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.
Summary
- ETH supply has sustained the growth in ETH supply seen in Q2, holding above 85,000 while dollar value metrics continue to increased supported by strong ETH price appreciation across the quarter
- No changes were made to the collateral basket this quarter with yield increasing from 2.6% to 2.82%, a gain of 8.42%. The increase in basket yield can be attributed almost entirely to the increase in sfrxETH yields.
- Once again ETHplus has sustained the growth seen in Q2 with the amount of ETHplus supplied across DeFi increasing to 48,330, a 5.4% gain.
- Morpho retains the top spot, with market holding 43,667 ETHplus, a gain of 8.5% on the quarter.
- Unfortunately not all DeFi metrics are positive with a 13.7% slide in ETHplus supplied to Curve although this may have something to do with the migration of the main LP to a StableSwap pool.
- Only two governance proposals have landed on the forums this quarter however both could have a lasting impact on the future of ETHplus. These proposals are expected to complete their governance cycle next quarter.
- Social Media metrics are overwhelming positive this quarter with metrics beating their Q1 and Q2 counterparts combined. The plan to cross-post with partner protocols has led to strong growth and should try and be replicated in the next quarter.
Question for governors
A key focus for the next quarter will be expanding ETHplus supply through deeper DeFi composability. ETHplus is currently available on Morpho, Curve, Uniswap, and Term Finance. Where else would you like to see ETHplus supplied, and how would you integrate it?
Full Report
ETHplus Core Metrics and Relative Change
| Metric | Close of Q1 | Close of Q2 | Delta (Q2/Q1) | Close of Q3 | Delta (Q3/Q2) |
|---|---|---|---|---|---|
| Price ($) | $1,700.00 | $2,560.00 | 50.59% | $4,165.00 | 62.70% |
| Price Relative to ETH | 1.04 | 1.05 | 0.96% | 1.06 | 0.95% |
| ETHplus Yield | 2.76% | 2.60% | -5.80% | 2.82% | 8.46% |
| Market Cap ($) | $103,000,000 | $230,000,000 | 123.30% | $356,000,000 | 54.78% |
| ETH Supply | 64,893.00 | 89,900.00 | 38.54% | 85,447.00 | -4.95% |
| Staked RSR ($) | $5,100,000 | $5,630,000 | 10.39% | $5,860,000 | 4.09% |
| Staked RSR ($RSR) | 610,000,000.00 | 842,000,000.00 | 38.03% | 1,010,000,000.00 | 19.95% |
| Total TVL | $108,100,000 | $235,630,000 | 117.97% | $361,860,000 | 53.57% |
| RSR Backing | 5.00% | 3.00% | -40.00% | 2.00% | -33.33% |
| RSR Staking Yield | 3.10% | 5.66% | 82.58% | 8.60% | 51.94% |
| Diversification Ratio | 65.54% | 65.54% | 0.00% | 65.54% | 0.00% |
ETH supply has sustained the growth in ETH supply seen in Q2, holding above 85,000 while dollar value metrics continue to increased supported by strong ETH price appreciation across the quarter
The tracked core metrics, now with 3 quarters of data, shows healthy dollar value growth across most data points. However, it’s very important to keep in mind that these metrics are impacted by ETH price appreciation e.g Price (62.7%), Market Cap (54.78%) and Total TVL (53.57%). The metrics that aren’t impacted by price appreciation, like ETH supply, have consolidated around their Q2 levels. It’s worth highlighting here the sharpest drop in the core metrics is the RSR backing, dropping 33%, this drop is likely to have been caused by the stETH depeg concerns and subsequent unstaking. If governors are successful and remove the default detection for ETHplus in the coming quarter this is expected to see RSR backing increase, accompanied by a drop in staking yield.
Current ETHplus Collateral Basket
| Collateral Asset | Allocation | Yield | Basket Yield |
|---|---|---|---|
| wstETH | 50.00% | 2.77% | 1.39% |
| rETH | 21.00% | 2.42% | 0.51% |
| sfrxETH | 21.00% | 3.39% | 0.71% |
| ETHx | 8.00% | 2.75% | 0.22% |
| Total Yield Profile | 2.83% | ||
| Diversification Ratio | 65.54% |
No changes were made to the collateral basket this quarter with yield increasing from 2.6% to 2.82%, a gain of 8.42%. The increase in basket yield can be attributed almost entirely to the increase in sfrxETH yields.
Token Holder and Transfer Metrics
| Metric | Close of Q1 | Close of Q2 | Delta (Q2/Q1) | Close of Q3 | Delta (Q3/Q2) |
|---|---|---|---|---|---|
| Holders | 217.00 | 244.00 | 12.44% | 298.00 | 22.13% |
| Transfers (90d) | 25,540.00 | 25,555.00 | 0.06% | 17,995.00 | -29.58% |
| Total Transfers | 49,047.00 | 74,602.00 | 52.10% | 92,597.00 | 24.12% |
The holder count is up and to the right over the quarter growing 22.13%. Total transfers over the quarter are down but this is classed as an outlier given the lags while other core metrics remain positive.
DeFi Integrations
| Supply across DeFi Markets | Close of Q1 | Close of Q2 | Delta (Q2/Q1) | Close of Q3 | Delta (Q3/Q2) |
|---|---|---|---|---|---|
| DeFi ($) | $40,200,000 | $117,440,000.00 | 192.14% | $203,227,915 | 73.05% |
| DeFi (ETH) | 23,616 | 45,875 | 94.25% | 48,330 | 5.35% |
| Morpho ($) | $33,800,000 | $103,000,000 | 204.73% | $183,620,000 | 78.27% |
| Morpho (ETH) | 19,904 | 40,234 | 102.14% | 43,667 | 8.53% |
| Curve ($) | $4,400,000 | $9,607,680 | 118.36% | $13,624,200 | 41.81% |
| Curve (ETH) | 2,576 | 3,753 | 45.69% | 3,240 | -13.67% |
| Uniswap ($) | $542,300 | $929,280 | 71.36% | $962,945 | 3.62% |
| Uniswap (ETH) | 319 | 363 | 13.79% | 229 | -36.91% |
| Term Finance ($) | $1,400,000 | $3,904,000 | 178.86% | $5,020,770 | 28.61% |
| Term Finance (ETH) | 817 | 1,525 | 86.66% | 1,194 | -21.70% |
Once again ETHplus has sustained the growth seen in Q2 with the amount of ETHplus supplied across DeFi increasing to 48,330, a 5.4% gain. Morpho retains the top spot, with market holding 43,667 ETHplus, a gain of 8.5% on the quarter. Unfortunately not all DeFi metrics are positive with a 13.7% slide in ETHplus supplied to Curve although this may have something to do with the migration of the main LP to a StableSwap pool.
Overall, strong growth with the dollar value of ETHplus supplied to DeFi increasing 73.05% but more importantly the ETH value increasing from 45.8k to 48.3k, a gain of 5.35%. Morpho retained the top spot and even grew its already sizeable ETHplus supply by 8.53% contradicting the contraction of ETHplus supply across all other markets. A little concerning that the amount of ETHplus supplied to Curve has shrunk by 13.67% given this is ETHplus primary LP but in part can be contributed to the migration of LPs (CryptoSwap to StableSwap) and once this migration is complete would hope to see the supply come back up to the levels seen in Q2.
Morpho Markets
| Morpho | Close of Q1 | Close of Q2 | Delta (Q2/Q1) | Close of Q3 | Delta (Q3/Q2) |
|---|---|---|---|---|---|
| ETHplus / WETH | |||||
| Total Supply | $33,600,000 | $102,000,000 | 203.57% | $159,370,000 | 56.25% |
| Total Borrow | $30,000,000 | $91,000,000 | 203.33% | $143,770,000 | 57.99% |
| Available | $3,400,000 | $11,000,000 | 223.53% | $15,600,000 | 41.82% |
| Liquidations | $0 | $0 | $0 | ||
| Vaults (Top 5) | |||||
| MEV Capital WETH | $21,400,000 | $60,700,000 | 183.64% | $44,320,000 | -26.99% |
| Yearn OG WETH | $0 | $9,600,000 | New Allocation | $31,280,000 | 225.83% |
| Gauntlet WETH Core | $7,300,000 | $11,000,000 | 50.68% | $23,660,000 | 115.09% |
| Index Coop hyETH | $1,700,000 | $3,000,000 | 76.47% | $19,120,000 | 537.33% |
| AlphaPing | $0 | $500,000 | New Allocation | $19,120,000 | 3724.00% |
| ETHplus / USDC | |||||
| Total Supply | Data not colected | Data not colected | Data not colected | $23,040,000 | New Data |
| Total Borrow | Data not colected | Data not colected | Data not colected | $20,810,000 | New Data |
| Available | Data not colected | Data not colected | Data not colected | $2,230,000 | New Data |
| Liquidations | Data not colected | Data not colected | Data not colected | $0 | New Data |
| Vaults (Top 5) | |||||
| Gauntlet USDC Frontier | Data not colected | Data not colected | Data not colected | $8,000,000 | New Data |
| Gauntlet USDC Core | Data not colected | Data not colected | Data not colected | $5,000,000 | New Data |
| Clearstar USDC Reactor | Data not colected | Data not colected | Data not colected | $2,510,000 | New Data |
| Alpha USDC Core | Data not colected | Data not colected | Data not colected | $2,040,000 | New Data |
| Avantgarde USDC Core | Data not colected | Data not colected | Data not colected | $2,000,000 | New Data |
| ETHplus / eUSD | |||||
| Total Supply | $236,000 | $1,000,000 | 323.73% | $1,210,000 | 21.00% |
| Total Borrow | $147,000 | $800,000 | 444.22% | $783,500 | -2.06% |
| Available | $85,000 | $200,000 | 135.29% | $431,290 | 115.65% |
| Liquidations | $0 | $0 | $0 | ||
| Vaults | |||||
| Gauntlet eUSD Core | $237,000 | $885,000 | 373.42% | $1,210,000 | 36.72% |
As mentioned above Morpho has been leading ETHplus supply across DeFi with dollar value growth hitting roughly 50% over the quarter. However, the growth in ETH terms can likely be attributed to the report tracking a new market, ETHplus/USDC, this market isn’t new but has previously been over-looked by the quarterly report. While the vaults supplying these markets are always included in these reports please don’t infer too much from them as they rebalance often.
Curve LP Pairs
| Curve | Close of Q1 | Close of Q2 | Delta (Q2/Q1) | Close of Q3 | Delta (Q3/Q2) |
|---|---|---|---|---|---|
| ETHplus / ETH (CryptoSwap) | |||||
| Total TVL (ETH) | 3,680 | 5,819 | 58.13% | 2,387 | -58.98% |
| ETHplus (ETH) | 1,390 | 2,181 | 56.91% | 875 | -59.88% |
| ETH | 2,288 | 3,638 | 59.00% | 1,512 | -58.44% |
| ETHplus/ETH (StableSwap) | |||||
| Total TVL (ETH) | No Data | Data not colected | Data not colected | 1,810 | New Data |
| ETHplus (ETH) | No Data | Data not colected | Data not colected | 1,290 | New Data |
| ETH | No Data | Data not colected | Data not colected | 520 | New Data |
| ETHplus / eUSD / RSR Tri-Pool | |||||
| Total TVL (ETH) | 2,250 | 1,610 | -28.44% | 1,160 | -27.95% |
| ETHplus (ETH) | 750 | 538 | -28.27% | 368 | -31.60% |
| eUSD ($) | $1,290,000 | $1,400,000 | 8.53% | $1,528,000 | 9.14% |
| RSR (RSR) | 155,000,000 | 207,000,000 | 33.55% | 270,310,000 | 30.58% |
| ETHplus / dgnETH | |||||
| Total TVL (ETH) | 848 | 1,797 | 111.91% | 1,240 | -31.00% |
| ETHplus (ETH) | 436 | 1,034 | 137.16% | 707 | -31.62% |
| dgnETH (ETH) | 448 | 763 | 70.31% | 533 | -30.14% |
While the Curve metrics are important given it’s where the main LP for ETHplus resides, they are currently hard to interpret as the main LP migrates from a cryptoswap to a stableswap pool. It is worth noting however that the sum of its parts (cryptoswap + stableswap pool) doesn’t equal the size of the Q2 cryptoswap pool, 4,197 Vs 5,819. Once all LPs and incentives migrate over it’s expected this gap will narrow but unclear yet if it will close completely.
Uniswap LP Pairs
| Uniswap | Close of Q1 | Close of Q2 | Delta (Q2/Q1) | Close of Q3 | Delta (Q3/Q2) |
|---|---|---|---|---|---|
| ETHplus / ETH | |||||
| Total TVL (ETH) | 651 | 643 | -1.23% | 421 | -34.53% |
| ETHplus (ETH) | 319 | 363 | 13.79% | 229 | -36.91% |
| ETH | 332 | 280 | -15.66% | 192 | -31.43% |
ETH supply on Uniswap declined by one-third; however, this is not considered material. Uniswap functions as a secondary liquidity pool, with Curve established as the primary venue.
Term Finance Markets
| Term Finance | Close of Q1 | Close of Q2 | Delta (Q2/Q1) | Close of Q3 | Delta (Q3/Q2) |
|---|---|---|---|---|---|
| Shorewoods ETH Vault | |||||
| Total Supply (ETH) | 1492 | 2330 | 56.17% | 1,492 | -35.97% |
| Total ETH+ Allocation (ETH) | 656 | 1165 | 77.59% | 656 | -43.69% |
| Percent Allocated to ETHplus | 44.00% | 50.00% | 61.00% | 22.00% | |
| August Digital ETH | |||||
| Total Supply (ETH) | 92 | 180 | 95.65% | 180 | 0.00% |
| Total ETH+ Allocation (ETH) | 46 | 180 | 291.30% | 180 | 0.00% |
| Percent Allocated to ETHplus | 50.00% | 100.00% | 100.00% | 0.00% | |
| UltraYield ETH Vault | |||||
| Total Supply (ETH) | 93 | 180 | 93.55% | 180 | 0.00% |
| Total ETH+ Allocation (ETH) | 46 | 180 | 291.30% | 180 | 0.00% |
| Percent Allocated to ETHplus | 50.00% | 100.00% | 100.00% | 0.00% | |
| MEV Capital WETH | |||||
| Total Supply (ETH) | New Vault | New Vault | New Vault | 178 | |
| Total ETH+ Allocation (ETH) | 178 | ||||
| Percent Allocated to ETHplus | 100.00% |
ETHplus supply on Term Finance fell by ~28%. Mitigated by the fact that Term Finance plays a supplementary role, with Morpho, which grew by ~8%, being the primary protocol through which ETHplus is supplied as collateral.
Governance
Proposal 1 - Modelling how ETHplus would react to a deep and sustained stETH depeg and what actions we can take via governance to mitigate loss
RFC
Total unique commenters - 6
Off-chain Poll - 6 votes (6 for / 0 against)
IP
This proposal has not yet graduated to on-chain voting.
Proposal 2 - Collateral Basket Change proposal #12 - Addition of weETH
RFC
Total unique commenters - 2
No off-chain poll proposed at this time.
Only two governance proposals have landed on the forums this quarter however both could have a lasting impact on the future of ETHplus. These proposals are expected to complete their governance cycle next quarter.
IP
This proposal has not yet graduated to on-chain voting.
Social Media
This section looks at the data surrounding the ETHplus X account only
| Social Media Metrics | Close of Q1 | Close of Q2 | Delta (Q2/Q1) | Close of Q3 | Delta (Q3/Q2) |
|---|---|---|---|---|---|
| Posts | 40 | 22 | -45.00% | 56 | 154.55% |
| Impressions | 7,000 | 10,350 | 47.86% | 96,000 | 827.54% |
| Profile Clicks | 51 | 41 | -19.61% | 700 | 1607.32% |
| Followers | 1,240 | 1,313 | 5.89% | 1,491 | 13.56% |
Most Viral Tweet
Social Media metrics are overwhelming positive this quarter with metrics beating their Q1 and Q2 counterparts combined. The plan to cross-post with partner protocols has led to strong growth and should try and be replicated in the next quarter.
In Q3, social media activity accelerated. The number of posts more than doubled versus Q2, driving impressions up over eightfold. Engagement also improved, with profile clicks rising substantially and follower growth steady at +13%. The plan to double down on cross-posting this quarter was a success and led to stronger visibility and sustained momentum. Despite the success of cross-posting the most viral tweet of the quarter was independent, celebrating the market growth of ETHplus reaching 5x the number of impressions and 10x the likes and engagement as the most viral tweet last quarter.
Conclusion
To conclude, Q3 was another period of strong growth for ETHplus across both on-chain and off-chain metrics. Core indicators such as market cap, TVL and yield advanced meaningfully, while governance discussions continued to mature around key risk considerations. Although certain secondary venues saw contractions in ETHplus supply, Morpho’s continued growth underlines its position as the primary hub of activity. On the communications side, social media performance strengthened considerably, with impressions, engagement and reach all expanding at pace. Together, these developments highlight both the current market position and scalability of ETHplus as it heads into the final quarter of the year.
Once again I’d like to thank the community and the wider Reserve team for their continued support of ETHplus this quarter and consider this an open invitation to help contribute to or have any feedback on ETHplus strategy to reach out either by commenting under this post or privately.
Question for governors
A key focus for the next quarter will be expanding ETHplus supply through deeper DeFi composability. ETHplus is currently available on Morpho, Curve, Uniswap, and Term Finance. Where else would you like to see ETHplus supplied, and how would you integrate it?
If you’ve enjoyed this report, please find its companion liquidity report here. This report takes a closer look at the on-chain liquidity of ETHplus and its constituent collaterals with the aim of informing and educating the wider Reserve community, key stakeholders and institutional capital allocators on key liquidity metrics to support allocation decisions and governance activities over the next quarter.
Finally, if you’ve enjoyed this report and consider me, Ham, a valued steward of the ETHplus Yield DTF please consider delegating your voting power to me to ensure your voice is always represented in Reserve governance. I’m an independent delegate who, since my delegation platform began in July 2025, hasn’t missed a Yield protocol governance vote. You can find more information on my delegation platform.
TG: @hamdefi
Discord: Ham6869