LlamaRisk
@LlamaRisk
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DeFi risk and transparency firm specializing in stablecoins and other pegged assets
Joined February 2022
9/ For a thorough analysis of $frxUSD, read the full Pegkeeper onboarding report here:.
llamarisk.com
DeFi Risk Specialists: Building Trust, Transparency, and Growth in Decentralized Finance
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8/ ✅ Recommendation: Onboard frxUSD with a $3m debt ceiling. Peg performance and liquidity are strong, but transparency and adoption are still developing. A measured entry with upside as maturity improves.
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7/ 🧾 Legal progress is ongoing. Frax Inc. is consolidating reserves and preparing for GENIUS licensing. Current oversight comes via underlying custodians, not at the issuer level.
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6/ 📉 Adoption is early-stage. Active usage and transfer volume are low. Most frxUSD is staked (sfrxUSD) or bridged. Still, DeFi integrations are growing, and cross-chain support is broad.
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5/ 🔐 Risks remain. Smart contracts are upgradeable and unaudited (however simple due to being a custodial stable). sfrxUSD yield strategy lacks transparency. Governance is off-chain and controlled via a 3/5 multisig with no timelock- tho it is structured to be GENIUS-compliant.
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4/ 🏦 Reserves are fully backed by tokenized T-bill assets (e.g. BUIDL, USTB, WTGXX). The system is overcollateralized at ~103.7%. Legal wrappers vary in quality; key custodians include BlackRock and Superstate.
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3/ 💧 On-chain liquidity is strong relative to market cap. ~$10.7m in onchain liquidity with a 25% average utilization over 30 days. Curve pools dominate frxUSD liquidity, particularly sUSDS/frxUSD.
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2/ Peg behavior has been stable. Since May, frxUSD has held within ±10bps of $1 in nearly all hours, with only 3 outlier deviations. Recovery times were fast—typically 1–2 hours.
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1/ We evaluated onboarding $frxUSD as a PegKeeper asset for $crvUSD. Based on our analysis, we recommend onboarding frxUSD with a $3m debt ceiling. 🧵
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Hey friends!.We’re up for re-election to the @ethena_labs Risk Committee. Voting is live until Sunday. If you’ve found our work helpful, we’d appreciate your vote. Recap → Vote here →
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10 years of Ethereum!. DeFi grew fast and so did the risks. At LlamaRisk, we watch the edge so you don't fall off. Here’s to the next 10 years of learning and building.
0/ The Ethereum Torch is now lit. The Torch is an NFT honoring the people and values that have shaped Ethereum’s first decade and will help build its future. It will be symbolically passed from wallet to wallet in the 10 days leading up to Ethereum’s 10 year anniversary.
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This is thanks to pegkeeper reserves and their precise regulation of the peg. A consistent buffer is maintained by:.✅dynamic borrow rates and careful param calibration.✅ supply sinks like scrvUSD and @ResupplyFi . Stay tuned for more updates on $crvUSD pegkeepers .soon.
Maybe everyone is already used to it, but out of all stablecoins backed by volatile collaterals, crvUSD seems to be probably the most stable
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Subscribe here for Aave liquidation alerts:.
t.me
Follow all SVR liquidations & larger (>$50k) liquidation events on Aave's markets - powered by LlamaRisk
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Impressive milestone by @Aave: $50B in net deposits!. DeFi continues its march forward. For LlamaRisk, this reaffirms our mission: to minimize risks and safeguard the protocols that power the future of finance.
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Attending @stable_summit in Cannes tomorrow? Join our team!. 🎤 Aidas will be speaking on securing the stability of delta-hedged synthetic dollars. ⚖️ Svetlin will join a panel discussing legal risk in real-world collateral. Can't make it in person? Tune in online:
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We're at @Permissionless this week discussing risk, smart contracts, RWAs and DeFi. Catch either @0xvaljohn or @river0x_ - DMs open!
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Good news, they have RWA legal risk analysis at the function 🤩. Only at @stable_summit, this week - see you in there!.
🗣️ @SvetlinKonsulov, Legal Counsel, @LlamaRisk. Svetlin will break down the legal risks behind RWA-backed stablecoins, covering custody, control, and how regulation shapes usability. Understand the legal edge of stablecoin design at Stable Summit. 📍 Cannes.📅 27-28 June
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