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

10% broad price shock

price-10

Bad debt at risk

$2.37B

After collateral buffers and utilization factors.

Liquidation at risk

$6.55B

Shock-adjusted exposure across mapped markets.

Exit liquidity gap

$13.54B

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 1dselected 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 10d

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	USDC	stablecoin	$10.80B	22	90.0%	$933.1M	$972.0M	$2.01B
high	WETH	wrapped	$13.60B	25	88.0%	$0	$1.20B	$2.47B
high	wstETH	lst	$8.40B	15	88.0%	$0	$739.2M	$1.53B
high	stETH	lst	$9.70B	3	73.0%	$0	$708.1M	$1.46B
high	USDT	stablecoin	$6.20B	8	77.0%	$458.3M	$477.4M	$986.6M
high	USDe	stablecoin	$4.20B	6	90.0%	$362.9M	$378.0M	$781.2M
high	sUSDe	stablecoin	$3.70B	5	90.0%	$266.4M	$333.0M	$688.2M
high	WBTC	wrapped	$5.50B	6	74.0%	$0	$407.0M	$841.1M
high	DAI	stablecoin	$3.80B	3	71.0%	$215.8M	$269.8M	$557.6M
high	weETH	lrt	$3.10B	11	86.0%	$0	$266.6M	$551.0M
medium	eETH	lrt	$2.80B	2	84.0%	$0	$235.2M	$486.1M
medium	cbETH	lst	$1.90B	8	81.0%	$0	$153.9M	$318.1M
medium	USDS	stablecoin	$1.10B	4	71.0%	$62.5M	$78.1M	$161.4M
medium	ezETH	lrt	$1.10B	2	84.0%	$0	$92.4M	$191.0M
critical	rsETH	lrt	$900.0M	4	86.0%	$0	$77.4M	$160.0M
medium	FRAX	stablecoin	$850.0M	2	63.0%	$42.8M	$53.5M	$110.7M
medium	rETH	lst	$1.50B	3	49.0%	$0	$73.5M	$151.9M
low	crvUSD	stablecoin	$620.0M	1	52.0%	$25.8M	$32.2M	$66.6M
low	PYUSD	stablecoin	$310.0M	0	0.0%	$6.2M	$7.8M	$16.0M