[Anthias Labs] Weekly Market Updates

[ogre44444]

Ah this makes complete sense, thank you for that explanation.

So basically, we have to wait for BTC.wh and the others to get to 0 liquidity, and then I’m guessing there is a “delisting” process (a process that cannot happen before they hit 0?).

[ogre44444]

Also are you in a position to recommend that Moonwell cease paying rewards on those markets? I understand that the base apr will continue to be paid from the borrowers.

But looking at it, there is a small amount of WELL and GLMR rewards being paid out as well. There’s no reason that shouldn’t be stopped.

[kak]

@nakadot

A clear timeline or p

I supprot you.I can’t withdraw my xcdot too.

refund out dot.

[kak]

Hello Moonwell team and community,

I recently deposited xcDOT into the Moonwell xcDOT market, only to discover that it is now impossible to withdraw due to bad debt and lack of liquidity.

[kak]

Cost Estimate

• Current bad debt: ≈ 513,407 xcDOT

• Assuming DOT = $6:

  • Bad debt ≈ $3,080,442

• Compensation scenarios:

  • 30% coverage: ≈ $924,000

  • 50% coverage: ≈ $1,540,000

Given the scale of Moonwell reserves, this amount is financially manageable.

---

Benefits

• Restore Credibility: Demonstrates that Moonwell DAO takes responsibility for users and prioritizes community trust.

• Mitigate Risk: Reduces potential legal or compliance concerns regarding “frozen funds.”

• Set a Precedent: Shows that the protocol can responsibly address legacy bad debt.

• Attract New Liquidity: By protecting users, Moonwell can rebuild confidence and attract new deposits in core markets (USDC, ETH, etc.).

---

Conclusion

Moonwell DAO should take proactive measures rather than leaving the xcDOT market indefinitely frozen. A one-time partial compensation program combined with clear risk warnings is a balanced solution that protects users while maintaining protocol financial health.

[AnthiasLabs]

Weekly Update (8/29/25 - 9/4/25)

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 8/29/25 to 9/4/25. 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
USDS	690.00K	750.00K	2.57%	2.62%	90.18%
USDC	184.00M	200.00M	30.67%	31.55%	89.43%
WETH	64.00K	96.00K	30.04%	23.07%	86.76%
EURC	21.00M	21.90M	10.93%	12.81%	82.00%
DAI	300.00K	400.00K	6.18%	7.71%	60.10%
AERO	25.00M	70.00M	39.92%	37.54%	37.98%
VIRTUAL	2.30M	4.50M	25.59%	41.55%	31.59%
WELL	75.00M	220.00M	68.13%	77.54%	29.96%
LBTC	38.00	95.00	28.27%	53.97%	20.95%
cbBTC	640.00	1.50K	19.90%	45.92%	18.48%
cbXRP	1.60M	3.00M	21.64%	68.21%	16.96%
USDbC	1.00	1.00	147.63K%	1.00M%	14.74%
tBTC	36.00	90.00	5.28%	14.79%	14.34%
MORPHO	1.00M	6.00M	58.88%	98.09%	10.01%
wstETH	4.80K	14.40K	3.69%	31.31%	3.92%
wrsETH	430.00	1.00K	0.74%	12.00%	2.66%
cbETH	6.40K	16.00K	0.92%	14.77%	2.50%
rETH	900.00	2.60K	2.56%	39.49%	2.25%
weETH	700.00	4.00K	4.83%	78.41%	1.08%

Week-over-Week Changes

Asset	Total Borrow	Total Supply	Utilization
USDS	-28% from 17.56K USDS to 12.58K USDS	-31% from 20.15K USDS to 13.85K USDS	+4% from 87.18% to 90.81%
USDC	-4% from 58.04M USDC to 55.85M USDC	-1% from 62.96M USDC to 62.40M USDC	-3% from 92.19% to 89.52%
WETH	+1% from 18.31K WETH to 18.40K WETH	-4% from 21.43K WETH to 20.50K WETH	+5% from 85.41% to 89.75%
EURC	-0% from 2.30M EURC to 2.30M EURC	-4% from 2.77M EURC to 2.67M EURC	+4% from 83.03% to 86.25%
DAI	-1% from 18.29K DAI to 18.17K DAI	+0% from 30.86K DAI to 30.88K DAI	-1% from 59.28% to 58.86%
AERO	-6% from 10.14M AERO to 9.57M AERO	-2% from 26.44M AERO to 25.98M AERO	-4% from 38.33% to 36.83%
VIRTUAL	-65% from 851.77K VIRTUAL to 302.30K VIRTUAL	-5% from 1.87M VIRTUAL to 1.78M VIRTUAL	-63% from 45.46% to 17.01%
WELL	+22% from 49.02M WELL to 59.68M WELL	+0% from 171.49M WELL to 171.77M WELL	+22% from 28.59% to 34.75%
LBTC	+10% from 9.73 LBTC to 10.74 LBTC	-1% from 51.53 LBTC to 51.23 LBTC	+11% from 18.89% to 20.95%
cbBTC	-6% from 127.36 cbBTC to 120.35 cbBTC	+1% from 679.65 cbBTC to 684.79 cbBTC	-6% from 18.74% to 17.58%
cbXRP	+12% from 328.14K cbXRP to 366.78K cbXRP	+15% from 1.90M cbXRP to 2.18M cbXRP	-3% from 17.30% to 16.79%
USDbC	-1% from 1.48K USDbC to 1.47K USDbC	-0% from 10.02K USDbC to 10.01K USDbC	-1% from 14.79% to 14.66%
tBTC	+21% from 1.88 tBTC to 2.28 tBTC	-13% from 14.29 tBTC to 12.46 tBTC	+39% from 13.15% to 18.25%
MORPHO	+16% from 551.07K MORPHO to 640.29K MORPHO	-2% from 5.92M MORPHO to 5.82M MORPHO	+18% from 9.31% to 11.00%
wstETH	+5% from 91.92 wstETH to 96.22 wstETH	+1% from 4.44K wstETH to 4.50K wstETH	+3% from 2.07% to 2.14%
wrsETH	0% from 3.20 wrsETH to 3.20 wrsETH	-1% from 120.46 wrsETH to 119.84 wrsETH	+1% from 2.65% to 2.67%
cbETH	+2% from 57.73 cbETH to 58.70 cbETH	-5% from 2.39K cbETH to 2.26K cbETH	+7% from 2.41% to 2.59%
rETH	-1% from 23.06 rETH to 22.93 rETH	+3% from 1.02K rETH to 1.05K rETH	-4% from 2.27% to 2.18%
weETH	-3% from 34.34 weETH to 33.39 weETH	+5% from 3.01K weETH to 3.15K weETH	-7% from 1.14% to 1.06%

Notable Trends

• cbXRP supply increased 15% from 1.90M to 2.18M cbXRP
• VIRTUAL borrows decreased 65% from 851.77K to 302.30K VIRTUAL
• WELL borrows increased 22% from 49.02M to 59.68M WELL

Liquidations

• Total liquidations: 64
• Total Collateral Seized (USD): $163,003.16
• Total Debt Repaid (USD): $148,184.70
• Total Liquidation Bonus (USD): $14,818.47
• Total Liquidator Bonus (USD): $10,372.93
• Total Protocol Bonus (USD): $4,445.54

Asset	Total Seized (Tokens)	Total Seized (USD)	Debt Repaid (USD)	Liquidation Bonus (USD)	Liquidator Bonus (USD)	Protocol Bonus (USD)	Liquidation Count
weETH	21.473963	$98,766.54	$89,787.76	$8,978.78	$6,285.14	$2,693.63	3
AERO	37,350.134223	$40,206.46	$36,551.33	$3,655.13	$2,558.59	$1,096.54	17
WELL	245,371.2	$6,599.11	$5,999.19	$599.92	$419.94	$179.98	2
WETH	1.430962	$6,191.82	$5,628.93	$562.89	$394.03	$168.87	21
cbBTC	0.04637	$5,067.96	$4,607.24	$460.72	$322.51	$138.22	2
cbXRP	1,589.425287	$4,411.49	$4,010.44	$401.04	$280.73	$120.31	4
USDC	1,308.870717	$1,308.64	$1,189.67	$118.97	$83.28	$35.69	5
cbETH	0.052593	$252.38	$229.43	$22.94	$16.06	$6.88	1
VIRTUAL	143.809	$166.18	$151.08	$15.11	$10.58	$4.53	1
EURC	25.33715	$29.55	$26.86	$2.69	$1.88	$0.81	6
MORPHO	1.512585	$3.04	$2.76	$0.28	$0.19	$0.08	2

OP Mainnet

Asset	Current Borrow Cap	Current Supply Cap	Average Borrow Cap Usage (Past Week)	Average Supply Cap Usage (Past Week)	Average Utilization
USDC	34.00M	36.40M	28.36%	29.62%	89.43%
USDT0	8.00M	10.00M	10.80%	9.67%	89.32%
WETH	30.00K	32.00K	27.78%	29.53%	88.18%
USDT	18.40M	22.60M	2.18%	2.05%	85.91%
DAI	4.50M	4.80M	6.93%	7.52%	85.82%
OP	650.00K	5.60M	33.42%	40.03%	9.69%
rETH	340.00	750.00	1.75%	12.58%	6.35%
wstETH	1.50K	5.00K	2.88%	15.92%	5.43%
WBTC	0.00	0.00	0.00%	0.00%	4.33%
VELO	20.00M	68.00M	9.56%	81.16%	3.47%
wrsETH	160.00	400.00	0.40%	6.04%	2.62%
weETH	220.00	1.20K	6.23%	100.01%	1.14%
cbETH	0.00	10.00	0.00%	8.06%	0.02%

Week-over-Week Changes

Asset	Total Borrow	Total Supply	Utilization
USDC	+9% from 9.43M USDC to 10.24M USDC	+8% from 10.57M USDC to 11.41M USDC	+1% from 89.18% to 89.76%
USDT0	-14% from 952.26K USDT0 to 819.57K USDT0	-15% from 1.07M USDT0 to 916.19K USDT0	+1% from 88.68% to 89.45%
WETH	+15% from 7.95K WETH to 9.11K WETH	+12% from 9.10K WETH to 10.23K WETH	+2% from 87.40% to 89.00%
USDT	+47% from 348.86K USDT to 511.14K USDT	+38% from 417.78K USDT to 574.57K USDT	+7% from 83.50% to 88.96%
DAI	+4% from 443.06K DAI to 462.35K DAI	+4% from 491.90K DAI to 509.46K DAI	+1% from 90.07% to 90.75%
OP	-28% from 293.06K OP to 210.76K OP	-1% from 2.26M OP to 2.23M OP	-27% from 12.99% to 9.43%
rETH	+44% from 4.55 rETH to 6.58 rETH	+76% from 85.35 rETH to 150.41 rETH	-18% from 5.34% to 4.37%
wstETH	+8% from 40.03 wstETH to 43.22 wstETH	+0% from 788.70 wstETH to 792.10 wstETH	+8% from 5.08% to 5.46%
WBTC	0% from 0.00 WBTC to 0.00 WBTC	0% from 0.07 WBTC to 0.07 WBTC	+0% from 4.33% to 4.33%
VELO	-10% from 2.04M VELO to 1.83M VELO	+5% from 53.37M VELO to 55.94M VELO	-14% from 3.81% to 3.28%
wrsETH	+0% from 0.63 wrsETH to 0.63 wrsETH	+1% from 24.01 wrsETH to 24.15 wrsETH	-1% from 2.64% to 2.62%
weETH	-4% from 13.98 weETH to 13.37 weETH	-0% from 1.20K weETH to 1.20K weETH	-4% from 1.16% to 1.11%
cbETH	0% from 0.00 cbETH to 0.00 cbETH	-5% from 0.81 cbETH to 0.77 cbETH	+5% from 0.02% to 0.02%

Notable Trends

• USDT supply increased 38% from 417.78K to 574.57K USDT
• USDT borrows increased 47% from 348.86K to 511.14K USDT
• rETH supply increased 76% from 85.35 rETH to 150.41 rETH

Liquidations

No liquidation events on OP Mainnet this week.

Moonbeam

Asset	Current Borrow Cap	Average Borrow Cap Usage (Past Week)	Average Utilization
xcDOT	0.10	23.07M%	100.00%
GLMR	0.10	6842.58M%	63.05%
xcUSDC	0.10	83.84M%	60.78%
xcUSDT	0.10	74.50M%	52.91%
FRAX	0.10	447.94K%	44.90%
USDC_wh	0.10	43.16M%	36.49%
BTC_wh	0.10	100.00%	8.24%
ETH_wh	0.10	1.21K%	3.00%

Week-over-Week Changes

Asset	Total Borrow	Total Supply	Utilization
xcDOT	-3% from 23.17K xcDOT to 22.57K xcDOT	-0% from 536.58K xcDOT to 535.98K xcDOT	+0% from 100.00% to 100.00%
GLMR	+1% from 6.81M GLMR to 6.87M GLMR	+0% from 10.75M GLMR to 10.76M GLMR	+1% from 63.41% to 63.88%
xcUSDC	-2% from 84.55K xcUSDC to 83.18K xcUSDC	+0% from 139.77K xcUSDC to 139.77K xcUSDC	-2% from 60.50% to 59.51%
xcUSDT	+0% from 74.50K xcUSDT to 74.61K xcUSDT	+2% from 139.04K xcUSDT to 141.50K xcUSDT	-2% from 53.58% to 52.73%
FRAX	0% from 447.94 FRAX to 447.94 FRAX	0% from 40.77K FRAX to 40.77K FRAX	0% from 44.90% to 44.90%
USDC_wh	+1% from 42.84K USDC_wh to 43.42K USDC_wh	+1% from 117.02K USDC_wh to 117.64K USDC_wh	+1% from 36.61% to 36.91%
BTC_wh	0% from 0.10 BTC_wh to 0.10 BTC_wh	+2% from 1.19 BTC_wh to 1.22 BTC_wh	-2% from 8.40% to 8.23%
ETH_wh	-1% from 1.21 ETH_wh to 1.20 ETH_wh	+0% from 40.43 ETH_wh to 40.43 ETH_wh	-1% from 3.00% to 2.98%

Liquidations

• Total liquidations: 13
• Total Collateral Seized (USD): $57.51
• Total Debt Repaid (USD): $52.28
• Total Liquidation Bonus (USD): $5.23
• Total Liquidator Bonus (USD): $3.66
• Total Protocol Bonus (USD): $1.57

Asset	Total Seized (Tokens)	Total Seized (USD)	Debt Repaid (USD)	Liquidation Bonus (USD)	Liquidator Bonus (USD)	Protocol Bonus (USD)	Liquidation Count
GLMR	833.90088	$57.51	$52.28	$5.23	$3.66	$1.57	13

Moonriver

Asset	Current Borrow Cap	Average Borrow Cap Usage (Past Week)	Average Utilization
xcKSM	0.10	6.51M%	41.86%
FRAX	0.10	64.32M%	19.56%
MOVR	0.10	3.57M%	2.36%

Week-over-Week Changes

Asset	Total Borrow	Total Supply	Utilization
xcKSM	+0% from 6.51K xcKSM to 6.51K xcKSM	-2% from 15.72K xcKSM to 15.33K xcKSM	+3% from 41.39% to 42.48%
FRAX	-0% from 64.39K FRAX to 64.23K FRAX	-0% from 329.00K FRAX to 327.40K FRAX	+0% from 19.57% to 19.62%
MOVR	-0% from 3.57K MOVR to 3.57K MOVR	+1% from 151.08K MOVR to 151.99K MOVR	-1% from 2.36% to 2.35%

Liquidations

• Total liquidations: 2
• Total Collateral Seized (USD): $189.80
• Total Debt Repaid (USD): $172.54
• Total Liquidation Bonus (USD): $17.25
• Total Liquidator Bonus (USD): $12.08
• Total Protocol Bonus (USD): $5.18

Asset	Total Seized (Tokens)	Total Seized (USD)	Debt Repaid (USD)	Liquidation Bonus (USD)	Liquidator Bonus (USD)	Protocol Bonus (USD)	Liquidation Count
xcKSM	12.21584	$189.80	$172.54	$17.25	$12.08	$5.18	2

[AnthiasLabs]

Weekly Update (9/5/25 - 9/11/25)

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 9/5/25 to 9/11/25. 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
USDC	184.00M	200.00M	25.24%	25.92%	89.57%
WETH	64.00K	96.00K	18.34%	14.17%	86.19%
EURC	21.00M	21.90M	11.31%	12.91%	84.20%
USDS	690.00K	750.00K	2.49%	2.89%	80.56%
DAI	300.00K	400.00K	6.30%	7.71%	61.30%
AERO	25.00M	70.00M	37.13%	37.71%	35.16%
WELL	75.00M	220.00M	81.10%	79.19%	34.93%
VIRTUAL	2.30M	4.50M	10.92%	33.14%	16.95%
USDbC	1.00	1.00	146.70K%	999.46K%	14.68%
cbXRP	1.60M	3.00M	12.04%	69.70%	9.18%
cbBTC	640.00	1.50K	7.48%	39.73%	7.92%
LBTC	38.00	95.00	6.58%	44.09%	5.63%
MORPHO	1.00M	6.00M	23.39%	88.58%	4.29%
tBTC	36.00	90.00	1.22%	11.85%	3.81%
wstETH	4.80K	14.40K	2.35%	29.22%	2.69%
cbETH	6.40K	16.00K	0.94%	14.22%	2.64%
rETH	900.00	2.60K	2.54%	40.42%	2.18%
weETH	700.00	4.00K	4.79%	78.76%	1.07%
wrsETH	430.00	1.00K	0.22%	11.81%	0.80%

Week-over-Week Changes

Asset	Total Borrow	Total Supply	Utilization
USDC	-19% from 55.88M USDC to 45.42M USDC	-19% from 62.42M USDC to 50.87M USDC	-0% from 89.53% to 89.28%
WETH	-26% from 17.47K WETH to 12.94K WETH	-27% from 19.65K WETH to 14.26K WETH	+2% from 88.88% to 90.73%
EURC	+4% from 2.30M EURC to 2.39M EURC	-2% from 2.66M EURC to 2.62M EURC	+5% from 86.48% to 91.08%
USDS	+84% from 12.58K USDS to 23.12K USDS	+83% from 14.15K USDS to 25.86K USDS	+1% from 88.89% to 89.41%
DAI	+0% from 18.17K DAI to 18.20K DAI	-0% from 30.88K DAI to 30.87K DAI	+0% from 58.86% to 58.96%
AERO	-2% from 9.55M AERO to 9.37M AERO	+1% from 26.00M AERO to 26.38M AERO	-3% from 36.74% to 35.52%
WELL	+11% from 60.69M WELL to 67.39M WELL	+1% from 172.13M WELL to 173.38M WELL	+10% from 35.26% to 38.87%
VIRTUAL	+9% from 293.75K VIRTUAL to 320.79K VIRTUAL	-21% from 1.75M VIRTUAL to 1.38M VIRTUAL	+39% from 16.77% to 23.24%
USDbC	-0% from 1.47K USDbC to 1.47K USDbC	-0% from 10.01K USDbC to 9.99K USDbC	+0% from 14.66% to 14.68%
cbXRP	-50% from 366.73K cbXRP to 184.15K cbXRP	-6% from 2.19M cbXRP to 2.06M cbXRP	-46% from 16.73% to 8.96%
cbBTC	-66% from 120.36 cbBTC to 41.17 cbBTC	-19% from 684.68 cbBTC to 557.38 cbBTC	-58% from 17.58% to 7.39%
LBTC	-91% from 10.74 LBTC to 0.92 LBTC	-24% from 51.23 LBTC to 38.71 LBTC	-89% from 20.95% to 2.38%
MORPHO	-73% from 641.29K MORPHO to 173.97K MORPHO	+3% from 5.82M MORPHO to 6.00M MORPHO	-74% from 11.02% to 2.90%
tBTC	-96% from 2.28 tBTC to 0.08 tBTC	-2% from 12.46 tBTC to 12.17 tBTC	-96% from 18.25% to 0.67%
wstETH	+102% from 96.22 wstETH to 194.04 wstETH	-6% from 4.30K wstETH to 4.03K wstETH	+115% from 2.24% to 4.82%
cbETH	+3% from 58.70 cbETH to 60.51 cbETH	+1% from 2.26K cbETH to 2.28K cbETH	+3% from 2.59% to 2.66%
rETH	-0% from 22.93 rETH to 22.86 rETH	+0% from 1.04K rETH to 1.04K rETH	-0% from 2.21% to 2.20%
weETH	-2% from 33.39 weETH to 32.86 weETH	-4% from 3.15K weETH to 3.02K weETH	+3% from 1.06% to 1.09%
wrsETH	-95% from 3.20 wrsETH to 0.16 wrsETH	-1% from 118.47 wrsETH to 117.51 wrsETH	-95% from 2.70% to 0.14%

Notable Trends

• cbXRP borrows decreased 50% from 366.73K to 184.15K cbXRP
• cbBTC borrows decreased 66% from 120.36 to 41.17 cbBTC
• wstETH borrows increased 102% from 96.22 to 194.04 wstETH

Liquidations

• Total liquidations: 46
• Total Collateral Seized (USD): $667,116.08
• Total Debt Repaid (USD): $606,469.16
• Total Liquidation Bonus (USD): $60,646.92
• Total Liquidator Bonus (USD): $42,452.84
• Total Protocol Bonus (USD): $18,194.07

Asset	Total Seized (Tokens)	Total Seized (USD)	Debt Repaid (USD)	Liquidation Bonus (USD)	Liquidator Bonus (USD)	Protocol Bonus (USD)	Liquidation Count
weETH	130.460000	$615,902.00	$559,910.91	$55,991.09	$39,193.76	$16,797.33	1
AERO	26,748.513800	$31,343.75	$28,494.32	$2,849.43	$1,994.60	$854.83	6
WELL	632,808.900000	$15,756.87	$14,324.43	$1,432.44	$1,002.71	$429.73	3
WETH	0.538243	$2,321.08	$2,110.07	$211.01	$147.70	$63.30	17
VIRTUAL	711.722600	$917.60	$834.18	$83.42	$58.39	$25.03	4
MORPHO	297.846000	$567.12	$515.57	$51.56	$36.09	$15.47	1
cbXRP	65.087000	$193.88	$176.25	$17.63	$12.34	$5.29	1
USDC	105.942093	$105.93	$96.30	$9.63	$6.74	$2.89	11
cbBTC	0.000059	$6.58	$5.99	$0.60	$0.42	$0.18	1
EURC	1.074930	$1.26	$1.15	$0.11	$0.08	$0.03	1

Optimism

Asset	Current Borrow Cap	Current Supply Cap	Average Borrow Cap Usage (Past Week)	Average Supply Cap Usage (Past Week)	Average Utilization
WETH	30.00K	32.00K	12.39%	12.94%	90.47%
USDC	34.00M	36.40M	12.46%	13.02%	89.12%
USDT0	8.00M	10.00M	6.10%	5.55%	87.03%
DAI	4.50M	4.80M	4.66%	4.97%	86.71%
USDT	18.40M	22.60M	1.30%	1.24%	84.29%
rETH	340.00	750.00	3.04%	13.89%	10.51%
OP	650.00K	5.60M	34.76%	39.76%	10.15%
wstETH	1.50K	5.00K	2.15%	14.08%	4.55%
WBTC	0.00	0.00	0.00%	0.00%	4.33%
VELO	20.00M	68.00M	9.72%	82.51%	3.46%
wrsETH	160.00	400.00	0.40%	5.81%	2.73%
weETH	220.00	1.20K	1.83%	99.18%	0.34%
cbETH	0.00	10.00	0.00%	7.41%	0.02%

Week-over-Week Changes

Asset	Total Borrow	Total Supply	Utilization
WETH	-84% from 8.79K WETH to 1.39K WETH	-85% from 9.93K WETH to 1.52K WETH	+3% from 88.52% to 91.48%
USDC	-83% from 9.99M USDC to 1.71M USDC	-83% from 11.21M USDC to 1.88M USDC	+2% from 89.12% to 91.15%
USDT0	-71% from 811.70K USDT0 to 234.06K USDT0	-71% from 916.63K USDT0 to 263.88K USDT0	0% from 88.55% to 88.70%
DAI	-42% from 352.52K DAI to 204.53K DAI	-44% from 399.02K DAI to 224.35K DAI	+3% from 88.35% to 91.17%
USDT	-56% from 524.52K USDT to 230.06K USDT	-56% from 588.94K USDT to 260.96K USDT	-1% from 89.06% to 88.16%
rETH	+18% from 6.58 rETH to 7.77 rETH	-2% from 94.35 rETH to 91.99 rETH	+21% from 6.97% to 8.45%
OP	+6% from 208.12K OP to 221.27K OP	-2% from 2.24M OP to 2.18M OP	+9% from 9.29% to 10.13%
wstETH	-59% from 43.22 wstETH to 17.91 wstETH	-30% from 832.10 wstETH to 585.78 wstETH	-41% from 5.19% to 3.06%
WBTC	0% from 0.003 WBTC to 0.003 WBTC	0% from 0.07 WBTC to 0.07 WBTC	0% from 4.29% to 4.29%
VELO	-22% from 2.21M VELO to 1.72M VELO	+1% from 55.78M VELO to 56.14M VELO	-23% from 3.96% to 3.06%
wrsETH	0% from 0.63 wrsETH to 0.63 wrsETH	-7% from 24.15 wrsETH to 22.51 wrsETH	+7% from 2.61% to 2.80%
weETH	-86% from 13.37 weETH to 1.85 weETH	-1% from 1.20K weETH to 1.19K weETH	-86% from 1.11% to 0.16%
cbETH	0% from 0 cbETH to 0 cbETH	-11% from 0.81 cbETH to 0.72 cbETH	0% from 0.01% to 0.01%

Notable Trends

• WETH supply decreased 85% from 9.93K to 1.52K WETH
• WETH borrows decreased 84% from 8.79K to 1.39K WETH
• USDC supply decreased 83% from 11.21M to 1.88M USDC
• USDC borrows decreased 83% from 9.99M to 1.71M USDC
• DAI supply decreased 44% from 399.02K to 224.35K DAI
• DAI borrows decreased 42% from 352.52K to 204.53K DAI
• USDT supply decreased 56% from 588.94K to 260.96K USDT
• USDT borrows decreased 56% from 524.52K to 230.06K USDT
• wstETH supply decreaed 30% from 832.10 to 585.78 wstETH

Liquidations

No liquidation events this week.

Moonbeam

Asset	Current Borrow Cap	Average Borrow Cap Usage (Past Week)	Average Utilization
xcDOT	0.10	22.57M%	100.00%
GLMR	0.10	6903.94M%	64.09%
xcUSDC	0.10	83.32M%	58.01%
xcUSDT	0.10	74.48M%	52.38%
FRAX	0.10	447.95K%	44.90%
USDC_wh	0.10	43.58M%	36.92%
BTC_wh	0.10	100.08%	8.24%
ETH_wh	0.10	1.20K%	2.98%

Week-over-Week Changes

Asset	Total Borrow	Total Supply	Utilization
xcDOT	-0% from 22.57K xcDOT to 22.54K xcDOT	-0% from 535.98K xcDOT to 535.95K xcDOT	-0% from 100.00% to 100.00%
GLMR	+1% from 6.87M GLMR to 6.94M GLMR	-0% from 10.76M GLMR to 10.75M GLMR	+1% from 63.88% to 64.50%
xcUSDC	+0% from 83.19K xcUSDC to 83.34K xcUSDC	+8% from 139.55K xcUSDC to 150.69K xcUSDC	-7% from 59.61% to 55.30%
xcUSDT	-1% from 74.61K xcUSDT to 74.22K xcUSDT	+0% from 141.50K xcUSDT to 141.53K xcUSDT	-1% from 52.73% to 52.44%
FRAX	+0% from 447.94 FRAX to 447.99 FRAX	+0% from 40.77K FRAX to 40.77K FRAX	+0% from 44.90% to 44.90%
USDC_wh	+1% from 43.42K USDC_wh to 43.66K USDC_wh	+1% from 117.64K USDC_wh to 118.29K USDC_wh	+0% from 36.91% to 36.91%
BTC_wh	+0% from 0.10 BTC_wh to 0.10 BTC_wh	-0% from 1.22 BTC_wh to 1.21 BTC_wh	+0% from 8.23% to 8.25%
ETH_wh	+0% from 1.20 ETH_wh to 1.20 ETH_wh	-7% from 40.43 ETH_wh to 37.43 ETH_wh	+8% from 2.98% to 3.22%

Liquidations

• Total liquidations: 3
• Total Collateral Seized (USD): $0.89
• Total Debt Repaid (USD): $0.81
• Total Liquidation Bonus (USD): $0.08
• Total Liquidator Bonus (USD): $0.06
• Total Protocol Bonus (USD): $0.02

Asset	Total Seized (Tokens)	Total Seized (USD)	Debt Repaid (USD)	Liquidation Bonus (USD)	Liquidator Bonus (USD)	Protocol Bonus (USD)	Liquidation Count
GLMR	13.318380	$0.89	$0.81	$0.08	$0.06	$0.02	3

Moonriver

Asset	Current Borrow Cap	Average Borrow Cap Usage (Past Week)	Average Utilization
xcKSM	0.10	6.52M%	42.48%
FRAX	0.10	64.23M%	19.61%
MOVR	0.10	3.57M%	2.35%

Week-over-Week Changes

Asset	Total Borrow	Total Supply	Utilization
xcKSM	+0% from 6.51K xcKSM to 6.52K xcKSM	+0% from 15.33K xcKSM to 15.36K xcKSM	-0% from 42.48% to 42.47%
FRAX	+0% from 64.22K FRAX to 64.23K FRAX	-0% from 328.79K FRAX to 327.40K FRAX	+0% from 19.53% to 19.62%
MOVR	+0% from 3.57K MOVR to 3.57K MOVR	-0% from 151.98K MOVR to 151.72K MOVR	+0% from 2.35% to 2.35%

Liquidations

No liquidation events this week.

[AnthiasLabs]

Weekly Update (9/12/25 - 9/18/25)

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 9/12/25 to 9/18/25. 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
USDS	690.00K	750.00K	3.30%	3.33%	91.28%
USDC	184.00M	200.00M	25.65%	26.35%	89.52%
EURC	21.00M	21.90M	11.30%	12.41%	87.37%
WETH	64.00K	96.00K	20.49%	15.78%	86.52%
DAI	300.00K	400.00K	7.70%	7.71%	74.92%
AERO	25.00M	70.00M	38.16%	37.39%	36.45%
WELL	75.00M	220.00M	74.56%	77.49%	32.81%
VIRTUAL	2.30M	4.50M	14.64%	31.73%	23.60%
MORPHO	1.00M	6.00M	25.64%	21.93%	19.58%
USDbC	1.00	1.00	146.57K%	992.27K%	14.77%
cbXRP	1.60M	3.00M	16.46%	70.13%	12.36%
cbBTC	640.00	1.50K	9.15%	38.07%	10.07%
LBTC	38.00	95.00	9.69%	46.14%	7.60%
tBTC	36.00	90.00	1.74%	12.28%	5.41%
wstETH	4.80K	14.40K	3.90%	29.67%	4.39%
cbETH	6.40K	16.00K	0.94%	14.43%	2.60%
rETH	900.00	2.60K	2.54%	38.34%	2.29%
weETH	700.00	4.00K	4.46%	75.41%	1.04%
wrsETH	430.00	1.00K	0.02%	11.71%	0.06%

Week-over-Week Changes

Asset	Total Borrow	Total Supply	Utilization
USDS	-22% from 23.47K USDS to 18.41K USDS	-22% from 25.86K USDS to 20.29K USDS	-0% from 90.76% to 90.73%
USDC	+24% from 45.42M USDC to 56.35M USDC	+24% from 50.69M USDC to 62.94M USDC	-0% from 89.59% to 89.53%
EURC	+2% from 2.39M EURC to 2.44M EURC	+3% from 2.65M EURC to 2.73M EURC	-0% from 90.03% to 89.60%
WETH	+36% from 12.93K WETH to 17.60K WETH	+42% from 14.28K WETH to 20.24K WETH	-4% from 90.54% to 86.94%
DAI	+49% from 18.20K DAI to 27.06K DAI	-2% from 30.87K DAI to 30.29K DAI	+52% from 58.96% to 89.35%
AERO	-0% from 9.41M AERO to 9.40M AERO	-3% from 26.38M AERO to 25.55M AERO	+3% from 35.68% to 36.77%
WELL	-20% from 64.37M WELL to 51.51M WELL	+2% from 173.39M WELL to 176.69M WELL	-21% from 37.13% to 29.15%
VIRTUAL	+11% from 341.36K VIRTUAL to 377.40K VIRTUAL	+15% from 1.38M VIRTUAL to 1.59M VIRTUAL	-4% from 24.76% to 23.71%
MORPHO	+227% from 138.92K MORPHO to 453.67K MORPHO	-73% from 5.96M MORPHO to 1.58M MORPHO	+1132% from 2.33% to 28.72%
USDbC	-0% from 1.47K USDbC to 1.46K USDbC	-1% from 9.99K USDbC to 9.87K USDbC	+1% from 14.68% to 14.84%
cbXRP	+147% from 184.15K cbXRP to 454.87K cbXRP	+11% from 2.06M cbXRP to 2.28M cbXRP	+123% from 8.96% to 19.94%
cbBTC	+155% from 41.59 cbBTC to 105.89 cbBTC	+13% from 557.72 cbBTC to 629.36 cbBTC	+126% from 7.46% to 16.82%
LBTC	+1216% from 0.92 LBTC to 12.11 LBTC	+36% from 38.71 LBTC to 52.50 LBTC	+871% from 2.38% to 23.06%
tBTC	+2437% from 0.08 tBTC to 2.08 tBTC	-3% from 12.17 tBTC to 11.87 tBTC	+2502% from 0.67% to 17.55%
wstETH	-52% from 194.09 wstETH to 93.59 wstETH	+8% from 4.03K wstETH to 4.37K wstETH	-56% from 4.82% to 2.14%
cbETH	+1% from 60.51 cbETH to 61.04 cbETH	+6% from 2.28K cbETH to 2.40K cbETH	-4% from 2.66% to 2.54%
rETH	+0% from 22.86 rETH to 22.86 rETH	-5% from 1.04K rETH to 985.51 rETH	+5% from 2.20% to 2.32%
weETH	-11% from 33.46 weETH to 29.78 weETH	-0% from 3.02K weETH to 3.01K weETH	-11% from 1.11% to 0.99%
wrsETH	-75% from 0.16 wrsETH to 0.04 wrsETH	-3% from 117.51 wrsETH to 114.55 wrsETH	-75% from 0.14% to 0.04%

Notable Trends

• WETH supply increased 42% from 14.28K to 20.24K WETH
• MORPHO supply decreased 73% from 5.96M to 1.58M MORPHO
• MORPHO borrows increased 227% from 138.92K to 453.67K MORPHO
• cbXRP borrows increased 147% from 184.15K to 454.87K cbXRP
• cbBTC borrows increased 155% from 41.59 to 105.89 cbBTC
• LBTC supply increased 36% from 38.71 to 52.50 LBTC
• LBTC borrows increased 1216% from 0.92 to 12.11 LBTC
• tBTC borrows incfreased 2437% from 0.08 to 2.08 tBTC
• wstETH borrows decreased 52% from 194.09 to 93.59 wstETH

Liquidations

• Total liquidations: 61
• Total Collateral Seized (USD): $232,147.87
• Total Debt Repaid (USD): $211,043.51
• Total Liquidation Bonus (USD): $21,104.35
• Total Liquidator Bonus (USD): $14,773.05
• Total Protocol Bonus (USD): $6,331.31

Asset	Total Seized (Tokens)	Total Seized (USD)	Debt Repaid (USD)	Liquidation Bonus (USD)	Liquidator Bonus (USD)	Protocol Bonus (USD)	Liquidation Count
AERO	183,784.107290	$230,235.71	$209,305.19	$20,930.52	$14,651.36	$6,279.16	17
WETH	0.238735	$1,089.95	$990.86	$99.09	$69.36	$29.73	29
WELL	14,739.300000	$394.06	$358.24	$35.82	$25.08	$10.75	1
cbXRP	84.279180	$261.73	$237.94	$23.79	$16.66	$7.14	3
VIRTUAL	108.083700	$139.69	$126.99	$12.70	$8.89	$3.81	2
USDC	24.254140	$24.25	$22.04	$2.20	$1.54	$0.66	5
EURC	2.111596	$2.48	$2.25	$0.23	$0.16	$0.07	4

Optimism

Asset	Current Borrow Cap	Current Supply Cap	Average Borrow Cap Usage (Past Week)	Average Supply Cap Usage (Past Week)	Average Utilization
WETH	30.00K	32.00K	8.83%	9.31%	88.79%
USDC	34.00M	36.40M	6.46%	6.82%	88.60%
USDT	18.40M	22.60M	1.60%	1.48%	87.99%
USDT0	8.00M	10.00M	2.81%	2.65%	84.76%
DAI	4.50M	4.80M	3.25%	4.35%	66.20%
OP	650.00K	5.60M	42.61%	36.42%	13.62%
wstETH	1.50K	5.00K	1.83%	9.69%	5.79%
rETH	340.00	750.00	1.00%	8.91%	4.86%
VELO	20.00M	68.00M	12.65%	83.56%	4.45%
WBTC	0.00	0.00	0.00%	0.00%	4.34%
wrsETH	160.00	400.00	0.40%	5.56%	2.85%
weETH	220.00	1.20K	0.63%	91.55%	0.13%
cbETH	0.00	10.00	0.00%	6.23%	0.03%

Week-over-Week Changes

Asset	Total Borrow	Total Supply	Utilization
WETH	+142% from 1.39K WETH to 3.36K WETH	+144% from 1.55K WETH to 3.78K WETH	-1% from 89.63% to 88.90%
USDC	+58% from 1.70M USDC to 2.68M USDC	+57% from 1.94M USDC to 3.03M USDC	+1% from 87.96% to 88.60%
USDT	+82% from 230.06K USDT to 418.01K USDT	+72% from 269.41K USDT to 463.35K USDT	+6% from 85.39% to 90.21%
USDT0	-16% from 234.06K USDT0 to 197.20K USDT0	-1% from 266.66K USDT0 to 263.63K USDT0	-15% from 87.78% to 74.80%
DAI	-35% from 204.53K DAI to 132.38K DAI	-9% from 225.68K DAI to 205.29K DAI	-29% from 90.63% to 64.49%
OP	+16% from 221.27K OP to 256.10K OP	-6% from 2.19M OP to 2.06M OP	+23% from 10.12% to 12.44%
wstETH	+103% from 17.91 wstETH to 36.35 wstETH	-16% from 586.97 wstETH to 490.30 wstETH	+143% from 3.05% to 7.41%
rETH	-61% from 7.78 rETH to 3.06 rETH	-35% from 92.11 rETH to 59.61 rETH	-39% from 8.44% to 5.13%
VELO	+82% from 1.72M VELO to 3.13M VELO	+2% from 56.15M VELO to 57.13M VELO	+79% from 3.06% to 5.49%
WBTC	0% from 0.00 WBTC to 0.00 WBTC	0% from 0.07 WBTC to 0.07 WBTC	+0% from 4.33% to 4.34%
wrsETH	+0% from 0.63 wrsETH to 0.63 wrsETH	-2% from 22.58 wrsETH to 22.24 wrsETH	+2% from 2.80% to 2.85%
weETH	+118% from 1.86 weETH to 4.05 weETH	-24% from 1.19K weETH to 897.22 weETH	+189% from 0.16% to 0.45%
cbETH	0% from 0.00 cbETH to 0.00 cbETH	-30% from 0.72 cbETH to 0.50 cbETH	+44% from 0.02% to 0.03%

• WETH supply increased +144% from 1.55K to 3.78K WETH
• WETH borrows increased +142% from 1.39K to 3.36K WETH
• USDC supply increased +57% from 1.94M to 3.03M USDC
• USDC borrows increased +58% from 1.70M to 2.68M USDC
• USDT supply increased +72% from 269.41K to 463.35K USDT
• USDT borrows increased +82% from 230.06K to 418.01K USDT
• VELO borrows increased +82% from 1.72M to 3.13M VELO

Liquidations

• Total liquidations: 1
• Total Collateral Seized (USD): $103.17
• Total Debt Repaid (USD): $93.79
• Total Liquidation Bonus (USD): $9.38
• Total Liquidator Bonus (USD): $6.57
• Total Protocol Bonus (USD): $2.81

Asset	Total Seized (Tokens)	Total Seized (USD)	Debt Repaid (USD)	Liquidation Bonus (USD)	Liquidator Bonus (USD)	Protocol Bonus (USD)	Liquidation Count
USDC	103.187000	$103.17	$93.79	$9.38	$6.57	$2.81	1

Moonbeam

Asset	Current Borrow Cap	Average Borrow Cap Usage (Past Week)	Average Utilization
xcDOT	0.10	22.55M%	100.00%
GLMR	0.10	6968.83M%	64.01%
xcUSDC	0.10	82.97M%	62.57%
xcUSDT	0.10	73.98M%	52.64%
FRAX	0.10	448.00K%	44.90%
USDC.wh	0.10	44.06M%	35.90%
BTC.wh	0.10	100.20%	8.25%
ETH.wh	0.10	1.20K%	3.22%

Week-over-Week Changes

Asset	Total Borrow	Total Supply	Utilization
xcDOT	+0% from 22.54K xcDOT to 22.56K xcDOT	+0% from 535.95K xcDOT to 535.96K xcDOT	+0% from 100.00% to 100.00%
GLMR	+1% from 6.94M GLMR to 7.00M GLMR	+1% from 10.75M GLMR to 10.88M GLMR	-0% from 64.50% to 64.37%
xcUSDC	-3% from 83.34K xcUSDC to 81.18K xcUSDC	-12% from 150.69K xcUSDC to 132.40K xcUSDC	+11% from 55.30% to 61.31%
xcUSDT	-0% from 74.22K xcUSDT to 73.93K xcUSDT	-1% from 141.53K xcUSDT to 140.58K xcUSDT	+0% from 52.44% to 52.59%
FRAX	+0% from 447.99 FRAX to 448.00 FRAX	-0% from 40.77K FRAX to 40.76K FRAX	+0% from 44.90% to 44.91%
USDC.wh	+1% from 43.66K USDC.wh to 44.23K USDC.wh	+7% from 118.29K USDC.wh to 126.68K USDC.wh	-5% from 36.91% to 34.92%
BTC.wh	0% from 0.10 BTC.wh to 0.10 BTC.wh	0% from 1.21 BTC.wh to 1.21 BTC.wh	0% from 8.25% to 8.25%
ETH.wh	+0% from 1.20 ETH.wh to 1.20 ETH.wh	-1% from 37.43 ETH.wh to 37.14 ETH.wh	+1% from 3.22% to 3.24%

Liquidations

No liquidation events this week.

Moonriver

Asset	Current Borrow Cap	Average Borrow Cap Usage (Past Week)	Average Utilization
xcKSM	0.10	6.53M%	42.64%
FRAX	0.10	64.26M%	19.62%
MOVR	0.10	3.57M%	2.35%

Week-over-Week Changes

Asset	Total Borrow	Total Supply	Utilization
xcKSM	+0% from 6.52K xcKSM to 6.53K xcKSM	-0% from 15.36K xcKSM to 15.30K xcKSM	+1% from 42.47% to 42.69%
FRAX	+0% from 64.23K FRAX to 64.29K FRAX	+0% from 327.40K FRAX to 327.47K FRAX	+0% from 19.62% to 19.63%
MOVR	-0% from 3.57K MOVR to 3.57K MOVR	-0% from 151.73K MOVR to 151.41K MOVR	+0% from 2.35% to 2.36%

Liquidations

No liquidation events this week.

[maylosan]

Hi @AnthiasLabs / Moonwell team,

Could you please share the specific plan and timeline to resolve xcDOT’s liquidity issue and re-enable withdrawals (e.g., steps, milestones, and who’s responsible)?

Looping in Super Delegates for visibility and guidance: @PGov and @coolhorsegirl.

Thanks!

[Lazcano]

I’m also interested in knowing the plan to reactivate these markets. It would be good to start by increasing deposit incentives.

[AnthiasLabs]

Weekly Update (9/19/25 - 9/25/25)

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 9/19/25 to 9/25/25. 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
USDS	690.00K	750.00K	2.64%	2.67%	91.03%
USDC	184.00M	200.00M	31.44%	32.20%	89.83%
DAI	300.00K	400.00K	8.90%	7.58%	88.01%
WETH	64.00K	96.00K	27.81%	21.12%	87.78%
EURC	21.00M	21.90M	11.70%	13.32%	84.53%
AERO	25.00M	70.00M	36.12%	38.06%	33.96%
VIRTUAL	2.30M	4.50M	15.81%	31.87%	25.48%
WELL	75.00M	220.00M	58.69%	81.60%	24.58%
LBTC	38.00	95.00	32.83%	55.83%	23.50%
tBTC	36.00	90.00	6.58%	13.71%	19.17%
cbXRP	1.60M	3.00M	26.36%	76.18%	18.46%
cbBTC	640.00	1.50K	16.86%	42.44%	16.95%
USDbC	1.00	1.00	146.47K%	955.14K%	15.35%
MORPHO	1.00M	6.00M	52.26%	79.79%	14.54%
cbETH	6.40K	16.00K	0.97%	15.16%	2.55%
rETH	900.00	2.60K	2.54%	37.79%	2.33%
wstETH	4.80K	14.40K	1.96%	30.24%	2.16%
weETH	700.00	4.00K	4.24%	77.45%	0.96%
wrsETH	430.00	1.00K	0.01%	11.46%	0.03%

Week-over-Week Changes

Asset	Total Borrow	Total Supply	Utilization
USDS	-4% from 18.34K USDS to 17.69K USDS	-3% from 20.19K USDS to 19.64K USDS	-1% from 90.83% to 90.07%
USDC	+17% from 54.34M USDC to 63.51M USDC	+17% from 60.44M USDC to 70.87M USDC	-0% from 89.91% to 89.62%
DAI	-4% from 27.00K DAI to 25.97K DAI	+1% from 30.23K DAI to 30.53K DAI	-5% from 89.31% to 85.06%
WETH	+3% from 17.57K WETH to 18.11K WETH	+2% from 20.09K WETH to 20.45K WETH	+1% from 87.42% to 88.56%
EURC	+3% from 2.43M EURC to 2.52M EURC	+6% from 2.71M EURC to 2.86M EURC	-2% from 89.97% to 88.08%
AERO	-2% from 8.97M AERO to 8.77M AERO	+11% from 25.72M AERO to 28.46M AERO	-12% from 34.88% to 30.80%
VIRTUAL	+12% from 313.90K VIRTUAL to 350.65K VIRTUAL	-10% from 1.61M VIRTUAL to 1.45M VIRTUAL	+24% from 19.56% to 24.24%
WELL	+7% from 35.77M WELL to 38.26M WELL	+7% from 171.77M WELL to 182.97M WELL	+0% from 20.82% to 20.91%
LBTC	+6% from 12.11 LBTC to 12.79 LBTC	+3% from 52.50 LBTC to 53.82 LBTC	+3% from 23.06% to 23.77%
tBTC	+3% from 2.08 tBTC to 2.15 tBTC	+5% from 11.80 tBTC to 12.41 tBTC	-2% from 17.65% to 17.36%
cbXRP	-15% from 460.39K cbXRP to 389.84K cbXRP	+1% from 2.28M cbXRP to 2.29M cbXRP	-16% from 20.23% to 17.00%
cbBTC	-6% from 106.32 cbBTC to 99.97 cbBTC	-1% from 629.03 cbBTC to 623.87 cbBTC	-5% from 16.90% to 16.02%
USDbC	-0% from 1.46K USDbC to 1.46K USDbC	-7% from 9.87K USDbC to 9.21K USDbC	+7% from 14.84% to 15.90%
MORPHO	+9% from 489.20K MORPHO to 534.73K MORPHO	+272% from 1.61M MORPHO to 6.00M MORPHO	-71% from 30.33% to 8.91%
cbETH	+4% from 61.11 cbETH to 63.69 cbETH	-3% from 2.41K cbETH to 2.34K cbETH	+8% from 2.53% to 2.73%
rETH	+0% from 22.86 rETH to 22.86 rETH	-1% from 985.73 rETH to 976.72 rETH	+1% from 2.32% to 2.34%
wstETH	-55% from 189.91 wstETH to 85.11 wstETH	-1% from 4.37K wstETH to 4.34K wstETH	-55% from 4.35% to 1.96%
weETH	-0% from 29.78 weETH to 29.67 weETH	+5% from 3.01K weETH to 3.17K weETH	-5% from 0.99% to 0.94%
wrsETH	-13% from 0.04 wrsETH to 0.03 wrsETH	+0% from 114.55 wrsETH to 114.60 wrsETH	-14% from 0.04% to 0.03%

Notable Trends

• MORPHO supply increased 272% from 1.61M to 6.00M MORPHO
• wstETH borrows decreased 55% from 189.91 to 85.11 wstETH
• USDC supply increased 17% from 60.44M to 70.87M USDC
• USDC borrows increased 17% from 54.34M to 63.51M USDC

Liquidations

• Total liquidations: 145
• Total Collateral Seized (USD): $1,316,794.81
• Total Debt Repaid (USD): $1,197,086.19
• Total Liquidation Bonus (USD): $119,708.62
• Total Liquidator Bonus (USD): $83,796.03
• Total Protocol Bonus (USD): $35,912.59

Asset	Total Seized (Tokens)	Total Seized (USD)	Debt Repaid (USD)	Liquidation Bonus (USD)	Liquidator Bonus (USD)	Protocol Bonus (USD)	Liquidation Count
cbETH	123.774187	$561,968.39	$510,880.35	$51,088.04	$35,761.62	$15,326.41	7
AERO	222,544.177520	$243,569.49	$221,426.81	$22,142.68	$15,499.88	$6,642.80	35
weETH	49.731102	$220,526.85	$200,478.96	$20,047.90	$14,033.53	$6,014.37	3
wstETH	25.770254	$128,958.05	$117,234.59	$11,723.46	$8,206.42	$3,517.04	3
WETH	13.815455	$57,351.38	$52,137.61	$5,213.76	$3,649.63	$1,564.13	63
rETH	10.221700	$48,101.10	$43,728.27	$4,372.83	$3,060.98	$1,311.85	1
WELL	753,459.117000	$16,597.49	$15,088.63	$1,508.86	$1,056.20	$452.66	6
MORPHO	8,107.327000	$13,836.91	$12,579.01	$1,257.90	$880.53	$377.37	4
EURC	9,731.367000	$11,430.33	$10,391.21	$1,039.12	$727.38	$311.74	5
USDC	7,311.829765	$7,310.13	$6,645.57	$664.56	$465.19	$199.37	7
cbXRP	2,149.436130	$5,966.62	$5,424.20	$542.42	$379.69	$162.73	3
VIRTUAL	347.412000	$419.36	$381.24	$38.12	$26.69	$11.44	3
cbBTC	0.003330	$377.78	$343.44	$34.34	$24.04	$10.30	2
LBTC	0.002422	$277.45	$252.23	$25.22	$17.66	$7.57	1
USDS	103.505000	$103.49	$94.08	$9.41	$6.59	$2.82	2

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	2.51%	2.29%	89.16%
USDC	34.00M	36.40M	7.89%	8.30%	88.85%
WETH	30.00K	32.00K	11.14%	11.79%	88.56%
USDT0	8.00M	10.00M	2.75%	2.64%	83.45%
DAI	4.50M	4.80M	2.96%	4.20%	66.02%
OP	650.00K	5.60M	40.85%	36.98%	12.82%
wstETH	1.50K	5.00K	2.60%	7.77%	10.33%
rETH	340.00	750.00	1.12%	8.20%	6.34%
VELO	20.00M	68.00M	15.64%	85.07%	5.41%
WBTC	0.00	0.00	0.00%	0.00%	4.34%
wrsETH	160.00	400.00	0.40%	5.56%	2.85%
weETH	220.00	1.20K	3.47%	78.87%	0.80%
cbETH	0.00	10.00	0.00%	5.03%	0.03%

Week-over-Week Changes

Asset	Total Borrow	Total Supply	Utilization
USDT	+56% from 327.44K USDT to 510.72K USDT	+53% from 374.50K USDT to 574.40K USDT	+2% from 87.43% to 88.91%
USDC	+5% from 2.46M USDC to 2.58M USDC	+2% from 2.79M USDC to 2.85M USDC	+3% from 88.34% to 90.65%
WETH	+15% from 2.96K WETH to 3.40K WETH	+14% from 3.34K WETH to 3.81K WETH	+1% from 88.54% to 89.22%
USDT0	+16% from 202.22K USDT0 to 233.59K USDT0	-1% from 264.02K USDT0 to 262.41K USDT0	+16% from 76.59% to 89.02%
DAI	-27% from 139.12K DAI to 102.13K DAI	-25% from 205.27K DAI to 154.10K DAI	-2% from 67.77% to 66.27%
OP	+5% from 269.06K OP to 283.60K OP	+2% from 2.06M OP to 2.09M OP	+4% from 13.06% to 13.54%
wstETH	+32% from 32.07 wstETH to 42.17 wstETH	-29% from 482.39 wstETH to 341.10 wstETH	+86% from 6.65% to 12.36%
rETH	+148% from 1.79 rETH to 4.44 rETH	+1% from 57.88 rETH to 58.62 rETH	+145% from 3.09% to 7.57%
VELO	+2% from 3.09M VELO to 3.16M VELO	+2% from 57.31M VELO to 58.63M VELO	-0% from 5.40% to 5.40%
WBTC	0% from 0.00 WBTC to 0.00 WBTC	0% from 0.07 WBTC to 0.07 WBTC	0% from 4.34% to 4.34%
wrsETH	0% from 0.63 wrsETH to 0.63 wrsETH	-0% from 22.24 wrsETH to 22.24 wrsETH	+0% from 2.85% to 2.85%
weETH	+1014% from 1.20 weETH to 13.32 weETH	+2% from 894.35 weETH to 910.58 weETH	+994% from 0.13% to 1.46%
cbETH	0% from 0.00 cbETH to 0.00 cbETH	0% from 0.50 cbETH to 0.50 cbETH	0% from 0.03% to 0.03%

Notable Trends

• USDT supply increased 53% from 374.50K to 574.40K USDT
• USDT borrows increased 56% from 327.44K to 510.72K USDT
• wstETH supply decreased 29% from 482.39 to 341.10 wstETH

Liquidations

• Total liquidations: 5
• Total Collateral Seized (USD): $2,581.93
• Total Debt Repaid (USD): $2,347.21
• Total Liquidation Bonus (USD): $234.72
• Total Liquidator Bonus (USD): $164.30
• Total Protocol Bonus (USD): $70.42

Asset	Total Seized (Tokens)	Total Seized (USD)	Debt Repaid (USD)	Liquidation Bonus (USD)	Liquidator Bonus (USD)	Protocol Bonus (USD)	Liquidation Count
VELO	55,822.930000	$2,478.43	$2,253.12	$225.31	$157.72	$67.59	2
wstETH	0.017892	$86.32	$78.47	$7.85	$5.49	$2.35	1
OP	25.372400	$16.92	$15.39	$1.54	$1.08	$0.46	1
USDT0	0.255216	$0.26	$0.23	$0.02	$0.02	$0.01	1

Moonbeam

Asset	Current Borrow Cap	Average Borrow Cap Usage (Past Week)	Average Utilization
xcDOT	0.10	22.55M%	100.00%
GLMR	0.10	7031.99M%	65.11%
xcUSDC	0.10	80.45M%	59.08%
xcUSDT	0.10	66.78M%	47.67%
FRAX	0.10	448.00K%	44.91%
USDC.wh	0.10	44.39M%	36.14%
BTC.wh	0.10	100.26%	8.35%
ETH.wh	0.10	1.20K%	3.24%

Week-over-Week Changes

Asset	Total Borrow	Total Supply	Utilization
xcDOT	-0% from 22.55K xcDOT to 22.54K xcDOT	-0% from 535.96K xcDOT to 535.95K xcDOT	+0% from 100.00% to 100.00%
GLMR	+1% from 6.99M GLMR to 7.07M GLMR	+1% from 10.86M GLMR to 11.00M GLMR	-0% from 64.42% to 64.30%
xcUSDC	-1% from 81.12K xcUSDC to 80.36K xcUSDC	+6% from 134.24K xcUSDC to 142.71K xcUSDC	-7% from 60.43% to 56.31%
xcUSDT	-29% from 73.87K xcUSDT to 52.51K xcUSDT	-3% from 140.16K xcUSDT to 136.60K xcUSDT	-27% from 52.71% to 38.45%
FRAX	+0% from 448.00 FRAX to 448.02 FRAX	-0% from 40.76K FRAX to 40.75K FRAX	+0% from 44.91% to 44.93%
USDC.wh	+1% from 44.22K USDC.wh to 44.52K USDC.wh	-4% from 129.06K USDC.wh to 123.26K USDC.wh	+5% from 34.26% to 36.12%
BTC.wh	+0% from 0.10 BTC.wh to 0.10 BTC.wh	-2% from 1.21 BTC.wh to 1.19 BTC.wh	+2% from 8.25% to 8.43%
ETH.wh	-1% from 1.20 ETH.wh to 1.20 ETH.wh	+0% from 37.14 ETH.wh to 37.14 ETH.wh	-1% from 3.24% to 3.23%

Liquidations

• Total liquidations: 10
• Total Collateral Seized (USD): $352.52
• Total Debt Repaid (USD): $320.47
• Total Liquidation Bonus (USD): $32.05
• Total Liquidator Bonus (USD): $22.43
• Total Protocol Bonus (USD): $9.61

Asset	Total Seized (Tokens)	Total Seized (USD)	Debt Repaid (USD)	Liquidation Bonus (USD)	Liquidator Bonus (USD)	Protocol Bonus (USD)	Liquidation Count
GLMR	5,974.651900	$352.18	$320.16	$32.02	$22.41	$9.60	9
FRAX	0.346812	$0.35	$0.31	$0.03	$0.02	$0.01	1

Moonriver

Asset	Current Borrow Cap	Average Borrow Cap Usage (Past Week)	Average Utilization
xcKSM	0.10	6.53M%	42.65%
FRAX	0.10	64.29M%	19.63%
MOVR	0.10	3.57M%	2.36%

Week-over-Week Changes

Asset	Total Borrow	Total Supply	Utilization
xcKSM	+0% from 6.53K xcKSM to 6.54K xcKSM	+3% from 15.29K xcKSM to 15.80K xcKSM	-3% from 42.69% to 41.38%
FRAX	+0% from 64.28K FRAX to 64.30K FRAX	-0% from 327.47K FRAX to 327.36K FRAX	+0% from 19.63% to 19.64%
MOVR	+0% from 3.57K MOVR to 3.57K MOVR	-0% from 151.70K MOVR to 150.96K MOVR	+0% from 2.35% to 2.36%

Liquidations

• Total liquidations: 1
• Total Collateral Seized (USD): $0.63
• Total Debt Repaid (USD): $0.57
• Total Liquidation Bonus (USD): $0.06
• Total Liquidator Bonus (USD): $0.04
• Total Protocol Bonus (USD): $0.02

Asset	Total Seized (Tokens)	Total Seized (USD)	Debt Repaid (USD)	Liquidation Bonus (USD)	Liquidator Bonus (USD)	Protocol Bonus (USD)	Liquidation Count
MOVR	0.119066	$0.63	$0.57	$0.06	$0.04	$0.02	1

[AnthiasLabs]

Weekly Update (9/26/25 - 10/2/25)

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 9/26/25 to 10/2/25. 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
USDC	184.00M	200.00M	30.15%	30.89%	89.80%
USDS	690.00K	750.00K	2.61%	2.69%	89.39%
EURC	21.00M	21.90M	12.15%	13.37%	87.24%
DAI	300.00K	400.00K	8.75%	7.66%	85.69%
WETH	64.00K	96.00K	19.89%	15.65%	84.60%
AERO	25.00M	70.00M	34.68%	39.70%	31.29%
WELL	100.00M	250.00M	43.51%	60.38%	28.75%
VIRTUAL	2.30M	4.50M	15.82%	42.00%	20.10%
tBTC	36.00	90.00	5.98%	13.47%	17.78%
LBTC	38.00	95.00	22.07%	51.86%	17.01%
cbXRP	1.60M	5.00M	25.52%	49.15%	16.60%
USDbC	1.00	1.00	145.48K%	919.79K%	15.82%
cbBTC	640.00	1.50K	13.63%	40.29%	14.44%
MORPHO	1.00M	6.00M	51.93%	100.04%	8.65%
cbETH	6.40K	16.00K	1.00%	13.64%	2.93%
rETH	900.00	2.60K	2.54%	37.21%	2.36%
wstETH	4.80K	14.40K	1.85%	30.08%	2.05%
weETH	700.00	5.40K	4.15%	53.21%	1.12%
wrsETH	430.00	1.00K	0.01%	11.44%	0.03%

Week-over-Week Changes

Asset	Total Borrow	Total Supply	Utilization
USDC	+3% from 54.94M USDC to 56.79M USDC	+5% from 60.58M USDC to 63.48M USDC	-1% from 90.68% to 89.46%
USDS	-1% from 18.16K USDS to 18.06K USDS	-3% from 21.50K USDS to 20.84K USDS	+3% from 84.46% to 86.68%
EURC	+2% from 2.49M EURC to 2.54M EURC	+3% from 2.79M EURC to 2.86M EURC	-0% from 89.19% to 88.82%
DAI	+1% from 26.04K DAI to 26.26K DAI	+1% from 30.62K DAI to 30.78K DAI	+0% from 85.04% to 85.31%
WETH	-31% from 15.26K WETH to 10.55K WETH	-14% from 17.22K WETH to 14.84K WETH	-20% from 88.63% to 71.09%
AERO	-14% from 8.94M AERO to 7.66M AERO	+1% from 29.11M AERO to 29.53M AERO	-16% from 30.73% to 25.96%
WELL	+48% from 39.48M WELL to 58.56M WELL	+10% from 147.88M WELL to 162.80M WELL	+35% from 26.70% to 35.97%
VIRTUAL	-28% from 356.11K VIRTUAL to 256.00K VIRTUAL	+44% from 1.49M VIRTUAL to 2.15M VIRTUAL	-50% from 23.91% to 11.90%
tBTC	-0% from 2.15 tBTC to 2.15 tBTC	-5% from 12.74 tBTC to 12.08 tBTC	+5% from 16.90% to 17.82%
LBTC	+19% from 7.87 LBTC to 9.34 LBTC	-0% from 49.38 LBTC to 49.14 LBTC	+19% from 15.94% to 19.00%
cbXRP	+29% from 358.68K cbXRP to 461.22K cbXRP	+10% from 2.31M cbXRP to 2.54M cbXRP	+17% from 15.53% to 18.14%
USDbC	-0% from 1.46K USDbC to 1.45K USDbC	-0% from 9.21K USDbC to 9.19K USDbC	+0% from 15.81% to 15.83%
cbBTC	+3% from 83.59 cbBTC to 85.79 cbBTC	-3% from 611.13 cbBTC to 592.09 cbBTC	+6% from 13.68% to 14.49%
MORPHO	-0% from 542.84K MORPHO to 542.28K MORPHO	-0% from 6.00M MORPHO to 6.00M MORPHO	-0% from 9.04% to 9.03%
cbETH	+0% from 63.90 cbETH to 63.92 cbETH	-1% from 2.20K cbETH to 2.18K cbETH	+1% from 2.91% to 2.93%
rETH	+0% from 22.86 rETH to 22.87 rETH	-1% from 977.10 rETH to 967.07 rETH	+1% from 2.34% to 2.36%
wstETH	-7% from 87.87 wstETH to 81.66 wstETH	+1% from 4.34K wstETH to 4.40K wstETH	-8% from 2.02% to 1.86%
weETH	-3% from 29.03 weETH to 28.29 weETH	-61% from 3.18K weETH to 1.25K weETH	+148% from 0.91% to 2.26%
wrsETH	+1% from 0.03 wrsETH to 0.04 wrsETH	-0% from 114.44 wrsETH to 114.41 wrsETH	+1% from 0.03% to 0.03%

Notable Trends

• weETH supply -61% (3.18K → 1.25K weETH)
• WELL borrows +48% (39.48M → 58.56M WELL)
• VIRTUAL supply +44% (1.49M → 2.15M VIRTUAL)
• WETH borrows -31% (15.26K → 10.55K WETH)
• cbXRP borrows +29% (358.68K → 461.22K cbXRP)
• VIRTUAL borrows -28% (356.11K → 256K VIRTUAL)

Liquidations

• Total liquidations: 68
• Total Collateral Seized (USD): $81,144.43
• Total Debt Repaid (USD): $73,767.67
• Total Liquidation Bonus (USD): $7,376.77
• Total Liquidator Bonus (USD): $5,163.74
• Total Protocol Bonus (USD): $2,213.03

Asset	Total Seized (Tokens)	Total Seized (USD)	Debt Repaid (USD)	Liquidation Bonus (USD)	Liquidator Bonus (USD)	Protocol Bonus (USD)	Liquidation Count
cbBTC	0.456109	$51,994.88	$47,268.08	$4,726.81	$3,308.77	$1,418.04	4
cbXRP	7,706.632310	$22,791.80	$20,719.82	$2,071.98	$1,450.39	$621.59	3
USDC	1,994.422440	$1,993.74	$1,812.49	$181.25	$126.87	$54.37	9
VIRTUAL	1,707.200800	$1,677.79	$1,525.26	$152.53	$106.77	$45.76	2
AERO	1,042.862100	$1,085.27	$986.61	$98.66	$69.06	$29.60	6
EURC	600.204000	$705.15	$641.05	$64.10	$44.87	$19.23	1
WETH	0.129311	$550.32	$500.29	$50.03	$35.02	$15.01	37
wstETH	0.057163	$301.67	$274.25	$27.42	$19.20	$8.23	4
cbETH	0.005187	$23.70	$21.54	$2.15	$1.51	$0.65	1
LBTC	0.000169	$20.10	$18.27	$1.83	$1.28	$0.55	1

Optimism

Asset	Current Borrow Cap	Current Supply Cap	Average Borrow Cap Usage (Past Week)	Average Supply Cap Usage (Past Week)	Average Utilization
USDC	34.00M	36.40M	7.26%	7.67%	88.45%
USDT0	8.00M	10.00M	2.94%	2.66%	88.45%
WETH	30.00K	32.00K	11.13%	12.06%	86.49%
USDT	18.40M	22.60M	1.72%	1.64%	83.79%
DAI	4.50M	4.80M	3.37%	4.19%	74.44%
OP	650.00K	5.60M	42.76%	37.41%	13.27%
wstETH	1.50K	5.00K	2.26%	6.23%	10.89%
rETH	340.00	750.00	1.29%	7.83%	7.48%
VELO	20.00M	80.00M	16.20%	89.33%	4.58%
WBTC	0.00	0.00	0.00%	0.00%	4.34%
wrsETH	160.00	400.00	0.40%	6.04%	2.62%
weETH	220.00	1.20K	6.93%	71.96%	1.86%
cbETH	0.00	10.00	0.00%	5.01%	0.03%

Week-over-Week Changes

Asset	Total Borrow	Total Supply	Utilization
USDC	-9% from 2.59M USDC to 2.36M USDC	-7% from 2.90M USDC to 2.70M USDC	-2% from 89.33% to 87.16%
USDT0	-7% from 238.43K USDT0 to 220.99K USDT0	-3% from 260.81K USDT0 to 253.30K USDT0	-5% from 91.42% to 87.24%
WETH	-16% from 3.52K WETH to 2.97K WETH	-1% from 3.97K WETH to 3.92K WETH	-15% from 88.73% to 75.65%
USDT	-26% from 511.63K USDT to 380.39K USDT	-23% from 570.50K USDT to 437.95K USDT	-3% from 89.68% to 86.86%
DAI	+134% from 104.31K DAI to 243.77K DAI	+85% from 154.11K DAI to 284.99K DAI	+26% from 67.68% to 85.54%
OP	-7% from 283.27K OP to 264.09K OP	-0% from 2.10M OP to 2.09M OP	-7% from 13.50% to 12.61%
wstETH	+15% from 32.77 wstETH to 37.54 wstETH	-8% from 331.89 wstETH to 306.99 wstETH	+24% from 9.87% to 12.23%
rETH	-11% from 4.44 rETH to 3.94 rETH	+0% from 58.66 rETH to 58.74 rETH	-11% from 7.57% to 6.70%
VELO	+18% from 3.31M VELO to 3.91M VELO	+28% from 59.83M VELO to 76.57M VELO	-8% from 5.53% to 5.11%
WBTC	0% from 0.00 WBTC to 0.00 WBTC	0% from 0.07 WBTC to 0.07 WBTC	0% from 4.34% to 4.34%
wrsETH	-0% from 0.63 wrsETH to 0.63 wrsETH	+9% from 22.24 wrsETH to 24.24 wrsETH	-9% from 2.85% to 2.60%
weETH	+12% from 14.17 weETH to 15.82 weETH	-57% from 911.44 weETH to 391.35 weETH	+160% from 1.56% to 4.04%
cbETH	0% from 0.00 cbETH to 0.00 cbETH	-6% from 0.50 cbETH to 0.47 cbETH	+7% from 0.03% to 0.03%

Notable Trends

• DAI borrows +134% (104.31K → 243.77K DAI)
• DAI supply +85% (154.11K → 284.99K DAI)
• weETH supply -57% (911.44 → 391.35 weETH)
• VELO supply +28% (59.83M → 76.57M VELO)
• USDT borrows -26% (511.63K → 380.39K USDT)

Liquidations

• Total liquidations: 16
• Total Collateral Seized (USD): $3,302.65
• Total Debt Repaid (USD): $3,002.41
• Total Liquidation Bonus (USD): $300.24
• Total Liquidator Bonus (USD): $210.17
• Total Protocol Bonus (USD): $90.07

Asset	Total Seized (Tokens)	Total Seized (USD)	Debt Repaid (USD)	Liquidation Bonus (USD)	Liquidator Bonus (USD)	Protocol Bonus (USD)	Liquidation Count
OP	5,001.899800	$3,302.65	$3,002.41	$300.24	$210.17	$90.07	16

Moonbeam

Asset	Current Borrow Cap	Average Borrow Cap Usage (Past Week)	Average Utilization
xcDOT	0.10	22.52M%	99.88%
GLMR	0.10	7113.05M%	65.65%
xcUSDC	0.10	80.54M%	57.49%
FRAX	0.10	447.25K%	44.99%
xcUSDT	0.10	52.44M%	38.41%
USDC.wh	0.10	44.67M%	36.11%
BTC.wh	0.10	78.40%	6.58%
ETH.wh	0.10	1.20K%	3.42%

Week-over-Week Changes

Asset	Total Borrow	Total Supply	Utilization
xcDOT	-0% from 22.54K xcDOT to 22.53K xcDOT	-0% from 535.95K xcDOT to 535.93K xcDOT	+0% from 100.00% to 100.00%
GLMR	+1% from 7.08M GLMR to 7.15M GLMR	-1% from 11.00M GLMR to 10.90M GLMR	+2% from 64.31% to 65.60%
xcUSDC	+0% from 80.36K xcUSDC to 80.67K xcUSDC	+2% from 142.71K xcUSDC to 145.62K xcUSDC	-2% from 56.31% to 55.40%
FRAX	-0% from 448.02 FRAX to 446.23 FRAX	-2% from 40.75K FRAX to 40.10K FRAX	+2% from 44.93% to 45.65%
xcUSDT	-1% from 52.51K xcUSDT to 52.24K xcUSDT	-0% from 136.60K xcUSDT to 136.15K xcUSDT	-0% from 38.45% to 38.37%
USDC.wh	+1% from 44.48K USDC.wh to 44.89K USDC.wh	+0% from 123.50K USDC.wh to 124.12K USDC.wh	+0% from 36.02% to 36.17%
BTC.wh	-35% from 0.10 BTC.wh to 0.07 BTC.wh	+0% from 1.19 BTC.wh to 1.19 BTC.wh	-35% from 8.43% to 5.47%
ETH.wh	-0% from 1.20 ETH.wh to 1.20 ETH.wh	-8% from 37.14 ETH.wh to 34.14 ETH.wh	+9% from 3.23% to 3.51%

Liquidations

• Total liquidations: 105
• Total Collateral Seized (USD): $78.04
• Total Debt Repaid (USD): $70.94
• Total Liquidation Bonus (USD): $7.09
• Total Liquidator Bonus (USD): $4.97
• Total Protocol Bonus (USD): $2.13

Asset	Total Seized (Tokens)	Total Seized (USD)	Debt Repaid (USD)	Liquidation Bonus (USD)	Liquidator Bonus (USD)	Protocol Bonus (USD)	Liquidation Count
GLMR	1,318.681467	$77.06	$70.05	$7.01	$4.90	$2.10	101
xcUSDT	0.742700	$0.74	$0.68	$0.07	$0.05	$0.02	2
FRAX	0.238965	$0.24	$0.22	$0.02	$0.02	$0.01	2

Moonriver

Asset	Current Borrow Cap	Average Borrow Cap Usage (Past Week)	Average Utilization
xcKSM	0.10	6.54M%	41.38%
FRAX	0.10	64.33M%	19.65%
MOVR	0.10	3.57M%	2.36%

Week-over-Week Changes

Asset	Total Borrow	Total Supply	Utilization
xcKSM	+0% from 6.54K xcKSM to 6.54K xcKSM	-0% from 15.80K xcKSM to 15.80K xcKSM	+0% from 41.38% to 41.43%
FRAX	+0% from 64.30K FRAX to 64.35K FRAX	+0% from 327.36K FRAX to 327.40K FRAX	+0% from 19.64% to 19.65%
MOVR	+0% from 3.57K MOVR to 3.57K MOVR	+1% from 150.96K MOVR to 152.01K MOVR	-1% from 2.36% to 2.35%

Liquidations

• Total liquidations: 1
• Total Collateral Seized (USD): $1.81
• Total Debt Repaid (USD): $1.64
• Total Liquidation Bonus (USD): $0.16
• Total Liquidator Bonus (USD): $0.11
• Total Protocol Bonus (USD): $0.05

Asset	Total Seized (Tokens)	Total Seized (USD)	Debt Repaid (USD)	Liquidation Bonus (USD)	Liquidator Bonus (USD)	Protocol Bonus (USD)	Liquidation Count
FRAX	1.809070	$1.81	$1.64	$0.16	$0.11	$0.05	1

[stoicdev0]

I’m having the same issue with 2.5k stuck xcDOT. I’m a Solidity dev and looking at the code I found that badDebt counter can only increase when the admin liquidates a user. Then you would expect the admin to payback the bad debt, but they didn’t.
This really seems like a violation of user trust.

[Lazcano]

I totally agree. We need an official position from Moonwell on how it will solve this liquidity problem.

[AnthiasLabs]

Weekly Update (10/3/25 - 10/9/25)

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 10/3/25 to 10/9/25. 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
USDS	690.00K	750.00K	2.87%	2.92%	90.37%
USDC	184.00M	200.00M	31.00%	31.83%	89.61%
EURC	21.00M	21.90M	11.52%	12.66%	87.23%
DAI	300.00K	400.00K	8.62%	7.78%	83.04%
WETH	64.00K	96.00K	17.67%	16.26%	72.43%
AERO	25.00M	70.00M	33.77%	38.00%	31.91%
WELL	100.00M	250.00M	39.49%	63.92%	24.69%
cbXRP	1.60M	5.00M	31.60%	51.00%	19.82%
LBTC	38.00	95.00	24.06%	50.69%	18.99%
tBTC	36.00	90.00	6.16%	13.18%	18.70%
VIRTUAL	2.30M	4.50M	16.51%	48.56%	17.36%
USDbC	1.00	1.00	145.46K%	918.69K%	15.83%
cbBTC	640.00	1.50K	13.35%	38.91%	14.63%
MORPHO	1.00M	6.00M	56.48%	99.85%	9.43%
weETH	700.00	5.40K	4.06%	14.66%	7.90%
cbETH	6.40K	16.00K	0.94%	13.55%	2.76%
rETH	900.00	2.60K	2.54%	37.18%	2.37%
wstETH	4.80K	14.40K	1.97%	30.59%	2.15%
wrsETH	430.00	1.00K	0.01%	11.45%	0.03%

Week-over-Week Changes

Asset	Total Borrow	Total Supply	Utilization
USDS	+11% from 18.06K USDS to 20.13K USDS	+7% from 20.84K USDS to 22.30K USDS	+4% from 86.68% to 90.24%
USDC	-1% from 55.15M USDC to 54.63M USDC	+1% from 61.35M USDC to 61.92M USDC	-2% from 89.89% to 88.21%
EURC	-13% from 2.55M EURC to 2.22M EURC	-7% from 2.86M EURC to 2.68M EURC	-7% from 88.86% to 82.82%
DAI	-6% from 26.26K DAI to 24.69K DAI	+1% from 30.78K DAI to 31.08K DAI	-7% from 85.31% to 79.45%
WETH	+25% from 10.34K WETH to 12.92K WETH	+22% from 14.59K WETH to 17.84K WETH	+2% from 70.91% to 72.41%
AERO	+12% from 7.66M AERO to 8.59M AERO	-14% from 29.51M AERO to 25.36M AERO	+31% from 25.95% to 33.87%
WELL	-38% from 58.33M WELL to 36.29M WELL	-4% from 162.84M WELL to 156.91M WELL	-35% from 35.82% to 23.13%
cbXRP	+17% from 464.79K cbXRP to 542.29K cbXRP	+2% from 2.54M cbXRP to 2.60M cbXRP	+14% from 18.32% to 20.88%
LBTC	-3% from 9.34 LBTC to 9.08 LBTC	-4% from 49.14 LBTC to 47.41 LBTC	+1% from 19.00% to 19.16%
tBTC	+8% from 2.15 tBTC to 2.33 tBTC	-4% from 12.08 tBTC to 11.57 tBTC	+13% from 17.82% to 20.12%
VIRTUAL	+29% from 275.49K VIRTUAL to 356.76K VIRTUAL	+3% from 2.14M VIRTUAL to 2.20M VIRTUAL	+26% from 12.86% to 16.19%
USDbC	+0% from 1.45K USDbC to 1.45K USDbC	-0% from 9.19K USDbC to 9.18K USDbC	+0% from 15.83% to 15.85%
cbBTC	-9% from 85.86 cbBTC to 78.23 cbBTC	-6% from 592.00 cbBTC to 554.12 cbBTC	-3% from 14.50% to 14.12%
MORPHO	+5% from 540.41K MORPHO to 567.51K MORPHO	+0% from 6.00M MORPHO to 6.00M MORPHO	+5% from 9.00% to 9.45%
weETH	-4% from 28.29 weETH to 27.28 weETH	-85% from 1.25K weETH to 183.00 weETH	+559% from 2.26% to 14.91%
cbETH	-10% from 63.17 cbETH to 57.16 cbETH	-1% from 2.18K cbETH to 2.15K cbETH	-8% from 2.90% to 2.66%
rETH	+0% from 22.87 rETH to 22.89 rETH	-0% from 967.07 rETH to 964.83 rETH	+0% from 2.36% to 2.37%
wstETH	+124% from 81.65 wstETH to 182.73 wstETH	+1% from 4.40K wstETH to 4.44K wstETH	+122% from 1.86% to 4.11%
wrsETH	0% from 0.04 wrsETH to 0.04 wrsETH	+0% from 114.41 wrsETH to 114.47 wrsETH	-0% from 0.03% to 0.03%

Notable Trends

• WETH supply +22% (14.59K → 17.84K WETH)
• WETH borrows +25% (10.34K → 12.92K WETH)
• weETH supply -85% (1.25K → 183.00 weETH)
• AERO supply -14% (29.51M → 25.36M AERO)
• cbBTC supply -6% (592.00 → 554.12 cbBTC)
• AERO borrows +12% (7.66M → 8.59M AERO)

Liquidations

• Total liquidations: 58
• Total Collateral Seized (USD): $124,422.94
• Total Debt Repaid (USD): $113,111.77
• Total Liquidation Bonus (USD): $11,311.18
• Total Liquidator Bonus (USD): $7,917.82
• Total Protocol Bonus (USD): $3,393.35

Asset	Total Seized (Tokens)	Total Seized (USD)	Debt Repaid (USD)	Liquidation Bonus (USD)	Liquidator Bonus (USD)	Protocol Bonus (USD)	Liquidation Count
cbXRP	31,453.683751	$91,491.43	$83,174.03	$8,317.40	$5,822.18	$2,495.22	12
AERO	24,393.42788	$27,182.17	$24,711.06	$2,471.11	$1,729.77	$741.33	13
cbBTC	0.02454	$2,954.55	$2,685.96	$268.60	$188.02	$80.58	3
VIRTUAL	931.631666	$1,029.98	$936.34	$93.63	$65.54	$28.09	9
wstETH	0.120938	$674.36	$613.05	$61.31	$42.91	$18.39	5
WETH	0.099245	$443.59	$403.27	$40.33	$28.23	$12.10	10
EURC	155.227	$182.23	$165.66	$16.57	$11.60	$4.97	1
USDC	172.144060	$172.11	$156.46	$15.65	$10.95	$4.69	3
LBTC	0.001288	$156.00	$141.82	$14.18	$9.93	$4.25	1
cbETH	0.027480	$136.52	$124.11	$12.41	$8.69	$3.72	1

Optimism

Asset	Current Borrow Cap	Current Supply Cap	Average Borrow Cap Usage (Past Week)	Average Supply Cap Usage (Past Week)	Average Utilization
USDC	34.00M	36.40M	7.26%	7.68%	88.36%
USDT0	8.00M	10.00M	2.70%	2.49%	87.05%
DAI	4.50M	4.80M	5.77%	6.43%	82.32%
USDT	18.40M	22.60M	1.92%	1.88%	79.26%
WETH	30.00K	32.00K	9.93%	12.00%	77.61%
wstETH	1.50K	5.00K	2.61%	6.30%	12.44%
OP	650.00K	5.60M	37.98%	37.56%	11.74%
rETH	340.00	750.00	1.28%	7.98%	7.24%
VELO	20.00M	80.00M	21.34%	96.99%	5.50%
weETH	220.00	1.20K	8.41%	33.13%	4.65%
WBTC	0.00	0.00	0.00%	0.00%	4.34%
wrsETH	160.00	400.00	0.39%	5.37%	2.94%
cbETH	0.00	10.00	0.00%	4.28%	0.04%

Week-over-Week Changes

Asset	Total Borrow	Total Supply	Utilization
USDC	+11% from 2.37M USDC to 2.63M USDC	+9% from 2.70M USDC to 2.94M USDC	+2% from 87.49% to 89.30%
USDT0	-1% from 221.06K USDT0 to 219.10K USDT0	-5% from 253.30K USDT0 to 240.40K USDT0	+4% from 87.27% to 91.14%
DAI	-39% from 243.77K DAI to 147.82K DAI	-29% from 284.99K DAI to 202.68K DAI	-15% from 85.54% to 72.93%
USDT	-63% from 380.39K USDT to 139.06K USDT	-50% from 437.95K USDT to 219.62K USDT	-27% from 86.86% to 63.32%
WETH	+1% from 2.97K WETH to 2.99K WETH	-4% from 3.92K WETH to 3.78K WETH	+5% from 75.67% to 79.24%
wstETH	+4% from 37.54 wstETH to 39.21 wstETH	+6% from 306.99 wstETH to 324.77 wstETH	-1% from 12.23% to 12.07%
OP	-17% from 264.09K OP to 218.03K OP	+0% from 2.10M OP to 2.11M OP	-18% from 12.57% to 10.34%
rETH	+28% from 3.94 rETH to 5.05 rETH	+5% from 58.74 rETH to 61.43 rETH	+23% from 6.70% to 8.23%
VELO	+12% from 3.91M VELO to 4.38M VELO	+1% from 76.57M VELO to 77.22M VELO	+11% from 5.11% to 5.67%
weETH	+30% from 15.82 weETH to 20.55 weETH	+3% from 391.35 weETH to 404.74 weETH	+26% from 4.04% to 5.08%
WBTC	0% from 0.00 WBTC to 0.00 WBTC	0% from 0.07 WBTC to 0.07 WBTC	0% from 4.34% to 4.34%
wrsETH	0% from 0.63 wrsETH to 0.63 wrsETH	-11% from 24.24 wrsETH to 21.47 wrsETH	+13% from 2.60% to 2.94%
cbETH	0% from 0.00 cbETH to 0.00 cbETH	-20% from 0.47 cbETH to 0.38 cbETH	+26% from 0.03% to 0.04%

Notable Trends

• USDC borrows +11% (2.37M → 2.63M USDC)
• USDT borrows -63% (380.39K → 139.06K USDT)
• USDC supply +9% (2.70M → 2.94M USDC)
• USDT supply -50% (437.95K → 219.62K USDT)

Liquidations

• Total liquidations: 2
• Total Collateral Seized (USD): $45.19
• Total Debt Repaid (USD): $41.08
• Total Liquidation Bonus (USD): $4.11
• Total Liquidator Bonus (USD): $2.88
• Total Protocol Bonus (USD): $1.23

Asset	Total Seized (Tokens)	Total Seized (USD)	Debt Repaid (USD)	Liquidation Bonus (USD)	Liquidator Bonus (USD)	Protocol Bonus (USD)	Liquidation Count
VELO	1,010.2	$44.98	$40.89	$4.09	$2.86	$1.23	1
DAI	0.210687	$0.21	$0.19	$0.02	$0.01	$0.01	1

Moonbeam

Asset	Current Borrow Cap	Average Borrow Cap Usage (Past Week)	Average Utilization
GLMR	0.10	7190.77M%	65.47%
xcDOT	0.10	21.70M%	59.46%
xcUSDC	0.10	79.98M%	57.70%
FRAX	0.10	446.23K%	45.65%
xcUSDT	0.10	49.84M%	38.82%
USDC.wh	0.10	45.10M%	36.00%
ETH.wh	0.10	1.20K%	3.51%
BTC.wh	0.10	37.33%	3.14%

Week-over-Week Changes

Asset	Total Borrow	Total Supply	Utilization
GLMR	+1% from 7.15M GLMR to 7.23M GLMR	+1% from 10.90M GLMR to 10.99M GLMR	+0% from 65.61% to 65.77%
xcDOT	-10% from 22.53K xcDOT to 20.25K xcDOT	+141% from 535.93K xcDOT to 1.29M xcDOT	-59% from 100.00% to 41.36%
xcUSDC	-2% from 80.71K xcUSDC to 79.17K xcUSDC	-8% from 141.80K xcUSDC to 130.34K xcUSDC	+7% from 56.92% to 60.74%
FRAX	0% from 446.23 FRAX to 446.23 FRAX	0% from 40.10K FRAX to 40.10K FRAX	0% from 45.65% to 45.65%
xcUSDT	-10% from 52.24K xcUSDT to 46.75K xcUSDT	-28% from 136.16K xcUSDT to 98.06K xcUSDT	+24% from 38.36% to 47.68%
USDC.wh	+1% from 44.90K USDC.wh to 45.17K USDC.wh	+3% from 124.03K USDC.wh to 127.46K USDC.wh	-2% from 36.20% to 35.44%
ETH.wh	+0% from 1.20 ETH.wh to 1.20 ETH.wh	-0% from 34.14 ETH.wh to 34.12 ETH.wh	+0% from 3.51% to 3.51%
BTC.wh	-79% from 0.07 BTC.wh to 0.01 BTC.wh	-0% from 1.19 BTC.wh to 1.19 BTC.wh	-79% from 5.47% to 1.14%

Notable Trends

• xcDOT supply +141% (535.93K → 1.29M xcDOT)
• xcUSDT supply -28% (136.16K → 98.06K xcUSDT)

Liquidations

• Total liquidations: 12
• Total Collateral Seized (USD): $2,070.58
• Total Debt Repaid (USD): $1,882.35
• Total Liquidation Bonus (USD): $188.23
• Total Liquidator Bonus (USD): $131.76
• Total Protocol Bonus (USD): $56.47

Asset	Total Seized (Tokens)	Total Seized (USD)	Debt Repaid (USD)	Liquidation Bonus (USD)	Liquidator Bonus (USD)	Protocol Bonus (USD)	Liquidation Count
xcDOT	450.051	$1,932.26	$1,756.60	$175.66	$122.96	$52.70	1
ETH.wh	0.025909	$111.16	$101.05	$10.11	$7.07	$3.03	5
GLMR	460.48538	$27.16	$24.69	$2.47	$1.73	$0.74	6

Moonriver

Asset	Current Borrow Cap	Average Borrow Cap Usage (Past Week)	Average Utilization
xcKSM	0.10	6.55M%	41.34%
FRAX	0.10	64.37M%	19.67%
MOVR	0.10	3.57M%	2.35%

Week-over-Week Changes

Asset	Total Borrow	Total Supply	Utilization
xcKSM	+0% from 6.54K xcKSM to 6.55K xcKSM	+1% from 15.80K xcKSM to 16.03K xcKSM	-1% from 41.43% to 40.86%
FRAX	+0% from 64.35K FRAX to 64.40K FRAX	-0% from 327.40K FRAX to 327.30K FRAX	+0% from 19.65% to 19.68%
MOVR	+0% from 3.57K MOVR to 3.57K MOVR	+0% from 152.02K MOVR to 152.10K MOVR	-0% from 2.35% to 2.35%

Liquidations

No liquidation events this week.

[AnthiasLabs]

Weekly Update (10/10/25 - 10/16/25)

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 10/10/25 to 10/16/25. More information can be found on our monitoring dashboard. Additionally, stay tuned as we will be providing a more in depth analysis on the recent market volatility that occurred on October 10th, and the effect it had on the Moonwell Core markets shortly.

Base

Asset	Current Borrow Cap	Current Supply Cap	Average Borrow Cap Usage (Past Week)	Average Supply Cap Usage (Past Week)	Average Utilization
USDC	184.00M	200.00M	26.68%	27.45%	89.41%
USDS	690.00K	750.00K	2.61%	2.75%	87.40%
EURC	21.00M	21.90M	8.07%	10.27%	75.38%
VIRTUAL	1.50M	4.50M	109.74%	60.58%	59.72%
WETH	64.00K	96.00K	11.85%	13.29%	57.96%
DAI	300.00K	400.00K	5.42%	7.42%	54.79%
AERO	8.00M	70.00M	96.28%	33.08%	33.31%
WELL	100.00M	250.00M	37.60%	72.89%	21.53%
cbXRP	1.60M	5.00M	29.69%	46.08%	20.44%
tBTC	36.00	90.00	5.17%	10.53%	19.43%
USDbC	1.00	1.00	145.15K%	895.45K%	16.22%
LBTC	38.00	95.00	18.75%	51.73%	14.24%
cbBTC	640.00	1.50K	12.31%	38.14%	13.55%
MORPHO	600.00K	6.00M	91.91%	96.00%	9.56%
weETH	700.00	5.40K	2.12%	3.54%	7.75%
wstETH	4.80K	14.40K	3.67%	29.65%	4.13%
cbETH	6.40K	16.00K	0.88%	13.12%	2.69%
rETH	900.00	2.60K	2.54%	36.89%	2.38%
wrsETH	430.00	1.00K	0.01%	11.45%	0.02%

Week-over-Week Changes

Asset	Total Borrow	Total Supply	Utilization
USDC	-5% from 55.78M USDC to 52.79M USDC	-6% from 62.42M USDC to 58.48M USDC	+1% from 89.37% to 90.26%
USDS	-12% from 19.99K USDS to 17.62K USDS	-9% from 22.30K USDS to 20.19K USDS	-3% from 89.61% to 87.28%
EURC	-22% from 2.17M EURC to 1.70M EURC	-16% from 2.70M EURC to 2.26M EURC	-6% from 80.15% to 75.09%
VIRTUAL	+661% from 248.14K VIRTUAL to 1.89M VIRTUAL	+43% from 2.20M VIRTUAL to 3.14M VIRTUAL	+434% from 11.26% to 60.07%
WETH	-37% from 12.92K WETH to 8.13K WETH	-25% from 17.81K WETH to 13.43K WETH	-17% from 72.57% to 60.58%
DAI	-13% from 19.26K DAI to 16.84K DAI	-8% from 31.11K DAI to 28.75K DAI	-5% from 61.90% to 58.57%
AERO	-20% from 8.61M AERO to 6.88M AERO	-10% from 25.35M AERO to 22.83M AERO	-11% from 33.94% to 30.14%
WELL	+5% from 36.30M WELL to 38.00M WELL	+59% from 155.53M WELL to 247.46M WELL	-34% from 23.34% to 15.36%
cbXRP	+1% from 551.64K cbXRP to 559.72K cbXRP	-2% from 2.58M cbXRP to 2.54M cbXRP	+3% from 21.35% to 22.02%
tBTC	+4% from 2.33 tBTC to 2.41 tBTC	-16% from 11.41 tBTC to 9.62 tBTC	+23% from 20.40% to 25.09%
USDbC	-0% from 1.45K USDbC to 1.45K USDbC	-5% from 9.18K USDbC to 8.74K USDbC	+5% from 15.85% to 16.60%
LBTC	-0% from 9.07 LBTC to 9.05 LBTC	+6% from 47.41 LBTC to 50.26 LBTC	-6% from 19.14% to 18.00%
cbBTC	+37% from 73.98 cbBTC to 101.19 cbBTC	+10% from 552.91 cbBTC to 610.34 cbBTC	+24% from 13.38% to 16.58%
MORPHO	+5% from 571.59K MORPHO to 600.02K MORPHO	-5% from 6.00M MORPHO to 5.70M MORPHO	+11% from 9.52% to 10.52%
weETH	-29% from 19.38 weETH to 13.80 weETH	+3% from 183.00 weETH to 189.10 weETH	-31% from 10.59% to 7.30%
wstETH	-52% from 182.73 wstETH to 88.37 wstETH	-4% from 4.44K wstETH to 4.26K wstETH	-50% from 4.12% to 2.08%
cbETH	-1% from 57.16 cbETH to 56.81 cbETH	-1% from 2.14K cbETH to 2.11K cbETH	+1% from 2.67% to 2.69%
rETH	-0% from 22.89 rETH to 22.80 rETH	-1% from 963.73 rETH to 958.36 rETH	+0% from 2.38% to 2.38%
wrsETH	-49% from 0.04 wrsETH to 0.02 wrsETH	-0% from 114.47 wrsETH to 114.44 wrsETH	-49% from 0.03% to 0.02%

Notable Trends

• WETH borrows -37% (12.92K → 8.13K WETH)
• WETH supply -25% (17.81K → 13.43K WETH)
• cbBTC supply +10% (552.91 → 610.34 cbBTC)
• cbBTC borrows +37% (73.98 → 101.19 cbBTC)
• WELL supply +59% (155.53M → 247.46M WELL)

Liquidations

• Total liquidations: 1,151
• Total Collateral Seized (USD): $12,692,539.49
• Total Debt Repaid (USD): $11,538,672.27
• Total Liquidation Bonus (USD): $1,153,867.23
• Total Liquidator Bonus (USD): $807,707.06
• Total Protocol Bonus (USD): $346,160.17

Asset	Total Seized (Tokens)	Total Seized (USD)	Debt Repaid (USD)	Liquidation Bonus (USD)	Liquidator Bonus (USD)	Protocol Bonus (USD)	Liquidation Count
AERO	6,477,208.937670	$4,272,914.58	$3,884,467.80	$388,446.78	$271,912.75	$116,534.03	517
cbBTC	26.933888	$2,965,465.91	$2,695,878.10	$269,587.81	$188,711.47	$80,876.34	171
USDC	1,706,843.129970	$1,706,365.69	$1,551,241.53	$155,124.15	$108,586.91	$46,537.25	22
cbXRP	687,411.602230	$1,390,405.18	$1,264,004.71	$126,400.47	$88,480.33	$37,920.14	126
wstETH	265.738512	$1,130,711.23	$1,027,919.30	$102,791.93	$71,954.35	$30,837.58	11
WETH	88.094916	$321,716.49	$292,469.54	$29,246.95	$20,472.87	$8,774.09	109
MORPHO	348,656.941330	$318,650.63	$289,682.39	$28,968.24	$20,277.77	$8,690.47	23
WELL	11,258,251.436700	$224,765.36	$204,332.15	$20,433.21	$14,303.25	$6,129.96	26
tBTC	1.857700	$189,450.00	$172,227.27	$17,222.73	$12,055.91	$5,166.82	1
VIRTUAL	195,273.604780	$102,647.84	$93,316.22	$9,331.62	$6,532.14	$2,799.49	130
cbETH	12.845483	$51,606.79	$46,915.26	$4,691.53	$3,284.07	$1,407.46	10
LBTC	0.164579	$17,323.00	$15,748.18	$1,574.82	$1,102.37	$472.45	1
weETH	0.130004	$501.38	$455.80	$45.58	$31.91	$13.67	1
EURC	11.848420	$13.75	$12.50	$1.25	$0.87	$0.37	2
USDS	1.666910	$1.67	$1.52	$0.15	$0.11	$0.05	1

Optimism

Asset	Current Borrow Cap	Current Supply Cap	Average Borrow Cap Usage (Past Week)	Average Supply Cap Usage (Past Week)	Average Utilization
USDT0	8.00M	10.00M	2.61%	2.36%	88.44%
USDC	34.00M	36.40M	5.73%	6.18%	85.78%
USDT	18.40M	22.60M	1.38%	1.33%	83.23%
WETH	30.00K	32.00K	8.55%	10.44%	72.02%
DAI	4.50M	4.80M	2.31%	3.44%	61.97%
rETH	340.00	750.00	1.44%	8.15%	8.02%
wstETH	1.50K	5.00K	1.64%	6.43%	7.64%
OP	650.00K	5.60M	15.97%	27.50%	7.45%
VELO	20.00M	80.00M	21.90%	92.07%	5.95%
weETH	220.00	1.20K	3.68%	24.32%	5.23%
WBTC	0.00	0.00	0.00%	0.00%	4.34%
wrsETH	160.00	400.00	0.39%	5.26%	2.94%
cbETH	0.00	10.00	0.00%	2.99%	0.06%

Week-over-Week Changes

Asset	Total Borrow	Total Supply	Utilization
USDT0	-4% from 216.21K USDT0 to 208.33K USDT0	-3% from 240.38K USDT0 to 233.82K USDT0	-1% from 89.94% to 89.10%
USDC	-21% from 2.63M USDC to 2.08M USDC	-19% from 2.95M USDC to 2.38M USDC	-2% from 89.07% to 87.37%
USDT	+153% from 139.06K USDT to 351.18K USDT	+84% from 219.62K USDT to 404.80K USDT	+37% from 63.32% to 86.75%
WETH	+14% from 2.99K WETH to 3.41K WETH	+18% from 3.78K WETH to 4.45K WETH	-3% from 79.22% to 76.68%
DAI	-13% from 147.82K DAI to 128.41K DAI	-5% from 202.68K DAI to 192.76K DAI	-9% from 72.93% to 66.62%
rETH	-14% from 5.05 rETH to 4.36 rETH	-2% from 61.43 rETH to 60.41 rETH	-12% from 8.23% to 7.21%
wstETH	-28% from 39.21 wstETH to 28.08 wstETH	+2% from 324.77 wstETH to 332.48 wstETH	-30% from 12.07% to 8.45%
OP	-39% from 218.04K OP to 133.04K OP	-53% from 2.11M OP to 993.37K OP	+30% from 10.34% to 13.39%
VELO	+0% from 4.38M VELO to 4.39M VELO	-2% from 77.12M VELO to 75.21M VELO	+3% from 5.68% to 5.83%
weETH	-46% from 20.55 weETH to 11.10 weETH	-85% from 404.74 weETH to 61.17 weETH	+257% from 5.08% to 18.14%
WBTC	0% from 0.00 WBTC to 0.00 WBTC	0% from 0.07 WBTC to 0.07 WBTC	+0% from 4.34% to 4.35%
wrsETH	-2% from 0.63 wrsETH to 0.62 wrsETH	-6% from 21.44 wrsETH to 20.12 wrsETH	+4% from 2.94% to 3.06%
cbETH	0% from 0.00 cbETH to 0.00 cbETH	-27% from 0.38 cbETH to 0.27 cbETH	+37% from 0.04% to 0.06%

Notable Trends

• WETH supply +18% (3.78K → 4.45K WETH)
• WETH borrows +14% (2.99K → 3.41K WETH)
• weETH supply -85% (404.74 → 61.17 weETH**)
• OP supply -53% (2.11M → 993.37K OP**)

Liquidations

• Total liquidations: 212
• Total Collateral Seized (USD): $401,068.12
• Total Debt Repaid (USD): $364,607.38
• Total Liquidation Bonus (USD): $36,460.74
• Total Liquidator Bonus (USD): $25,522.52
• Total Protocol Bonus (USD): $10,938.22

Asset	Total Seized (Tokens)	Total Seized (USD)	Debt Repaid (USD)	Liquidation Bonus (USD)	Liquidator Bonus (USD)	Protocol Bonus (USD)	Liquidation Count
VELO	11,059,224.120200	$296,662.67	$269,693.34	$26,969.33	$18,878.53	$8,090.80	97
OP	184,562.055170	$66,152.70	$60,138.82	$6,013.88	$4,209.72	$1,804.16	82
wstETH	4.779821	$20,692.42	$18,811.29	$1,881.13	$1,316.79	$564.34	11
WETH	3.798008	$14,267.53	$12,970.48	$1,297.05	$907.93	$389.11	12
wrsETH	0.504927	$2,032.16	$1,847.42	$184.74	$129.32	$55.42	2
USDC	1,025.598596	$1,025.51	$932.28	$93.23	$65.26	$27.97	4
weETH	0.055009	$213.36	$193.96	$19.40	$13.58	$5.82	2
USDT	21.736030	$21.77	$19.79	$1.98	$1.39	$0.59	2

Moonbeam

Asset	Current Borrow Cap	Average Utilization
GLMR	0.10	66.93%
FRAX	0.10	46.53%
xcDOT	0.10	42.07%
xcUSDC	0.10	36.12%
USDC.wh	0.10	33.43%
xcUSDT	0.10	30.73%
ETH.wh	0.10	3.27%
BTC.wh	0.10	0.65%

Week-over-Week Changes

Asset	Total Borrow	Total Supply	Utilization
GLMR	+1% from 7.23M GLMR to 7.32M GLMR	-2% from 10.99M GLMR to 10.78M GLMR	+3% from 65.77% to 67.86%
FRAX	-41% from 446.23 FRAX to 262.35 FRAX	-3% from 40.10K FRAX to 38.80K FRAX	+2% from 45.65% to 46.71%
xcDOT	-1% from 20.25K xcDOT to 20.02K xcDOT	-2% from 1.29M xcDOT to 1.26M xcDOT	+2% from 41.36% to 42.36%
xcUSDC	-60% from 79.17K xcUSDC to 31.61K xcUSDC	-44% from 130.34K xcUSDC to 72.36K xcUSDC	-28% from 60.74% to 43.68%
USDC.wh	-12% from 45.17K USDC.wh to 39.74K USDC.wh	-7% from 127.46K USDC.wh to 118.33K USDC.wh	-5% from 35.44% to 33.58%
xcUSDT	-46% from 46.75K xcUSDT to 25.40K xcUSDT	-4% from 98.06K xcUSDT to 94.21K xcUSDT	-43% from 47.68% to 26.96%
ETH.wh	-9% from 1.20 ETH.wh to 1.09 ETH.wh	-0% from 34.12 ETH.wh to 33.97 ETH.wh	-8% from 3.51% to 3.22%
BTC.wh	-69% from 0.01 BTC.wh to 0.00 BTC.wh	-0% from 1.19 BTC.wh to 1.19 BTC.wh	-69% from 1.14% to 0.36%

Notable Trends

• xcUSDC supply -44% (130.34K → 72.36K xcUSDC**)
• xcUSDC borrows -60% (79.17K → 31.61K xcUSDC**)
• xcUSDT borrows -46% (46.75K → 25.40K xcUSDT**)

Liquidations

• Total liquidations: 644
• Total Collateral Seized (USD): $71,549.53
• Total Debt Repaid (USD): $65,045.03
• Total Liquidation Bonus (USD): $6,504.50
• Total Liquidator Bonus (USD): $4,553.15
• Total Protocol Bonus (USD): $1,951.35

Asset	Total Seized (Tokens)	Total Seized (USD)	Debt Repaid (USD)	Liquidation Bonus (USD)	Liquidator Bonus (USD)	Protocol Bonus (USD)	Liquidation Count
xcDOT	22,669.334164	$55,983.22	$50,893.84	$5,089.38	$3,562.57	$1,526.82	204
GLMR	468,150.826784	$14,398.23	$13,089.30	$1,308.93	$916.25	$392.68	374
ETH.wh	0.152945	$596.28	$542.08	$54.21	$37.95	$16.26	29
xcUSDC	395.654710	$395.65	$359.69	$35.97	$25.18	$10.79	21
FRAX	70.256520	$70.05	$63.68	$6.37	$4.46	$1.91	7
BTC.wh	0.000494	$51.51	$46.83	$4.68	$3.28	$1.40	1
xcUSDT	47.505578	$47.63	$43.30	$4.33	$3.03	$1.30	6
USDC.wh	6.952570	$6.95	$6.32	$0.63	$0.44	$0.19	2

Moonriver

Asset	Current Borrow Cap	Average Utilization
xcKSM	0.10	41.93%
FRAX	0.10	17.14%
MOVR	0.10	2.39%

Week-over-Week Changes

Asset	Total Borrow	Total Supply	Utilization
xcKSM	-0% from 6.55K xcKSM to 6.55K xcKSM	-5% from 16.03K xcKSM to 15.30K xcKSM	+5% from 40.86% to 42.81%
FRAX	-16% from 64.40K FRAX to 54.31K FRAX	-0% from 327.30K FRAX to 326.06K FRAX	-15% from 19.68% to 16.66%
MOVR	+0% from 3.57K MOVR to 3.57K MOVR	-2% from 152.10K MOVR to 148.70K MOVR	+2% from 2.35% to 2.40%

Notable Trends

• FRAX borrows -16% (64.40K → 54.31K FRAX)

Liquidations

• Total liquidations: 74
• Total Collateral Seized (USD): $11,138.34
• Total Debt Repaid (USD): $10,125.76
• Total Liquidation Bonus (USD): $1,012.58
• Total Liquidator Bonus (USD): $708.80
• Total Protocol Bonus (USD): $303.77

Asset	Total Seized (Tokens)	Total Seized (USD)	Debt Repaid (USD)	Liquidation Bonus (USD)	Liquidator Bonus (USD)	Protocol Bonus (USD)	Liquidation Count
MOVR	2,964.786005	$9,057.77	$8,234.34	$823.43	$576.40	$247.03	56
xcKSM	304.564304	$1,792.99	$1,629.99	$163.00	$114.10	$48.90	16
FRAX	288.297200	$287.57	$261.43	$26.14	$18.30	$7.84	2

[AnthiasLabs]

Weekly Update (10/17/25 - 10/23/25)

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 10/17/25 to 10/23/25. 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
USDS	690.00K	750.00K	2.94%	3.02%	89.70%
USDC	184.00M	200.00M	26.42%	27.26%	89.19%
EURC	21.00M	21.90M	7.56%	9.87%	73.54%
WETH	64.00K	96.00K	15.49%	15.15%	68.03%
VIRTUAL	1.50M	4.50M	124.34%	71.39%	58.23%
DAI	300.00K	400.00K	5.27%	7.19%	55.03%
AERO	8.00M	70.00M	90.86%	33.35%	31.14%
tBTC	36.00	90.00	6.69%	9.18%	29.23%
cbXRP	1.60M	5.00M	33.78%	50.78%	21.29%
LBTC	38.00	95.00	25.09%	53.30%	18.82%
USDbC	1.00	1.00	141.39K%	873.85K%	16.18%
cbBTC	640.00	1.50K	14.27%	38.95%	15.62%
WELL	100.00M	250.00M	37.76%	99.08%	15.25%
MORPHO	600.00K	6.00M	99.96%	97.62%	10.24%
MAMO	12.00M	20.00M	1.82%	11.35%	9.60%
weETH	700.00	5.40K	2.20%	3.52%	8.10%
cbETH	6.40K	16.00K	0.92%	13.00%	2.82%
rETH	900.00	2.60K	2.53%	36.85%	2.38%
wstETH	4.80K	14.40K	1.81%	29.81%	2.02%
wrsETH	430.00	1.00K	0.00%	11.45%	0.02%

Week-over-Week Changes

Asset	Total Borrow	Total Supply	Utilization
USDS	+13% from 17.62K USDS to 19.95K USDS	+7% from 20.19K USDS to 21.66K USDS	+6% from 87.28% to 92.12%
USDC	-13% from 55.55M USDC to 48.45M USDC	-13% from 61.68M USDC to 53.78M USDC	+0% from 90.06% to 90.10%
EURC	-4% from 1.70M EURC to 1.63M EURC	+3% from 2.26M EURC to 2.33M EURC	-7% from 75.09% to 69.73%
WETH	+31% from 8.60K WETH to 11.28K WETH	+21% from 13.21K WETH to 15.97K WETH	+8% from 65.13% to 70.61%
VIRTUAL	-0% from 1.87M VIRTUAL to 1.87M VIRTUAL	+1% from 3.09M VIRTUAL to 3.11M VIRTUAL	-1% from 60.44% to 60.04%
DAI	-30% from 16.84K DAI to 11.78K DAI	-0% from 28.75K DAI to 28.71K DAI	-30% from 58.57% to 41.03%
AERO	-5% from 7.50M AERO to 7.10M AERO	+2% from 22.90M AERO to 23.31M AERO	-7% from 32.77% to 30.44%
tBTC	-0% from 2.41 tBTC to 2.40 tBTC	-15% from 9.62 tBTC to 8.15 tBTC	+18% from 25.09% to 29.49%
cbXRP	-6% from 567.42K cbXRP to 532.61K cbXRP	+2% from 2.53M cbXRP to 2.58M cbXRP	-8% from 22.46% to 20.63%
LBTC	+13% from 8.90 LBTC to 10.05 LBTC	+2% from 50.05 LBTC to 51.11 LBTC	+11% from 17.78% to 19.67%
USDbC	-3% from 1.45K USDbC to 1.41K USDbC	+0% from 8.74K USDbC to 8.74K USDbC	-3% from 16.60% to 16.09%
cbBTC	-13% from 100.95 cbBTC to 87.86 cbBTC	-7% from 609.86 cbBTC to 565.80 cbBTC	-6% from 16.55% to 15.53%
WELL	-24% from 38.00M WELL to 28.81M WELL	-1% from 247.32M WELL to 244.41M WELL	-23% from 15.37% to 11.79%
MORPHO	-0% from 600.02K MORPHO to 600.01K MORPHO	+4% from 5.70M MORPHO to 5.91M MORPHO	-3% from 10.52% to 10.16%
MAMO	-5% from 223.28K MAMO to 211.15K MAMO	-2% from 2.16M MAMO to 2.11M MAMO	-3% from 10.35% to 10.00%
weETH	+29% from 13.80 weETH to 17.80 weETH	+5% from 189.10 weETH to 198.12 weETH	+23% from 7.30% to 8.99%
cbETH	+7% from 56.81 cbETH to 60.68 cbETH	-1% from 2.10K cbETH to 2.07K cbETH	+8% from 2.70% to 2.93%
rETH	+0% from 22.80 rETH to 22.80 rETH	-0% from 958.36 rETH to 957.58 rETH	+0% from 2.38% to 2.38%
wstETH	+0% from 86.79 wstETH to 86.80 wstETH	+1% from 4.26K wstETH to 4.31K wstETH	-1% from 2.04% to 2.02%
wrsETH	0% from 0.02 wrsETH to 0.02 wrsETH	+0% from 114.44 wrsETH to 114.64 wrsETH	-0% from 0.02% to 0.02%

Notable Trends

• WETH supply +21% (13.21K → 15.97K WETH)
• WETH borrows +31% (8.60K → 11.28K WETH)
• USDC supply -13% (61.68M → 53.78M USDC)
• USDC borrows -13% (55.55M → 48.45M USDC)
• cbBTC supply -7% (609.86 → 565.80 cbBTC)
• cbBTC borrows -13% (100.95 → 87.86 cbBTC)

Liquidations

• Total liquidations: 91
• Total Collateral Seized (USD): $100,003.79
• Total Debt Repaid (USD): $90,912.54
• Total Liquidation Bonus (USD): $9,091.25
• Total Liquidator Bonus (USD): $6,363.88
• Total Protocol Bonus (USD): $2,727.38

Asset	Total Seized (Tokens)	Total Seized (USD)	Debt Repaid (USD)	Liquidation Bonus (USD)	Liquidator Bonus (USD)	Protocol Bonus (USD)	Liquidation Count
cbBTC	0.658683	$68,760.04	$62,509.13	$6,250.91	$4,375.64	$1,875.27	13
AERO	17,063.422910	$13,241.21	$12,037.46	$1,203.75	$842.62	$361.12	25
USDC	12,815.280145	$12,813.88	$11,648.98	$1,164.90	$815.43	$349.47	4
WETH	0.807410	$2,973.02	$2,702.75	$270.27	$189.19	$81.08	35
WELL	54,610.552000	$975.58	$886.89	$88.69	$62.08	$26.61	5
MORPHO	364.105000	$663.05	$602.78	$60.28	$42.19	$18.08	1
EURC	145.592000	$169.26	$153.88	$15.39	$10.77	$4.62	1
cbXRP	68.138490	$161.31	$146.64	$14.66	$10.26	$4.40	4
VIRTUAL	211.277900	$149.88	$136.25	$13.63	$9.54	$4.09	2
cbETH	0.023476	$96.56	$87.78	$8.78	$6.14	$2.63	1

OP Mainnet

Asset	Current Borrow Cap	Current Supply Cap	Average Borrow Cap Usage (Past Week)	Average Supply Cap Usage (Past Week)	Average Utilization
USDT0	8.00M	10.00M	2.56%	2.34%	87.30%
USDT	18.40M	22.60M	1.99%	1.88%	86.51%
USDC	34.00M	36.40M	5.67%	6.12%	86.38%
WETH	30.00K	32.00K	11.42%	13.93%	76.86%
DAI	4.50M	4.80M	2.86%	3.96%	67.70%
weETH	220.00	1.20K	6.25%	5.88%	19.46%
OP	650.00K	5.60M	21.41%	18.84%	13.18%
wstETH	1.50K	5.00K	1.86%	6.76%	8.27%
rETH	340.00	750.00	1.28%	8.01%	7.25%
VELO	20.00M	80.00M	25.00%	90.68%	6.90%
WBTC	0.00	0.00	0.00%	0.00%	4.35%
wrsETH	160.00	400.00	0.39%	5.03%	3.06%
cbETH	0.00	10.00	0.00%	2.75%	0.06%

Week-over-Week Changes

Asset	Total Borrow	Total Supply	Utilization
USDT0	-3% from 209.10K USDT0 to 203.10K USDT0	-1% from 233.83K USDT0 to 231.37K USDT0	-2% from 89.42% to 87.78%
USDT	+14% from 351.18K USDT to 401.45K USDT	+16% from 404.80K USDT to 467.55K USDT	-1% from 86.75% to 85.86%
USDC	-17% from 2.08M USDC to 1.72M USDC	-14% from 2.38M USDC to 2.04M USDC	-4% from 87.38% to 84.02%
WETH	+1% from 3.41K WETH to 3.44K WETH	+2% from 4.45K WETH to 4.52K WETH	-1% from 76.67% to 75.97%
DAI	+0% from 128.41K DAI to 128.49K DAI	-9% from 192.76K DAI to 176.24K DAI	+9% from 66.62% to 72.91%
weETH	+16% from 11.10 weETH to 12.89 weETH	+23% from 61.17 weETH to 75.42 weETH	-6% from 18.14% to 17.09%
OP	+13% from 133.04K OP to 149.80K OP	+2% from 1.05M OP to 1.06M OP	+11% from 12.73% to 14.12%
wstETH	-1% from 28.08 wstETH to 27.67 wstETH	+1% from 332.48 wstETH to 335.75 wstETH	-2% from 8.45% to 8.24%
rETH	+0% from 4.36 rETH to 4.36 rETH	-1% from 60.41 rETH to 59.61 rETH	+1% from 7.21% to 7.31%
VELO	+123% from 4.39M VELO to 9.79M VELO	-5% from 75.26M VELO to 71.73M VELO	+134% from 5.83% to 13.65%
WBTC	0% from 0.00 WBTC to 0.00 WBTC	0% from 0.07 WBTC to 0.07 WBTC	0% from 4.35% to 4.35%
wrsETH	+0% from 0.62 wrsETH to 0.62 wrsETH	-0% from 20.12 wrsETH to 20.11 wrsETH	+0% from 3.06% to 3.06%
cbETH	0% from 0.00 cbETH to 0.00 cbETH	0% from 0.27 cbETH to 0.27 cbETH	0% from 0.06% to 0.06%

Notable Trends

• USDC borrows -17% (2.08M → 1.72M USDC)
• USDC supply -14% (2.38M → 2.04M USDC)
• VELO borrows +123% (4.39M → 9.79M VELO)

Liquidations

• Total liquidations: 5
• Total Collateral Seized (USD): $60.02
• Total Debt Repaid (USD): $54.57
• Total Liquidation Bonus (USD): $5.46
• Total Liquidator Bonus (USD): $3.82
• Total Protocol Bonus (USD): $1.64

Asset	Total Seized (Tokens)	Total Seized (USD)	Debt Repaid (USD)	Liquidation Bonus (USD)	Liquidator Bonus (USD)	Protocol Bonus (USD)	Liquidation Count
OP	143.484420	$58.81	$53.46	$5.35	$3.74	$1.60	4
WETH	0.000320	$1.21	$1.10	$0.11	$0.08	$0.03	1

Moonbeam

Asset	Current Borrow Cap	Average Utilization
GLMR	0.1	68.23%
FRAX	0.1	46.71%
xcDOT	0.1	44.53%
xcUSDC	0.1	35.02%
xcUSDT	0.1	27.03%
USDC.wh	0.1	26.82%
ETH.wh	0.1	3.40%
BTC.wh	0.1	0.38%

Week-over-Week Changes

Asset	Total Borrow	Total Supply	Utilization
GLMR	+1% from 7.32M GLMR to 7.41M GLMR	+1% from 10.78M GLMR to 10.85M GLMR	+1% from 67.86% to 68.24%
FRAX	0% from 262.35 FRAX to 262.35 FRAX	0% from 38.80K FRAX to 38.80K FRAX	0% from 46.71% to 46.71%
xcDOT	+0% from 20.02K xcDOT to 20.03K xcDOT	-10% from 1.26M xcDOT to 1.13M xcDOT	+12% from 42.36% to 47.28%
xcUSDC	-1% from 31.61K xcUSDC to 31.15K xcUSDC	+44% from 72.36K xcUSDC to 104.40K xcUSDC	-32% from 43.68% to 29.83%
xcUSDT	+0% from 25.40K xcUSDT to 25.42K xcUSDT	-0% from 94.21K xcUSDT to 94.00K xcUSDT	+0% from 26.96% to 27.04%
USDC.wh	-34% from 39.74K USDC.wh to 26.27K USDC.wh	-11% from 118.33K USDC.wh to 105.84K USDC.wh	-26% from 33.58% to 24.82%
ETH.wh	+0% from 1.09 ETH.wh to 1.09 ETH.wh	-7% from 33.97 ETH.wh to 31.73 ETH.wh	+7% from 3.22% to 3.45%
BTC.wh	+7% from 0.00 BTC.wh to 0.00 BTC.wh	-0% from 1.19 BTC.wh to 1.19 BTC.wh	+6% from 0.36% to 0.38%

Notable Trends

• xcDOT supply -10% (1.26M → 1.13M xcDOT)
• xcUSDC supply +44% (72.36K → 104.40K xcUSDC**)
• USDC.wh borrows -34% (39.74K → 26.27K USDC.wh)

Liquidations

No liquidation events this week.

Moonriver

Asset	Current Borrow Cap	Average Borrow Cap Usage (Past Week)	Average Utilization
xcKSM	0.10	6.55M%	42.80%
FRAX	0.10	51.81M%	15.89%
MOVR	0.10	3.57M%	2.42%

Week-over-Week Changes

Asset	Total Borrow	Total Supply	Utilization
xcKSM	+0% from 6.55K xcKSM to 6.56K xcKSM	-0% from 15.30K xcKSM to 15.28K xcKSM	+0% from 42.81% to 42.92%
FRAX	-5% from 54.31K FRAX to 51.33K FRAX	+0% from 326.06K FRAX to 326.06K FRAX	-5% from 16.66% to 15.74%
MOVR	+0% from 3.57K MOVR to 3.57K MOVR	-1% from 148.70K MOVR to 147.20K MOVR	+1% from 2.40% to 2.42%

Liquidations

No liquidation events this week.

[AnthiasLabs]

Weekly Update (10/24/25 - 10/30/25)

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 10/24/25 to 10/30/25. 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
USDS	690.00K	750.00K	2.60%	2.69%	89.05%
USDC	184.00M	200.00M	26.06%	26.93%	89.00%
EURC	21.00M	21.90M	8.08%	10.24%	75.79%
WETH	64.00K	96.00K	17.52%	15.73%	74.23%
VIRTUAL	1.50M	4.50M	123.69%	69.52%	59.34%
DAI	300.00K	400.00K	4.24%	7.17%	44.30%
AERO	8.00M	70.00M	95.90%	34.68%	31.64%
tBTC	36.00	90.00	6.29%	8.96%	28.08%
LBTC	38.00	95.00	30.98%	56.17%	22.14%
cbXRP	1.60M	5.00M	31.85%	50.80%	20.10%
USDbC	1.00	1.00	140.58K%	873.85K%	16.09%
cbBTC	640.00	1.50K	13.73%	36.87%	15.89%
WELL	100.00M	250.00M	33.44%	98.08%	13.61%
MORPHO	600.00K	6.00M	98.65%	97.99%	10.07%
MAMO	12.00M	20.00M	4.21%	35.19%	9.47%
weETH	700.00	5.40K	2.54%	3.53%	9.35%
cbETH	6.40K	16.00K	0.91%	13.06%	2.79%
rETH	900.00	2.60K	2.54%	36.80%	2.39%
wstETH	4.80K	14.40K	1.80%	30.93%	1.94%
wrsETH	430.00	1.00K	0.00%	11.45%	0.02%

Week-over-Week Changes

Asset	Total Borrow	Total Supply	Utilization
USDS	-10% from 19.95K USDS to 18.01K USDS	+124% from 21.66K USDS to 48.48K USDS	-60% from 92.12% to 37.14%
USDC	+1% from 47.93M USDC to 48.58M USDC	+2% from 53.36M USDC to 54.41M USDC	-1% from 89.84% to 89.30%
EURC	+6% from 1.63M EURC to 1.72M EURC	-7% from 2.27M EURC to 2.10M EURC	+14% from 71.73% to 82.03%
WETH	+3% from 11.11K WETH to 11.48K WETH	-1% from 15.75K WETH to 15.64K WETH	+4% from 70.55% to 73.39%
VIRTUAL	-1% from 1.87M VIRTUAL to 1.85M VIRTUAL	+1% from 3.10M VIRTUAL to 3.12M VIRTUAL	-2% from 60.24% to 59.34%
DAI	+33% from 11.78K DAI to 15.63K DAI	-0% from 28.71K DAI to 28.65K DAI	+33% from 41.03% to 54.57%
AERO	+0% from 7.03M AERO to 7.05M AERO	+7% from 23.56M AERO to 25.23M AERO	-6% from 29.84% to 27.94%
tBTC	-6% from 2.40 tBTC to 2.26 tBTC	-2% from 8.15 tBTC to 7.95 tBTC	-4% from 29.51% to 28.43%
LBTC	-2% from 10.05 LBTC to 9.88 LBTC	-23% from 51.11 LBTC to 39.54 LBTC	+27% from 19.67% to 25.00%
cbXRP	-0% from 538.47K cbXRP to 538.21K cbXRP	-9% from 2.58M cbXRP to 2.36M cbXRP	+10% from 20.85% to 22.85%
USDbC	-0% from 1.41K USDbC to 1.41K USDbC	-0% from 8.74K USDbC to 8.74K USDbC	-0% from 16.09% to 16.08%
cbBTC	-4% from 87.58 cbBTC to 84.23 cbBTC	-4% from 566.61 cbBTC to 546.17 cbBTC	-0% from 15.46% to 15.42%
WELL	+16% from 28.92M WELL to 33.64M WELL	+1% from 241.81M WELL to 244.53M WELL	+15% from 11.96% to 13.76%
MORPHO	-0% from 600.02K MORPHO to 598.83K MORPHO	-0% from 5.91M MORPHO to 5.88M MORPHO	+0% from 10.16% to 10.19%
MAMO	+399% from 211.15K MAMO to 1.05M MAMO	+0% from 4.14M MAMO to 4.15M MAMO	+397% from 5.10% to 25.38%
weETH	+0% from 17.80 weETH to 17.80 weETH	-7% from 198.12 weETH to 183.91 weETH	+8% from 8.99% to 9.68%
cbETH	-11% from 60.68 cbETH to 54.07 cbETH	+3% from 2.07K cbETH to 2.13K cbETH	-13% from 2.93% to 2.54%
rETH	+0% from 22.80 rETH to 22.80 rETH	+0% from 957.58 rETH to 957.85 rETH	-0% from 2.38% to 2.38%
wstETH	-1% from 86.80 wstETH to 86.29 wstETH	+7% from 4.31K wstETH to 4.60K wstETH	-7% from 2.02% to 1.88%
wrsETH	0% from 0.02 wrsETH to 0.02 wrsETH	-0% from 114.64 wrsETH to 114.33 wrsETH	+0% from 0.02% to 0.02%

Notable Trends

• AERO supply +7% (23.56M → 25.23M AERO)
• MAMO borrows +399% (211.15K → 1.05M MAMO)
• LBTC supply -23% (51.11 → 39.54 LBTC)

Liquidations

• Total liquidations: 121
• Total Collateral Seized (USD): $415,082.61
• Total Debt Repaid (USD): $377,347.83
• Total Liquidation Bonus (USD): $37,734.78
• Total Liquidator Bonus (USD): $26,414.35
• Total Protocol Bonus (USD): $11,320.43

Asset	Total Seized (Tokens)	Total Seized (USD)	Debt Repaid (USD)	Liquidation Bonus (USD)	Liquidator Bonus (USD)	Protocol Bonus (USD)	Liquidation Count
USDC	316,150.910292	$316,109.59	$287,372.36	$28,737.24	$20,116.06	$8,621.17	11
cbBTC	0.290570	$32,167.70	$29,243.36	$2,924.34	$2,047.04	$877.30	15
AERO	22,602.679041	$21,589.71	$19,627.01	$1,962.70	$1,373.89	$588.81	19
WELL	1,042,467.732000	$17,828.45	$16,207.68	$1,620.77	$1,134.54	$486.23	7
WETH	4.563899	$17,311.76	$15,737.96	$1,573.80	$1,101.66	$472.14	48
cbXRP	3,613.962400	$9,527.68	$8,661.53	$866.15	$606.31	$259.85	4
cbETH	0.082373	$374.42	$340.38	$34.04	$23.83	$10.21	2
VIRTUAL	166.519800	$172.28	$156.62	$15.66	$10.96	$4.70	2
USDbC	0.838524	$0.84	$0.76	$0.08	$0.05	$0.02	10
DAI	0.181833	$0.18	$0.17	$0.02	$0.01	$0.00	3

Optimism

Asset	Current Borrow Cap	Current Supply Cap	Average Borrow Cap Usage (Past Week)	Average Supply Cap Usage (Past Week)	Average Utilization
USDT0	8.00M	10.00M	2.21%	2.02%	87.47%
USDC	34.00M	36.40M	5.32%	5.78%	85.89%
USDT	18.40M	22.60M	1.30%	1.30%	80.84%
WETH	30.00K	32.00K	11.47%	13.99%	76.86%
DAI	4.50M	4.80M	2.78%	3.66%	72.79%
weETH	220.00	1.20K	5.78%	6.33%	16.76%
VELO	20.00M	80.00M	49.83%	88.16%	14.12%
OP	650.00K	5.60M	23.21%	19.36%	13.92%
wstETH	1.50K	5.00K	1.88%	6.82%	8.29%
rETH	340.00	750.00	1.37%	8.18%	7.61%
WBTC	0.00	0.00	0.00%	0.00%	4.35%
wrsETH	160.00	400.00	0.39%	5.03%	3.07%
cbETH	0.00	10.00	0.00%	2.75%	0.06%

Week-over-Week Changes

Asset	Total Borrow	Total Supply	Utilization
USDT0	-21% from 201.52K USDT0 to 158.67K USDT0	-23% from 231.38K USDT0 to 177.63K USDT0	+3% from 87.10% to 89.33%
USDC	+14% from 1.71M USDC to 1.96M USDC	+10% from 2.04M USDC to 2.24M USDC	+4% from 83.88% to 87.47%
USDT	-35% from 401.45K USDT to 259.59K USDT	-35% from 467.55K USDT to 303.99K USDT	-1% from 85.86% to 85.39%
WETH	+0% from 3.44K WETH to 3.44K WETH	-2% from 4.52K WETH to 4.41K WETH	+3% from 75.99% to 78.03%
DAI	-19% from 128.49K DAI to 103.72K DAI	-36% from 176.24K DAI to 113.35K DAI	+26% from 72.91% to 91.51%
weETH	-0% from 12.89 weETH to 12.89 weETH	+5% from 75.42 weETH to 78.92 weETH	-4% from 17.09% to 16.33%
VELO	-49% from 9.79M VELO to 5.00M VELO	-4% from 71.73M VELO to 68.72M VELO	-47% from 13.65% to 7.28%
OP	+0% from 149.80K OP to 150.16K OP	+3% from 1.06M OP to 1.09M OP	-3% from 14.12% to 13.71%
wstETH	+0% from 30.31 wstETH to 30.39 wstETH	-3% from 339.35 wstETH to 327.70 wstETH	+4% from 8.93% to 9.27%
rETH	+0% from 4.67 rETH to 4.67 rETH	+1% from 61.08 rETH to 61.47 rETH	-1% from 7.65% to 7.60%
WBTC	0% from 0.00 WBTC to 0.00 WBTC	0% from 0.07 WBTC to 0.07 WBTC	0% from 4.35% to 4.35%
wrsETH	+0% from 0.62 wrsETH to 0.62 wrsETH	-0% from 20.11 wrsETH to 20.11 wrsETH	+0% from 3.06% to 3.07%
cbETH	0% from 0.00 cbETH to 0.00 cbETH	0% from 0.27 cbETH to 0.27 cbETH	0% from 0.06% to 0.06%

Notable Trends

• USDC supply +10% (2.04M → 2.24M USDC)
• USDT supply -35% (467.55K → 303.99K USDT)
• VELO borrows -49% (9.79M → 5.00M VELO)

Liquidations

• Total liquidations: 2
• Total Collateral Seized (USD): $44.50
• Total Debt Repaid (USD): $40.45
• Total Liquidation Bonus (USD): $4.05
• Total Liquidator Bonus (USD): $2.83
• Total Protocol Bonus (USD): $1.21

Asset	Total Seized (Tokens)	Total Seized (USD)	Debt Repaid (USD)	Liquidation Bonus (USD)	Liquidator Bonus (USD)	Protocol Bonus (USD)	Liquidation Count
OP	62.116100	$24.38	$22.17	$2.22	$1.55	$0.67	1
VELO	619.962000	$20.12	$18.29	$1.83	$1.28	$0.55	1

Moonbeam

Asset	Current Borrow Cap	Average Borrow Cap Usage (Past Week)	Average Utilization
GLMR	0.10	7460.33M%	66.70%
xcDOT	0.10	19.93M%	47.30%
FRAX	0.10	262.36K%	46.71%
xcUSDC	0.10	31.03M%	44.17%
xcUSDT	0.10	25.43M%	27.15%
USDC.wh	0.10	26.28M%	24.94%
ETH.wh	0.10	1.09K%	3.45%
BTC.wh	0.10	4.50%	0.38%

Week-over-Week Changes

Asset	Total Borrow	Total Supply	Utilization
GLMR	+1% from 7.41M GLMR to 7.51M GLMR	+3% from 10.85M GLMR to 11.22M GLMR	-2% from 68.24% to 66.92%
xcDOT	-1% from 20.03K xcDOT to 19.79K xcDOT	-0% from 1.13M xcDOT to 1.13M xcDOT	+0% from 47.28% to 47.31%
FRAX	+0% from 262.35 FRAX to 262.36 FRAX	-0% from 38.80K FRAX to 38.77K FRAX	+0% from 46.71% to 46.74%
xcUSDC	-0% from 31.15K xcUSDC to 31.09K xcUSDC	-37% from 104.40K xcUSDC to 65.44K xcUSDC	+59% from 29.83% to 47.51%
xcUSDT	+0% from 25.42K xcUSDT to 25.44K xcUSDT	-2% from 94.00K xcUSDT to 92.14K xcUSDT	+2% from 27.04% to 27.61%
USDC.wh	-1% from 26.27K USDC.wh to 25.97K USDC.wh	-1% from 105.84K USDC.wh to 105.21K USDC.wh	-1% from 24.82% to 24.68%
ETH.wh	+0% from 1.09 ETH.wh to 1.09 ETH.wh	-0% from 31.73 ETH.wh to 31.72 ETH.wh	+0% from 3.45% to 3.45%
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%

Notable Trends

• xcUSDC supply -37% (104.40K → 65.44K xcUSDC)

Liquidations

• Total liquidations: 18
• Total Collateral Seized (USD): $380.17
• Total Debt Repaid (USD): $345.61
• Total Liquidation Bonus (USD): $34.56
• Total Liquidator Bonus (USD): $24.19
• Total Protocol Bonus (USD): $10.37

Asset	Total Seized (Tokens)	Total Seized (USD)	Debt Repaid (USD)	Liquidation Bonus (USD)	Liquidator Bonus (USD)	Protocol Bonus (USD)	Liquidation Count
GLMR	6,251.655900	$227.77	$207.06	$20.71	$14.49	$6.21	13
xcDOT	44.962810	$127.44	$115.85	$11.59	$8.11	$3.48	4
xcUSDC	24.964900	$24.96	$22.69	$2.27	$1.59	$0.68	1

Moonriver

Asset	Current Borrow Cap	Average Borrow Cap Usage (Past Week)	Average Utilization
xcKSM	0.10	6.56M%	42.81%
FRAX	0.10	51.32M%	15.74%
MOVR	0.10	3.57M%	2.44%

Week-over-Week Changes

Asset	Total Borrow	Total Supply	Utilization
xcKSM	+0% from 6.56K xcKSM to 6.57K xcKSM	+0% from 15.28K xcKSM to 15.34K xcKSM	-0% from 42.92% to 42.80%
FRAX	-0% from 51.33K FRAX to 51.30K FRAX	+0% from 326.06K FRAX to 326.07K FRAX	-0% from 15.74% to 15.73%
MOVR	+0% from 3.57K MOVR to 3.57K MOVR	-0% from 147.22K MOVR to 146.54K MOVR	+0% from 2.42% to 2.44%

Liquidations

• Total liquidations: 3
• Total Collateral Seized (USD): $36.02
• Total Debt Repaid (USD): $32.74
• Total Liquidation Bonus (USD): $3.27
• Total Liquidator Bonus (USD): $2.29
• Total Protocol Bonus (USD): $0.98

Asset	Total Seized (Tokens)	Total Seized (USD)	Debt Repaid (USD)	Liquidation Bonus (USD)	Liquidator Bonus (USD)	Protocol Bonus (USD)	Liquidation Count
xcKSM	3.459469	$36.02	$32.74	$3.27	$2.29	$0.98	3