This report aims to provide a comprehensive update of all ETH+ 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 ETH+ 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.
ETH+ Core Metrics
Price: $3290
Price relative to ETH: 1 ETH+ = 1.04ETH
Market Cap at the end of Q3: $123m (47225 ETH)
Current Market Cap: $157m (49675 ETH)
Staked RSR: $7.2m (577.28 ETH)
Total TVL (MC+Staked RSR): $164.2m
Backing: 5%
RSR Staking yield: 3.18%
Diversification Ratio: 65.54%
On-Chain Metrics
Token Metrics
Holders: 143
Total Transfers: 23841
Transfers (90d): 5297
DeFi Integrations
Morpho
Total ETH+ Supplied: $24.3m (7634 ETH)
ETH+/WETH
Total supply: $23.56m
Total Borrow: $20.48m
Available: $3.08m
Liquiditations: $0
Vaults
MEV Capital WETH supply: $18.82m (5923 ETH)
Re7 WETH supply: $4.73m (1490 ETH)
ETH+/eUSD
Total supply: $524.51k
Total Borrow: $289.40k
Available: $710.13k
Liquiditations - 1 liquidation with a value of $0.56
Vaults
Gauntlet eUSD Core supply: $524.51k (165 ETH)
Curve
Total ETH+ Supplied:$8.36m (2631 ETH)
ETH+/ETH
Total TVL: $12.59m
ETH+: $4.84m (1523 ETH)
ETH: $7.6m (2387 ETH)
ETH+/eUSD/RSR Tri-Pool
Total TVL: $5.47
ETH+: $1.77M (557.58 ETH)
eUSD: $1.84m
RSR: $1.83m (145.26m RSR)
ETH+/dgnETH
Total TVL: $3.32m
ETH+: $1.75m (551 ETH)
ETH: $1.5m (472 ETH)
Uniswap
Total ETH+ Supplied:$1.14m (360 ETH)
ETH+/ETH
Total TVL: $2.2m
ETH+: $1.14m (360 ETH)
ETH: $1.06m (318 ETH)
Governance
Proposal 1 - Collateral basket change to address liquidity bottlenecks and slowly introduce ETHx - Step 2
RFC - Total Voters: 4 (4 For / 0 Against)
Comments: 0
IP - Total RSR Voted: 69m RSR (100% For)
Proposal 2 - Collateral Basket Change: Adding Staked pxETH (apxETH) to the ETH+ Collateral Basket v2
RFC
Total Voters: 3 (2 For / 0 Against / 1 Required more information)
Comments: 5
RFC Poll sentiment wasn’t in favour of adding pxETH to the collateral basket so the proposal wasn’t brought forward for on-chain voting.
Proposal 3 - Collateral Basket Change Proposal: Adding Wrapped OETH (wOETH) to the ETH+ Collateral Basket
Total Voters: 5 (3 For / 2 Against)
Comments: 16
RFC poll sentiment has been positive for this RFC and will be brought on-chain for voting once development for the OETH plug-in has been completed.
Social Media
This section looks at the data surrounding the ETHplus X account only
Posts: 51 (-35%)
Impressions: 19k (-28.5%)
Profile Clicks: 123 (-16.9%)
Followers: 1.15k (13.7%)
Conclusion
Quarter 4 has been overwhelmingly positive for ETH+ over many metrics ultimately resulting in a TVL gain of $24m and maybe more insightful a relative gain of 2,450 ETH (+5.2%). In DeFi terms, ETH+ is well utilised in DeFi markets, especially Morpho accounting for 80% of all ETH+ actively being supplied to DeFi markets.
Unfortunately only one proposal made passed its on-chain vote this quarter, the second step of adding ETHx to the collateral basket, this change was a great success resulting in an increase in basket yield, an increased diversification ratio and reducing the minting and redemption bottlenecks on stETH and rETH. Later in the quarter focus of core team bandwidth has shifted from the yield protocol to the upcoming index protocol and as such we have been unable to push through the OETH proposal as the plugin must undergo an internal audit before it can be pushed live. We will see the index protocol go live in Q1 2025 so will soon be able to push the plug-in live and bring the proposal on-chain for the community to consider inclusion of OETH into the ETH+ collateral basket.
With regards to social media metrics, we have seen an incredible increase in engagement and the profile conversion rate which has led to a roughly 10% increase in follower count over the last quarter. While these should be celebrated we have seen a significant drop in impressions and to that end more focus will be placed on the social media presence of ETH+ going into the next quarter.
In summary this has been a good quarter of ETH+ with the majority of metrics being overwhelmingly positive, however more care and attention is required to increase ETH+’s social media presence and once core team bandwidth is more balanced over the index and yield protocols new plug-ins will come on-chain which can then be integrated into ETH+.
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)
at a time.