Stress and exposure modeling

Bad-debt, liquidation, and exit-liquidity scenarios.

The MVP stress model is deterministic and transparent. It combines reviewed asset exposure, market utilization, collateral type buffers, redemption delays, and bridge-pause assumptions.

local fallback

Scenario

Bridge pause and cross-chain exit halt

bridge-pause

Bad debt at risk

$2.40B

After collateral buffers and utilization factors.

Liquidation at risk

$5.24B

Shock-adjusted exposure across mapped markets.

Exit liquidity gap

$68.10B

Liquidity haircut, delay, and bridge-pause effects.

Scenario selector

Prebuilt Phase 4 stress views from the brief.

10% broad price shockshock 10% · liquidity haircut 20% · delay 1d 30% collateral drawdownshock 30% · liquidity haircut 45% · delay 3d 50% liquidation stressshock 50% · liquidity haircut 65% · delay 7d Stablecoin 3% depegshock 3% · liquidity haircut 35% · delay 5d LRT slashing and withdrawal delayshock 15% · liquidity haircut 55% · delay 14d Bridge pause and cross-chain exit haltshock 8% · liquidity haircut 60% · delay 10dselected

Scenario output

Rows are sorted by modeled bad debt plus exit-liquidity gap.

Severity	Asset	Type	Exposure	Markets	Max cap utilization	Bad debt at risk	Liquidation at risk	Exit liquidity gap
high	WETH	wrapped	$13.60B	25	88.0%	$0	$957.4M	$12.93B
high	USDC	stablecoin	$10.80B	22	90.0%	$944.8M	$777.6M	$10.50B
high	wstETH	lst	$8.40B	15	88.0%	$0	$591.4M	$7.98B
high	stETH	lst	$9.70B	3	73.0%	$0	$566.5M	$5.66B
high	USDT	stablecoin	$6.20B	8	77.0%	$464.0M	$381.9M	$5.16B
high	USDe	stablecoin	$4.20B	6	90.0%	$367.4M	$302.4M	$4.08B
high	WBTC	wrapped	$5.50B	6	74.0%	$0	$325.6M	$4.40B
high	sUSDe	stablecoin	$3.70B	5	90.0%	$269.7M	$266.4M	$3.60B
high	DAI	stablecoin	$3.80B	3	71.0%	$218.5M	$215.8M	$2.91B
high	weETH	lrt	$3.10B	11	86.0%	$0	$213.3M	$2.88B
high	eETH	lrt	$2.80B	2	84.0%	$0	$188.2M	$1.88B
high	cbETH	lst	$1.90B	8	81.0%	$0	$123.1M	$1.66B
high	ezETH	lrt	$1.10B	2	84.0%	$0	$73.9M	$997.9M
high	USDS	stablecoin	$1.10B	4	71.0%	$63.3M	$62.5M	$843.5M
critical	rsETH	lrt	$900.0M	4	86.0%	$0	$61.9M	$835.9M
high	rETH	lst	$1.50B	3	49.0%	$0	$58.8M	$793.8M
high	FRAX	stablecoin	$850.0M	2	63.0%	$43.4M	$42.8M	$578.3M
medium	crvUSD	stablecoin	$620.0M	1	52.0%	$26.1M	$25.8M	$348.2M
low	PYUSD	stablecoin	$310.0M	0	0.0%	$4.7M	$6.2M	$62.0M