Weekly Update (11/7/25 - 11/13/25)
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 11/7/25 to 11/13/25. More information can be found on our monitoring dashboard.
Borrows were paused protocol-wide on 11/4/25 following the oracles for wrsETH on Base and OP Mainnet giving vastly inflated prices. On 11/12 borrows were re-enabled after the oracles in the wrsETH markets were replaced. While borrow caps were fully restored in most markets, others were only raised slightly. The reason is that for some assets (e.g., weETH, LBTC, tBTC, rETH) the previous borrow caps were greatly underutilized. For other markets, borrowing may still be temporarily disabled as we re-evaluate the risks of allowing it for volatile assets (e.g., MORPHO, VIRTUAL, WELL). This pause will give us time to assess whether it’s safe to re-enable such borrowing. The decision follows the incident on 10/10, when assets like VIRTUAL crashed more than 90% in a matter of minutes, yet could still be borrowed at high LTV against collateral like USDC and cbBTC. Below is a table summarizing the adjustments we’ve made:
| Asset | Old Borrow Cap | New Borrow Cap |
|---|---|---|
| weETH | 700 | 200 |
| MORPHO | 600,000 | 100,000 |
| WELL | 100M | 10M |
| VIRTUAL | 1.5M | 10,000 |
| rETH | 900 | 200 |
| tBTC | 36 | 5 |
| LBTC | 38 | 10 |
Base
| Asset | Current Borrow Cap | Current Supply Cap | Average Borrow Cap Usage (Past Week) | Average Supply Cap Usage (Past Week) | Average Utilization |
|---|---|---|---|---|---|
| VIRTUAL | 10.00K | 4.50M | 18.91K% | 44.93% | 94.01% |
| EURC | 21.00M | 21.90M | 7.11% | 7.55% | 90.23% |
| USDS | 690.00K | 750.00K | 1.77% | 1.87% | 87.09% |
| USDC | 184.00M | 200.00M | 18.00% | 19.40% | 85.34% |
| DAI | 300.00K | 400.00K | 5.44% | 5.52% | 73.86% |
| cbXRP | 1.60M | 5.00M | 86.38% | 44.11% | 62.68% |
| WETH | 64.00K | 96.00K | 6.68% | 7.65% | 58.20% |
| AERO | 25.00M | 70.00M | 19.57% | 24.49% | 28.54% |
| tBTC | 5.00 | 90.00 | 16.29% | 5.10% | 17.77% |
| MAMO | 3.00M | 20.00M | 8.32% | 7.39% | 17.00% |
| LBTC | 10.00 | 95.00 | 27.29% | 20.15% | 14.34% |
| USDbC | 1.00 | 1.00 | 108.49K% | 867.78K% | 12.50% |
| weETH | 200.00 | 5.40K | 6.90% | 2.34% | 10.95% |
| WELL | 10.00M | 250.00M | 171.59% | 67.20% | 10.21% |
| cbBTC | 640.00 | 1.50K | 5.63% | 25.48% | 9.40% |
| cbETH | 6.40K | 16.00K | 1.54% | 9.84% | 6.27% |
| MORPHO | 100.00K | 6.00M | 257.78% | 90.25% | 4.76% |
| wstETH | 4.80K | 14.40K | 3.24% | 27.13% | 3.99% |
| rETH | 200.00 | 2.60K | 11.20% | 32.06% | 2.69% |
| wrsETH | 0.00 | 1.00 | 0.00% | 10.10K% | 0.03% |
Week-over-Week Changes
| Asset | Total Borrow | Total Supply | Utilization |
|---|---|---|---|
| VIRTUAL | +4% from 1.86M VIRTUAL to 1.92M VIRTUAL | +25% from 1.86M VIRTUAL to 2.33M VIRTUAL | -18% from 100.00% to 82.48% |
| EURC | -5% from 1.53M EURC to 1.46M EURC | -3% from 1.70M EURC to 1.64M EURC | -1% from 90.34% to 89.07% |
| USDS | -3% from 12.64K USDS to 12.28K USDS | -3% from 14.00K USDS to 13.62K USDS | -0% from 90.30% to 90.15% |
| USDC | -3% from 33.69M USDC to 32.74M USDC | +1% from 39.04M USDC to 39.27M USDC | -3% from 86.30% to 83.36% |
| DAI | -22% from 17.72K DAI to 13.76K DAI | -1% from 22.41K DAI to 22.16K DAI | -21% from 79.07% to 62.09% |
| cbXRP | -0% from 1.39M cbXRP to 1.39M cbXRP | +3% from 2.14M cbXRP to 2.20M cbXRP | -3% from 65.18% to 63.18% |
| WETH | +8% from 4.35K WETH to 4.69K WETH | +11% from 7.30K WETH to 8.07K WETH | -2% from 59.61% to 58.14% |
| AERO | -22% from 5.14M AERO to 4.03M AERO | +1% from 16.75M AERO to 16.95M AERO | -23% from 30.70% to 23.78% |
| tBTC | -11% from 0.87 tBTC to 0.78 tBTC | -13% from 4.83 tBTC to 4.20 tBTC | +2% from 18.05% to 18.49% |
| MAMO | +21% from 243.73K MAMO to 294.76K MAMO | -25% from 1.95M MAMO to 1.47M MAMO | +60% from 12.52% to 20.07% |
| LBTC | +23% from 4.05 LBTC to 5.00 LBTC | +38% from 17.09 LBTC to 23.53 LBTC | -10% from 23.72% to 21.24% |
| weETH | +2% from 13.80 weETH to 14.11 weETH | -7% from 129.85 weETH to 121.14 weETH | +10% from 10.63% to 11.65% |
| WELL | -0% from 17.22M WELL to 17.14M WELL | +2% from 167.00M WELL to 169.86M WELL | -2% from 10.31% to 10.09% |
| cbBTC | +52% from 33.86 cbBTC to 51.51 cbBTC | +4% from 383.92 cbBTC to 398.87 cbBTC | +46% from 8.82% to 12.91% |
| cbETH | -0% from 98.80 cbETH to 98.33 cbETH | -8% from 1.69K cbETH to 1.55K cbETH | +9% from 5.83% to 6.33% |
| MORPHO | -5% from 267.35K MORPHO to 254.08K MORPHO | +0% from 5.39M MORPHO to 5.40M MORPHO | -5% from 4.96% to 4.70% |
| wstETH | -0% from 155.72 wstETH to 155.38 wstETH | -9% from 4.08K wstETH to 3.73K wstETH | +9% from 3.81% to 4.17% |
| rETH | -3% from 22.80 rETH to 22.13 rETH | -8% from 905.75 rETH to 832.20 rETH | +6% from 2.52% to 2.66% |
| wrsETH | -41% from 0.03 wrsETH to 0.02 wrsETH | -10% from 109.17 wrsETH to 98.12 wrsETH | -34% from 0.03% to 0.02% |
Notable Trends
- WETH supply +11% (7.30K → 8.07K WETH)
- cbBTC borrows +52% (33.86 → 51.51 cbBTC)
- AERO borrows -22% (5.14M → 4.03M AERO)
Liquidations
- Total liquidations: 106
- Total Collateral Seized (USD): $20,346.85
- Total Debt Repaid (USD): $18,497.14
- Total Liquidation Bonus (USD): $1,849.71
- Total Liquidator Bonus (USD): $1,294.80
- Total Protocol Bonus (USD): $554.91
| Asset | Total Seized (Tokens) | Total Seized (USD) | Debt Repaid (USD) | Liquidation Bonus (USD) | Liquidator Bonus (USD) | Protocol Bonus (USD) | Liquidation Count |
|---|---|---|---|---|---|---|---|
| USDC | 7,325.152023 | $7,323.94 | $6,658.13 | $665.81 | $466.07 | $199.74 | 16 |
| rETH | 1.312020 | $5,207.04 | $4,733.67 | $473.37 | $331.36 | $142.01 | 1 |
| cbETH | 1.239227 | $4,750.28 | $4,318.44 | $431.84 | $302.29 | $129.55 | 2 |
| cbBTC | 0.012725 | $1,357.76 | $1,234.33 | $123.43 | $86.40 | $37.03 | 1 |
| VIRTUAL | 930.521000 | $1,262.36 | $1,147.60 | $114.76 | $80.33 | $34.43 | 2 |
| WETH | 0.085367 | $289.33 | $263.02 | $26.30 | $18.41 | $7.89 | 74 |
| AERO | 84.873110 | $79.34 | $72.12 | $7.21 | $5.05 | $2.16 | 5 |
| WELL | 6,654.773900 | $76.81 | $69.83 | $6.98 | $4.89 | $2.09 | 5 |
Optimism
| Asset | Current Borrow Cap | Current Supply Cap | Average Borrow Cap Usage (Past Week) | Average Supply Cap Usage (Past Week) | Average Utilization |
|---|---|---|---|---|---|
| USDT | 18.40M | 22.60M | 1.15% | 1.15% | 80.24% |
| USDT0 | 8.00M | 10.00M | 1.30% | 1.33% | 78.24% |
| USDC | 34.00M | 36.40M | 2.64% | 3.28% | 75.22% |
| WETH | 30.00K | 32.00K | 5.02% | 6.92% | 67.87% |
| DAI | 4.50M | 4.80M | 0.97% | 1.42% | 63.74% |
| cbETH | 0.00 | 10.00 | 0.00% | 2.65% | 37.73% |
| OP | 650.00K | 5.60M | 18.83% | 16.08% | 13.59% |
| VELO | 20.00M | 80.00M | 28.15% | 58.12% | 12.20% |
| rETH | 340.00 | 750.00 | 1.11% | 6.23% | 8.05% |
| wstETH | 1.50K | 5.00K | 0.69% | 2.73% | 7.59% |
| weETH | 220.00 | 1.20K | 1.59% | 4.83% | 5.77% |
| wrsETH | 0.00 | 0.00 | 0.00% | 0.00% | 1.61% |
Week-over-Week Changes
| Asset | Total Borrow | Total Supply | Utilization |
|---|---|---|---|
| USDT | -55% from 234.12K USDT to 104.82K USDT | -39% from 284.56K USDT to 174.18K USDT | -27% from 82.28% to 60.18% |
| USDT0 | -2% from 106.18K USDT0 to 103.54K USDT0 | -6% from 137.65K USDT0 to 130.04K USDT0 | +3% from 77.14% to 79.62% |
| USDC | +19% from 869.49K USDC to 1.04M USDC | +25% from 1.19M USDC to 1.48M USDC | -4% from 73.20% to 70.09% |
| WETH | +53% from 1.43K WETH to 2.20K WETH | +41% from 2.08K WETH to 2.95K WETH | +8% from 68.93% to 74.71% |
| DAI | -33% from 58.65K DAI to 39.55K DAI | -28% from 86.78K DAI to 62.33K DAI | -6% from 67.59% to 63.45% |
| WBTC | 0% from 0.00 WBTC to 0.00 WBTC | 0% from 0.01 WBTC to 0.01 WBTC | +0% from 61.54% to 61.62% |
| cbETH | 0% from 0.10 cbETH to 0.10 cbETH | 0% from 0.27 cbETH to 0.27 cbETH | +0% from 37.73% to 37.73% |
| OP | -1% from 122.67K OP to 121.51K OP | -3% from 925.21K OP to 896.28K OP | +2% from 13.26% to 13.56% |
| VELO | +74% from 5.39M VELO to 9.35M VELO | -12% from 47.82M VELO to 42.23M VELO | +97% from 11.26% to 22.14% |
| rETH | +0% from 3.76 rETH to 3.76 rETH | -0% from 46.74 rETH to 46.74 rETH | +0% from 8.05% to 8.05% |
| wstETH | -43% from 16.02 wstETH to 9.19 wstETH | +5% from 133.82 wstETH to 139.85 wstETH | -45% from 11.97% to 6.57% |
| weETH | -76% from 7.73 weETH to 1.82 weETH | -18% from 64.09 weETH to 52.69 weETH | -71% from 12.06% to 3.46% |
| wrsETH | 0% from 0.28 wrsETH to 0.28 wrsETH | 0% from 17.19 wrsETH to 17.19 wrsETH | 0% from 1.61% to 1.61% |
Notable Trends
- WETH supply +41% (2.08K → 2.95K WETH)
- WETH borrows +53% (1.43K → 2.20K WETH)
- USDC supply +25% (1.19M → 1.48M USDC)
- VELO borrows +74% (5.39M → 9.35M VELO)
Liquidations
- Total liquidations: 3
- Total Collateral Seized (USD): $1,907.27
- Total Debt Repaid (USD): $1,733.88
- Total Liquidation Bonus (USD): $173.39
- Total Liquidator Bonus (USD): $121.37
- Total Protocol Bonus (USD): $52.02
| Asset | Total Seized (Tokens) | Total Seized (USD) | Debt Repaid (USD) | Liquidation Bonus (USD) | Liquidator Bonus (USD) | Protocol Bonus (USD) | Liquidation Count |
|---|---|---|---|---|---|---|---|
| VELO | 31,070.700000 | $1,220.17 | $1,109.25 | $110.92 | $77.65 | $33.28 | 1 |
| wstETH | 0.099038 | $414.46 | $376.79 | $37.68 | $26.38 | $11.30 | 1 |
| WETH | 0.076317 | $272.64 | $247.85 | $24.79 | $17.35 | $7.44 | 1 |
Moonbeam
| Asset | Current Borrow Cap | Average Borrow Cap Usage (Past Week) | Average Utilization |
|---|---|---|---|
| GLMR | 0.10 | 7616.75M% | 65.86% |
| xcDOT | 0.10 | 19.80M% | 47.65% |
| FRAX | 0.10 | 238.24K% | 46.68% |
| xcUSDC | 0.10 | 27.58M% | 46.02% |
| xcUSDT | 0.10 | 25.23M% | 28.54% |
| USDC.wh | 0.10 | 24.12M% | 24.71% |
| BTC.wh | 0.10 | 80.35% | 6.76% |
| ETH.wh | 0.10 | 1.10K% | 3.52% |
Week-over-Week Changes
| Asset | Total Borrow | Total Supply | Utilization |
|---|---|---|---|
| GLMR | +1% from 7.57M GLMR to 7.66M GLMR | +0% from 11.54M GLMR to 11.59M GLMR | +1% from 65.59% to 66.14% |
| xcDOT | +0% from 19.80K xcDOT to 19.81K xcDOT | -0% from 1.12M xcDOT to 1.12M xcDOT | +0% from 47.63% to 47.67% |
| FRAX | 0% from 238.24 FRAX to 238.24 FRAX | 0% from 38.77K FRAX to 38.77K FRAX | 0% from 46.68% to 46.68% |
| xcUSDC | +0% from 27.55K xcUSDC to 27.64K xcUSDC | -1% from 60.08K xcUSDC to 59.57K xcUSDC | +1% from 45.85% to 46.40% |
| xcUSDT | -0% from 25.28K xcUSDT to 25.23K xcUSDT | +1% from 89.80K xcUSDT to 90.84K xcUSDT | -1% from 28.16% to 27.78% |
| USDC.wh | +0% from 24.08K USDC.wh to 24.16K USDC.wh | +3% from 96.91K USDC.wh to 99.52K USDC.wh | -2% from 24.85% to 24.27% |
| BTC.wh | +2000% from 0.00 BTC.wh to 0.09 BTC.wh | 0% from 1.19 BTC.wh to 1.19 BTC.wh | +2005% from 0.38% to 7.95% |
| ETH.wh | 0% from 1.10 ETH.wh to 1.10 ETH.wh | 0% from 31.10 ETH.wh to 31.10 ETH.wh | 0% from 3.52% to 3.52% |
Liquidations
- Total liquidations: 2
- Total Collateral Seized (USD): $2.07
- Total Debt Repaid (USD): $1.89
- Total Liquidation Bonus (USD): $0.19
- Total Liquidator Bonus (USD): $0.13
- Total Protocol Bonus (USD): $0.06
| Asset | Total Seized (Tokens) | Total Seized (USD) | Debt Repaid (USD) | Liquidation Bonus (USD) | Liquidator Bonus (USD) | Protocol Bonus (USD) | Liquidation Count |
|---|---|---|---|---|---|---|---|
| GLMR | 60.768800 | $2.07 | $1.89 | $0.19 | $0.13 | $0.06 | 2 |
Moonriver
| Asset | Current Borrow Cap | Average Borrow Cap Usage (Past Week) | Average Utilization |
|---|---|---|---|
| xcKSM | 0.10 | 6.51M% | 44.67% |
| FRAX | 0.10 | 51.31M% | 15.91% |
| MOVR | 0.10 | 3.57M% | 2.47% |
Week-over-Week Changes
| Asset | Total Borrow | Total Supply | Utilization |
|---|---|---|---|
| xcKSM | -1% from 6.57K xcKSM to 6.48K xcKSM | -5% from 15.17K xcKSM to 14.41K xcKSM | +4% from 43.33% to 45.00% |
| FRAX | 0% from 51.31K FRAX to 51.31K FRAX | 0% from 322.42K FRAX to 322.42K FRAX | 0% from 15.91% to 15.91% |
| MOVR | +0% from 3.57K MOVR to 3.57K MOVR | -4% from 144.72K MOVR to 139.48K MOVR | +4% from 2.47% to 2.56% |
Liquidations
- Total liquidations: 2
- Total Collateral Seized (USD): $1,628.78
- Total Debt Repaid (USD): $1,480.71
- Total Liquidation Bonus (USD): $148.07
- Total Liquidator Bonus (USD): $103.65
- Total Protocol Bonus (USD): $44.42
| Asset | Total Seized (Tokens) | Total Seized (USD) | Debt Repaid (USD) | Liquidation Bonus (USD) | Liquidator Bonus (USD) | Protocol Bonus (USD) | Liquidation Count |
|---|---|---|---|---|---|---|---|
| xcKSM | 106.134000 | $1,628.22 | $1,480.20 | $148.02 | $103.61 | $44.41 | 1 |
| MOVR | 0.127076 | $0.56 | $0.51 | $0.05 | $0.04 | $0.02 | 1 |