[Anthias Labs] Risk Parameter Recommendations (6/23/26)
Anthias Labs proposes the following parameter changes for the month of July. For more information on current parameters, please refer to our monitoring dashboard here.
Base
Summary
Risk Parameters
| Parameters | Current Value | Recommended Value |
|---|---|---|
| wrsETH Collateral Factor | 68% | 52% |
IR Parameters
| USDC IR Parameters | Current Value | Recommended Value |
|---|---|---|
| Base | 0 | 0 |
| Kink | 0.9 | 0.9 |
| Multiplier | 0.056 | 0.06 |
| Jump Multiplier | 9 | 9 |
| MAMO IR Parameters | Current Value | Recommended Value |
|---|---|---|
| Base | 0 | 0 |
| Kink | 0.6 | 0.6 |
| Multiplier | 0.45 | 0.26 |
| Jump Multiplier | 5 | 5 |
Rationale
USDC
In the past two weeks, utilization in the USDC market has repeatedly approached the 90% kink level, causing borrow rates to spike. This is driven by a notable increase in borrow demand. Borrowed USDC rose from 13.4M on May 22nd to a peak of nearly 14.5M on June 4th. The current interest rate curve supports smooth rate discovery up to a borrow rate of 5.04%. To better handle the elevated demand, we recommend increasing the multiplier from 0.056 to 0.06. This change would raise the borrow rate at the kink to 5.4%. This modest adjustment should improve rate stability and more effectively accommodate the recent influx of borrowers.
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) | 5.4% | 4.37% |
| 100% | 95.4% | 85.86% |
wrsETH
Continuing with our recommendation to wind down the wrsETH market, we propose decreasing collateral factor from 68% to 52%. This drop should have little effect on remaining positions supplying wrsETH collateral. As we wind down wrsETH collateral factor we urge users borrowing against wrsETH collateral to repay their borrows in order to avoid liquidation.
MAMO
We recommend adjusting the MAMO IR curve, decreasing the multiplier and therefore interest rates on the shallow part of the curve. This change aims to set the borrow rate at kink to 15.6% and supply rate to 6.6%.
Over the past 90d MAMO borrow rates have mostly hovered between 7% and 13%.
Current APYs
With reserve factor of 30%
| Utilization | Borrow APY | Supply APY |
|---|---|---|
| 0% | 0% | 0% |
| 60% (kink) | 27% | 11.34% |
| 100% | 227% | 158.9% |
Projected APYs
With reserve factor of 30%
| Utilization | Borrow APY | Supply APY |
|---|---|---|
| 0% | 0% | 0% |
| 60% (kink) | 15.6% | 6.55% |
| 100% | 215.6% | 150.92% |
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.