Hi all,
I want to raise a case that seems distinct from the borrower remediation discussed in the Reserve Recommendations threads, and I don’t think it’s been addressed directly yet.
My situation:
I’m a cbETH supplier on the Base Core Market. I was never liquidated — I have no borrow position, no collateral seized, nothing tied to the Feb 15 oracle incident on my account directly. I simply supplied cbETH and I am currently unable to withdraw it (currently “Available to Withdraw” shows ~0.0000000001 cbETH against a 1.05 cbETH position).
Why this seems separate from the current remediation plans:
From what I can tell from the reserve reports (5/28, 6/25, 7/22), the cbETH market currently has ~674 cbETH of gross bad debt against a total supplied of ~686 cbETH, with reserves covering only ~0.33% of that gap. The existing remediation framework (repayBorrowBehalf using reserves, the cbETH incident dashboard) is explicitly scoped to borrowers whose collateral was seized during the Feb 14-18 liquidation window. Suppliers like me who were never liquidated don’t appear in that dashboard and don’t seem to be covered by any stated plan.
The core question:
Given that ~98% of the cbETH market is effectively unbacked bad debt, is there a plan — even a rough timeline or framework — for suppliers in this position to eventually recover their funds? Options I could imagine:
- Suppliers being added to the same reserve-funded repayment cadence as the liquidated borrowers
- A pro-rata haircut eventually applied to all cbETH suppliers, formalized rather than left as indefinite illiquidity
- Some other mechanism I’m not aware of
I don’t think I’m the only supplier in this situation, and right now there’s no visibility into what happens to this segment of users.
Looking forward to hearing back from the team on this. Thanks in advance.