[Anthias Labs] Risk Parameter Recommendations (3/18/26)
Anthias Labs proposes the following parameter changes for the month of April. For more information on current parameters, please refer to our monitoring dashboard here.
Base
Summary
Risk Parameters
| Parameters | Current Value | Recommended Value |
|---|---|---|
| LBTC Collateral Factor | 82% | 80% |
| tBTC Collateral Factor | 81% | 80% |
Cap changes will be made via Cap Guardian
IR Parameters
| USDC IR Parameters | Current Value | Recommended Value |
|---|---|---|
| Base | 0 | 0 |
| Kink | 0.9 | 0.9 |
| Multiplier | 0.068 | 0.056 |
| Jump Multiplier | 9 | 9 |
| EURC IR Parameters | Current Value | Recommended Value |
|---|---|---|
| Base | 0 | 0 |
| Kink | 0.9 | 0.9 |
| Multiplier | 0.072 | 0.056 |
| Jump Multiplier | 9 | 9 |
Rationale
USDC & EURC
The recent bear market has coincided with a notable decline in the cost of borrowing stablecoins. Over the past month, utilization rates for USDC have remained steady in the 60-70% range, while EURC has hovered around 50%. Given that both markets have consistently experienced borrow rates below 5%, we propose lowering the multiplier and setting the kink borrow rate to 5%. This adjustment is intended to improve capital efficiency in these markets, allowing more funds to be lent out at reduced rates.
Pictured below: USDC interest rates & utilization past 30d
Pictured below: EURC interest rates & utilization past 30d
Current APYs
With reserve factor of 10%
USDC
| Utilization | Borrow APY | Supply APY |
|---|---|---|
| 0% | 0% | 0% |
| 90% (kink) | 6.12% | 4.96% |
| 100% | 96.12% | 86.51% |
EURC
| 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) | 5.04% | 4.08% |
| 100% | 95.04% | 85.54% |
LBTC & tBTC
To further differentiate the distinct risk profiles of LBTC and tBTC from cbBTC (which currently has a collateral factor of 85%), we propose reducing LBTC’s collateral factor by 2% and tBTC’s collateral factor by 1%. This will bring both to 80%. These small adjustments are deliberate to avoid any impact on existing positions. As discussed in previous recommendations, the rationale for assigning LBTC and tBTC lower collateral factors than custodial BTC wrappers like cbBTC stems from their unique risk characteristics (e.g., slashing, depeg, and protocol-specific risks).
OP Mainnet
Summary
Risk Parameters
| Parameters | Current Value | Recommended Value |
|---|---|---|
| weETH Supply Cap | 4 | 0.1 |
| weETH Borrow Cap | 10 | 0.1 |
Cap changes will be made via Cap Guardian
IR Parameters
| USDC IR Parameters | Current Value | Recommended Value |
|---|---|---|
| Base | 0 | 0 |
| Kink | 0.9 | 0.9 |
| Multiplier | 0.0615 | 0.05 |
| Jump Multiplier | 9 | 9 |
| USDT IR Parameters | Current Value | Recommended Value |
|---|---|---|
| Base | 0 | 0 |
| Kink | 0.9 | 0.9 |
| Multiplier | 0.0615 | 0.05 |
| Jump Multiplier | 9 | 9 |
Rationale
USDC & USDT
Similarly to the situation on Base, the cost of borrowing stablecoins has declined significantly. To enhance capital efficiency within the stablecoin markets, we propose reducing the multiplier, thereby setting the borrow rate at the kink to approximately 4.5%. Over the past 30 days, borrow rates in both the USDC and USDT markets have consistently remained below 4.5%. This change would allow for more effective use of capital by encouraging higher utilization at lower overall borrowing costs.
Pictured below: USDC interest rates & utilization past 30d
Pictured below: USDT interest rate & utilization past 30d
Current APYs
With reserve factor of 10%
| Utilization | Borrow APY | Supply APY |
|---|---|---|
| 0% | 0% | 0% |
| 90% (kink) | 5.53% | 4.48% |
| 100% | 95.53% | 85.89% |
Projected APYs
With reserve factor of 10%
| Utilization | Borrow APY | Supply APY |
|---|---|---|
| 0% | 0% | 0% |
| 90% (kink) | 4.50% | 3.65% |
| 100% | 95.00% | 85.05% |
weETH
DEX liquidity for weETH on OP Mainnet has greatly declined. Currently, a swap of 0.1 weETH to USDC incurs around 5% slippage. We recommend taking a risk-off stance by zeroing out the supply and borrow caps in this market until liquidity improves. Without sufficient DEX liquidity, liquidations may become unprofitable, causing liquidators to avoid stepping in and potentially leaving undercollateralized positions.
Additional Links
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.