Objective Labs: Parameter Updates on Ethereum (2025-04-23)
| Market | Vault | Supply Cap | Borrow Cap |
|---|---|---|---|
| Euler Prime | rsETH | 18k → 24k | 4.5k → 6k |
| Euler Prime | tETH | 8k → 12k | 2k → 3k |
| Euler Yield | PT-cUSDO-19JUN2025 | 4M → 6M | 0 |
| Euler Yield | eUSDe | 40M | 20M → 30M |
Rationale
- Euler Prime rsETH is at 82% supply cap utilization, having grown by 12% in the last 7d.
- Euler Prime tETH is at 83% supply cap utilization, having grown by 55% in the last 7d.
- Euler Yield PT-cUSDO-19JUN2025 is at 100% supply cap utilization, filled hours after the vault going live.
- Euler Yield eUSDe is at 89% borrow cap utilization. Borrows grew by 101% in the last 7d. eUSDe and PT-eUSDe together accounted for 21M of net inflows into Euler Yield. While we appreciate Gauntlet’s caution about USDe liquidity, we believe the opportunity for growth outweighs the tail risk of Ethena peg volatility. The increase is sound because eUSDe’s only collateral exposure is PT-eUSDe.
Raising the caps for these assets allows Euler DAO markets to grow by accommodating more borrow demand.