Weekly Update (10/31/25 - 11/6/25)
Anthias Labs would like to provide an update on market performance over the past week for Core markets on Base, OP mainnet, Moonbeam, and Moonriver. Data from 10/31/25 to 11/6/25. More information can be found on our monitoring dashboard. This post comes at the tail end of an oracle mis-pricing event, where the protocol over-valued wrsETH and a user was able to over-borrow against collateral whose price was massively inflated. Since then we’ve quarantined the market by setting supply and borrow caps close to zero, and disabling borrows protocol-wide. This update serves to show the outflows from the protocol during the turmoil.
Base
| Asset | Current Borrow Cap | Current Supply Cap | Average Supply Cap Usage (Past Week) | Average Utilization |
|---|---|---|---|---|
| USDC | 0.1 | 200.00M | 24.68% | 90.11% |
| USDS | 0.1 | 750.00K | 2.43% | 88.54% |
| EURC | 0.1 | 21.90M | 8.83% | 86.39% |
| VIRTUAL | 0.1 | 4.50M | 60.15% | 72.10% |
| WETH | 0.1 | 96.00K | 12.75% | 68.44% |
| DAI | 0.1 | 400.00K | 6.66% | 64.51% |
| cbXRP | 0.1 | 5.00M | 47.68% | 35.80% |
| AERO | 0.1 | 70.00M | 31.93% | 31.01% |
| tBTC | 0.1 | 90.00 | 7.81% | 24.58% |
| MAMO | 0.1 | 20.00M | 14.99% | 22.58% |
| LBTC | 0.1 | 95.00 | 41.55% | 20.45% |
| WELL | 0.1 | 250.00M | 85.46% | 12.52% |
| cbBTC | 0.1 | 1.50K | 34.41% | 11.68% |
| weETH | 0.1 | 5.40K | 3.12% | 10.66% |
| MORPHO | 0.1 | 6.00M | 95.61% | 8.89% |
| cbETH | 0.1 | 16.00K | 12.88% | 3.63% |
| wstETH | 0.1 | 14.40K | 30.76% | 2.58% |
| rETH | 0.1 | 2.60K | 36.56% | 2.40% |
| wrsETH | 0.1 | 1.00 | 11.37K% | 0.02% |
Week-over-Week Changes
| Asset | Total Borrow | Total Supply | Utilization |
|---|---|---|---|
| USDC | -29% from 47.86M USDC to 33.80M USDC | -28% from 53.59M USDC to 38.80M USDC | -2% from 89.31% to 87.11% |
| USDS | -30% from 18.01K USDS to 12.64K USDS | -29% from 19.59K USDS to 14.00K USDS | -2% from 91.92% to 90.30% |
| EURC | -10% from 1.70M EURC to 1.53M EURC | -19% from 2.10M EURC to 1.70M EURC | +11% from 81.22% to 90.16% |
| VIRTUAL | +0% from 1.85M VIRTUAL to 1.86M VIRTUAL | -38% from 3.11M VIRTUAL to 1.93M VIRTUAL | +62% from 59.56% to 96.48% |
| WETH | -62% from 11.50K WETH to 4.36K WETH | -51% from 15.64K WETH to 7.63K WETH | -22% from 73.50% to 57.14% |
| DAI | +14% from 15.63K DAI to 17.76K DAI | -22% from 28.65K DAI to 22.41K DAI | +45% from 54.57% to 79.27% |
| cbXRP | +159% from 538.21K cbXRP to 1.39M cbXRP | -14% from 2.36M cbXRP to 2.03M cbXRP | +200% from 22.85% to 68.55% |
| AERO | -27% from 7.08M AERO to 5.14M AERO | -33% from 25.11M AERO to 16.75M AERO | +9% from 28.18% to 30.70% |
| tBTC | -61% from 2.26 tBTC to 0.87 tBTC | -40% from 8.05 tBTC to 4.83 tBTC | -36% from 28.07% to 18.05% |
| MAMO | -71% from 854.30K MAMO to 243.73K MAMO | -55% from 4.32M MAMO to 1.95M MAMO | -37% from 19.76% to 12.52% |
| LBTC | -59% from 9.88 LBTC to 4.05 LBTC | -57% from 39.54 LBTC to 17.09 LBTC | -5% from 25.00% to 23.72% |
| USDbC | -23% from 1.41K USDbC to 1.08K USDbC | -0% from 8.74K USDbC to 8.74K USDbC | -23% from 16.08% to 12.42% |
| WELL | -49% from 34.01M WELL to 17.22M WELL | -30% from 238.08M WELL to 167.26M WELL | -28% from 14.28% to 10.30% |
| cbBTC | -60% from 84.43 cbBTC to 33.86 cbBTC | -31% from 561.34 cbBTC to 386.38 cbBTC | -42% from 15.04% to 8.76% |
| weETH | -22% from 17.80 weETH to 13.80 weETH | -27% from 183.91 weETH to 134.49 weETH | +6% from 9.68% to 10.26% |
| MORPHO | -55% from 598.83K MORPHO to 267.35K MORPHO | -8% from 5.88M MORPHO to 5.39M MORPHO | -51% from 10.19% to 4.96% |
| cbETH | +79% from 55.33 cbETH to 98.80 cbETH | -18% from 2.13K cbETH to 1.74K cbETH | +118% from 2.60% to 5.68% |
| wstETH | +80% from 86.29 wstETH to 155.72 wstETH | -10% from 4.60K wstETH to 4.13K wstETH | +101% from 1.88% to 3.77% |
| rETH | -0% from 22.80 rETH to 22.80 rETH | -5% from 958.00 rETH to 906.16 rETH | +6% from 2.38% to 2.52% |
| wrsETH | +74% from 0.02 wrsETH to 0.03 wrsETH | -5% from 114.33 wrsETH to 109.17 wrsETH | +82% from 0.02% to 0.03% |
Notable Trends
- WETH supply -51% (15.64K → 7.63K WETH)
- cbBTC supply -31% (561.34 → 386.38 cbBTC)
- USDC supply -28% (53.59M → 38.80M USDC)
- AERO supply -33% (25.11M → 16.75M AERO)
Liquidations
- Total liquidations: 483
- Total Collateral Seized (USD): $959,271.53
- Total Debt Repaid (USD): $872,065.02
- Total Liquidation Bonus (USD): $87,206.50
- Total Liquidator Bonus (USD): $61,044.55
- Total Protocol Bonus (USD): $26,161.95
| Asset | Total Seized (Tokens) | Total Seized (USD) | Debt Repaid (USD) | Liquidation Bonus (USD) | Liquidator Bonus (USD) | Protocol Bonus (USD) | Liquidation Count |
|---|---|---|---|---|---|---|---|
| WETH | 102.108822 | $337,091.56 | $306,446.87 | $30,644.69 | $21,451.28 | $9,193.41 | 213 |
| cbBTC | 2.195214 | $221,124.80 | $201,022.54 | $20,102.25 | $14,071.58 | $6,030.68 | 25 |
| USDC | 205,932.876851 | $205,900.68 | $187,182.44 | $18,718.24 | $13,102.77 | $5,615.47 | 34 |
| WELL | 5,455,293.562880 | $66,383.33 | $60,348.48 | $6,034.85 | $4,224.39 | $1,810.45 | 36 |
| cbETH | 16.936605 | $58,742.47 | $53,402.24 | $5,340.22 | $3,738.16 | $1,602.07 | 15 |
| AERO | 34,601.537262 | $28,953.85 | $26,321.68 | $2,632.17 | $1,842.52 | $789.65 | 46 |
| cbXRP | 10,412.831136 | $23,364.12 | $21,240.11 | $2,124.01 | $1,486.81 | $637.20 | 10 |
| EURC | 8,282.200712 | $9,517.12 | $8,651.92 | $865.19 | $605.63 | $259.56 | 57 |
| wrsETH | 0.948176 | $3,683.27 | $3,348.43 | $334.84 | $234.39 | $100.45 | 5 |
| VIRTUAL | 1,268.343700 | $1,700.66 | $1,546.05 | $154.61 | $108.22 | $46.38 | 4 |
| wstETH | 0.335921 | $1,300.26 | $1,182.06 | $118.21 | $82.74 | $35.46 | 8 |
| rETH | 0.327533 | $1,254.32 | $1,140.30 | $114.03 | $79.82 | $34.21 | 4 |
| weETH | 0.047119 | $169.00 | $153.64 | $15.36 | $10.75 | $4.61 | 2 |
| LBTC | 0.000449 | $47.31 | $43.01 | $4.30 | $3.01 | $1.29 | 11 |
| MORPHO | 10.654400 | $19.42 | $17.66 | $1.77 | $1.24 | $0.53 | 1 |
| USDS | 16.023500 | $16.02 | $14.56 | $1.46 | $1.02 | $0.44 | 1 |
| tBTC | 0.000027 | $2.83 | $2.57 | $0.26 | $0.18 | $0.08 | 1 |
| DAI | 0.348545 | $0.35 | $0.32 | $0.03 | $0.02 | $0.01 | 7 |
| USDbC | 0.148738 | $0.15 | $0.14 | $0.01 | $0.01 | $0.00 | 3 |
Optimism
| Asset | Current Borrow Cap | Current Supply Cap | Average Supply Cap Usage (Past Week) | Average Utilization |
|---|---|---|---|---|
| DAI | 0.1 | 4.80M | 2.81% | 87.11% |
| USDT0 | 0.1 | 10.00M | 1.73% | 84.12% |
| USDC | 0.1 | 36.40M | 4.51% | 82.61% |
| WETH | 0.1 | 32.00K | 10.38% | 75.07% |
| USDT | 0.1 | 22.60M | 1.63% | 74.21% |
| WBTC | 0.1 | 0.00 | 0.00% | 20.78% |
| cbETH | 0.1 | 10.00 | 2.70% | 14.88% |
| OP | 0.1 | 5.60M | 19.08% | 12.33% |
| weETH | 0.1 | 1.20K | 6.05% | 12.10% |
| VELO | 0.1 | 80.00M | 78.37% | 10.49% |
| wstETH | 0.1 | 5.00K | 5.28% | 9.76% |
| rETH | 0.1 | 750.00 | 7.63% | 8.00% |
| wrsETH | 0.1 | 0.1 | 0.00% | 2.48% |
Week-over-Week Changes
| Asset | Total Borrow | Total Supply | Utilization |
|---|---|---|---|
| DAI | -43% from 103.72K DAI to 58.65K DAI | -23% from 113.74K DAI to 87.88K DAI | -27% from 91.19% to 66.74% |
| USDT0 | -33% from 158.26K USDT0 to 106.18K USDT0 | -22% from 177.63K USDT0 to 137.66K USDT0 | -13% from 89.10% to 77.13% |
| USDC | -56% from 1.96M USDC to 869.48K USDC | -46% from 2.23M USDC to 1.20M USDC | -17% from 87.55% to 72.71% |
| WETH | -58% from 3.44K WETH to 1.43K WETH | -53% from 4.41K WETH to 2.08K WETH | -12% from 78.08% to 68.98% |
| USDT | -9% from 257.51K USDT to 234.65K USDT | -6% from 304.00K USDT to 284.54K USDT | -3% from 84.71% to 82.47% |
| WBTC | 0% from 0.00 WBTC to 0.00 WBTC | -93% from 0.07 WBTC to 0.01 WBTC | +1316% from 4.35% to 61.54% |
| cbETH | +49900% from 0.00 cbETH to 0.10 cbETH | -3% from 0.27 cbETH to 0.27 cbETH | +64360% from 0.06% to 37.73% |
| OP | -18% from 150.16K OP to 122.67K OP | -16% from 1.10M OP to 921.35K OP | -3% from 13.66% to 13.31% |
| weETH | -40% from 12.89 weETH to 7.73 weETH | -19% from 78.92 weETH to 64.09 weETH | -26% from 16.33% to 12.06% |
| VELO | +8% from 5.00M VELO to 5.39M VELO | -30% from 68.72M VELO to 47.96M VELO | +54% from 7.28% to 11.23% |
| wstETH | -47% from 30.39 wstETH to 16.02 wstETH | -59% from 326.25 wstETH to 132.82 wstETH | +29% from 9.31% to 12.06% |
| rETH | -19% from 4.67 rETH to 3.76 rETH | -24% from 61.47 rETH to 46.74 rETH | +6% from 7.60% to 8.05% |
| wrsETH | -55% from 0.62 wrsETH to 0.28 wrsETH | -15% from 20.11 wrsETH to 17.19 wrsETH | -48% from 3.07% to 1.61% |
Notable Trends
- WETH supply -53% (4.41K → 2.08K WETH)
- USDC supply -46% (2.23M → 1.20M USDC)
- wstETH supply -59% (326.25 → 132.82 wstETH)
- VELO supply -30% (68.72M → 47.96M VELO)
Liquidations
- Total liquidations: 63
- Total Collateral Seized (USD): $17,431.76
- Total Debt Repaid (USD): $15,847.05
- Total Liquidation Bonus (USD): $1,584.71
- Total Liquidator Bonus (USD): $1,109.29
- Total Protocol Bonus (USD): $475.41
| Asset | Total Seized (Tokens) | Total Seized (USD) | Debt Repaid (USD) | Liquidation Bonus (USD) | Liquidator Bonus (USD) | Protocol Bonus (USD) | Liquidation Count |
|---|---|---|---|---|---|---|---|
| wrsETH | 1.999238 | $12,230.36 | $11,118.51 | $1,111.85 | $778.30 | $333.56 | 4 |
| USDC | 2,059.221000 | $2,058.93 | $1,871.75 | $187.18 | $131.02 | $56.15 | 2 |
| WETH | 0.273551 | $951.56 | $865.05 | $86.51 | $60.55 | $25.95 | 10 |
| weETH | 0.213108 | $770.02 | $700.01 | $70.00 | $49.00 | $21.00 | 12 |
| wstETH | 0.142177 | $553.18 | $502.89 | $50.29 | $35.20 | $15.09 | 4 |
| OP | 1,527.694485 | $552.94 | $502.68 | $50.27 | $35.19 | $15.08 | 21 |
| rETH | 0.068124 | $260.04 | $236.40 | $23.64 | $16.55 | $7.09 | 3 |
| VELO | 1,606.464400 | $54.73 | $49.75 | $4.98 | $3.48 | $1.49 | 7 |
Moonbeam
| Asset | Current Borrow Cap | Average Borrow Cap Usage (Past Week) | Average Utilization |
|---|---|---|---|
| GLMR | 0.10 | 7535.93M% | 61.47% |
| xcDOT | 0.10 | 19.80M% | 47.45% |
| FRAX | 0.10 | 255.45K% | 46.72% |
| xcUSDC | 0.10 | 29.06M% | 45.71% |
| xcUSDT | 0.10 | 25.41M% | 27.84% |
| USDC.wh | 0.10 | 25.26M% | 24.54% |
| ETH.wh | 0.10 | 1.09K% | 3.48% |
| BTC.wh | 0.10 | 4.50% | 0.38% |
Week-over-Week Changes
| Asset | Total Borrow | Total Supply | Utilization |
|---|---|---|---|
| GLMR | +1% from 7.51M GLMR to 7.57M GLMR | +3% from 11.22M GLMR to 11.54M GLMR | -2% from 66.92% to 65.59% |
| xcDOT | +0% from 19.79K xcDOT to 19.80K xcDOT | -1% from 1.13M xcDOT to 1.12M xcDOT | +1% from 47.31% to 47.63% |
| FRAX | -9% from 262.36 FRAX to 238.24 FRAX | -0% from 38.77K FRAX to 38.77K FRAX | -0% from 46.74% to 46.68% |
| xcUSDC | -11% from 31.09K xcUSDC to 27.55K xcUSDC | -8% from 65.44K xcUSDC to 60.08K xcUSDC | -3% from 47.51% to 45.85% |
| xcUSDT | -1% from 25.44K xcUSDT to 25.28K xcUSDT | -3% from 92.14K xcUSDT to 89.80K xcUSDT | +2% from 27.61% to 28.16% |
| USDC.wh | -7% from 25.97K USDC.wh to 24.08K USDC.wh | -8% from 105.21K USDC.wh to 96.91K USDC.wh | +1% from 24.68% to 24.85% |
| ETH.wh | +0% from 1.09 ETH.wh to 1.10 ETH.wh | -2% from 31.72 ETH.wh to 31.10 ETH.wh | +2% from 3.45% to 3.52% |
| BTC.wh | 0% from 0.00 BTC.wh to 0.00 BTC.wh | -0% from 1.19 BTC.wh to 1.19 BTC.wh | +0% from 0.38% to 0.38% |
Liquidations
- Total liquidations: 120
- Total Collateral Seized (USD): $2,432.12
- Total Debt Repaid (USD): $2,211.02
- Total Liquidation Bonus (USD): $221.10
- Total Liquidator Bonus (USD): $154.77
- Total Protocol Bonus (USD): $66.33
| Asset | Total Seized (Tokens) | Total Seized (USD) | Debt Repaid (USD) | Liquidation Bonus (USD) | Liquidator Bonus (USD) | Protocol Bonus (USD) | Liquidation Count |
|---|---|---|---|---|---|---|---|
| xcDOT | 798.435076 | $2,001.39 | $1,819.44 | $181.94 | $127.36 | $54.58 | 83 |
| GLMR | 10,417.667450 | $338.59 | $307.81 | $30.78 | $21.55 | $9.23 | 24 |
| ETH_wh | 0.014358 | $46.25 | $42.05 | $4.20 | $2.94 | $1.26 | 4 |
| xcUSDT | 23.677597 | $23.68 | $21.52 | $2.15 | $1.51 | $0.65 | 6 |
| BTC_wh | 0.000218 | $21.88 | $19.89 | $1.99 | $1.39 | $0.60 | 2 |
| FRAX | 0.334477 | $0.33 | $0.30 | $0.03 | $0.02 | $0.01 | 1 |
Moonriver
| Asset | Current Borrow Cap | Average Borrow Cap Usage (Past Week) | Average Utilization |
|---|---|---|---|
| xcKSM | 0.10 | 6.57M% | 43.14% |
| FRAX | 0.10 | 51.31M% | 15.79% |
| MOVR | 0.10 | 3.57M% | 2.44% |
Week-over-Week Changes
| Asset | Total Borrow | Total Supply | Utilization |
|---|---|---|---|
| xcKSM | +0% from 6.57K xcKSM to 6.57K xcKSM | -1% from 15.34K xcKSM to 15.17K xcKSM | +1% from 42.80% to 43.33% |
| FRAX | +0% from 51.30K FRAX to 51.31K FRAX | -1% from 326.07K FRAX to 322.42K FRAX | +1% from 15.73% to 15.91% |
| MOVR | +0% from 3.57K MOVR to 3.57K MOVR | -1% from 146.54K MOVR to 144.72K MOVR | +1% from 2.44% to 2.47% |
Liquidations
No liquidation events this week.