This is one of the best accounting dashboards I've seen.
Easy to see what backs USDS, with full details for those who want it.
h/t @BlockAnalitica setting the standard
In an effort to make @SkyEcosystem's transparency and operations more accessible and easier to follow, we're happy to contribute to Sky Frontier Foundation by developing a new dashboard covering all financial aspects of Sky protocol.
This includes:
- Full PnL and Balance Sheet
- Collateral breakdowns
- Prime agents and their allocations
- Loss waterfall on Sky level
- Risk capital requirements, SSR, and much more
Dashboard: https://t.co/eGEb7texV9.
There are a few protocols claiming they have no exposure to rsETH, but they actually do. Not having rsETH as collateral does not mean you have no exposure.
If you have a material amount of collateral with their balance sheet in one of the affected lending markets, this counts.
We're heading to @EthCC Cannes next week.
Want to talk stablecoin lending analytics, risk infrastructure, or what we're building at Sphere? DM anyone from @BlockAnalitica.
Let's meet.
How our risk framework protected @hyperlendx from the Resolv (USR) exploit.
When we assessed USR for onboarding, we flagged a privileged SERVICE_ROLE; a single key that could control minting operations with no on-chain amount validation, no oracle checks, no caps. We called it a centralization risk and a single point of failure.
On March 22nd, that's exactly what was compromised.
Our recommendation was clear: USR should be borrowable only, never eligible as collateral. The asset carries significant CeFi dependency risk from off-chain infrastructure, custodians, privileged keys. This made it unsuitable for collateral use.
Because USR was never collateral on Hyperlend, two things held:
1. The attacker could never deposit illicitly minted USR as collateral to borrow legitimate assets like USDC or ETH. This is the exact drain vector that hit other platforms. On Hyperlend, that door was never open.
2. No leveraged looping, no liquidation cascading, no oracle arbitrage opportunity.
We recommended pricing USR at its market price from day one. When the depeg hit, the oracle repriced naturally. Any lender losses on Hyperlend are equivalent to simply holding USR, loss from price action, not from protocol insolvency or bad debt.
Total USR exposure on Hyperlend was ~5k USR with conservative supply and borrow caps. Our team responded within 2 hours of the exploit.
Zero bad debt. No protocol insolvency. No contagion.
gLend.
Sphere has been rebuilt from the ground up.
Real-time rates. Risk scores. Rate simulations. 4,000+ chartable data series across top DeFi lending protocols and networks.
Built by @BlockAnalitica, the risk team behind @SkyEcosystem.
Live Monday. Follow for the official announcement.