Objective Labs: Parameter Updates on Ethereum (2025-04-29)
| Market | Vault | Base rate | Kink | Rate at kink | Rate at 100% (max) |
|---|---|---|---|---|---|
| Euler Prime | wstETH | 0% | 85% | 2.5% → 0.5% | 80% |
| Market | Vault | Supply Cap | Borrow Cap |
|---|---|---|---|
| Euler Yield | eUSDe | 40M → 50M | 30M → 40M |
| Euler Yield | PT-eUSDE-29MAY2025 | 40M → 50M | 0 |
| Euler Yield | mEDGE | 4.5M → 3M | 0 |
| Euler Yield | mMEV | 6M → 4M | 0 |
Rationale
- Establish Euler Prime wstETH as an option to borrow against LST/LRTs. This replicates a trend on Aave where a significant portion of borrowers have moved to wstETH.
- Euler Yield eUSDe is at 79% supply cap utilization and at 72% borrow cap utilization, having grown by 26% and 32% respectively in the last 7d.
- Euler Yield PT-eUSDe is at 86% supply cap utilization, having grown by 33% in the last 7d.
- Euler Yield mEDGE and mMEV warrant derisking due to insufficient instant redemption liquidity and concerns about total leverage in their respective portfolios.