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

50% liquidation stress

price-50

Bad debt at risk

$28.90B

After collateral buffers and utilization factors.

Liquidation at risk

$32.76B

Shock-adjusted exposure across mapped markets.

Exit liquidity gap

$52.52B

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 7dselected 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	WETH	wrapped	$13.60B	25	88.0%	$4.19B	$5.98B	$9.59B
high	USDC	stablecoin	$10.80B	22	90.0%	$5.60B	$4.86B	$7.79B
high	wstETH	lst	$8.40B	15	88.0%	$2.51B	$3.70B	$5.93B
high	stETH	lst	$9.70B	3	73.0%	$2.41B	$3.54B	$5.68B
high	USDT	stablecoin	$6.20B	8	77.0%	$2.75B	$2.39B	$3.83B
high	USDe	stablecoin	$4.20B	6	90.0%	$2.18B	$1.89B	$3.03B
high	WBTC	wrapped	$5.50B	6	74.0%	$1.71B	$2.04B	$3.26B
high	sUSDe	stablecoin	$3.70B	5	90.0%	$1.60B	$1.67B	$2.67B
high	DAI	stablecoin	$3.80B	3	71.0%	$1.30B	$1.35B	$2.16B
high	weETH	lrt	$3.10B	11	86.0%	$1.22B	$1.33B	$2.14B
high	eETH	lrt	$2.80B	2	84.0%	$1.07B	$1.18B	$1.89B
high	cbETH	lst	$1.90B	8	81.0%	$523.3M	$769.5M	$1.23B
high	ezETH	lrt	$1.10B	2	84.0%	$421.3M	$462.0M	$740.7M
high	USDS	stablecoin	$1.10B	4	71.0%	$374.9M	$390.5M	$626.1M
critical	rsETH	lrt	$900.0M	4	86.0%	$352.9M	$387.0M	$620.5M
high	rETH	lst	$1.50B	3	49.0%	$249.9M	$367.5M	$589.2M
medium	FRAX	stablecoin	$850.0M	2	63.0%	$257.0M	$267.8M	$429.3M
medium	crvUSD	stablecoin	$620.0M	1	52.0%	$154.8M	$161.2M	$258.5M
low	PYUSD	stablecoin	$310.0M	0	0.0%	$37.2M	$38.8M	$62.1M