This report aims to provide a comprehensive update of all bsdETH related activities over the last quarter, including both on-chain and off-chain data. The purpose of this report is to inform and educate the wider Reserve community on the activities of bsdETH over the last quarter while becoming a reference library for all governance, social media and on-chain data.
bsdETH Core Metrics
Price: $1634
Price relative to ETH: 1 bsdETH = 1.03 ETH
Market Cap at the end of Q4: $27.8m (8625 ETH)
Current Market Cap: $8.1m (5121 ETH)
Staked RSR: $812,000 (117.5m)
Total TVL (MC+Staked RSR): $8.9m
Backing: 11%
RSR Staking yield: 3.7%
Diversification Ratio: 77.8
On-Chain Metrics
Contract Address: 0xcb327b99ff831bf8223cced12b1338ff3aa322ff
Holders: 6,659 -19.5% (8,265)
Total Transfers: 234,407 +47% (159,809)
Transfers (90d): 78,764 +44% (54,957)
DeFi Integrations
Total bsdETH supplied end of Q1 2025: $7.8m (4970 ETH)
Total bsdETH supplied end of Q4 2024: $23.4m (7100 ETH)
Dollar value change: -65%
ETH value change: -30%
Morpho
Total bsdETH Supplied: $6.5m -63% ($17.3m)
bsdETH/WETH
Total supply: $4.9m
Total Borrow: $4.2m
Available: $740k
Liquidations: $0
Vaults
Seamless WETH supply: $4.12m (2610 ETH)
Gauntlet WETH Core supply: $818k (518 ETH)
Re7 WETH supply: $0
bsdETH/eUSD
Total supply: $1.51m
Total Borrow: $566k
Available: $994,000
Liquiditations - 35 ETH
Vaults
Morpho eUSD supply: $1.51m
Uniswap
bsdETH/ETH LP
Total TVL: $481k
bsdETH: 115 ETH
ETH: 188ETH
Aerodrome
Total bsdETH Supplied: $1.2m (750 ETH)
CL1-WETH/bsdETH (Concentrated Stable)
Total TVL: $892k
bsdETH: 425 ETH
ETH: 181 ETH
vAMM-WETH/bsdETH (Basic volatile)
Total TVL: $942k
bsdETH: 292 ETH
ETH: 299 ETH
vAMM-RSR/bsdETH (Basic volatile)
Total TVL: $75k
bsdETH: 23 ETH
RSR: 5.5m ETH
CL200-RSR/bsdETH
Total TVL: $20k
bsdETH: 10.8 ETH
RSR: 305k RSR
Governance
Proposal 1 - Collateral Basket Change Proposal: Adding Wrapped Super OETH (wsuperOETHb) to the Based ETH Collateral Basket
Total Voters: 5 (5 For / 0 Against)
Comments: 8
IP
Total Voters: 4
Total RSR Voted: 17m RSR (100% For)
Proposal 2 - bsdETH Backing Buffer change from 0.1% to 0.15%
Total Voters: 5 (5 For / 0 Against)
Comments: 0
IP
Total Voters: 3
Total RSR Voted: 25m RSR (100% For)
Proposal 3 - Collateral Basket Change Proposal: Adding Rocket Pool ETH (rETH) to the Based ETH Collateral Basket
Total Voters: 3 (3 For / 0 Against)
Comments: 1
This RFC is awaiting further community engagement and a reply from Signal (the proposer) before it can be moved on-chain.
Social Media
This section looks at the data surrounding the bsdETH X account only
Posts: 55 (62%)
Impressions: 19k (966%)
Profile Clicks: 256 (1322%)
Followers: 147 (37.5%)
Conclusion
In Q1 bsdETH has struggled to maintain the high growth rate witnessed over the previous quarter, experiencing a decline in Total Value Locked (TVL), dropping 72% in dollars and 41% in ETH value. While market sentiment and a weak ETH price contributed to these changes, they were not the only factors, as total ETH supply across DeFi markets has also decreased.
In Q4 2024, 74% of bsdETH allocated to DeFi strategies was concentrated in Morpho’s vaults, leaving us dependent on the decisions of vault curators. Recently, the Re7 WETH vault removed its entire bsdETH allocation, severely impacting the overall supply. This drop was somewhat offset by the introduction of the Gauntlet Seamless WETH Vault in mid-February, which has a total supply of $21 million and a 22% allocation to bsdETH. However, overall adjustments in bsdETH supply to Morpho vaults has resulted in a total reduction of 1,140 ETH or a 20% decline, with the dollar value of supply dropping by 63%.
Governance activity has picked up this quarter, with three RFCs on the forums, two of which have successfully passed and completed their IP governance process. This increase is largely due to the completion of the index protocol and the core team lifting the governance freeze across all yield protocol RTokens. The first successful proposal involved adding superOETHb to the collateral basket, a topic referenced in the previous quarter’s governance review. With the collateral plugin now complete, we have been able to finalize the addition, increasing diversification and yields with its inclusion. The second proposal involved increasing the backing buffer from 0.1% to 0.15% to align with yield protocol standards. Additionally, RocketPool has proposed an RFC to include rETH in the collateral basket, pending the completion of its collateral plugin.
Last quarter, we noted that bsdETH’s social media presence was lacking, with lower-than-desirable impression counts due to a limited posting volume. Fortunately, these metrics have significantly improved, with a stronger posting cadence, impressions nearly ten times higher and a stable engagement ratio at 4.8%. However, with just 55 posts last quarter, there is still potential for growth.
In summary, bsdETH has faced a significant decline in TVL—72% in dollars and 41% in ETH for Q1 2025—affected by market sentiment and reduced ETH supply in DeFi markets. Governance activities have increased with successful proposals, while social media engagement has also seen notable improvements. Yet, there’s still room for further enhancements in community engagement both in governance and on twitter.
It’s been a productive quarter, made possible by our community’s support. We invite you to continue contributing to bsdETH’s strategy in the upcoming quarter. Please leave a comment on this post if you have suggestions or if you’d like to take a more active role in supporting bsdETH. (TG: Ham_PERQ / Discord: Ham6869).