# \[REPORT\] ETH+ Quarterly Report Q1 2025 **URL:** \ **Category:** ETH+ Reports\ **Created:** [April 28, 2025, 8:19pm UTC](https://forum.reserve.org/t/report-eth-quarterly-report-q1-2025/1144 "2025-04-28T20:19:38Z")\ **Posts on this page:** 1\ **Page:** 1
**Author:** ![ham](https://avatars.discourse-cdn.com/v4/letter/h/ecb155/32.png) [@ham](https://forum.reserve.org/u/ham)\ **Post date:** [April 28, 2025, 8:19pm UTC](https://forum.reserve.org/t/report-eth-quarterly-report-q1-2025/1144/1 "2025-04-28T20:19:38Z")
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% ![](https://europe1.discourse-cdn.com/flex005/uploads/reserve/original/1X/32039dff7cd91ee1d9b85c8c251fb1aad410e65e.png) ![](https://europe1.discourse-cdn.com/flex005/uploads/reserve/original/1X/bbd62e25da3b851cafcccb37db0803df5c4d4413.png) ![](https://europe1.discourse-cdn.com/flex005/uploads/reserve/original/1X/fdf44f4cc2c59a58af1d45e048b75d647dc28de4.png) ## 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 ](https://app.morpho.org/market?id=0x5f8a138ba332398a9116910f4d5e5dcd9b207024c5290ce5bc87bc2dbd8e4a86&network=mainnet)Total supply: 19,760 ETH (+168%) Total Borrow: 17,690 ETH (+174%) Available: 1988 ETH Liquidations:0 ETH Vaults [MEV Capital WETH](https://app.morpho.org/vault?vault=0x9a8bC3B04b7f3D87cfC09ba407dCED575f2d61D8&network=mainnet) supply: 12,575 ETH (110%) [Gauntlet WETH Core](https://app.morpho.org/ethereum/vault/0x4881Ef0BF6d2365D3dd6499ccd7532bcdBCE0658/gauntlet-weth-core) supply: 4,274 ETH (New Allocation) [Re7 WETH](https://app.morpho.org/vault?vault=0x78Fc2c2eD1A4cDb5402365934aE5648aDAd094d0&network=mainnet) supply: 14901 ETH (No change) [Index Coop hyETH](https://app.morpho.org/ethereum/vault/0x701907283a57FF77E255C3f1aAD790466B8CE4ef/index-coop-hyeth) supply: 980 ETH (New Allocation) [ETH+/eUSD ](https://app.morpho.org/market?id=0x3f4d007982a480dd99052c05d811cf6838ce61b2a2be8dc52fca107f783d1f15&network=mainnet)Total supply: $236k (-55%) Total Borrow: $147k (-53%) Available: $853k Liquidations: Vaults [Gauntlet eUSD Core](https://app.morpho.org/vault?vault=0xc080f56504e0278828A403269DB945F6c6D6E014&network=mainnet) supply: $237k (-47%) ### Curve Total ETH+ Supplied: 2,576 ETH (-2.1%) [ETH+/ETH ](https://curve.fi/#/ethereum/pools/factory-crypto-256/deposit)Total TVL: 3680 ETH (+46%) ETH+: 1390 ETH ETH: 2288 ETH [ETH+/eUSD/RSR Tri-Pool ](https://curve.fi/#/ethereum/pools/factory-tricrypto-21/deposit)Total TVL: 2250 ETH ETH+: 750 ETH (+35%) eUSD: $1.29m RSR: 1.55m RSR [ETH+/dgnETH ](https://curve.fi/#/ethereum/pools/factory-stable-ng-224/deposit)Total TVL: 848 ETH ETH+: 436 ETH (-18%) dgnETH: 448 ETH ### Uniswap Total ETH+ Supplied: 319 ETH (-10%) [ETH+/ETH ](https://app.uniswap.org/explore/pools/ethereum/0xf649df4372D8bB3E6178e52fCD515519c78dA348)Total TVL: 651 ETH ETH+: 319 ETH (-10%) ETH: 332 ETH ### Term Finance Total ETH+ Supplied: 817 ETH (New Allocation) [Shorewoods ETH Vault](https://app.term.finance/vaults/0x330732581d30076137a1159b3ae8780158d902be/1) Total Supply: 1492 ETH Total ETH+ allocation: 656 ETH Percentage allocation to ETH+: 44% [August Digital ETH](https://app.term.finance/vaults/0xfc36c2edb18829308fa9ee9500e8be6520a47caf/1) Total Supply: 92 ETH Total ETH+ allocation: 46 ETH Percentage allocation to ETH+: 50% [UltraYield ETH Vault](https://app.term.finance/vaults/0x59d675f75f973835b94d02b6d27b8539757dc65f/1) Total Supply: 93 ETH Total ETH+ allocation: 46 ETH Percentage allocation to ETH+: 50% [Re7 ETH Vault](https://app.term.finance/vaults/0xd5e617420b9ea0be28751435b647328d63b10368/1) 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%) [![](https://europe1.discourse-cdn.com/flex005/uploads/reserve/original/1X/24b0f9936558f9df717c03270a76dc596f1fcff8.png) ![](https://europe1.discourse-cdn.com/flex005/uploads/reserve/original/1X/ad9c1243d23ab53db05789fcda46c12b5c9b2625.png)](https://europe1.discourse-cdn.com/flex005/uploads/reserve/original/1X/d0b508590fc05a17a0519ee247f7dc00020fcd21.png) ## 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)