This report aims to provide a comprehensive update of all ETHplus 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 ETHplus over the last quarter while becoming a reference library for all governance, social media and on-chain data.
ETH+ Core Metrics
Price: $1700
Price relative to ETH: 1 ETH+ = 1.04ETH
Market Cap at the end of Q3: $157m (49,675 ETH)
Current Market Cap: $103m (63,484 ETH)
Staked RSR: $5.1m (610m RSR)
Total TVL (MC+Staked RSR): $108.3m
Backing: 5%
RSR Staking yield: 3.1%
Diversification Ratio: 65.54%
On-Chain Metrics
Token Metrics
Holders: 217 (+52%)
Total Transfers: 49047 (+104%)
Transfers (90d): 25,555 (+383%)
DeFi Integrations
Total Supplied across DeFi: 23,616 ETH
Morpho
Total ETH+ Supplied: 19,904 ETH (+162%)
ETH+/WETH
Total supply: 19,760 ETH (+168%)
Total Borrow: 17,690 ETH (+174%)
Available: 1988 ETH
Liquidations:0 ETH
Vaults
MEV Capital WETH supply: 12,575 ETH (110%)
Gauntlet WETH Core supply: 4,274 ETH (New Allocation)
Re7 WETH supply: 14901 ETH (No change)
Index Coop hyETH supply: 980 ETH (New Allocation)
ETH+/eUSD
Total supply: $236k (-55%)
Total Borrow: $147k (-53%)
Available: $853k
Liquidations:
Vaults
Gauntlet eUSD Core supply: $237k (-47%)
Curve
Total ETH+ Supplied: 2,576 ETH (-2.1%)
ETH+/ETH
Total TVL: 3680 ETH (+46%)
ETH+: 1390 ETH
ETH: 2288 ETH
ETH+/eUSD/RSR Tri-Pool
Total TVL: 2250 ETH
ETH+: 750 ETH (+35%)
eUSD: $1.29m
RSR: 1.55m RSR
ETH+/dgnETH
Total TVL: 848 ETH
ETH+: 436 ETH (-18%)
dgnETH: 448 ETH
Uniswap
Total ETH+ Supplied: 319 ETH (-10%)
ETH+/ETH
Total TVL: 651 ETH
ETH+: 319 ETH (-10%)
ETH: 332 ETH
Term Finance
Total ETH+ Supplied: 817 ETH (New Allocation)
Total Supply: 1492 ETH
Total ETH+ allocation: 656 ETH
Percentage allocation to ETH+: 44%
Total Supply: 92 ETH
Total ETH+ allocation: 46 ETH
Percentage allocation to ETH+: 50%
Total Supply: 93 ETH
Total ETH+ allocation: 46 ETH
Percentage allocation to ETH+: 50%
Total Supply: 93 ETH
Total ETH+ allocation: 69 ETH
Percentage allocation to ETH+: 74%
Governance
No governance activity on the ETHplus forum this quarter.
Social Media
This section looks at the data surrounding the ETHplus X account only
Posts: 40 (-22%)
Impressions: 7k (-64%)
Profile Clicks: 51 (-52%)
Followers: 1.24k (8%)
Conclusion
Despite market conditions ETHplus has had a successful quarter increasing its market cap by roughly 14,000 ETH and doubling its total transfers in a single quarter. ETHplus now increased its market cap quarter on quarter following up on a Q4 gain of 2,450 ETH. The increase is likely due to the increasing compostability of ETHplus with new markets on Term Finance and its increased usage across Morpho markets, with an increase of 162% this quarter.
There has been no off-chain or on-chain governance for ETHplus this quarter. It’s possible to attribute the lack of governance activity to low stakeholder engagement. However this could also stand as a testament to the current yield and risk profile and diversification of the current collateral basket. The latter is supported by an increase in RSR staked on ETHplus, which has increased by 16% this quarter. This proves that stakeholders are keen to have a vested interest in ETHplus despite the lack of governance activity. That being said with the completion of the OETH plug-in we are likely to see some governance activity in the near future.
Social media metrics have seen a steep drop this quarter after we were unable to match the impressive Q4 metrics. The posting cadence is still low and as a result the impressions are suffering. An increase in posting cadance and cross-posting with aligned brands / twitter personalities is required to improve ETHplus social media presence going into the next quarter.
In summary this has been a good quarter of ETH+ with the majority of metrics being positive, more work is required to improve the compostability and depth of ETHplus across DeFi and more attention is required to increase ETH+’s social media presence. Once the OETH collateral plug-in is complete we will complete the governance flow and vote on including OETH in the ETH+ collateral basket.
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 ETH+ 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 ETH+. (TG: Ham_PERQ / Discord: Ham6869)