# \[REPORT\] ETH+ Quarterly Report Q2 2025

**URL:** <https://forum.reserve.org/t/report-eth-quarterly-report-q2-2025/1201>\
**Category:** ETH+ Reports\
**Created:** [July 2, 2025, 2:06pm UTC](https://forum.reserve.org/t/report-eth-quarterly-report-q2-2025/1201 "2025-07-02T14:06:10Z")\
**Posts on this page:** 3\
**Page:** 1

<div class="post-metadata">

**Author:** ![ham](https://avatars.discourse-cdn.com/v4/letter/h/ecb155/32.png) [@ham](https://forum.reserve.org/u/ham)\
**Post date:** [July 2, 2025, 2:06pm UTC](https://forum.reserve.org/t/report-eth-quarterly-report-q2-2025/1201/1 "2025-07-02T14:06:11Z")

</div>

# ETHplus Quarterly Report Q2 2025

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.

We are up against the limits of the forum software with these quarterly reports and it can be difficult to view and parse the data below. If you’d prefer you can find an identical version of the Q2 report in a Google Document [here](https://docs.google.com/document/d/12SaAvQ6MYQmlirEiXP5yHBqT6r_eThQBAhna-HWpKTU/edit?usp=sharing).

## ETHplus Core Metrics and Relative Change

| Metric | Close of Q1 | Close of Q2 | Delta (Q2/Q1) |
| --- | --- | --- | --- |
| Price ($) | $1,700.00 | $2,560.00 | 50.59% |
| Price Relative to ETH | 1.04 | 1.05 | 0.96% |
| ETHplus Yield | 2.76% | 2.60% | -5.80% |
| Market Cap ($) | $103,000,000 | $230,000,000 | 123.30% |
| ETH Supply | 64,893 | 94,270 | 45.87% |
| Staked RSR ($) | $5,100,000 | $5,630,000 | 10.39% |
| Staked RSR ($RSR) | 610,000,000.00 | 842,000,000.00 | 38.03% |
| Total TVL | $108,100,000 | $235,630,000 | 117.97% |
| RSR Backing | 5.00% | 3.00% | -40.00% |
| RSR Staking Yield | 3.10% | 5.66% | 82.58% |
| Diversification Ratio | 65.54% | 65.54% | 0.00% |

## Current ETHplus Collateral Basket

| Collateral Asset | Allocation | Yield | Basket Yield |
| --- | --- | --- | --- |
| wstETH | 50.00% | 2.76% | 1.38% |
| rETH | 21.00% | 2.56% | 0.54% |
| sfrxETH | 21.00% | 2.96% | 0.62% |
| ETHx | 8.00% | 2.87% | 0.23% |
| Total Yield Profile | 2.77% | | |
| Diversification Ratio | 0.66 | | |

[Last Rebalanced: 22/10/2024](https://app.reserve.org/ethereum/token/0xe72b141df173b999ae7c1adcbf60cc9833ce56a8/governance/proposal/4268262467270949560892853502909399751455356423471041670979010104340485333377)

 ![](https://europe1.discourse-cdn.com/flex005/uploads/reserve/original/1X/343b6bb806172be8dd25b38cd345d20cbce86ec2.jpeg)

## Token Holder and Transfer Metrics

| Metric | Close of Q1 | Close of Q2 | Delta (Q2/Q1) |
| --- | --- | --- | --- |
| Holders | 217.00 | 244.00 | 12.44% |
| Transfers (90d) | 49,047.00 | 65,025.00 | 32.58% |
| Total Transfers | 25,555.00 | 25,540.00 | -0.06% |

## DeFi Integrations

| Supply across DeFi Markets | Close of Q1 | Close of Q2 | Delta (Q2/Q1) |
| --- | --- | --- | --- |
| DeFi ($) | $40,200,000 | $117,440,000.00 | 192.14% |
| DeFi (ETH) | 23,616 | 45,875 | 94.25% |
| Morpho ($) | $33,800,000 | $103,000,000 | 204.73% |
| Morpho (ETH) | 19,904 | 40,234 | 102.14% |
| Curve ($) | $4,400,000 | $9,607,680 | 118.36% |
| Curve (ETH) | 2,576 | 3,753 | 45.69% |
| Uniswap ($) | $542,300 | $929,280 | 71.36% |
| Uniswap (ETH) | 319 | 363 | 13.79% |
| Term Finance ($) | $1,400,000 | $3,904,000 | 178.86% |
| Term Finance (ETH) | 817 | 1,525 | 86.66% |

### Morpho Markets

| Morpho | Close of Q1 | Close of Q2 | Delta (Q2/Q1) |
| --- | --- | --- | --- |
| [ETHplus / WETH](https://app.morpho.org/ethereum/market/0x5f8a138ba332398a9116910f4d5e5dcd9b207024c5290ce5bc87bc2dbd8e4a86/eth-weth) | | | |
| Total Supply | $33,600,000 | $102,000,000 | 203.57% |
| Total Borrow | $30,000,000 | $91,000,000 | 203.33% |
| Available | $3,400,000 | $11,000,000 | 223.53% |
| Liquidations | $0 | $0 | |
| Vaults | | | |
| [MEV Capital WETH](https://app.morpho.org/vault?vault=0x9a8bC3B04b7f3D87cfC09ba407dCED575f2d61D8&network=mainnet) | $21,400,000 | $60,700,000 | 183.64% |
| [Gauntlet WETH Core](https://app.morpho.org/ethereum/vault/0x4881Ef0BF6d2365D3dd6499ccd7532bcdBCE0658/gauntlet-weth-core) | $7,300,000 | $11,000,000 | 50.68% |
| [Re7 WETH](https://app.morpho.org/vault?vault=0x78Fc2c2eD1A4cDb5402365934aE5648aDAd094d0&network=mainnet) | $25,000,000 | $10,000,000 | -60.00% |
| [Yearn OG WETH](https://app.morpho.org/ethereum/vault/0xE89371eAaAC6D46d4C3ED23453241987916224FC/yearn-og-weth) | $0 | $9,600,000 | New Allocation |
| [Index Coop hyETH](https://app.morpho.org/ethereum/vault/0x701907283a57FF77E255C3f1aAD790466B8CE4ef/index-coop-hyeth) | $1,700,000 | $3,000,000 | 76.47% |
| [TAC ETH](https://app.morpho.org/ethereum/vault/0x0bB2751a90fFF62e844b1521637DeD28F3f5046A/tac-eth) | $0 | $866,000 | New Allocation |
| [AlphaRing](https://app.morpho.org/ethereum/vault/0x47fe8Ab9eE47DD65c24df52324181790b9F47EfC/alpha-weth-vault) | $0 | $500,000 | New Allocation |
| — | — | — | — |
| [ETHplus / eUSD](https://app.morpho.org/ethereum/market/0x3f4d007982a480dd99052c05d811cf6838ce61b2a2be8dc52fca107f783d1f15/eth-eusd) | | | |
| Total Supply | $236,000 | $1,000,000 | 323.73% |
| Total Borrow | $147,000 | $800,000 | 444.22% |
| Available | $85,000 | $200,000 | 135.29% |
| Liquidations | $0 | $0 | |
| Vaults | | | |
| [Gauntlet eUSD Core](https://app.morpho.org/vault?vault=0xc080f56504e0278828A403269DB945F6c6D6E014&network=mainnet) | $237,000 | $885,000 | 373.42% |

### Curve LP Pairs

| Curve | Close of Q1 | Close of Q2 | Delta (Q2/Q1) |
| --- | --- | --- | --- |
| [ETHplus / ETH](https://curve.fi/#/ethereum/pools/factory-crypto-256/deposit) | | | |
| Total TVL (ETH) | 3,680 | 5,819 | 58.13% |
| ETHplus (ETH) | 1,390 | 2,181 | 56.91% |
| ETH | 2,288 | 3,638 | 59.00% |
| — | — | — | — |
| [ETHplus / eUSD / RSR Tri-Pool](https://curve.fi/#/ethereum/pools/factory-tricrypto-21/deposit) | | | |
| Total TVL (ETH) | 2,250 | 1,610 | -28.44% |
| ETHplus (ETH) | 750 | 538 | -28.27% |
| eUSD ($) | $1,290,000 | $1,400,000 | 8.53% |
| RSR (RSR) | 155,000,000 | 207,000,000 | 33.55% |
| — | — | — | — |
| [ETHplus / dgnETH](https://curve.fi/#/ethereum/pools/factory-stable-ng-224/deposit) | | | |
| Total TVL (ETH) | 848 | 1,797 | 111.91% |
| ETHplus (ETH) | 436 | 1,034 | 137.16% |
| dgnETH (ETH) | 448 | 763 | 70.31% |

### Uniswap LP Pairs

| Uniswap | Close of Q1 | Close of Q2 | Delta (Q2/Q1) |
| --- | --- | --- | --- |
| [ETHplus / ETH](https://app.uniswap.org/explore/pools/ethereum/0xf649df4372D8bB3E6178e52fCD515519c78dA348) | | | |
| Total TVL (ETH) | 651 | 643 | -1.23% |
| ETHplus (ETH) | 319 | 363 | 13.79% |
| ETH | 332 | 280 | -15.66% |

### Term Finance Markets

| Term Finance | Close of Q1 | Close of Q2 | Delta (Q2/Q1) |
| --- | --- | --- | --- |
| [Shorewoods ETH Vault](https://app.term.finance/vaults/0x330732581d30076137a1159b3ae8780158d902be/1) | | | |
| Total Supply (ETH) | 1492 | 2330 | 56.17% |
| Total ETH+ Allocation (ETH) | 656 | 1165 | 77.59% |
| Percent Allocated to ETHplus | 44% | 50% | |
| — | — | — | — |
| [August Digital ETH](https://app.term.finance/vaults/0xfc36c2edb18829308fa9ee9500e8be6520a47caf/1) | | | |
| Total Supply (ETH) | 92 | 180 | 95.65% |
| Total ETH+ Allocation (ETH) | 46 | 180 | 291.30% |
| Percent Allocated to ETHplus | 50% | 100% | |
| — | — | — | — |
| [UltraYield ETH Vault](https://app.term.finance/vaults/0x59d675f75f973835b94d02b6d27b8539757dc65f/1) | | | |
| Total Supply (ETH) | 93 | 180 | 93.55% |
| Total ETH+ Allocation (ETH) | 46 | 180 | 291.30% |
| Percent Allocated to ETHplus | 50% | 100% | |
| — | — | — | — |
| [Re7 ETH Vault](https://app.term.finance/vaults/0xd5e617420b9ea0be28751435b647328d63b10368/1) | | | |
| Total Supply (ETH) | 93 | Decommissioned | |
| Total ETH+ Allocation (ETH) | 69 | Decommissioned | |
| Percent Allocated to ETHplus | 74% | Decommissioned | |

## Governance

### Proposal 1 - Collateral basket change proposal to address liquidity bottlenecks

[RFC](https://forum.reserve.org/t/ip-collateral-basket-change-proposal-to-address-liquidity-bottlenecks/1175)

Total unique commenters - 6

Off-chain Poll - 4 votes (2 for / 2 against)

[IP](https://app.reserve.org/ethereum/token/0xe72b141df173b999ae7c1adcbf60cc9833ce56a8/governance/proposal/106917955017455960648342460739448935999539094949371728625009514936000291276545)

Total RSR voted - 184m (69m for / 115m against)

## Social Media

This section looks at the data surrounding the ETHplus X account only

| Social Media | Close of Q1 | Close of Q2 | Delta (Q2/Q1) |
| --- | --- | --- | --- |
| Posts | 40 | 22 | -45.00% |
| Impressions | 7,000 | 10,350 | 47.86% |
| Profile Clicks | 51 | 41 | -19.61% |
| Followers | 1,240 | 1,313 | 5.89% |

# Most Viral Tweet

 ![|624.0000000000001x680](https://europe1.discourse-cdn.com/flex005/uploads/reserve/original/1X/d4a456e44f2e0ad318c828f4e0238641d2d144c3.jpeg)

## Conclusion

Quarter 2 has been another phenomenal quarter for ETHplus. While on the surface growth could be dismissed as being attributed to wider market conditions and recent Ethereum headwind abating, the numbers tell a different story. We have now seen exponential quarter on quarter growth for ETHplus supply and an explosion in the market cap as ETH price has appreciate along with it. Last quarter we concluded that this is likely due to the increasing compostability of ETHplus across DeFi markets, this is even more so this quarter with a 200% increase in supply across Morpho markets, growing an already sizeable market from $33m to $103 and similar growth across Term Finance although a smaller market, 175% from $1.4m to $3.9m and Curve with 118% from $4.4m to 9.6m. Ethereum has only appreciated in price 34% over the quarter meaning we have also seen considerable supply increases to these markets.

| ETHplus Growth | Close of Q4 | Delta (Q4/Q3) | Close of Q1 | Delta (Q4/Q1) | Close of Q2 | Delta (Q2/Q1) |
| --- | --- | --- | --- | --- | --- | --- |
| Market Cap ($) | $157,000,000 | 4.00% | $103,000,000 | -34.39% | $230,000,000 | 123.30% |
| ETH Supply | 50972 | 23.00% | 64,893.00 | 27.31% | 94,270.00 | 45.27% |
| ETH Price Action | $3,350 | 29% | $1,824 | -45.55% | $2,451 | 34.38% |

We have seen one proposal hit the forums this quarter, which was a liquidity analysis with the aim of optimising the collateral basket’s minting and redemption curves based on the available on-chain liquidity. The RFC led to an IP put forward by Pete, Origin BD, this proposal was not to vote on the basket proposed in the RFC since governors had concerns about about holding 30% of OETH TVL and the complexity of the LST, instead opting for a slow introduction in an attempt to alleviate some of the other governors concerns. Unfortunately this IP was unsuccessful. Outside of the forums ETHplus is still enjoying growth in the number of RSR staked on the RToken this quarter with a 38% showing stakeholders are keen to have a vested interest in the future of the token.

Despite the significant growth in core ETHplus metrics we have seen a decline in social media metrics across the board, these can likely be attributed to a slow posting cadence and lack of cross-posting from similarly aligned protocols and independent twitter users. If we are going to keep the monumental growth we have seen across the quarters our social media presence must improve.

In summary this has been another great quarter for ETHplus with impressive gains in ETH supply coupled with ETH price appreciation being well reflected in the total market cap. Given we have seen most of our growth from DeFi protocols it is time to lean into those in this next quarter and improve our social media reach to keep pushing towards a 10 figure TVL.

Once again I’d like to thank the community and the wider Reserve team for their continued support of ETHplus this quarter. Please consider this as an open invitation to anyone thinking about contributing to or have any feedback about the ETHplus strategy to reach out by either under this post or privately.

TG: @hamdefi  
Discord: Ham6869

---

<div class="post-metadata">

**Author:** ![0xJMG](https://dub1.discourse-cdn.com/flex005/user_avatar/forum.reserve.org/0xjmg/32/1104_2.png) [@0xJMG](https://forum.reserve.org/u/0xJMG)\
**Post date:** [July 2, 2025, 8:46pm UTC](https://forum.reserve.org/t/report-eth-quarterly-report-q2-2025/1201/2 "2025-07-02T20:46:19Z")

</div>

The “data wall” here is nothing less than impressive. Maybe tad overwhelming, but still impressive.

A few ideas:

One way to make it stickier is create one really strong headline/takeaway/hook for each table. So…hook, then table. Hook…then table.

Meme-ify it (responsibly). Your reader will appreciate it. You can repurpose it for social media. Reader gets the same message (but different formats) whether they read your hook or look at the data table, and many people will do only one and not the other.

Related: When Balaji was at Coinbase trying to push a new idea or initiative he would require his team to make the email subject line a strong, meme-ified and memorable hook. The more people remembering and discussing “the thing” at Coinbase, the better chances it gathered internal adoption. People remember hooks. They stick!

Take the best ~5 punchy takeaway hooks as bullet points and lead with that before jumping into the data tables. Make the reader want to ladder in and out of the data with your hooks. Make the reader “thirsty.” [DeCrypt news does this to some degree](https://decrypt.co/328161/bitcoin-etfs-shed-342-million-as-15-day-streak-ends). Goldman Sachs does this with some of their reports. Axios does a version of this with their news.

The ETHplus DeFi integrations seem numerous and fruitful. Each one is a periodic tweet tagging the partner protocol and inviting their community to double-click in. As ETHplus accrues social proof, it starts to compound, inviting other users and protocols to reach out and get involved.

After reading the report I was left wanting to know the one or two metrics the ETH+ community has control over and planned tactics to “try to” push them to new levels. e.g. new integrations, newsletter inclusions, yield guide inclusions, follower counts, or some other important metric seen as helpful to growing the ETH+ ecosystem. Also a specific prompt or question for the ETH+ community on where they can make a direct contribution toward helping.

Overall great progress!

---

<div class="post-metadata">

**Author:** ![ham](https://avatars.discourse-cdn.com/v4/letter/h/ecb155/32.png) [@ham](https://forum.reserve.org/u/ham)\
**Post date:** [July 4, 2025, 9:23am UTC](https://forum.reserve.org/t/report-eth-quarterly-report-q2-2025/1201/3 "2025-07-04T09:23:28Z")

</div>

Thanks for your comments @0xJMG. In a previous life I worked in healthcare and you very much remind me of a pharmacist… always excellent actionable feedback but a lot more work! 😉 The only difference is you always come with receipts!

I get you regarding the data wall. We’re really bumping up against the limits of the software with these quarterly reports and appreciate the data can be hard to digest in this format. I’ve moved the link to a Google Doc with an identical Q2 report, accompanied with beautiful tables and conditional formatting to the top of the report as I don’t think you’re alone with being intimidated by this.

I also really like your suggestions about adding a short summary to the top of these reports. Since the dgnETH Q2 Report wasn’t full prepped I add some rough and ready comments and questions to the top and like how it turned out and will work on perfecting these for all the Q3 reports. You can find the dgnETH report [here](https://forum.reserve.org/t/report-degen-eth-dgneth-quarterly-report-q2-2025/1205).

Also keen to try out posting some hooks using the data collected here on X and cross-posting with partner protocols as discussed in the conclusion I feel this is the best way to grow our social media presence. Let’s keep in contact about this and formally review again at the end of Q3.