24h Change-2.7%
All Time HighAug 24, 2025$5,253
All Time LowApr 9, 2025$1,474
Market Cap$200.07m
Fully Diluted Valuation$200.07m
Circ. Supply102,984 ETHX
CEX Volume$0
DEX Volume$48,126
How much debt can be issued against ETHX as collateral across lending protocols.
Maximum possible exposure to ETHX
$9.89m
$9.83m (max additional borrows against ETHX) + $63,474 (bad debt if ETHX was hacked now)
Compound V3
$9.83m at-risk exposure = $0 bad debt if hacked + $9.83m additional borrowable against ETHX
Aave V3
$63,474 at-risk exposure = $63,474 bad debt if hacked + $0 additional borrowable against ETHX
Showing collateral exposure for ETHX on Ethereum. Max Borrowable uses the backend's liquidity-bounded borrow-capacity metric (`collateralMaxBorrowUsdLiquidity`) for the maximum additional USD debt that can be issued against the asset right now. Bad Debt at $0 is the minimum known bad debt if the collateral asset price goes to zero; null rows are excluded from this total rather than treated as zero, so totals may remain lower bounds.
Each row is one protocol-chain exposure for ETHX as collateral. Bad debt at $0 totals remain lower bounds when a row is marked partial.
Protocol | Chain | |||
|---|---|---|---|---|
ETHx0xa35b1b31ce002fbf2058d22f30f95d405200a15b | $9.83m | $0 | ||
ETHx0xa35b1b31ce002fbf2058d22f30f95d405200a15b | $0 | $63,474 |
Risk-management actions published about ETHX by tracked risk managers and governance contributors, newest first.
ETHx shows under 1% utilization with zero supply in WETH Comet, lacking organic demand. Cap set to 0 to mitigate protocol vulnerability to smart-contract exploits in long-tail ETH variants.
The ETHx market has shown low user demand with average supply cap utilization of 0.01% over the past 30 days, leading to a recommendation to halve the supply cap and reduce protocol risk exposure.
ETHx in the Ethereum WETH market has had zero utilization over the past 30 days, justifying a 50% supply cap cut to reduce protocol exposure.
Demand for the ETHx vault has been extremely weak, contributing just $0.36 in TVL while disproportionately exposing Euler to market risks as Prime has matured.
Large borrowers are requesting more looping opportunities for LSTs like ETHx against WETH on Euler Prime, a key driver of sticky TVL on competing protocols like Aave's E-mode. Raising LTV and LLTV aligns parameters to attract this activity without excessive risk.
Onboarding ETHx as new collateral diversifies exposure beyond current assets and enhances trading opportunities for users seeking ETH staking yields.
ETHx, Stader's liquid staking ETH token, is being added to support LST diversity on Arbitrum Layer 2. Chaos Labs analysis confirms its safety for use as collateral and borrowable asset, with Stader planning liquidity mining incentives via ARB grants to boost adoption.
ETHx has grown to 0.9-1% market share with stable yield and peg, mirroring ETH returns without depegs, and gained DeFi utility like restaking. However, liquidity remains concentrated in Curve pools with limited improvement, and the new Chainlink price feed lacks maturity compared to established LSDs, warranting conservative caps to manage withdrawal demand risks tied to EigenLayer speculation.
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Tracking 7 pools, average APY 4.01%
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabETHX | $188.4m | 2.64% | 2.64% | 2.35% | |||||
| open in new tabETH-ETHX | $1.39m | 4.29% | 1.88% | 4.28% | |||||
| open in new tabETH-ETHX | $1.11m | 6.30% | 1.88% | 6.33% | |||||
| open in new tabETH-ETHXCurve | $275,926 | 6.80% | 1.69% | 7.27% | |||||
| open in new tabETHX | $148,802 | 0% | 0% | 0% | |||||
| open in new tabPOL-ETHX99.90% | $115,929 | 0% | 0% | 0% | |||||
| open in new tabWSTETH-ETHX | $17,634 | 0% | 0% | 0.01% |
