Weekly Update (2/20/26 - 2/26/26)
Anthias Labs would like to provide an update on market performance over the past week for Core markets on Base, OP mainnet, and Moonbeam. Data from 2/20/26 to 2/26/26. More information can be found on our monitoring dashboard.
Base
| Asset | Current Borrow Cap | Current Supply Cap | Average Borrow Cap Usage (Past Week) | Average Supply Cap Usage (Past Week) | Average Utilization |
|---|---|---|---|---|---|
| cbETH | 0.00 | 4.00K | 0.00% | 20.05% | 93.79% |
| WETH | 64.00K | 96.00K | 6.23% | 4.73% | 87.94% |
| USDS | 690.00K | 750.00K | 1.22% | 1.31% | 85.71% |
| USDC | 184.00M | 200.00M | 6.85% | 9.92% | 64.35% |
| VIRTUAL | 10.00K | 4.50M | 20.19K% | 73.71% | 60.88% |
| EURC | 21.00M | 21.90M | 2.87% | 5.06% | 54.37% |
| cbXRP | 1.60M | 5.00M | 98.85% | 59.75% | 52.95% |
| DAI | 300.00K | 400.00K | 3.91% | 5.67% | 51.65% |
| MAMO | 3.00M | 20.00M | 18.87% | 14.30% | 20.96% |
| AERO | 25.00M | 70.00M | 9.29% | 18.46% | 17.96% |
| WELL | 34.00M | 250.00M | 60.11% | 51.64% | 15.83% |
| cbBTC | 640.00 | 1.50K | 2.88% | 11.01% | 11.19% |
| USDbC | 1.00 | 1.00 | 91.61K% | 841.31K% | 10.89% |
| tBTC | 5.00 | 50.00 | 3.74% | 4.61% | 8.63% |
| wstETH | 1.20K | 14.40K | 11.92% | 16.32% | 6.11% |
| LBTC | 10.00 | 95.00 | 23.43% | 42.92% | 5.74% |
| weETH | 200.00 | 5.40K | 1.51% | 1.00% | 5.60% |
| MORPHO | 100.00K | 6.00M | 217.77% | 94.83% | 3.83% |
| rETH | 200.00 | 2.60K | 7.63% | 29.56% | 1.99% |
| wrsETH | 0.00 | 1.00 | 0.00% | 3.56K% | 0.04% |
Week-over-Week Changes
| Asset | Total Borrow | Total Supply | Utilization |
|---|---|---|---|
| cbETH | +4% from 715.24 cbETH to 744.51 cbETH | +91% from 715.24 cbETH to 1.37K cbETH | -46% from 100.00% to 54.45% |
| WETH | -11% from 4.34K WETH to 3.85K WETH | -5% from 4.52K WETH to 4.30K WETH | -7% from 95.85% to 89.40% |
| USDS | -1% from 8.46K USDS to 8.37K USDS | +15% from 8.64K USDS to 9.91K USDS | -14% from 97.99% to 84.48% |
| USDC | -2% from 12.73M USDC to 12.51M USDC | +45% from 13.56M USDC to 19.68M USDC | -32% from 93.84% to 63.55% |
| VIRTUAL | +2% from 2.00M VIRTUAL to 2.04M VIRTUAL | +3% from 3.28M VIRTUAL to 3.37M VIRTUAL | -1% from 61.13% to 60.48% |
| EURC | -4% from 616.35K EURC to 588.63K EURC | -2% from 1.12M EURC to 1.09M EURC | -2% from 55.20% to 53.90% |
| cbXRP | +1% from 1.57M cbXRP to 1.58M cbXRP | -0% from 3.03M cbXRP to 3.02M cbXRP | +1% from 51.99% to 52.41% |
| DAI | +8% from 11.00K DAI to 11.92K DAI | +0% from 22.68K DAI to 22.69K DAI | +8% from 48.48% to 52.54% |
| MAMO | -9% from 582.71K MAMO to 531.23K MAMO | -26% from 2.74M MAMO to 2.02M MAMO | +24% from 21.30% to 26.35% |
| AERO | +18% from 2.24M AERO to 2.64M AERO | +8% from 12.69M AERO to 13.75M AERO | +9% from 17.65% to 19.20% |
| WELL | -4% from 20.98M WELL to 20.22M WELL | -0% from 127.39M WELL to 126.85M WELL | -3% from 16.47% to 15.94% |
| cbBTC | +29% from 16.54 cbBTC to 21.39 cbBTC | -10% from 177.08 cbBTC to 158.65 cbBTC | +44% from 9.34% to 13.48% |
| USDbC | +0% from 916.06 USDbC to 916.13 USDbC | +0% from 8.41K USDbC to 8.41K USDbC | +0% from 10.89% to 10.89% |
| tBTC | +86% from 0.14 tBTC to 0.26 tBTC | -39% from 2.54 tBTC to 1.56 tBTC | +205% from 5.56% to 16.95% |
| wstETH | -1% from 143.54 wstETH to 142.77 wstETH | -17% from 2.61K wstETH to 2.15K wstETH | +21% from 5.50% to 6.63% |
| LBTC | -69% from 4.43 LBTC to 1.37 LBTC | -4% from 41.63 LBTC to 39.89 LBTC | -68% from 10.64% to 3.44% |
| weETH | -96% from 11.75 weETH to 0.48 weETH | -0% from 53.91 weETH to 53.90 weETH | -96% from 21.79% to 0.89% |
| MORPHO | -0% from 217.81K MORPHO to 217.70K MORPHO | +0% from 5.69M MORPHO to 5.69M MORPHO | -0% from 3.83% to 3.82% |
| rETH | -5% from 15.29 rETH to 14.59 rETH | -0% from 768.70 rETH to 768.40 rETH | -5% from 1.99% to 1.90% |
| wrsETH | 0% from 0.01 wrsETH to 0.01 wrsETH | -0% from 35.67 wrsETH to 35.63 wrsETH | +0% from 0.04% to 0.04% |
Notable Trends
- USDC supply +45% (13.56M → 19.68M USDC)
- cbBTC supply -10% (177.08 → 158.65 cbBTC)
- wstETH supply -17% (2.61K → 2.15K wstETH)
- cbETH supply +91% (715.24 → 1.37K cbETH)
Liquidations
- Total liquidations: 252
- Total Collateral Seized (USD): $15,525.66
- Total Debt Repaid (USD): $14,114.23
- Total Liquidation Bonus (USD): $1,411.42
- Total Liquidator Bonus (USD): $988.00
- Total Protocol Bonus (USD): $423.43
| Asset | Total Seized (Tokens) | Total Seized (USD) | Debt Repaid (USD) | Liquidation Bonus (USD) | Liquidator Bonus (USD) | Protocol Bonus (USD) | Liquidation Count |
|---|---|---|---|---|---|---|---|
| USDC | 5,964.398295 | $5,964.17 | $5,421.98 | $542.20 | $379.54 | $162.66 | 40 |
| tBTC | 0.062844 | $4,068.19 | $3,698.35 | $369.84 | $258.88 | $110.95 | 2 |
| WETH | 1.673922 | $3,138.68 | $2,853.35 | $285.33 | $199.73 | $85.60 | 117 |
| rETH | 0.339076 | $732.85 | $666.22 | $66.62 | $46.64 | $19.99 | 3 |
| cbBTC | 0.006681 | $439.87 | $399.88 | $39.99 | $27.99 | $12.00 | 28 |
| cbETH | 0.187883 | $416.87 | $378.97 | $37.90 | $26.53 | $11.37 | 37 |
| VIRTUAL | 459.429520 | $297.09 | $270.08 | $27.01 | $18.91 | $8.10 | 3 |
| MORPHO | 113.032340 | $176.89 | $160.81 | $16.08 | $11.26 | $4.82 | 7 |
| USDS | 169.368300 | $169.29 | $153.90 | $15.39 | $10.77 | $4.62 | 2 |
| wstETH | 0.050628 | $116.02 | $105.47 | $10.55 | $7.38 | $3.16 | 7 |
| AERO | 9.619578 | $2.93 | $2.66 | $0.27 | $0.19 | $0.08 | 3 |
| EURC | 2.101580 | $2.47 | $2.25 | $0.22 | $0.16 | $0.07 | 1 |
| DAI | 0.335421 | $0.34 | $0.30 | $0.03 | $0.02 | $0.01 | 2 |
Bad Debt & Reserves
| Market | Bad Debt (tokens) | Bad Debt (USD) | Current Reserves (tokens) | Current Reserves (USD) |
|---|---|---|---|---|
| cbXRP | 1258194.656 | $ 1,810,984.24 | 516074.8734 | $ 742,631.74 |
| cbETH | 710.6875396 | $ 1,563,512.59 | 55.7165 | $ 128,589.34 |
| VIRTUAL | 2022298.203 | $ 1,404,666.09 | 902500.6887 | $ 625,432.98 |
| WETH | 241.4114638 | $ 497,457.27 | 62.3235 | $ 128,092.43 |
| USDC | 309420.957 | $ 309,433.33 | 124885.0483 | $ 124,885.05 |
| MORPHO | 119384.8945 | $ 220,312.88 | 14595.4747 | $ 26,972.44 |
| wstETH | 81.92532703 | $ 207,188.11 | 35.5849 | $ 89,754.80 |
| EURC | 166110.8973 | $ 196,209.61 | 24259.8621 | $ 28,650.90 |
| AERO | 466503.4711 | $ 171,475.78 | 284747.256 | $ 107,634.46 |
| cbBTC | 0.3119937145 | $ 21,137.46 | 1.7636 | $ 119,940.15 |
| DAI | 1521.127681 | $ 1,521.13 | 1891.2507 | $ 1,891.25 |
| USDS | 1189.791112 | $ 1,189.33 | 149.0646 | $ 149.06 |
| tBTC | 0.01208351 | $ 822.51 | 0.0877 | $ 5,969.58 |
| WELL | 23386.77605 | $ 104.38 | 2796563.607 | $ 11,186.25 |
| weETH | 0.00331728 | $ 7.44 | 7.0507 | $ 15,763.36 |
| rETH | 0.0009350133 | $ 2.23 | 4.1834 | $ 9,959.38 |
| LBTC | 0.0000154913 | $ 1.05 | 0.2114 | $ 14,421.60 |
| wrsETH | 0.0004679528 | $ 1.03 | 1.1744 | $ 2,572.57 |
| USDbC | 0.0335497602 | $ 0.03 | 2.2424 | $ 2.24 |
| MAMO | 0 | $ 0 | 16918.3366 | $ 236.86 |
| Total: | $ 6,406,026.49 | $ 2,184,736.43 |
A spreadsheet containing all user positions with bad debt can be viewed here.
OP Mainnet
| Asset | Current Borrow Cap | Current Supply Cap | Average Borrow Cap Usage (Past Week) | Average Supply Cap Usage (Past Week) | Average Utilization |
|---|---|---|---|---|---|
| cbETH | 0.00 | 0.00 | 0.00% | 0.00% | 99.45% |
| DAI | 4.50M | 4.80M | 1.25% | 1.41% | 83.15% |
| USDT0 | 8.00M | 10.00M | 0.56% | 0.54% | 82.84% |
| WETH | 30.00K | 32.00K | 2.88% | 4.20% | 63.68% |
| USDT | 18.40M | 22.60M | 0.47% | 0.65% | 57.32% |
| USDC | 34.00M | 36.40M | 0.96% | 1.72% | 51.88% |
| rETH | 150.00 | 750.00 | 1.65% | 2.40% | 13.72% |
| OP | 650.00K | 5.60M | 12.89% | 15.00% | 9.96% |
| WBTC | 0.00 | 0.00 | 0.00% | 0.00% | 9.44% |
| VELO | 20.00M | 80.00M | 9.18% | 37.98% | 6.04% |
| wstETH | 300.00 | 5.00K | 2.17% | 2.79% | 4.66% |
| weETH | 4.00 | 10.00 | 27.03% | 417.84% | 2.59% |
| wrsETH | 0.00 | 0.00 | 0.00% | 0.00% | 1.83% |
Week-over-Week Changes
| Asset | Total Borrow | Total Supply | Utilization |
|---|---|---|---|
| cbETH | 0% from 0.11 cbETH to 0.11 cbETH | 0% from 0.11 cbETH to 0.11 cbETH | 0% from 99.45% to 99.45% |
| DAI | +50% from 44.82K DAI to 67.37K DAI | +39% from 56.36K DAI to 78.32K DAI | +8% from 79.53% to 86.01% |
| USDT0 | -9% from 46.45K USDT0 to 42.06K USDT0 | -4% from 55.08K USDT0 to 52.66K USDT0 | -5% from 84.32% to 79.88% |
| WETH | +1% from 715.84 WETH to 720.48 WETH | -3% from 1.21K WETH to 1.17K WETH | +4% from 59.27% to 61.40% |
| USDT | -56% from 152.32K USDT to 67.00K USDT | -43% from 213.94K USDT to 122.49K USDT | -23% from 71.20% to 54.70% |
| USDC | -2% from 330.44K USDC to 323.20K USDC | +4% from 636.51K USDC to 660.61K USDC | -6% from 51.91% to 48.92% |
| rETH | +0% from 2.47 rETH to 2.47 rETH | +0% from 17.99 rETH to 18.00 rETH | -0% from 13.72% to 13.71% |
| OP | +13% from 67.54K OP to 76.34K OP | -8% from 879.74K OP to 813.65K OP | +22% from 7.68% to 9.38% |
| WBTC | 0% from 0.00 WBTC to 0.00 WBTC | 0% from 0.01 WBTC to 0.01 WBTC | 0% from 9.44% to 9.44% |
| VELO | -6% from 1.85M VELO to 1.74M VELO | -5% from 31.10M VELO to 29.64M VELO | -1% from 5.95% to 5.88% |
| wstETH | +0% from 6.50 wstETH to 6.50 wstETH | -4% from 139.84 wstETH to 134.64 wstETH | +4% from 4.65% to 4.83% |
| weETH | 0% from 1.08 weETH to 1.08 weETH | 0% from 41.78 weETH to 41.78 weETH | 0% from 2.59% to 2.59% |
| wrsETH | 0% from 0.28 wrsETH to 0.28 wrsETH | -0% from 15.14 wrsETH to 15.11 wrsETH | +0% from 1.83% to 1.83% |
Notable Trends
- USDT supply -43% (213.94K → 122.49K USDT)
- USDT borrows -56% (152.32K → 67.00K USDT)
- DAI borrows +50% (44.82K → 67.37K DAI)
- DAI supply +39% (56.36K → 78.32K DAI)
Liquidations
- Total liquidations: 29
- Total Collateral Seized (USD): $801.41
- Total Debt Repaid (USD): $728.55
- Total Liquidation Bonus (USD): $72.86
- Total Liquidator Bonus (USD): $51.00
- Total Protocol Bonus (USD): $21.86
| Asset | Total Seized (Tokens) | Total Seized (USD) | Debt Repaid (USD) | Liquidation Bonus (USD) | Liquidator Bonus (USD) | Protocol Bonus (USD) | Liquidation Count |
|---|---|---|---|---|---|---|---|
| OP | 6,415.613949 | $798.65 | $726.05 | $72.60 | $50.82 | $21.78 | 25 |
| WETH | 0.001189 | $2.22 | $2.02 | $0.20 | $0.14 | $0.06 | 1 |
| VELO | 26.055400 | $0.35 | $0.32 | $0.03 | $0.02 | $0.01 | 1 |
| USDC | 0.180014 | $0.18 | $0.16 | $0.02 | $0.01 | $0.00 | 2 |
Moonbeam
| Asset | Current Borrow Cap | Average Borrow Cap Usage (Past Week) | Average Utilization |
|---|---|---|---|
| GLMR | 0.10 | 10409.14M% | 80.11% |
| xcDOT | 0.10 | 4.49M% | 47.98% |
| FRAX | 0.10 | 145.37K% | 46.52% |
| xcUSDC | 0.10 | 9.16M% | 17.41% |
| xcUSDT | 0.10 | 12.14M% | 15.04% |
| USDC.wh | 0.10 | 8.71M% | 9.18% |
| ETH.wh | 0.10 | 843.10% | 3.25% |
| BTC.wh | 0.10 | 0.80% | 0.08% |
Week-over-Week Changes
| Asset | Total Borrow | Total Supply | Utilization |
|---|---|---|---|
| GLMR | +3% from 10.27M GLMR to 10.56M GLMR | +5% from 12.73M GLMR to 13.38M GLMR | -2% from 80.62% to 78.89% |
| xcDOT | +0% from 4.49K xcDOT to 4.50K xcDOT | -0% from 1.08M xcDOT to 1.08M xcDOT | +0% from 47.98% to 48.00% |
| FRAX | -3% from 147.79 FRAX to 143.66 FRAX | +0% from 38.70K FRAX to 38.70K FRAX | -0% from 46.53% to 46.52% |
| xcUSDC | -1% from 9.17K xcUSDC to 9.12K xcUSDC | -0% from 52.62K xcUSDC to 52.61K xcUSDC | -0% from 17.42% to 17.33% |
| xcUSDT | +0% from 12.13K xcUSDT to 12.14K xcUSDT | -0% from 80.70K xcUSDT to 80.68K xcUSDT | +0% from 15.03% to 15.04% |
| USDC.wh | -3% from 8.86K USDC.wh to 8.58K USDC.wh | +0% from 94.93K USDC.wh to 94.94K USDC.wh | -3% from 9.33% to 9.03% |
| ETH.wh | 0% from 0.84 ETH.wh to 0.84 ETH.wh | 0% from 25.96 ETH.wh to 25.96 ETH.wh | 0% from 3.25% to 3.25% |
| BTC.wh | 0% from 0.00 BTC.wh to 0.00 BTC.wh | 0% from 1.04 BTC.wh to 1.04 BTC.wh | -6% from 0.08% to 0.07% |
Liquidations
- Total liquidations: 41
- Total Collateral Seized (USD): $329.75
- Total Debt Repaid (USD): $299.77
- Total Liquidation Bonus (USD): $29.98
- Total Liquidator Bonus (USD): $20.98
- Total Protocol Bonus (USD): $8.99
| Asset | Total Seized (Tokens) | Total Seized (USD) | Debt Repaid (USD) | Liquidation Bonus (USD) | Liquidator Bonus (USD) | Protocol Bonus (USD) | Liquidation Count |
|---|---|---|---|---|---|---|---|
| GLMR | 18,109.869007 | $223.79 | $203.45 | $20.34 | $14.24 | $6.10 | 35 |
| xcDOT | 58.312900 | $72.72 | $66.11 | $6.61 | $4.63 | $1.98 | 5 |
| xcUSDC | 33.233400 | $33.24 | $30.21 | $3.02 | $2.12 | $0.91 | 1 |