This report aims to provide a comprehensive update of all dgnETH 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 dgnETH over the last quarter while becoming a reference library for all governance, social media and on-chain data.
dgnETH Core Metrics
Price: $1593.79 (as of 17/04/25)
Price relative to ETH: 1 dgnETH = 1 ETH
Market Cap at the end of Q4: 2416 ETH
Current Market Cap: 2306 ETH
Staked RSR: 21.97m RSR
Total TVL (MC+Staked RSR): $2.9m
Backing: 5%
RSR Staking yield: 10.5%
Diversification Ratio: 37.5%
sdgnETH Core Metrics
Price relative to dgnETH: 1sdgnETH = 1.08 dgnETH
Total dgnETH supply: 2306 ETH
Total dgnETH staked (sdgnETH): 1400 ETH
Percent staked: 60%
Base yield Multiplier: 1.7x
Base Basket Yield: 8.68%
sdgnETH yield: 13.6%
On-Chain Metrics
Token Metrics
Holders: 36 (+20%)
Total Transfers: 1897 (+36%)
Transfers (90d): 562 (+36%)
DeFi Integrations
Total dgnETH supplied: 381 ETH (-39%)
Curve
Total dgnETH Supplied: 381 ETH
dgnETH/ETH+
Total TVL: 762 ETH
dgnETHETH: 381 ETH
ETH+: 381 ETH
Curve LP staked:
StakeDAO: $1.25m
Convex: $826k
Yearn: $127k
Governance
Proposal 1 - Collateral basket change proposal: Removal of apxETH and addition of the Morpho Re7 WETH Vault
Total voters - 3 (3 for - 0 against)
Comments - 0
Total voters - 2
Total RSR voted - 10m RSR (100% for)
Proposal 2 - Backing Buffer change from 0.1% to 0.15%
Total voters - 5 (5 for - 0 against)
Comments - 0
Total voters - 1
Total RSR voted - 5m RSR (100% for)
Social Media
This section looks at the data surrounding the dgnETH X account only.
Posts: 49 (-48.4%)
Impressions: 4.37k (-71.2%)
Profile Clicks: 30 (-61.5%)
Followers: 209 (-6.7%)
Conclusion
dgnETH has had a stable despite poor market conditions maintaining a similar market cap and yield profile through-out the quarter. RSR backing has dropped in-line witht he 5% standard we have seen across the other two ETH based RTokens.
dgnETH has also maintained its satking ratio with 60% staked through-out the quarter giving the APY a 1.7x multiplier.
dgnETH still remains the least compostable ETH based RToken with only the dgnETH/ETH+ LP on Curve live. Since Morpho markets of the other two ETH denominated RTokens provide a significant share of the RTokens DeFi activity this is something that should be considered for dgnETH. An integration would significantly boost sdnETH yields if we see similar DeFi activity occurring on dgnETH that we see on ETH+ and bsdETH.
We have seen two proposals on the forum this quarter successfully completing their governance cycles. The first was a collateral basket change that while successful led to a mispricing of the ETH+/ETH LP asset leading to a ~6% slashing event for RSR stakers, this was a unfortunate event and steps have been taken to mitigate this happening in the future including CoW Swa integration and increasing the number of auction participants with the hopes that this will lead to more accurate pricing. The second proposal also has this slashing event in mind, this proposal increases the backing buffer from 0.1% to 0.15% which was completed without issue.
The dgnETH social media presence this quarter has seen a drop in total impressions and profile conversions however it’s good to see engagement rates have been maintained.
In summary it’s been a stable quarter for dgnETH with a clear path to growth through the compostability of dgnETH across DeFi which has the added benefit of increasing the sdgnETH APY. Governance has picked-up once again after the core teams focus on the index protocol and this is a trend I expect to continue into the next quarter.
It’s been a great quarter but couldn’t have been achieved without the help of the community. Please consider this an open invitation to continuing to contribute to dgnETH strategy in the upcoming quarter. Please leave a comment on this post if you have any suggestions or would like to take a more active role in supporting dgnETH. (TG: Ham_PERQ / Discord: Ham6869).