[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 |
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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.