[Anthias Labs] - Risk Parameter Recommendations

[AnthiasLabs]

[Anthias Labs] - Risk Parameter Recommendations (6/11/2025)

Introduction

We’ve been closely monitoring the Moonwell Core markets on Base and are pleased to share our monthly parameter recommendations for June.

USDC

In late May and early June, the USDC market experienced a sharp increase in interest rates as utilization surpassed 90%, triggering the jump multiplier and causing rates to spike. Over the past 90 days, a broader trend of rising interest rates has emerged, coinciding with a crypto bull market. During bull markets, borrowing typically becomes more appealing, driving up interest rates. These volatile rate spikes create challenges for borrowers seeking stable and predictable rates. Additionally, over the past month, the borrow rate on Aave Base markets has risen from 4.36% to 5.87%, reflecting the ongoing trend of increasing rates. For this reason, we recommend a slight bump to the multiplier, resulting in a 45 bps increase in borrow rate at kink. With these changes, we hope to align Moonwell’s USDC market with broader market trends, ensuring stable rates for borrowers.

Recommendation

Parameter	Value
Multiplier	0.049 → 0.054

Granularity: 1h (with WELL rewards). Interest rates spiking.

Granularity: 1d (without WELL rewards). Trending upward over past 90d. Period of high interest rates start of June.

USDC Borrow rates on Aave (Base), exhibiting upward trends as well

Previous Interest Rates

Utilization (%)	Borrow APY	Supply APY
0	0	0
90%	4.41%	3.57%
100%	94.41%	84.97%

New Interest Rates

Utilization (%)	Borrow APY	Supply APY
0	0	0
90%	4.86%	3.94%
100%	94.86%	85.37%

Conclusion

We will continue to keep a close eye on Moonwell’s Core markets on Base, and provide recommendations for necessary parameter changes. As always, we welcome feedback from the community.

[AnthiasLabs]

[Anthias Labs] - Risk Parameter Recommendations (7/9/2025)

Anthias Labs proposes the following parameter changes for the month of July for Core markets on Base, Optimism, Moonbeam, and Moonriver. We also would like to announce that our risk monitoring dashboard is now live, and can be viewed here.

Base

Summary

Risk Parameters

Parameter	Current Value	Recommended Value
cbXRP Collateral Factor	70%	74%
MORPHO Supply Cap	4,000,000 MORPHO	6,000,000 MORPHO

Rationale

cbXRP

When determining the collateral factor, we evaluate two key factors: asset volatility and secondary market liquidity. The 30-day annualized volatility, calculated as the standard deviation of daily returns over the past 30 days and annualized, indicates the expected price fluctuation of an asset. Secondary market liquidity shows how much of an asset can be sold profitably given that price movement. These metrics together determine the collateral factor, which sets the buffer between when a position becomes eligible for liquidation and when it risks creating “bad debt,” where the collateral value falls below the loan value. More on our methodology can be found here.
Below is the 30-day annualized volatility for cbETH, cbBTC, and XRP graphed over the last 180 days. For reference, cbBTC and cbETH have collateral factors of 85% and 81% respectively. As can be seen in the graph, XRP’s volatility spiked much higher than cbBTC and cbETH when it rose to elevated levels across the board in March 2025. Currently XRP’s 30d annualized volatility sits in between that of cbETH and cbBTC.

Measuring secondary market liquidity across DEXs on Base, we see that nearly $1M worth of cbXRP can be profitably sold for stables while slippage stays below the liquidation bonus (7%). This represents more than is currently supplied as collateral to the protocol (335,834 cbXRP), and nearly half of current supply caps. Additionally, liquidators can always access liquidity from other venues including CEXs due to cbXRP’s 1:1 redemption mechanism for XRP through Coinbase.

Based on current volatility and secondary market liquidity, we are confident that the protocol can safely increase cbXRP’s collateral factor from 70% to 74% with minimal additional risk of bad debt, unlocking increased capital efficiency for users. cbXRP’s collateral factor could potentially increase further, though our approach is to incrementally adjust the collateral factor as the asset matures on Base.

MORPHO

Morpho’s supply cap utilization has recently surged from ~70% to 100%, triggering a review for a potential increase. This review will consider the current profile of positions supplying Morpho, focusing on the types of assets borrowed (e.g., are they looped?) and the health of these positions. Additionally, we will assess secondary market liquidity to evaluate whether collateral at risk of liquidation could threaten bad debt for the protocol.

Looking at the top positions supplying Morpho to the protocol, we see that the majority comes from one position supplying $2.93M of MORPHO and borrowing ~$800K of USDC. This user alone accounts for nearly 54% of the supply cap. Other top positions are either looped or have high health factors and don’t pose significant risk of liquidation.

Looking at DEX liquidity, we notice that 400K MORPHO can be profitably sold to stables while staying below 7% slippage (liquidator bonus).

The primary trading pool for MORPHO is the WETH/MORPHO pair on Aerodrome, which sees substantial daily volume (~$1M). As a result, any swap causing significant slippage is likely to be quickly arbitraged, restoring pool balance. This enables partial liquidations to gradually reduce protocol debt, even for large positions eligible for liquidation. Combined with a conservative collateral factor of 65%, current liquidity levels and high trading volume in the main pool make it unlikely for such a large position to result in bad debt.

Optimism

Summary

IR Parameters

DAI IR Parameters	Current Value	Recommended Value
Base	0	0
Kink	0.9	0.9
Multiplier	0.049	0.054
Jump Multiplier	9	9

Rationale

weETH

Supply cap utilization for weETH has reached 100%, prompting review for a raise. Similar to sections above we will look at the landscape of positions supplying weETH as well as DEX liquidity to determine if the supply cap for weETH can be safely raised.

DEX liquidity for weETH on Optimism is limited, with only about 55 weETH (~$150K) able to be swapped to stablecoins while keeping slippage below the liquidator bonus. This suggests that high liquidation volumes could make it challenging for liquidators to profitably sell seized collateral directly on-chain. However, liquidators could potentially access larger liquidity pools by bridging to SwellChain, where weETH DEX liquidity is significantly higher. Such cross-chain liquidations are more complex than standard on-chain flash-loan liquidations and cannot be consistently relied upon. This may change with the introduction of superswaps on Velodrome, which could simplify the process.

The top position supplying weETH on Optimism accounts for nearly 94% of the current supply cap. This position is a recursive position not at risk of liquidation due to supplying and borrowing highly correlated assets.

The largest position supplying weETH far exceeds the other top 8 positions, though all exhibit similar looping patterns. The current state of weETH supply positions, mostly looped, indicates that a sudden weETH price drop is unlikely to cause liquidation volumes that would overwhelm DEX liquidity or make liquidations unprofitable. However, increasing supply caps now could enable users to take large positions (e.g., supplying weETH and borrowing stablecoins) that, if liquidated, might not be profitably resolved due to limited DEX liquidity. Therefore, we do not recommend raising weETH supply caps on Optimism at this time. We will continue to monitor DEX liquidity and the introduction of superswaps between Optimism and SwellChain on Velodrome, which could facilitate safely increasing caps in the future.

DAI

Over the past few weeks, we’ve noticed that DAI utilization has consistently exceeded the 90% kink threshold, triggering a sharp increase in interest rates due to the jump multiplier. These large fluctuations in interest rates are causing instability for borrowers, as borrowing costs become unpredictable and often unsustainable. To bring back stability to interest rates we recommend slightly increasing the multiplier from 0.049 to 0.054 (50bps increase).

Current APYs

Utilization	Borrow APY	Supply APY
0%	0%	0%
90% (kink)	4.41%	3.57%
100%	94.41%	84.97%

Projected APYs

Utilization	Borrow APY	Supply APY
0%	0%	0%
90% (kink)	4.86%	3.94%
100%	94.86%	85.37%

Moonbeam

We support Gauntlet’s risk-off approach for the Moonbeam Core markets, which involves incrementally lowering collateral factors across all assets. Following the significant reduction in collateral factors last month, we believe further risk-off measures are not immediately necessary. Over the coming weeks, we will assess the optimal strategy for continuing to wind down these markets.

Moonriver

No parameter recommendations for Moonriver at this time.

Additional Links

Monitoring Dashboard
Anthias Labs X Account

[AnthiasLabs]

[Anthias Labs] - Risk Parameter Recommendations (8/5/2025)

Anthias Labs proposes the following parameter changes for the month of August. For more information on current parameters, please refer to our monitoring dashboard here.

Base

Summary

Risk Parameters

Parameters	Current Value	Recommended Value
cbXRP Reserve Factor	30%	20%
cbXRP Supply Cap	2M	3M
cbXRP Borrow Cap	500K	1.6M

Cap changes will be implemented via Cap Guardian

IR Parameters

USDC IR Parameters	Current Value	Recommended Value
Base	0	0
Kink	0.9	0.9
Multiplier	0.049	0.56
Jump Multiplier	9	9

cbXRP IR Parameters	Current Value	Recommended Value
Base	0	0
Kink	0.45	0.6
Multiplier	0.23	0.134
Jump Multiplier	5	5

USDC

Over the past month, interest rates have been spiking amid a bull market, where borrowing has become increasingly attractive. At the same time, supply has been decreasing as users likely shift their assets to alternative venues offering higher supply rates. Borrowing levels remain nearly constant at the kink point, indicating no shortage of borrowers under the current parameters and suggesting that the true equilibrium rate may exceed what the existing interest rate model can support. As suppliers exit, utilization (previously at kink) rises above the kink where the jump multiplier takes effect causing interest rates to spike. Some borrowers, elastic to these spikes, promptly repay loans to avoid paying high interest rates which brings utilization back below kink. By raising rates at the kink, we aim to attract suppliers by offering more competitive rates while simultaneously stabilizing rates for borrowers. Ideally, utilization should hover slightly below the kink so there’s enough of a buffer where suppliers can smoothly exit without causing rate spikes.

Current APYs

With reserve factor of 10%

Utilization	Borrow APY	Supply APY
0%	0%	0%
90% (kink)	4.41%	3.57%
100%	94.41%	85.97%

Projected APYs

With reserve factor of 10%

Utilization	Borrow APY	Supply APY
0%	0%	0%
90% (kink)	5.04%	4.08%
100%	95.04%	85.54%

cbXRP

cbXRP’s interest rate parameters were set conservatively at launch to encompass a broad range and allow the market to naturally discover an equilibrium. Now, over a month later, borrow interest rates have stabilized between 3% and 7%. With this tighter range now established, we propose amending the curve to allow more efficient utilization of supply. Additionally, the reserve factor was initially set high; we propose reducing it from 30% to 20% to better incentivize suppliers while continuing to allocate a substantial portion of borrower interest toward strengthening reserves.

cbXRP’s adoption on Base thus far has been largely successful. As of August 5th there’s over 11M cbXRP on base with over 14K unique holders. DEX liquidity is also strong, in July we saw 8 days where DEX volume surpassed $2M. Currently, ~600K cbXRP can be sold to USDC on DEXs while slippage stays below the liquidation incentive.

Current APYs

With reserve factor of 30%

Utilization	Borrow APY	Supply APY
0%	0%	0%
45% (kink)	10.35%	3.26%
100%	285.35%	199.74%

Projected APYs

With reserve factor of 20%

Utilization	Borrow APY	Supply APY
0%	0%	0%
60% (kink)	8.04%	3.86%
100%	208.04%	166.43%

OP Mainnet

Summary

IR Parameters

USDT0 IR Parameters	Current Value	Recommended Value
Base	0	0
Kink	0.9	0.9
Multiplier	0.041	0.049
Jump Multiplier	9	9

DAI IR Parameters	Current Value	Recommended Value
Base	0	0
Kink	0.9	0.9
Multiplier	0.054	0.061
Jump Multiplier	9	9

USDT0

Over the past 30 days, the USDT0 market has experienced multiple instances where utilization surged past the kink, resulting in significant interest rate spikes. To address this volatility and stabilize rates, we propose increasing the multiplier to elevate the borrow rate at the kink.

Current APYs

With reserve factor of 10%

Utilization	Borrow APY	Supply APY
0%	0%	0%
90% (kink)	3.69%	2.99%
100%	93.69%	84.32%

Projected APYs

With reserve factor of 10%

Utilization	Borrow APY	Supply APY
0%	0%	0%
90% (kink)	4.41%	3.57%
100%	94.41%	85.97%

DAI

Similarly, even after the recent small bump to DAI’s multiplier we continue to see spiking interest rates. For this reason, we propose raising the multiplier further to increase the borrow rate at the kink. This adjustment aims to allow for smoother borrow rate discovery beneath 5.5%.

Current APYs

With reserve factor of 10%

Utilization	Borrow APY	Supply APY
0%	0%	0%
90% (kink)	4.86%	3.94%
100%	94.86%	85.37%

Projected APYs

With reserve factor of 10%

Utilization	Borrow APY	Supply APY
0%	0%	0%
90% (kink)	5.49%	4.45%
100%	95.49%	85.94%

Additional Links

Monitoring Dashboard

Anthias Labs X Account

Anthias Labs has not been compensated by any third party for any statements made. All opinions and suggestions provided are based solely on our independent analysis and are not influenced by external entities.

[AnthiasLabs]

[Anthias Labs] - Risk Parameter Recommendations (9/3/2025)

Anthias Labs proposes the following parameter changes for the month of September. For more information on current parameters, please refer to our monitoring dashboard here.

Base

Summary

Risk Parameters

Parameters	Current Value	Recommended Value
weETH Supply Cap	4000	5400
cbXRP Supply Cap	3M	5M
WELL Supply Cap	220M	250M
WELL Borrow Cap	75M	100M

Cap changes will be implemented via Cap Guardian

IR Parameters

USDC IR Parameters	Current Value	Recommended Value
Base	0	0
Kink	0.9	0.9
Multiplier	0.056	0.061
Jump Multiplier	9	9

weETH

Over the past month weETH supply has been steadily increasing and approaching the supply cap. According to our risk framework, which is based on liquidation probability score(over a 30 day time interval) the estimated Collateral at Risk is about 146.61 weETH ($675k at the rate of $4600). This value is relatively small compared to the market size of weETH as the primary use case of weETH is to loop it with WETH (as can be seen from the attached distribution). If we compare this CaR value to the secondary market liquidity we can observe that the incurred slippage while liquidating complete amount in a single transaction is minimal(<0.5%).

Considering all the given info and the current market dynamics, we propose increasing the supply cap of weETH by 35% to 5400 weETH (from 4000 weETH).

cbXRP

cbXRP is once again approaching its supply cap, since it’s launch in June the cbXRP market as had its supply increase steadily. Currently, supply cap utilization sits at 71%. We propose increasing supply cap from 3M to 5M cbXRP to support further market growth. Collateral-at-risk sits at around 35K cbXRP (~$95k), swapping the full amount to stables incurs negligible slippage. About 600k cbXRP can be swapped to USDC while slippage stays below 5%.

USDC

Just like last month, demand for USDC has been high consistently which led to frequent interest rate spikes despite the IRM parameter changes we proposed last month. At the same time, supply has been decreasing as users likely shift their assets to alternative venues offering higher supply rates. Borrowing remains nearly constant near kink, indicating no shortage of borrowers under the current parameters and suggesting that the true equilibrium rate may exceed what the existing interest rate model can support.

We propose to increase the multiplier value from 0.056 to 0.061 with no additional changes. By raising rates at the kink, we aim to attract suppliers by offering more competitive rates while simultaneously stabilizing rates for borrowers. Ideally, utilization should hover slightly below the kink so there’s enough of a buffer where suppliers can smoothly exit without causing rate spikes.

Current APYs

With reserve factor of 10%

Utilization	Borrow APY	Supply APY
0%	0%	0%
90% (kink)	5.04%	4.08%
100%	95.04%	85.54%

Projected APYs

With reserve factor of 10%

Utilization	Borrow APY	Supply APY
0%	0%	0%
90% (kink)	5.49%	4.45%
100%	95.49%	85.94%

WELL

WELL has shown steady growth in borrows over the past month, with the borrow cap utilization going from about 40% to being just under 70% currently. The supply cap has also hovered consistently around 75%. Currently the collateral at risk stands at 19.3M WELL(~$500k), we compare this to the secondary liquidity and observe that it can be easily liquidated profitably in a single transaction. Hence in accordance to the above analysis, we propose an increment in the caps with supply cap going to 250M from 220M and borrow cap going to 100M from 75M.

OP Mainnet

Summary

Risk Parameters

Parameters	Current Value	Recommended Value
VELO Supply Cap	68M	80M

Cap changes will be implemented via Cap Guardian

IR Parameters

USDT IR Parameters	Current Value	Recommended Value
Base	0	0
Kink	0.9	0.9
Multiplier	0.049	0.056
Jump Multiplier	9	9

USDC IR Parameters	Current Value	Recommended Value
Base	0	0
Kink	0.9	0.9
Multiplier	0.0435	0.051
Jump Multiplier	9	9

VELO

Over the past month, supply cap utilization for VELO has climbed to 82%, prompting a raise. We propose increase supply cap from 68M to 80M to allow further growth in the market. The 30d CaR is ~7.6M VELO (~$380K), swapping the full amount for USDC in a single transaction yields slippage of 8.8%. Most CaR can be attributed a single position supplying over 21M VELO and borrowing over $500k of USDC, OP, and WETH. This concentration does not pose significant risk to the protocol as multiple transactions would be able to liquidate this position if needed.

USDT

Interest rates for USDT have been spiking over the past month as utilization surges past kink causing the jump multiplier to kick in. We propose increasing the multiplier from 0.049 to 0.056. This change will raise the interest rates for borrowers and suppliers at the kink, which aims to stabilize borrower rates and attract more supply.

Current APYs

With reserve factor of 10%

Utilization	Borrow APY	Supply APY
0%	0%	0%
90% (kink)	4.41%	3.57%
100%	94.41%	84.97%

Projected APYs

With reserve factor of 10%

Utilization	Borrow APY	Supply APY
0%	0%	0%
90% (kink)	5.04%	4.08%
100%	95.04%	85.54%

USDC

Similarly to USDT, we propose increasing the multiplier from 0.0435 to 0.051 to raise borrower interest rates at the kink. This change aims to stabilize rates for borrowers while increasing the incentive for suppliers.

Current APYs

With reserve factor of 10%

Utilization	Borrow APY	Supply APY
0%	0%	0%
90% (kink)	3.92%	3.17%
100%	93.91%	84.52%

Projected APYs

With reserve factor of 10%

Utilization	Borrow APY	Supply APY
0%	0%	0%
90% (kink)	4.59%	3.72%
100%	94.59%	85.13%

Additional Links

Monitoring Dashboard

Anthias Labs X Account

Anthias Labs has not been compensated by any third party for any statements made. All opinions and suggestions provided are based solely on our independent analysis and are not influenced by external entities.

[AnthiasLabs]

[Anthias Labs] - Risk Parameter Recommendations (10/1/2025)

Anthias Labs proposes the following parameter changes for the month of October. For more information on current parameters, please refer to our monitoring dashboard here.

Base

Summary

Risk Parameters

Parameters	Current Value	Recommended Value
cbXRP Reserve Factor	20%	15%
EURC Reserve Factor	5%	10%

IR Parameters

USDC IR Parameters	Current Value	Recommended Value
Base	0	0
Kink	0.9	0.9
Multiplier	0.061	0.072
Jump Multiplier	9	9

EURC IR Parameters	Current Value	Recommended Value
Base	0	0
Kink	0.9	0.9
Multiplier	0.061	0.072
Jump Multiplier	9	9

Rationale

cbXRP

When cbXRP debuted as a market on Moonwell, a high reserve factor was set to build reserves, which started at zero. The reserve factor determines the spread between interest paid by borrowers and earned by suppliers. Since cbXRP is primarily used as collateral with minimal borrowing, most reserves actually come from liquidations. In the chart below, steady slopes represent reserves accrued from borrower interest, while sudden spikes indicate reserves from liquidations. Lowering the reserve factor would provide suppliers with a slightly higher incentive while minimally affecting reserve accrual.

USDC

We propose increasing the interest rate multiplier for the USDC market from 0.061 to 0.072. Data shows that USDC utilization has consistently remained near or above 90% throughout September, with borrowers demonstrating a clear willingness to pay rates higher than the current kink rate of 5.49%. The sustained high utilization means there is little to no buffer for suppliers to exit without causing rates to increase. By increasing the multiplier to 0.072, this would raise the borrow rate at the kink to 6.48% APY (99 bps increase). This adjustment aims to allow smoother rate discovery below 6.48% borrow APY, stabilizing interest rates for borrowers.

Current APYs

With reserve factor of 10%

Utilization	Borrow APY	Supply APY
0%	0%	0%
90% (kink)	5.49%	4.45%
100%	95.49%	85.94%

Projected APYs

With reserve factor of 10%

Utilization	Borrow APY	Supply APY
0%	0%	0%
90% (kink)	6.48%	5.25%
100%	96.48%	86.83%

EURC

We propose the same adjustment for the EURC market, increasing the interest rate multiplier from 0.061 to 0.072. Similar to USDC, EURC has experienced periods of elevated utilization where borrowers have shown willingness to pay rates above the current kink rate of 5.49%. Raising the multiplier to 0.072 would increase the borrow rate at the kink to 6.48% APY (99 bps increase).

Additionally, we propose increasing EURC’s reserve factor from 5% to 10%. This change aims to increase the speed at which reserves are accrued. Currently, EURC reserves sit around 20K EURC, 64K short of the reserve target of 84K EURC. A reserve factor of 10% is in line with other stables like USDC.

Current APYs

With reserve factor of 5%

Utilization	Borrow APY	Supply APY
0%	0%	0%
90% (kink)	5.49%	4.69%
100%	95.49%	90.71%

Projected APYs

With reserve factor of 10%

Utilization	Borrow APY	Supply APY
0%	0%	0%
90% (kink)	6.48%	5.25%
100%	96.48%	86.83%

OP Mainnet

Summary

IR Parameters

USDC IR Parameters	Current Value	Recommended Value
Base	0	0
Kink	0.9	0.9
Multiplier	0.051	0.067
Jump Multiplier	9	9

USDT IR Parameters	Current Value	Recommended Value
Base	0	0
Kink	0.9	0.9
Multiplier	0.056	0.067
Jump Multiplier	9	9

USDT0 IR Parameters	Current Value	Recommended Value
Base	0	0
Kink	0.9	0.9
Multiplier	0.049	0.061
Jump Multiplier	9	9

Rationale

USDC, USDT, & USDT0

We propose increasing the interest rate multipliers for USDC, USDT, and USDT0 on Optimism for the same reasons outlined above. These stablecoin markets have exhibited similar utilization patterns, with borrowers demonstrating willingness to pay rates above the current kink rate. By raising the multipliers across all three markets, we aim to enable smoother rate discovery while ensuring suppliers have adequate liquidity buffers to exit positions without triggering extreme rate spikes. This adjustment will maintain consistency in our approach to stablecoin interest rate curves on Optimism.

USDC

Current APYs

With reserve factor of 10%

Utilization	Borrow APY	Supply APY
0%	0%	0%
90% (kink)	4.59%	3.72%
100%	94.59%	85.13%

Projected APYs

With reserve factor of 10%

Utilization	Borrow APY	Supply APY
0%	0%	0%
90% (kink)	6.03%	4.89%
100%	96.03%	86.43%

USDT

Current APYs

With reserve factor of 10%

Utilization	Borrow APY	Supply APY
0%	0%	0%
90% (kink)	5.04%	4.08%
100%	95.04%	85.55%

Projected APYs

With reserve factor of 10%

Utilization	Borrow APY	Supply APY
0%	0%	0%
90% (kink)	6.03%	4.89%
100%	96.03%	86.43%

USDT0

Current APYs

With reserve factor of 10%

Utilization	Borrow APY	Supply APY
0%	0%	0%
90% (kink)	4.41%	3.57%
100%	94.41%	84.97%

Projected APYs

With reserve factor of 10%

Utilization	Borrow APY	Supply APY
0%	0%	0%
90% (kink)	5.49%	4.45%
100%	95.49%	85.59%

Additional Links

Monitoring Dashboard

Anthias Labs X Account

Anthias Labs has not been compensated by any third party for any statements made. All opinions and suggestions provided are based solely on our independent analysis and are not influenced by external entities.

[Chidi]

I support the raising of the parameters as it is a measured optimization backed by on-chain data that improve capital efficiency while maintaining protocol safety.

[AnthiasLabs]

[Anthias Labs] - Risk Parameter Recommendations (10/29/2025)

Anthias Labs proposes the following parameter changes for the month of November. For more information on current parameters, please refer to our monitoring dashboard here.

Base

Summary

Risk Parameters

Parameters	Current Value	Recommended Value
MAMO Borrow Cap	12M	3M
tBTC Collateral Factor	85%	84%
LBTC Collateral Factor	85%	84%

IR Parameters

USDC IR Parameters	Current Value	Recommended Value
Base	0	0
Kink	0.9	0.9
Multiplier	0.072	0.08
Jump Multiplier	9	9

Rationale

MAMO

We propose decreasing the borrow cap from 12M to 3M, this will set the un-utilized ceiling lower while the market is still small, mitigating scenarios where users are able to over-borrow volatile assets during flash-crashes (such as what happened with VIRTUAL on 10/10).

tBTC & LBTC

As it currently stands, tBTC, LBTC and cbBTC all have the same collateral factor of 85%. While these assets have remained 1:1 with BTC, they do so through different mechanisms and are inherently exposed to different risks and have different levels of on-chain liquidity. To better reflect the risk profiles of these assets we wish to distinguish them by assigning lower collateral factors to LBTC and tBTC (which are less liquid than cbBTC). To avoid unnecessary liquidations of users with recursive positions, we will only decrease the collateral factors by 1% at a time, giving users the necessary time to react.

There are two users with recursive LBTC positions with health factors low enough to possibly be affected by a change in LBTC’s collateral factor

1. 0xd567203a85d3667a4c2dad34b5d32485a49fcc7e
2. 0xd46abef3264119a0f5a424521b521060a8701867

We will show that these user will not get liquidated by this change. As a reminder, health factor is calculated by supply * CF / borrow. Changing collateral factor from 0.85 to 0.85 results in the following health factors:

User Address	Supplied	Borrowed	Health Factor (before change)	Health Factor (after change)
0xd567203a85d3667a4c2dad34b5d32485a49fcc7e	0.2242 LBTC	0.1865 LBTC	1.02	1.0096
0xd46abef3264119a0f5a424521b521060a8701867	0.2041 LBTC	0.1683 LBTC	1.03	1.0185

USDC

USDC interest rates have continued to spike the past month despite raising the multiplier, which suggests borrowers are still willing to pay interest rates that exist on the current curve above the kink. Over the past few months, interest rates for USDC have continued to climb across DeFi, reacting to this we will once again bump the multiplier higher from 0.072 to 0.08. This will increase the borrow rate at the kink from 6.48% to 7.2%, allowing smoother rate discovery below 7.2%.

Source

Current APYs

With reserve factor of 10%

Utilization	Borrow APY	Supply APY
0%	0%	0%
90% (kink)	6.48%	5.25%
100%	96.48%	86.83%

Projected APYs

With reserve factor of 10%

Utilization	Borrow APY	Supply APY
0%	0%	0%
90% (kink)	7.20%	5.83%
100%	97.20%	87.48%

OP Mainnet

IR Parameters

USDT0 IR Parameters	Current Value	Recommended Value
Base	0	0
Kink	0.9	0.9
Multiplier	0.061	0.067
Jump Multiplier	9	9

DAI IR Parameters	Current Value	Recommended Value
Base	0	0
Kink	0.9	0.9
Multiplier	0.061	0.067
Jump Multiplier	9	9

Rationale

USDT0 and DAI

In order to standardize IR curves for stablecoins on OP Mainnet, we propose increasing the multiplier for USDT0 and DAI aligning it with USDC and USDT. This change will increase borrow rates at the kink from 5.49% to 6.03%, allowing for smoother rate discovery over an increased range.

Current APYs

With reserve factor of 10%

Utilization	Borrow APY	Supply APY
0%	0%	0%
90% (kink)	5.49%	4.45%
100%	95.49%	85.94%

Projected APYs

With reserve factor of 10%

Utilization	Borrow APY	Supply APY
0%	0%	0%
90% (kink)	6.03%	4.89%
100%	96.03%	86.43%

Moonbeam

No parameter changes to Moonbeam this month.

Moonriver

On November 10th 2025, Chainlink will deprecate the oracles used by Moonwell for MOVR, FRAX, and xcKSM (source). There are currently no other publicly available price feeds for these assets on Moonriver. Without an oracle, lending operations are impossible, leaving no choice but to fully deprecate these markets. Perhaps these price feeds can be serviced by API3, who currently provides price feeds on Moonbeam. An update will be given in the coming days if a deal can be made here.

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Anthias Labs has not been compensated by any third party for any statements made. All opinions and suggestions provided are based solely on our independent analysis and are not influenced by external entities.

[AnthiasLabs]

[Anthias Labs] - Risk Parameter Recommendations (11/27/2025)

Anthias Labs proposes the following parameter changes for the month of December. For more information on current parameters, please refer to our monitoring dashboard here.

Base

Summary

Risk Parameters

Parameters	Current Value	Recommended Value
AERO Reserve Factor	30%	35%
VIRTUAL Reserve Factor	30%	35%
cbXRP Reserve Factor	15%	35%
tBTC Collateral Factor	84%	82%
tBTC Supply Cap	90	50

IR Parameters

VIRTUAL IR Parameters	Current Value	Recommended Value
Base	0	0
Kink	0.6	0.7
Multiplier	0.23	0.23
Jump Multiplier	5	5

Rationale

AERO, cbXRP, & VIRTUAL

In light of the incidents on 10/10 and 11/4, which have resulted in substantial bad debt in these markets, we recommend raising the reserve factors in order to increase the rate at which protocol/market reserves are built up.

Additionally, for VIRTUAL, we propose adjusting the interest rate curve to prevent bad debt from accruing excessive interest. Current utilization stands at 61%, which has triggered the jump multiplier and resulted in elevated borrow rates. To mitigate this, we recommend increasing the kink from 60% to 70%. This adjustment will lower the borrow rate at the current utilization level.

We will proceed with this interest rate change unless the recapitalization of the VIRTUAL market using protocol reserves significantly reduces utilization. In this case, the change will be unnecessary and we will omit it from the on-chain proposal.

Current APYs

With reserve factor of 30%

Utilization	Borrow APY	Supply APY
0%	0%	0%
60% (kink)	13.8%	5.8%
100%	213.8%	150%

Projected APYs

With reserve factor of 35%

Utilization	Borrow APY	Supply APY
0%	0%	0%
70% (kink)	16.1%	7.3%
100%	166.1%	108%

tBTC

We recommend decreasing the collateral factor and supply cap for tBTC due to its limited liquidity compared to other BTC derivatives. For example, cbBTC and LBTC support swaps of $12M and $4M to USDC respectively before incurring 5% price impact, while tBTC DEX liquidity is much worse, supporting $750K in swaps to USDC before incurring 5% price impact.

Additionally, we recommend lowering the supply cap from 90 to 50, as the current cap of 90 remains largely unused.

OP Mainnet

Risk Parameters

Parameters	Current Value	Recommended Value
weETH Supply Cap	1,200	10
weETH Borrow Cap	220	3.5

Rationale

weETH

DEX liquidity for weETH on OP Mainnet has decreased significantly; currently, less than 1 weETH can be swapped for USDC with under 5% slippage. Since September, large whales looping weETH (supplying weETH and borrowing WETH) have occupied nearly the entire supply cap. Although DEX liquidity was already limited at that time, these recursive positions were not at risk of liquidation due to the ~100% correlation between the supplied and borrowed assets. Following their exit, the cap remains greatly underutilized.
Given the limited DEX liquidity for weETH and the uncertainty that users will engage in recursive borrowing in the future, we recommend a risk-off approach in this market by substantially reducing both the supply and borrow caps, at least until DEX liquidity improves.

Moonriver

We recommend progressively reducing the collateral factors for assets on Moonriver. The price oracles supporting these markets are being deprecated, and as a result the markets themselves are being sunsetted. Minting and borrowing have already been disabled; users can now only withdraw their collateral or repay their outstanding debt.

To facilitate an orderly wind-down and encourage users to close their positions without unnecessary liquidations, we propose gradually lowering the collateral factors over time. This approach gives borrowers sufficient notice and opportunity to repay voluntarily, while avoiding abrupt forced liquidations wherever possible.

Chainlink is slated to deprecate the Moonriver price feeds on January 1st, 2026. Over the next month the plan is to fully reduce collateral factors to zero. The table below outlines the first reduction, the proposal is currently live and can be viewed here.

Market	Previous CF	New CF
MOVR	60%	50%
xcKSM	59%	50%
FRAX	50%	40%

In following proposals, the planned future CF reductions are as follows:

• 50/40% → 25%
• 25% → 0%

We advise that users with active positions on Moonriver repay loans to avoid liquidation. Below is a table of addresses that may get liquidated due to the proposed CF adjustment.

Newly liquidatable positions (after adjustment): 15

Address	Collateral (USD)	Debt (USD)	HF change
0x6b252eed6c28c076fa22c0f006d1d7161e0705ca	MOVR:$1,979	MOVR:$1,112	1.068→0.890
0x341c0d386f630358e576a3bdfe10d9725867e142	MOVR:$843	MOVR:$487	1.039→0.866
0x016f4eb10196d247ae5eb2c9d6c2562d7db7e61c	XCKSM:$792	XCKSM:$440	1.062→0.900
0x71f9b420a6b03d2fbe2c0d2aea5f4365b0e95774	MOVR:$750	MOVR:$432	1.042→0.868
0x749696fbee9c3b972d62bceb19ed38f9fedc261a	XCKSM:$362, MOVR:$273, FRAX:$7	XCKSM:$208, MOVR:$122	1.154→0.971
0xbcba34246db4f560fc19b9a56111b90f8cadb248	MOVR:$334, FRAX:$260	MOVR:$169, FRAX:$143	1.059→0.869
0xfab783f85269b614ff41c80d8f46aef107ae3a90	MOVR:$515	MOVR:$260	1.188→0.990
0x391d396ebe8f48e17483561d6603066f7d7a0514	MOVR:$414	MOVR:$244	1.018→0.848
0xbd24b957413d1006ee642280e8777eeb7dbb0879	MOVR:$323	MOVR:$188	1.031→0.859
0xb3b535c41800b58fd8d52c3f312524500557e469	MOVR:$129	MOVR:$76	1.018→0.849
0xea4c5bd8fb85130439e01ee3a3f0348edcac0858	MOVR:$97	MOVR:$49	1.188→0.990
0xd1bf5f87c7f04f93e46521988940b5aea30eb7aa	FRAX:$75	FRAX:$35	1.071→0.857
0xa88417d8c893248f2986c369e1bb62b2d9aec4f8	MOVR:$24	MOVR:$14	1.029→0.857
0x5be32da7627570c34da15b3410a15d6723d58306	FRAX:$6	FRAX:$3	1.000→0.800
0x3ddc62dc9901e1f4457ffaf728b934cc3de34105	FRAX:$3, MOVR:$1	FRAX:$2	1.050→0.850

Additional Links

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Anthias Labs X Account

Anthias Labs has not been compensated by any third party for any statements made. All opinions and suggestions provided are based solely on our independent analysis and are not influenced by external entities.

[AnthiasLabs]

[Anthias Labs] - Risk Parameter Recommendations (12/29/2025)

Anthias Labs proposes the following parameter changes for the month of January. For more information on current parameters, please refer to our monitoring dashboard here.

Base

Risk Parameters

Parameters	Current Value	Recommended Value
wstETH Borrow Cap	4800	1200
cbETH Borrow Cap	6400	1000
WELL Borrow Cap	10M	22M

Cap changes will be implemented via Cap Guardian

wstETH & cbETH

We recommend reducing the borrow caps for wstETH and cbETH. Both of these markets have historically exhibited very low borrow utilization, which suggests there is effectively no organic demand to borrow these assets. Despite this, current borrow caps are still set above the total supplied balances in each market, meaning that in theory 100% of all deposits are borrowable. This unnecessarily increases supplier exposure to tail-risk scenarios (for example, the recent wrsETH oracle mispricing event). In an adverse scenario, a user could borrow the full available supply and immediately dump it on a DEX creating temporary liquidity stress. To mitigate this we propose decreasing caps such that if the full borrow cap were instantly sold on a DEX, the resulting price impact would be limited to ~5%. Given the historically low utilization of these assets, this change will have negligible impact on users while capping the downside potential of tail risk scenarios.

Pictured below: cbETH borrow cap utilization past 90d

Pictured below: wstETH borrow cap utilization past 90d

WELL

Following the events on 10/10/25, when a user was able to exploit discrepancies between Chainlink oracles and DEX prices, we reduced borrow caps for nearly all volatile alts on the protocol. This was because the nature of the exploit involved borrowing volatile assets against high-collateral-factor collateral (e.g., USDC at 88%). We felt that, given the nature of WELL as a low-market-cap alt, something similar could happen, so we disabled borrows. However, we believe there is organic demand to borrow WELL that is currently being stifled, so we wish to increase caps slightly such that they remain mostly utilized, capping the downside of tail-risk scenarios while still allowing natural borrowing behavior in the market.

Pictured below: A swap of 12M WELL to USDC results in ~5% slippage, this is the borrowing capacity being added to the WELL market.

OP Mainnet

Risk Parameters

Parameters	Current Value	Recommended Value
wstETH Borrow Cap	1500	300
rETH Borrow Cap	340	150
cbETH Supply Cap	10	0.1

Cap changes will be implemented via Cap Guardian

wstETH & rETH

For the same reasons as on Base, we recommend decreasing borrow caps for wstETH and rETH on OP Mainnet. These markets also see very limited organic borrowing activity, yet current caps still allow a meaningful portion of supplied assets to be borrowed. This leaves suppliers unnecessarily exposed in tail-risk scenarios where a large borrow could be dumped on-chain.

Pictured below: rETH borrow cap utilization past 90d

Pictured below: wstETH borrow cap utilization past 90d

cbETH

We recommend effectively zeroing out the supply cap for cbETH given that on-chain DEX liquidity is extremely thin (essentially non-existent). By setting the supply cap to 0.1 (the borrow cap is already 0.1), we effectively pause the market until on-chain liquidity improves.

Pictured below: a swap of 0.1 cbETH to USDC incurs 7% slippage

Moonriver

Risk Parameters

Parameters	Current Value	Recommended Value
xcKSM	25%	15%
FRAX	25%	15%
MOVR	25%	15%

Chainlink plans to deprecate the oracle feeds on Moonriver on February 1st. Therefore, we recommend continuing to wind down collateral factors in the Moonriver markets to zero before that date. As the next step, we propose decreasing collateral factors from 25% to 15%. This may cause some users to be liquidated, so if you have an active position on Moonriver, please close it to avoid this outcome. Below is a table of addresses that are likely to be affected by this change.

Estimated debt repaid: $5,334.00

Newly liquidatable positions (after adjustment): 80

Address	Collateral (USD)	Debt (USD)	HF change
0x98cea6ed2cf1047b08942cdeed525dc7eae2e84e	XCKSM:$2,696, MOVR:$2,528	XCKSM:$1,171	1.115→0.669
0xea596b95be434da15c2d438011be8d35ca5826db	XCKSM:$3,408, MOVR:$981, FRAX:$715	MOVR:$692, XCKSM:$376	1.195→0.717
0xf57439b647b5d2ba7309b5b58eaadefa69238926	MOVR:$2,300, XCKSM:$1,136	XCKSM:$418, MOVR:$150, FRAX:$24	1.451→0.871
0x50bfa31336524ef6f729ae4d07beb44e1f97ed53	FRAX:$1,026, MOVR:$15	FRAX:$245	1.062→0.637
0x491ffc953e1ab2751817ff90a5f32694a4841474	MOVR:$669, XCKSM:$491	XCKSM:$175	1.657→0.994
0x6b252eed6c28c076fa22c0f006d1d7161e0705ca	MOVR:$735	MOVR:$146	1.259→0.755
0x15fd6f22be98b21ac03e685dac2c38e5de2055b6	XCKSM:$782	XCKSM:$141	1.387→0.832
0x5963c46aeb3f51ced435a770e40958b640480f6c	FRAX:$684	FRAX:$138	1.239→0.743
0xc40b91a2e1182739487638ed377675b74a3c4467	MOVR:$731	FRAX:$133	1.374→0.824
0x2944778ea6a8c8b05780842b44413022b1246895	MOVR:$590	MOVR:$127	1.161→0.697
0x462b7abe217d652e820321b47f80d65437e62160	XCKSM:$281, MOVR:$153	XCKSM:$99, FRAX:$3	1.064→0.638
0x71583c00b62c85601e83b88ffc59233b1243b30d	MOVR:$264, XCKSM:$184	XCKSM:$96	1.167→0.700
0xe1f5a5166df06f575a755ef26238cb4b07c1ce66	MOVR:$518	MOVR:$85	1.524→0.914
0x9f94ff95cbc403cbfc18802edeaef71da8155f36	FRAX:$372, XCKSM:$128, MOVR:$5	XCKSM:$79	1.598→0.959
0xbcba34246db4f560fc19b9a56111b90f8cadb248	MOVR:$148, FRAX:$146	FRAX:$37, MOVR:$32	1.065→0.639
0x749696fbee9c3b972d62bceb19ed38f9fedc261a	XCKSM:$197, MOVR:$91, FRAX:$7	XCKSM:$43, MOVR:$23	1.117→0.670
0xa2ebd97892502847061fe611efd5e289dbfa0703	XCKSM:$269	XCKSM:$66	1.019→0.611
0x62e97d3f157162a5fb1f81a388358909922407e7	MOVR:$304	MOVR:$59	1.288→0.773
0xd56e6809e34a4271aa4d08dc4522266b9f3527fc	MOVR:$235, FRAX:$9	MOVR:$34, FRAX:$20	1.130→0.678
0x71f9b420a6b03d2fbe2c0d2aea5f4365b0e95774	MOVR:$263	MOVR:$49	1.342→0.805
0x57c0674424b354d55ec45c65fad0f0dd3edd92cb	MOVR:$296	XCKSM:$47	1.574→0.945
0x65274e52b12e0cfac2cc42bc4fb971447507c5e2	XCKSM:$117, MOVR:$76	FRAX:$43	1.122→0.673
0x5989190301ef1b771ee0b0290519b27f6fdda08a	MOVR:$99, XCKSM:$94	FRAX:$39	1.237→0.742
0xaa69b502540b8a1b0d05e4df02bae637397d09f3	MOVR:$138	MOVR:$20, XCKSM:$12	1.078→0.647
0x826121d2a47c9d6e71fd4fed082ceccc8a5381b1	XCKSM:$72, MOVR:$65	MOVR:$30	1.142→0.685
0x3ec80aa5aa9563ae4108ad548af38bdf50bca5c4	MOVR:$155	FRAX:$29	1.336→0.802
0x07a92f07b414157f1b51dc6363c4e41483c9ae30	FRAX:$117	FRAX:$26	1.125→0.675
0x6c7e7fbfa69f4b5a5ade1c27bc74fa4290a3b8a3	XCKSM:$137	XCKSM:$25	1.370→0.822
0x0a4e5c29d7c1c80e0d6d3f06d1a28dfd6609536a	MOVR:$132	MOVR:$24	1.375→0.825
0x9bbf8d4eae6d0423fc9b1ae37c934a3a0c574aa3	MOVR:$137	MOVR:$21	1.631→0.979
0x5972da5ff1b91a83fce2cda94ad8601dc0eb14b3	FRAX:$74, MOVR:$7	FRAX:$17, MOVR:$3	1.012→0.608
0x75ef617ebe6bb4e7b4e85c37c25462c1dbdd5b00	XCKSM:$88, MOVR:$12	XCKSM:$19	1.316→0.789
0x5b1419e3b2ab4f55178c14b7d1d5326d9fcb5dec	XCKSM:$115	MOVR:$19	1.513→0.908
0xbd24b957413d1006ee642280e8777eeb7dbb0879	MOVR:$108	MOVR:$18	1.500→0.900
0x9282c491cbf940e66fb95e0ee52a1bdfb0dd4e52	MOVR:$45, XCKSM:$36	XCKSM:$12, MOVR:$6	1.125→0.675
0x157a8c092a9544fb84ed06d633956c1aba075e9f	MOVR:$80, XCKSM:$10	FRAX:$11, XCKSM:$7	1.250→0.750
0x9187ca4c4426eea21a97fa1c415836ff75b06a69	MOVR:$81	MOVR:$17	1.191→0.715
0x82ad076fe3637e851741a4ec48e3f0a427d8672f	MOVR:$80	FRAX:$16	1.250→0.750
0x409ea67dc4f83b8d91a8b32057aed28f5debbd4a	XCKSM:$88	MOVR:$14	1.571→0.943
0xbf2d4f7bcafb6111fcdeaaa6c1fa680d084dc0c1	MOVR:$68	MOVR:$14	1.214→0.729
0x186fed4e49ae0fb6f312ac81d5af0397d31feb8a	MOVR:$67	MOVR:$14	1.196→0.718
0x2f4675d80a50857ea02933f2487ef1fedb6660c1	MOVR:$33, XCKSM:$25	MOVR:$8, XCKSM:$5	1.115→0.669
0xc5ea9eb8cdba62e0a7d89b4fe6a2431afe64133b	MOVR:$49	MOVR:$10	1.225→0.735
0x68541f794a58ce79a21f843745cc73a1d281ee87	XCKSM:$34, MOVR:$6	XCKSM:$10	1.000→0.600
0x2f8a59340e59c51b1df8fb8210f298e8451fbfb9	XCKSM:$40, MOVR:$7	FRAX:$10	1.175→0.705
0x391d396ebe8f48e17483561d6603066f7d7a0514	MOVR:$43	MOVR:$9	1.194→0.717
0x6c7b2911369eb702f4b007633e19f18f75babc73	MOVR:$48	FRAX:$9	1.333→0.800
0xea4c5bd8fb85130439e01ee3a3f0348edcac0858	MOVR:$43	MOVR:$9	1.194→0.717
0xd1bf5f87c7f04f93e46521988940b5aea30eb7aa	FRAX:$47	FRAX:$9	1.306→0.783
0x0aac6fe840d4da1261f275562ae33d67ba6869ee	XCKSM:$34, MOVR:$2	FRAX:$8	1.125→0.675
0xb82c368a482a99674582129a2578ee2ab80d4b18	MOVR:$28	FRAX:$7	1.000→0.600
0x1de88cc3a0fcd2c3077fb4426cc5afef6827820f	MOVR:$28	MOVR:$6	1.167→0.700
0xa5d56b2879eedae9e8a2081b768a2bd70d550c9a	MOVR:$22	MOVR:$5	1.100→0.660
0xd7cc57bfe31c7a9abc7edce68f660329828694ec	MOVR:$23	MOVR:$4	1.438→0.862
0x8c0fcf914e90ff5d7f2d02c1576bf4245fad2b7f	MOVR:$16	MOVR:$4	1.000→0.600
0x6d82b45e9a59fbe228cf2373c6bc50667bb4c40f	MOVR:$21	XCKSM:$4	1.312→0.787
0xa18f887b74a21cccd0d8b5f955315eb6c8d4efab	MOVR:$22	MOVR:$4	1.375→0.825
0xad55df79fc48258e526beca6648b157941320a1c	FRAX:$17	FRAX:$4	1.062→0.637
0xe1500f14598d27da31cddfd0ffb124b0f904bd2c	FRAX:$22	FRAX:$4	1.375→0.825
0x872af3cb1dad88907f2944f166a98a9d4a86dd93	MOVR:$16	FRAX:$4	1.000→0.600
0x716ec07ecce444596d9d16de78f74e58bac4ed9c	MOVR:$15	FRAX:$3	1.250→0.750
0x7ea65c38c2d4ef477dbce3b95bed5ca85a0a4b73	MOVR:$18	MOVR:$3	1.500→0.900
0x96070153d3581a0f946c0785b58c1f7a969a5b4d	XCKSM:$13	FRAX:$3	1.083→0.650
0xb4c9531a60e252c871d51923bc9f153f1d371ca8	FRAX:$13	FRAX:$3	1.083→0.650
0x7f81e7109f5fcf5e44082c8f7999d05642777264	MOVR:$18	MOVR:$3	1.500→0.900
0x8a147a71947f8659dfcb80d6b198e5dd9acc812b	MOVR:$12	MOVR:$2	1.500→0.900
0xbaa0b77700482d2c0c19f804e563c0b62c9934d3	MOVR:$12, XCKSM:$1	FRAX:$2	1.625→0.975
0x7dec7d0bb9f27988c005b0fe6e9fd88b22250f08	MOVR:$10	MOVR:$2	1.250→0.750
0xe8111f6e1dea577136fc223fe1528805a59f1a1c	MOVR:$11	FRAX:$2	1.375→0.825
0x8fb3d60c63634c7640248de71aa225d71a1a0ce8	MOVR:$11	MOVR:$2	1.375→0.825
0x02ff537c4e2995d7ce0be764fea5b9fa5d782cf5	MOVR:$9	MOVR:$2	1.125→0.675
0x0c84c7330ee905977a340ca44525b92c07f5876f	MOVR:$8	MOVR:$2	1.000→0.600
0xf953b83f7ffcfdec76fd5182a6afe069144e2840	MOVR:$5, XCKSM:$1	MOVR:$1	1.500→0.900
0x1f34fb4e5c7015ddabc68bfaf6447696987f34d9	XCKSM:$3, MOVR:$3	XCKSM:$1	1.500→0.900
0x5780742c90bb4607d1adca1bb052f62761e2e340	MOVR:$4	XCKSM:$1	1.000→0.600
0x645c22593c232ae78a7ecbac93b38cbac535ef12	XCKSM:$6	FRAX:$1	1.500→0.900
0x57ffb07825f23829c9c7a5be1e294fd199151eff	MOVR:$6	FRAX:$1	1.500→0.900
0x2e59dd47c415278b890b7f1a2846e0ced3cf080b	XCKSM:$5	XCKSM:$1	1.250→0.750
0xce8453cc4200c37b25fef3c8c90f544d1370e248	XCKSM:$6	FRAX:$1	1.500→0.900
0x4042ac99caa740d7d3aea6d0db06631aa4ad45e1	MOVR:$5	FRAX:$1	1.250→0.750

Additional Links

Monitoring Dashboard

Anthias Labs X Account

Anthias Labs has not been compensated by any third party for any statements made. All opinions and suggestions provided are based solely on our independent analysis and are not influenced by external entities.