Summary
In this forum post, we share our reserve recommendations for September 2026. It covers the current status of reserves across all core market deployments on Base, OP Mainnet, and Ethereum as well as recommendations for using reserves to repay protocol bad debt.
| Chain |
Current reserves |
30d gross reserve accrual |
Bad-debt accounts |
Gross debt in those accounts |
Net bad debt |
Proposed reserve repayment |
Net bad debt after plan |
| Base |
$86,122.70 |
$26,558.71 |
92 |
$4,576,996.05 |
$4,576,990.18 |
$22,554.36 |
$4,554,435.82 |
| OP Mainnet |
$167,088.26 |
$447.92 |
3 |
$6,028.67 |
$6,028.67 |
$0.00 |
$6,028.67 |
| Ethereum |
$1,141.04 |
$779.56 |
0 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
| Total |
$254,352.00 |
$27,786.19 |
95 |
$4,583,024.72 |
$4,583,018.84 |
$22,554.36 |
$4,560,464.48 |
- Net bad debt is $4,583,018.84. Base markets represent 99.87% of this total.
- Reserve accrual was $27,786.19 over the past month.
- The three largest markets with bad debt are all on Base: cbETH ($1,768,664.86), cbXRP ($887,043.35), and VIRTUAL ($803,077.41).
- The largest reserve-accrual contributors are USDC ($15,868.46) and AERO ($4,218.47), both on Base.
Repayment plan
- Use reserves only against debt in the same mToken market.
- Where reserves are insufficient, allocate the available reserve balance pro rata across eligible borrowers in that market. Repayments at or below $1,000 are omitted and the remaining allocation is recalculated.
- Reduce reserves and call
repayBorrowBehalf for each target.
- Cap each repayment at the lower of current reserves, available cash, and current borrower debt.
Base
Market reserves, gross monthly accrual, and bad debt
| Market |
Current reserves |
Current reserves USD |
30d accrued tokens |
Gross accrual USD |
Gross bad debt |
Allocated net shortfall |
Planned reserve use |
Reserves after plan |
| AERO |
10,156.7989 AERO |
$4,824.48 |
10,092.6467 AERO |
$4,218.47 |
$73,117.99 |
$73,117.94 |
$4,824.48 |
0 AERO |
| cbBTC |
0.1376 cbBTC |
$9,909.76 |
0.0039 cbBTC |
$253.46 |
$10.15 |
$10.15 |
$0.00 |
0.1376 cbBTC |
| cbETH |
2.8095 cbETH |
$7,360.83 |
0.6329 cbETH |
$1,366.15 |
$1,768,665.13 |
$1,768,664.86 |
$0.00 |
2.8095 cbETH |
| cbXRP |
1,511.4108 cbXRP |
$1,798.58 |
1,500.7289 cbXRP |
$1,572.59 |
$887,043.35 |
$887,043.35 |
$1,798.58 |
0 cbXRP |
| DAI |
731.4832 DAI |
$731.48 |
148.8024 DAI |
$148.80 |
$0.00 |
$0.00 |
$0.00 |
731.4832 DAI |
| EURC |
711.047 EURC |
$831.92 |
709.5973 EURC |
$819.19 |
$168,623.60 |
$168,622.96 |
$0.00 |
711.047 EURC |
| LBTC |
0.0005 LBTC |
$36.19 |
0.0002 LBTC |
$12.94 |
$1.14 |
$1.13 |
$0.00 |
0.0005 LBTC |
| MAMO |
49,571.509 MAMO |
$495.72 |
9,283.6239 MAMO |
$86.76 |
$0.47 |
$0.47 |
$0.00 |
49,571.509 MAMO |
| MORPHO |
32.7601 MORPHO |
$72.33 |
32.2638 MORPHO |
$63.67 |
$231,708.98 |
$231,708.94 |
$0.00 |
32.7601 MORPHO |
| rETH |
0.6081 rETH |
$1,638.79 |
0.0002 rETH |
$0.44 |
$2.54 |
$2.52 |
$0.00 |
0.6081 rETH |
| tBTC |
0.0757 tBTC |
$5,460.58 |
0 tBTC |
$0.00 |
$0.48 |
$0.48 |
$0.00 |
0.0757 tBTC |
| USDbC |
4.2599 USDbC |
$4.26 |
0.3322 USDbC |
$0.33 |
$0.03 |
$0.03 |
$0.00 |
4.2599 USDbC |
| USDC |
15,931.3022 USDC |
$15,931.30 |
15,868.4593 USDC |
$15,868.46 |
$143,909.46 |
$143,906.63 |
$15,931.30 |
0 USDC |
| USDS |
12.4697 USDS |
$12.47 |
12.0138 USDS |
$12.01 |
$898.56 |
$898.10 |
$0.00 |
12.4697 USDS |
| VIRTUAL |
1,047.6012 VIRTUAL |
$677.80 |
1,038.9669 VIRTUAL |
$598.90 |
$803,077.41 |
$803,077.41 |
$0.00 |
1,047.6012 VIRTUAL |
| VVV |
1,593.6062 VVV |
$22,705.70 |
0.0696 VVV |
$0.84 |
$0.00 |
$0.00 |
$0.00 |
1,593.6062 VVV |
| weETH |
0.0516 weETH |
$130.94 |
0 weETH |
$0.00 |
$8.42 |
$8.42 |
$0.00 |
0.0516 weETH |
| WELL |
2,921,479.4261 WELL |
$8,764.44 |
19,283.988 WELL |
$57.97 |
$71.31 |
$71.30 |
$0.00 |
2,921,479.4261 WELL |
| WETH |
0.7715 WETH |
$1,777.08 |
0.7685 WETH |
$1,444.24 |
$368,583.11 |
$368,581.57 |
$0.00 |
0.7715 WETH |
| wrsETH |
1.1746 wrsETH |
$2,917.16 |
0 wrsETH |
$0.00 |
$1.17 |
$1.16 |
$0.00 |
1.1746 wrsETH |
| wstETH |
0.0143 wstETH |
$40.89 |
0.0142 wstETH |
$33.47 |
$131,272.74 |
$131,272.74 |
$0.00 |
0.0143 wstETH |
Proposed repayment actions
Only borrower repayments strictly greater than $1,000 are included. Smaller actions are omitted to reduce governance overhead, and each affected market’s available reserve balance is reallocated pro rata among the remaining addresses.
| Market |
mToken |
Borrower (repayBorrowBehalf target) |
Current borrow |
Proposed repayment |
Repayment USD |
Market coverage |
Borrow remaining |
| AERO |
0x73902f619CEB9B31FD8EFecf435CbDf89E369Ba6 |
0x42ecd332d47c91cbc83b39bd7f53cebe5e9734bb |
152,241.53388598 AERO |
10,156.7989 AERO |
$4,824.48 |
6.67% |
142,084.73498598 AERO |
| USDC |
0xEdc817A28E8B93B03976FBd4a3dDBc9f7D176c22 |
0x185542374ce5fc8bf8f215f5fc681370704fd124 |
25,871.59929 USDC |
4,696.1414944 USDC |
$4,696.14 |
18.15% |
21,175.4577956 USDC |
| USDC |
0xEdc817A28E8B93B03976FBd4a3dDBc9f7D176c22 |
0xf61d6742eea5e1f29cb4b96cf7108f32424d562c |
22,838.129868 USDC |
4,145.51447421 USDC |
$4,145.51 |
18.15% |
18,692.61539379 USDC |
| USDC |
0xEdc817A28E8B93B03976FBd4a3dDBc9f7D176c22 |
0x3e2178cf851a0e5cbf84c0ff53f820ad7ead703b |
10,438.216998 USDC |
1,894.71641944 USDC |
$1,894.72 |
18.15% |
8,543.50057856 USDC |
| USDC |
0xEdc817A28E8B93B03976FBd4a3dDBc9f7D176c22 |
0x76e5db63bf8f1f22886ebe88fb4ed6859b36b6cd |
10,118.171877 USDC |
1,836.62270996 USDC |
$1,836.62 |
18.15% |
8,281.54916704 USDC |
| cbXRP |
0xb4fb8fed5b3AaA8434f0B19b1b623d977e07e86d |
0x42ecd332d47c91cbc83b39bd7f53cebe5e9734bb |
739,783.579192 cbXRP |
1,511.4108 cbXRP |
$1,798.58 |
0.20% |
738,272.168392 cbXRP |
| USDC |
0xEdc817A28E8B93B03976FBd4a3dDBc9f7D176c22 |
0x8c40a7d8c37b30c8a4b228ca0885e65444a676a0 |
9,298.202574 USDC |
1,687.78413896 USDC |
$1,687.78 |
18.15% |
7,610.41843504 USDC |
| USDC |
0xEdc817A28E8B93B03976FBd4a3dDBc9f7D176c22 |
0xe811980cd6a377796c4cc35f6d3a2362cbefe697 |
9,203.108713 USDC |
1,670.52296304 USDC |
$1,670.52 |
18.15% |
7,532.58574996 USDC |
OP Mainnet
Market reserves, gross monthly accrual, and bad debt
| Market |
Current reserves |
Current reserves USD |
30d accrued tokens |
Gross accrual USD |
Gross bad debt |
Allocated net shortfall |
Planned reserve use |
| cbETH |
0.0093 cbETH |
$24.32 |
0 cbETH |
$0.00 |
$502.88 |
$502.88 |
$0.00 |
| DAI |
1,775.8199 DAI |
$1,775.82 |
12.2926 DAI |
$12.29 |
$0.00 |
$0.00 |
$0.00 |
| OP |
13,215.3562 OP |
$1,202.60 |
88.1106 OP |
$7.72 |
$0.00 |
$0.00 |
$0.00 |
| rETH |
0.0003 rETH |
$0.81 |
0.0003 rETH |
$0.68 |
$5,496.37 |
$5,496.37 |
$0.00 |
| USDC |
65,329.2446 USDC |
$65,329.24 |
362.1814 USDC |
$362.18 |
$0.00 |
$0.00 |
$0.00 |
| USDT |
9,514.0086 USDT |
$9,514.01 |
12.9361 USDT |
$12.93 |
$0.00 |
$0.00 |
$0.00 |
| USDT0 |
3,280.1588 USDT0 |
$3,280.16 |
9.3045 USDT0 |
$9.30 |
$0.00 |
$0.00 |
$0.00 |
| VELO |
593,667.1459 VELO |
$11,873.34 |
419.9975 VELO |
$7.61 |
$29.28 |
$29.28 |
$0.00 |
| WBTC |
0.0001 WBTC |
$7.20 |
0 WBTC |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
| weETH |
0.16 weETH |
$404.51 |
0.0005 weETH |
$1.12 |
$0.00 |
$0.00 |
$0.00 |
| WETH |
31.0379 WETH |
$71,229.31 |
0.0062 WETH |
$11.79 |
$0.00 |
$0.00 |
$0.00 |
| wrsETH |
0.1474 wrsETH |
$365.33 |
0.0108 wrsETH |
$22.29 |
$0.00 |
$0.00 |
$0.00 |
| wstETH |
0.7292 wstETH |
$2,081.61 |
0 wstETH |
$0.00 |
$0.13 |
$0.13 |
$0.00 |
Ethereum
Market reserves, gross monthly accrual, and bad debt
| Market |
Current reserves |
Current reserves USD |
30d accrued tokens |
Gross accrual USD |
Gross bad debt |
| cbBTC |
0.0022 cbBTC |
$158.62 |
0.0014 cbBTC |
$89.77 |
$0.00 |
| USDC |
259.7295 USDC |
$259.73 |
177.7911 USDC |
$177.79 |
$0.00 |
| USDT |
465.3021 USDT |
$465.30 |
399.1535 USDT |
$398.75 |
$0.00 |
| WETH |
0.1116 WETH |
$257.39 |
0.0601 WETH |
$113.24 |
$0.00 |