8f60 4,022.813046 USDC 326.17474023 USDC $326.17 8.11% 3,696.63830577 USDC
USDC 0xEdc817A28E8B93B03976FBd4a3dDBc9f7D176c22 0xe54724b107bb90dd24260cef0c52b4106f57b2a2 1,640.484823 USDC 133.01257226 USDC $133.01 8.11% 1,507.47225074 USDC
USDC 0xEdc817A28E8B93B03976FBd4a3dDBc9f7D176c22 0xe811980cd6a377796c4cc35f6d3a2362cbefe697 9,918.601868 USDC 804.21271153 USDC $804.21 8.11% 9,114.38915647 USDC
USDC 0xEdc817A28E8B93B03976FBd4a3dDBc9f7D176c22 0xf61d6742eea5e1f29cb4b96cf7108f32424d562c 24,613.688273 USDC 1,995.70879547 USDC $1,995.71 8.11% 22,617.97947753 USDC
USDS 0xb6419c6C2e60c4025D6D06eE4F913ce89425a357 0xce7b587609586df23fd704edf067d3616d62514b 890.35843999 USDS 189.9855 USDS $189.99 21.34% 700.37293999 USDS
VIRTUAL 0xdE8Df9d942D78edE3Ca06e60712582F79CFfFC64 0xa98e339f5a0f135792286d481b4e23d91a667d3f 1,259,157.12375238 VIRTUAL 18,964.3568 VIRTUAL $12,440.62 1.51% 1,240,192.76695238 VIRTUAL
WETH 0x628ff693426583D9a7FB391E54366292F509D457 0x3b87f7d473550ef9e53e46baae856608f8b8a0c4 31.10896925 WETH 0.34091611 WETH $657.77 1.10% 30.76805314 WETH
WETH 0x628ff693426583D9a7FB391E54366292F509D457 0x42d3617495205563f85f85671cd8f9bcc9bca7e4 69.25242386 WETH 0.75892153 WETH $1,464.28 1.10% 68.49350233 WETH
WETH 0x628ff693426583D9a7FB391E54366292F509D457 0xee3a8faef6c61c97e4039b3f569276605e61c5c3 29.04912094 WETH 0.3183427 WETH $614.22 1.10% 28.73077824 WETH
WETH 0x628ff693426583D9a7FB391E54366292F509D457 0xf0f2f08a6327c0a824e71ee1897634184ce1225c 16.15323871 WETH 0.17701966 WETH $341.55 1.10% 15.97621905 WETH
wstETH 0x627Fe393Bc6EdDA28e99AE648fD6fF362514304b 0x42ecd332d47c91cbc83b39bd7f53cebe5e9734bb 46.47474016 wstETH 0.6678 wstETH $1,597.16 1.44% 45.80694016 wstETH

OP Mainnet

All markets: reserves and bad debt

Market Price Reserves (tokens) Reserves (USD) Gross bad debt (tokens) Gross bad debt (USD) Planned reserve use Coverage Reserves after plan
USDC $1 64,965.98 $64,965.98 0 $0.00 0 USDC ($0.00) 0.00% 64,965.98
WETH $1,930.53 31.0317 $59,907.63 0 $0.00 0 WETH ($0.00) 0.00% 31.0317
VELO $0.02 593,236.37 $10,678.25 1,461.53 $26.31 0 VELO ($0.00) 0.00% 593,236.37
USDT $1.00 9,501.07 $9,491.57 0 $0.00 0 USDT ($0.00) 0.00% 9,501.07
wstETH $2,393.53 2.1271 $5,091.28 1.3979252 $3,345.98 1.3979252 wstETH ($3,345.98) 100.00% 0.7291748
USDT0 $1.00 3,270.81 $3,267.54 0 $0.00 0 USDT0 ($0.00) 0.00% 3,270.81
DAI $1 1,763.53 $1,763.53 0 $0.00 0 DAI ($0.00) 0.00% 1,763.53
OP $0.10 13,125.29 $1,273.15 0 $0.00 0 OP ($0.00) 0.00% 13,125.29
rETH $2,254.48 0.2806 $632.61 2.32210264 $5,235.13 0.2806 rETH ($632.61) 12.08% 0
weETH $2,122.56 0.1595 $338.55 0 $0.00 0 weETH ($0.00) 0.00% 0.1595
wrsETH $2,077.86 0.1366 $283.84 0 $0.00 0 wrsETH ($0.00) 0.00% 0.1366
cbETH $2,191.66 0.0093 $20.38 0.19228614 $421.43 0 cbETH ($0.00) 0.00% 0.0093
WBTC $65,618.75 0.0001 $6.56 0 $0.00 0 WBTC ($0.00) 0.00% 0.0001

Reserve repayment targets

Each row means: withdraw the shown same-asset reserve amount through the governance-approved execution path, then call repayBorrowBehalf in the listed mToken market with the listed borrower address.

Reserve market mToken / market address Borrower (repayBorrowBehalf target) Current borrow Planned repayment Repayment USD Market coverage Borrow remaining
rETH 0x4c2E35E3eC4A0C82849637BC04A4609Dbe53d321 0xa98e339f5a0f135792286d481b4e23d91a667d3f 2.32210264 rETH 0.2806 rETH $632.61 12.08% 2.04150264 rETH
wstETH 0xbb3b1aB66eFB43B10923b87460c0106643B83f9d 0xa98e339f5a0f135792286d481b4e23d91a667d3f 1.3979252 wstETH 1.3979252 wstETH $3,345.98 100.00% 0 wstETH
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Weekly Governance Recaps
Monthly Governance Reports
2

Where exactly can I track cbETH oracle incident repayments - executed and planned? I could only see cumulative amounts paid in vercel dashboard, but would like to find out the individual transactions made for my wallet.

1 Like
3

@nhjx32hj Thank you for the feedback, we have updated the dashboard so users can now look up their address and view the specific transactions associated with all repayment rounds. Additionally, planned remediation rounds will be posted there prior to their execution. Please let us know if there is anything else we can do.

1 Like
4

Thank you, this is very helpful.