bsdETH Quarterly Report Q2 2025
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 also being the first in a series of reports which will become a reference library for all governance, social media and on-chain data.
bsdETH Core Metrics and Relative Change
| Metric | Close of Q1 | Close of Q2 | Delta (Q2/Q1) |
|---|---|---|---|
| Price | $1,634.00 | $2,535.00 | 55.14% |
| Price Relative to ETH | 1.03 | 1.03 | 0.00% |
| bsdETH Yield | 2.76% | 3.10% | 12.32% |
| Market Cap | $8,100,000 | $13,000,000 | 60.49% |
| ETH Supply | 5,121.00 | 5,313.00 | 3.75% |
| Staked RSR | $812,000 | $780,000 | -3.94% |
| Staked RSR ($RSR) | 117,500,000.00 | 114,400,000.00 | -2.64% |
| Total TVL | $8,912,000 | $13,780,000 | 54.62% |
| RSR Backing | 11.00% | 7.00% | -36.36% |
| RSR Staking Yield | 3.70% | 5.80% | 56.76% |
| Diversification Ratio | 67.33% | 67.33% | 0.00% |
Current bsdETH Collateral Basket
| Collateral Asset | Allocation | Yield | Basket Yield |
|---|---|---|---|
| wstETH | 33.00% | 2.78% | 0.92% |
| cbETH | 33.00% | 3.09% | 1.02% |
| wsuperOETHb | 33.00% | 4.48% | 1.48% |
| Total Yield Profile | 3.42% | ||
| Diversification Ratio | 67.33% |
Token Holder and Transfer Metrics
| Metric | Close of Q1 | Close of Q2 | Delta (Q2/Q1) |
|---|---|---|---|
| Holders | 6,659.00 | 22,086.00 | 231.67% |
| Transfers (90d) | 78,764.00 | 244,621.00 | 210.57% |
| Total Transfers | 234,407.00 | 463,352.00 | 97.67% |
DeFi Integrations
| Supply across DeFi Markets | Close of Q1 | Close of Q2 | Delta (Q2/Q1) |
|---|---|---|---|
| DeFi | $7,800,000 | $11,461,920.00 | 46.95% |
| DeFi (ETH) | 4,970 | 4,477 | -9.91% |
| Morpho | $6,500,000 | $9,250,000 | 42.31% |
| Morpho (ETH) | 3,823 | 3,613 | -5.49% |
| Aerodrome | $1,200,000 | $1,932,920 | 61.08% |
| Aerodrome (ETH) | 750 | 755 | 0.67% |
| Uniswap | $240,000 | $279,000 | 16.25% |
| Uniswap (ETH) | 115 | 109 | -5.23% |
Morpho Markets
| Morpho | Close of Q1 | Close of Q2 | Delta (Q2/Q1) |
|---|---|---|---|
| bsdETH / WETH | |||
| Total Supply | $4,900,000 | $7,250,000 | 47.96% |
| Total Borrow | $4,200,000 | $6,500,000 | 54.76% |
| Available | $740,000 | $750,000 | 1.35% |
| Liquidations | $0 | $0 | |
| Vaults | |||
| Seamless WETH | $4,120,000 | $6,660,000 | 61.65% |
| Gauntlet WETH Core | $818,000 | $537,000 | -34.35% |
| RE7 WETH | $0 | $0 | |
| — | — | — | — |
| bsdETH / eUSD | |||
| Total Supply | $1,510,000 | $2,000,000 | 32.45% |
| Total Borrow | $566,000 | $1,420,000 | 150.88% |
| Available | $994,000 | $580,000 | -41.65% |
| Liquidations | $60,000 | $0 | |
| Vaults | |||
| RE7 eUSD | $1,510,000 | $885,000 | 58.61% |
Aerodrome LP Pairs
| Aerodrome | Close of Q1 | Close of Q2 | Delta (Q2/Q1) |
|---|---|---|---|
| CL1-WETH/bsdETH (Concentrated Stable) | |||
| Total TVL | $892,000 | $2,741,000 | 207.29% |
| bsdETH | $722,500 | $1,220,000 | 68.86% |
| ETH | $307,700 | $1,600,000 | 419.99% |
| — | — | — | — |
| vAMM-WETH/bsdETH (Basic volatile) | |||
| Total TVL | $942,000 | $1,315,000 | 39.60% |
| bsdETH | $496,400 | $663,000 | 33.56% |
| ETH | $508,300 | $683,000 | 34.37% |
| — | — | — | — |
| vAMM-RSR/bsdETH (Basic volatile) | |||
| Total TVL | $75,000 | $95,000 | 26.67% |
| bsdETH | $39,100 | $48,640 | 24.40% |
| RSR | $33,000 | $49,000 | 48.48% |
| — | — | — | — |
| vAMM-RSR/bsdETH (Basic volatile) | |||
| Total TVL (ETH) | $20,000 | $3,000 | -85.00% |
| bsdETH | $18,700 | $1,280 | -93.16% |
| RSR | $1,830 | $1,939 | 5.96% |
Uniswap LP Pairs
| Uniswap | Close of Q1 | Close of Q2 | Delta (Q2/Q1) |
|---|---|---|---|
| bsdETH/ETH LP | |||
| Total TVL | $481,000 | $661,000 | 37.42% |
| bsdETH | $195,500 | $279,000 | 42.71% |
| ETH | $319,600 | $400,000 | 25.16% |
Governance
Proposal 1 - Collateral Basket Change: Adding Wrapped Super OETH (wsuperOETHb) to the Based ETH Collateral Basket
RFC
Total unique commenters - 4
Off-chain Poll - 5 votes (5 for / 0 against)
Total RSR voted - 17m (17m for / 0m against)
Proposal 2 - bsdETH Backing Buffer change from 0.1% to 0.15%
RFC
Total unique commenters - 1
Off-chain Poll - 5 votes (5 for / 0 against)
Total RSR voted - 25m (25m for / 0m against)
Proposal 3 - Collateral Basket Change Proposal: Adding Rocket Pool ETH (rETH) to the Based ETH Collateral Basket
RFC
Total unique commenters - 3
Off-chain Poll - 6 votes (5 for / 1 against)
IP
This proposal has not yet graduated to IP.
Proposal 4 - Mandate Alignment for bsdETH
RFC
Total unique commenters - 2
Off-chain Poll - 2 votes (2 for / 0 against)
IP
This proposal has not yet graduated to IP.
Social Media
This section looks at the data surrounding the bsdETH X account only
| Social Media Metrics | Close of Q1 | Close of Q2 | Delta (Q2/Q1) |
|---|---|---|---|
| Posts | 55 | 23 | -58.18% |
| Impressions | 18,960 | 1,880 | -90.08% |
| Profile Clicks | 256 | 10 | -96.09% |
| Followers | 147 | 147 | 0.00% |
Most Viral Tweet
Conclusion
While the market cap of bsdETH has increased by 55% this quarter it can almost entirely attributed to ETH price appreciation. bsdETH continues to struggle to maintain the high levels of growth that were seen in the second half of 2024 with stagnant ETH supply, RSR staked and bsdETH supply across DeFi markets and LP pairs.
Governance activity has however been fertile with 2 proposals passing the IP stage and 2 new RFCs posted. I believe this is a promising sign, only being beaten by eUSD with its bi-weekly rev share updates, however the number of unique commenters and voters could be higher.
Social media metrics have also fluctuated with a promising increase across all metrics in Q1, however these have not been maintained into Q2, dropping to the levels seen in Q4 2024. Personally a strong social media presence, with a strong posting cadence and cross-posing from similarly aligned protocols and independent twitter users, is a great avenue for growth and something we must focus on in Q3 2025 if we want to enjoy growth like we have seen on other ETH based RTokens like ETHplus.
In summary, we have seen bsdETH stagnate this quarter with all growth in the market cap being attributed to ETH price appreciation. bsdETH supply to DeFi markets has been constant but is far from the levels of growth enjoyed by ETHplus. Social media remains a strong avenue for growth and will be a focus over the next quarter.
Once again I’d like to thank the community and the wider Reserve team for their continued support of bsdETH this quarter. Please consider this as an open invitation to anyone thinking about contributing to or have any feedback about the bsdETH strategy to reach out by either under this post or privately.
TG: @hamdefi
Discord: Ham6869