# \[Jun 2025\] Non-critical Parameter Updates by Risk Stewards **URL:** \ **Category:** Markets\ **Created:** [June 3, 2025, 10:03am UTC](https://forum.euler.finance/t/jun-2025-non-critical-parameter-updates-by-risk-stewards/1423 "2025-06-03T10:03:17Z")\ **Posts on this page:** 18\ **Page:** 1
**Author:** ![Objective](https://yyz1.discourse-cdn.com/flex007/user_avatar/forum.euler.finance/objective/32/830_2.png) [@Objective](https://forum.euler.finance/u/Objective)\ **Post date:** [June 3, 2025, 10:03am UTC](https://forum.euler.finance/t/jun-2025-non-critical-parameter-updates-by-risk-stewards/1423/1 "2025-06-03T10:03:17Z")
_This is the monthly continuation of CapRiskSteward updates._ Previous update threads: - [[April 2025] Non-critical Parameter Updates by Risk Stewards](https://forum.euler.finance/t/april-2025-non-critical-parameter-updates-by-risk-stewards/1364) - [[May 2025] Non-critical Parameter Updates by Risk Stewards](https://forum.euler.finance/t/may-2025-non-critical-parameter-updates-by-risk-stewards/1391) ## Summary Euler Labs and Objective Labs recently [developed](https://forum.euler.finance/t/optimizing-on-chain-management-of-euler-vaults/1357) the `CapRiskSteward` smart contract as a fast lane for non-critical parameter updates. Following its implementation for the Euler DAO markets, we propose that service providers follow a notification process for in-scope changes. By establishing this process we seek to give the Euler community full transparency into the work done by service providers to optimize and grow Euler DAO markets. ---
**Author:** ![Objective](https://yyz1.discourse-cdn.com/flex007/user_avatar/forum.euler.finance/objective/32/830_2.png) [@Objective](https://forum.euler.finance/u/Objective)\ **Post date:** [June 3, 2025, 12:29pm UTC](https://forum.euler.finance/t/jun-2025-non-critical-parameter-updates-by-risk-stewards/1423/2 "2025-06-03T12:29:08Z")
# Objective Labs: Parameter Updates on Unichain (2025-06-03) | Market | Vault | Supply Cap | Borrow Cap | | --- | --- | --- | --- | | Euler Unichain | weETH | 6.75k → **10k** | 1.68k → **2.5k** | | Euler Unichain | USDC | 45M → **67.5M** | 40.5M → **60.7M** | | Euler Unichain | USD₮0 | 45M → **67.5M** | 40.5M → **60.7M** | ## Rationale - Euler Unichain weETH has hit 100% supply cap within hours of the last cap raise. Demand has increased after Optimism’s SuperStacks XP [campaign](https://app.optimism.io/superstacks) that incentivizes this vault. - Euler Unichain USD₮0 has hit 100% supply cap within hours of the last cap raise. Demand has increased after Optimism’s campaign. - Euler Unichain USDC is expected to grow in tandem with USD₮0 as leverage traders borrow USDC. Note: we have posted an out-of-CRS proposal to increase caps on the same Unichain vaults: [Increase caps on Euler Unichain vaults](https://forum.euler.finance/t/increase-caps-on-euler-unichain-vaults/1424). If the timelocked proposal passes before, then this CRS item will be moot. If not, we intend to execute this CRS as soon as possible to satisfy supply demand. ---
**Author:** ![Objective](https://yyz1.discourse-cdn.com/flex007/user_avatar/forum.euler.finance/objective/32/830_2.png) [@Objective](https://forum.euler.finance/u/Objective)\ **Post date:** [June 4, 2025, 11:36am UTC](https://forum.euler.finance/t/jun-2025-non-critical-parameter-updates-by-risk-stewards/1423/3 "2025-06-04T11:36:07Z")
As a response to demand on Unichain, this CRS proposal has been executed intermittently on Jun-04-2025 11:18:15 AM +UTC. ## Intermittent parameter updates | Market | Vault | Supply Cap | Borrow Cap | | --- | --- | --- | --- | | Euler Unichain | weETH | 6.75k → **9k** | 1.68k → **2.25k** | | Euler Unichain | USDC | 45M → **60M** | 40.5M → **54M** | | Euler Unichain | USD₮0 | 45M → **60M** | 40.5M → **54M** | The multiplier for these increases ~1.33x, close to the maximum capacity (2/3 days \* 1.5x). > **[Unichain Transaction Hash: 0xeda11b7688... | Uniscan](https://uniscan.xyz/tx/0xeda11b76884a2a119dc2d65132040ecab52fabee89128f4a2df00645f8593f46)** > > Call Exec Transaction Function By Euler: Deployer on 0xBdAa3FCc...3896a976d | Success | Jun-04-2025 11:18:15 AM (UTC) ---
**Author:** ![Gauntlet](https://yyz1.discourse-cdn.com/flex007/user_avatar/forum.euler.finance/gauntlet/32/611_2.png) [@Gauntlet](https://forum.euler.finance/u/Gauntlet)\ **Post date:** [June 6, 2025, 5:47pm UTC](https://forum.euler.finance/t/jun-2025-non-critical-parameter-updates-by-risk-stewards/1423/4 "2025-06-06T17:47:31Z")
# Gauntlet: Parameter Updates on Unichain (2025-06-06) | **Asset** | **Base rate** | **Kink** | **Rate at kink** | **Rate at 100% (max)** | | --- | --- | --- | --- | --- | | weETH | 0% | 25% → 40% | 0.5% → 1% | 80% | | **Market** | **Vault** | **Supply Cap** | **Borrow Cap** | | --- | --- | --- | --- | | Euler Unichain | weETH | 20,000 (No change) | 5,000 → 8,000 | ## Rationale - Euler Unichain weETH has hit 100% of the borrow cap within a few hours of the last cap raise. Demand has been steadily rising since the launch of the Optimism SuperStack XP Campaign. - Revising the kink should allow increasing the borrow cap from 5,000 to 8,000 for weETH without raising the supply cap, which is currently at approximately 75% utilization. ![weETH Borrow Demand](https://canada1.discourse-cdn.com/flex007/uploads/euler/original/1X/8510b748788214a9a75f8a4146cbe428b874baf7.png) ## Next Steps - We welcome community feedback. ---
**Author:** ![Objective](https://yyz1.discourse-cdn.com/flex007/user_avatar/forum.euler.finance/objective/32/830_2.png) [@Objective](https://forum.euler.finance/u/Objective)\ **Post date:** [June 7, 2025, 7:41am UTC](https://forum.euler.finance/t/jun-2025-non-critical-parameter-updates-by-risk-stewards/1423/5 "2025-06-07T07:41:53Z")
Optimism’s Superstacks XP campaign has exceeded expectations for borrow demand, pushing the WETH vault above 90% utilization for the last 48 hours. Objective Labs supports Gauntlet’s CRS proposal with an amendment to the IRM of the WETH vault. We believe these changes will act to balance forces of supply and demand in the Unichain market. | **Asset** | **Base rate** | **Kink** | **Rate at kink** | **Rate at 100% (max)** | | --- | --- | --- | --- | --- | | weETH | 0% | 25% → **40%** | 0.5% → **1%** | 80% | | WETH | 0% | 90% | 2.4% → **2.7%** | 80% → **40%** | | **Market** | **Vault** | **Supply Cap** | **Borrow Cap** | | --- | --- | --- | --- | | Euler Unichain | weETH | 20,000 (No change) | 5,000 → **8,000** | ---
**Author:** ![Objective](https://yyz1.discourse-cdn.com/flex007/user_avatar/forum.euler.finance/objective/32/830_2.png) [@Objective](https://forum.euler.finance/u/Objective)\ **Post date:** [June 8, 2025, 3:29pm UTC](https://forum.euler.finance/t/jun-2025-non-critical-parameter-updates-by-risk-stewards/1423/6 "2025-06-08T15:29:29Z")
# Objective Labs: Parameter Updates on Unichain (2025-06-08) | Market | Vault | Supply Cap | Borrow Cap | | --- | --- | --- | --- | | Euler Unichain | sUSDC | 10M → **20M** | 8M → **16M** | ## Rationale - Euler Unichain sUSDC has hit 100% of its initial supply cap and 58% of its initial borrow cap. Spark’s [PSM3 contract](https://uniscan.xyz/address/0x7b42ed932f26509465f7ce3faf76ffce1275312f#readContract) currently has ~$10M instant redemption capacity. Note: this CRS item will be executed together with the previous Unichain CRS items dated 2025-06-06. ---
**Author:** ![Objective](https://yyz1.discourse-cdn.com/flex007/user_avatar/forum.euler.finance/objective/32/830_2.png) [@Objective](https://forum.euler.finance/u/Objective)\ **Post date:** [June 8, 2025, 3:40pm UTC](https://forum.euler.finance/t/jun-2025-non-critical-parameter-updates-by-risk-stewards/1423/7 "2025-06-08T15:40:33Z")
# Objective Labs: Parameter Updates on Ethereum (2025-06-08) | Market | Vault | Supply Cap | Borrow Cap | | --- | --- | --- | --- | | Euler Yield | RLUSD | 100M | 13.5M → **27M** | | Euler Yield | mEDGE | 2M → **1M** | 0 | | Euler Yield | mMEV | 2M → **1M** | 0 | ## Rationale - Euler Yield RLUSD has reached $55M in supply and has hit 100% borrow cap. - Euler Yield mEDGE and mMEV have $5.6M and $7.6M respective in borrowable USDC liquidity in their respective Frontier markets. This cap reduction is expected to encourage borrowers to migrate to Frontier. ---
**Author:** ![Gauntlet](https://yyz1.discourse-cdn.com/flex007/user_avatar/forum.euler.finance/gauntlet/32/611_2.png) [@Gauntlet](https://forum.euler.finance/u/Gauntlet)\ **Post date:** [June 9, 2025, 11:57pm UTC](https://forum.euler.finance/t/jun-2025-non-critical-parameter-updates-by-risk-stewards/1423/8 "2025-06-09T23:57:53Z")
Gauntlet supports reducing exposure to mMEV and mEDGE on Euler Yield Markets, consistent with our rationale from [May](https://forum.euler.finance/t/may-2025-non-critical-parameter-updates-by-risk-stewards/1391/11). We also support increasing the borrow cap on rlUSD, given the consistently strong demand shown by the cap regularly being fully utilized. Onchain liquidity supports increasing the borrow cap. We will monitor user demand moving forward to evaluate future cap adjustments. ---
**Author:** ![Gauntlet](https://yyz1.discourse-cdn.com/flex007/user_avatar/forum.euler.finance/gauntlet/32/611_2.png) [@Gauntlet](https://forum.euler.finance/u/Gauntlet)\ **Post date:** [June 13, 2025, 1:00am UTC](https://forum.euler.finance/t/jun-2025-non-critical-parameter-updates-by-risk-stewards/1423/9 "2025-06-13T01:00:58Z")
# **[Gauntlet]: Parameter Updates on Euler Yield (2025-06-12)** ## Summary Gauntlet recommends the following risk recommendations to the protocol: **Cap Recommendations** We recommend increasing USDC on Euler Yield due to high utilization and supply & borrow caps being nearly full. | Symbol | Supply Cap | Borrow Cap | | --- | --- | --- | | USDC | 150M → 225M | 135M → 200M | ## Rationale - Supply cap Utilization and Borrow cap Utilization are reaching closer to 90%. - USDC liquidity on Ethereum can support the cap increases. ## Next Steps - We welcome community feedback. ---
**Author:** ![Gauntlet](https://yyz1.discourse-cdn.com/flex007/user_avatar/forum.euler.finance/gauntlet/32/611_2.png) [@Gauntlet](https://forum.euler.finance/u/Gauntlet)\ **Post date:** [June 13, 2025, 10:18pm UTC](https://forum.euler.finance/t/jun-2025-non-critical-parameter-updates-by-risk-stewards/1423/10 "2025-06-13T22:18:58Z")
# [Gauntlet]: Parameter Updates on Euler Yield (2025-06-13) ## Summary Gauntlet recommends the following risk recommendations to the protocol: **Cap Recommendations** We recommend increasing rlUSD on Euler Yield as borrow caps are full and have demonstrated clear user demand. | **Market** | **Vault** | **Supply Cap** | **Borrow Cap** | | --- | --- | --- | --- | | Euler Yield | rlUSD | 100M (no change) | 27M → 40M | ## Rationale - Euler Yield rlUSD has reached $58M in supply - rlUSD’s has hit 100% of its borrow cap ## Next Steps - We welcome community feedback. ---
**Author:** ![Objective](https://yyz1.discourse-cdn.com/flex007/user_avatar/forum.euler.finance/objective/32/830_2.png) [@Objective](https://forum.euler.finance/u/Objective)\ **Post date:** [June 15, 2025, 4:24pm UTC](https://forum.euler.finance/t/jun-2025-non-critical-parameter-updates-by-risk-stewards/1423/11 "2025-06-15T16:24:39Z")
# Objective Labs: Parameter Updates on Unichain (2025-06-15) | Market | Vault | Supply Cap | Borrow Cap | | --- | --- | --- | --- | | Euler Unichain | weETH | 20k → **25k** | 8k → **10k** | | Euler Unichain | sUSDC | 20M → **40M** | 16M → **32M** | ## Rationale - Euler Unichain weETH has hit 100% of its supply cap and 79% of its borrow cap. - Euler Unichain sUSDC has hit 98% of its supply cap and 71% of its borrow cap. ---
**Author:** ![Objective](https://yyz1.discourse-cdn.com/flex007/user_avatar/forum.euler.finance/objective/32/830_2.png) [@Objective](https://forum.euler.finance/u/Objective)\ **Post date:** [June 16, 2025, 12:22pm UTC](https://forum.euler.finance/t/jun-2025-non-critical-parameter-updates-by-risk-stewards/1423/12 "2025-06-16T12:22:28Z")
CRS items on Ethereum dated 2025-06-12 and 2025-06-13 have been executed on Jun-16-2025 06:29:59 AM UTC. > **[Ethereum Transaction Hash: 0x6854e201a2... | Etherscan](https://etherscan.io/tx/0x6854e201a239c92790663ef0fcd44ae03c96c8336368b4e18c9f1aa5ff50456b)** > > Call Exec Transaction Function By 0x95058F3d...45BD5d6A4 on 0xBdAa3FCc...3896a976d | Success | Jun-16-2025 06:29:59 AM (UTC) CRS item on Unichain dated 2025-06-15 has been executed on Jun-16-2025 06:51:13 AM +UTC. > **[Unichain Mainnet Network Transaction Hash: 0x036285a889... | Uniscan](https://uniscan.xyz/tx/0x036285a8899c98069c479056f7018f519d279ab5d7d397db4e2e8d4e61e98daa)** > > Call Exec Transaction Function By Euler: Deployer on 0xBdAa3FCc...3896a976d | Success | Jun-16-2025 06:51:13 AM (UTC) ---
**Author:** ![Gauntlet](https://yyz1.discourse-cdn.com/flex007/user_avatar/forum.euler.finance/gauntlet/32/611_2.png) [@Gauntlet](https://forum.euler.finance/u/Gauntlet)\ **Post date:** [June 17, 2025, 9:34pm UTC](https://forum.euler.finance/t/jun-2025-non-critical-parameter-updates-by-risk-stewards/1423/13 "2025-06-17T21:34:32Z")
# Summary Gauntlet recommends the following risk recommendations to the protocol: ## Cap Recommendations | Market | Vault | Supply Cap | Borrow Cap | | --- | --- | --- | --- | | Euler Unichain | weETH | 25k **-\>30k** | 10k **-\>12k** | | Euler Yield | RLUSD | 100M (No change) | 40M **-\>50M** | ## Rationale #### weETH on Unichain - Both supply and borrow cap utilizations are consistently above 90%. - We recommend a cautious 1.2x increase considering weETH & USDT0 Superstacks points were recently reduced from 6x to 3x. - weETH liquidity on Unichain continues to mature. #### RLUSD on Euler Yield - Borrow cap utilization has been maxed out since the recent cap raise. - Incentives are ending on July 18th. # Next Steps - We welcome community feedback. ---
**Author:** ![Objective](https://yyz1.discourse-cdn.com/flex007/user_avatar/forum.euler.finance/objective/32/830_2.png) [@Objective](https://forum.euler.finance/u/Objective)\ **Post date:** [June 18, 2025, 6:07am UTC](https://forum.euler.finance/t/jun-2025-non-critical-parameter-updates-by-risk-stewards/1423/14 "2025-06-18T06:07:01Z")
Objective Labs has reviewed Gauntlet’s CRS recommendations dated 2025-06-17 and agrees with the rationale. ---
**Author:** ![Objective](https://yyz1.discourse-cdn.com/flex007/user_avatar/forum.euler.finance/objective/32/830_2.png) [@Objective](https://forum.euler.finance/u/Objective)\ **Post date:** [June 18, 2025, 1:36pm UTC](https://forum.euler.finance/t/jun-2025-non-critical-parameter-updates-by-risk-stewards/1423/15 "2025-06-18T13:36:22Z")
CRS items on Ethereum dated 2025-06-17 have been executed on Jun-18-2025 12:26:11 PM UTC. > **[Ethereum Transaction Hash: 0xe3d38318fe... | Etherscan](https://etherscan.io/tx/0xe3d38318fe30de87d673c2c25b2ff9ec1a7df6b19d242b84268bd63071ff4d87)** > > Call Exec Transaction Function By 0xC1bdd86F...3EBeb16C6 on 0xBdAa3FCc...3896a976d | Success | Jun-18-2025 12:26:11 PM (UTC) CRS items on Unichain dated 2025-06-17 have been executed on Jun-18-2025 01:22:35 PM UTC. > **[Unichain Mainnet Network Transaction Hash: 0x90cd03333b... | Uniscan](https://uniscan.xyz/tx/0x90cd03333b51e099a2a4d485aab0a2c66bd797904a87eaf3ee58f151af31fcd5)** > > Call Exec Transaction Function By 0xb12e6e49...8819Eda87 on 0xBdAa3FCc...3896a976d | Success | Jun-18-2025 01:22:35 PM (UTC) ---
**Author:** ![Objective](https://yyz1.discourse-cdn.com/flex007/user_avatar/forum.euler.finance/objective/32/830_2.png) [@Objective](https://forum.euler.finance/u/Objective)\ **Post date:** [June 20, 2025, 7:35am UTC](https://forum.euler.finance/t/jun-2025-non-critical-parameter-updates-by-risk-stewards/1423/16 "2025-06-20T07:35:37Z")
# Objective Labs: Parameter Updates on Ethereum (2025-06-20) | Market | Vault | Supply Cap | Borrow Cap | | --- | --- | --- | --- | | Euler Yield | RLUSD | 100M → **150M** | 50M → **100M** | | Euler Yield | PT-cUSDO-20NOV2025 | 70M → **100M** | 0 | ## Rationale - Euler Yield RLUSD has reached $89M in supply with 62% growth in the last 7 days. It has hit 100% of its $50M borrow cap. - Euler Yield PT-cUSDO-20NOV2025 has hit 100% of its supply cap. Liquidity in the Pendle pool has increased to $42M and liquidity in the Curve pair has increased to $50M. ---
**Author:** ![Gauntlet](https://yyz1.discourse-cdn.com/flex007/user_avatar/forum.euler.finance/gauntlet/32/611_2.png) [@Gauntlet](https://forum.euler.finance/u/Gauntlet)\ **Post date:** [June 20, 2025, 9:04pm UTC](https://forum.euler.finance/t/jun-2025-non-critical-parameter-updates-by-risk-stewards/1423/17 "2025-06-20T21:04:49Z")
Gauntlet has reviewed Objective Labs’ proposal and supports the cap adjustments on Euler Yield. RLUSD has demonstrated strong user demand with consistently full caps. RLUSD positions on Euler Yield primarily consist of USDC borrows to loop. Onchain liquidity remains strong and can support the cap increases. PT-cUSDO-20NOV2025 has also demonstrated strong user demand with consistently full supply caps. USDO reserves total $282.7 million with a coverage ratio above 101 percent, backed by T-BILL, USDC, BUIDL, vBILL, and BENJI. USDO liquidators have two avenues: 1. Swap to USDC on Curve (~$50m) or in the Pendle cUSDO pool (~$42M), where liquidity is trending upwards (see below) 2. Redeem 1-for-1 through OpenEden contracts. Standard redemptions clear T+1 (FIFO), and an instant facility sized against Circle & BUIDL liquidity can cover same-day requests. ![image](https://canada1.discourse-cdn.com/flex007/uploads/euler/original/1X/40222cf71e7408cad3ef655dcd16d5a2586ef660.png) ---
**Author:** ![EulerLabs](https://yyz1.discourse-cdn.com/flex007/user_avatar/forum.euler.finance/eulerlabs/32/580_2.png) [@EulerLabs](https://forum.euler.finance/u/EulerLabs)\ **Post date:** [June 23, 2025, 7:36am UTC](https://forum.euler.finance/t/jun-2025-non-critical-parameter-updates-by-risk-stewards/1423/18 "2025-06-23T07:36:47Z")
This has been executed: [Ethereum Transaction Hash: 0xae7b0c7dfa... | Etherscan](https://etherscan.io/tx/0xae7b0c7dfa6d45831781a7197a67e5a4a4a49d8f6c1151d37bd0e450af0c6166)