Liquidity depth per major asset
ether.fi's assessment for RD-F-065 — scored yellow on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.
Evidence summary #
weETH→ETH secondary market depth: ~0.5% slippage for $10M swap per PrismaRisk February 2025 snapshot, implying ~$20-40M at 2% slippage. Primary venues: Uniswap V3 weETH/WETH (0x202A6012894Ae5c288eA824cbc8A9bfb26A49b93), Curve LRT pools. However, 71.88% of weETH supply was concentrated in Pendle yield-speculative positions — not traditional trading venues — reducing effective exit liquidity. Kelp DAO April 2026 incident demonstrated 45:1 contagion ratio for LRT sector stress. During a protocol-integrity event (slashing, oracle failure), Pendle PT positions cannot be redeemed at par instantly, collapsing effective exit liquidity. April 2025 stress test showed resilience ($1.1M in weETH liquidations, withdrawal buffer held at 71.67k ETH), but this was a price correction, not an integrity event.
Sources #
- URLDeFi Contagion Risk 2026: Kelp DAO–Aave CrisisFinanceFeeds — Kelp DAO–Aave Crisis — financefeeds.com/defi-contagion-risk-in-2026-inside-the-kelp-dao-aave-crisis — '$292M drain produced $13.21B TVL outflows — 45:1 contagion ratio'retrieved 2026-04-28
- PrismaRisk weETH Collateral Risk AssessmentPrismaRisk weETH Collateral Risk Assessment — hackmd.io/@PrismaRisk/weETH — 'approximately 0.5% slippage for a $10 million swap from weETH to ETH'retrieved 2026-04-28
- Chaos Labs eETH Volatility Analysis April 2025Chaos Labs eETH April 2025 volatility analysis — governance.ether.fi/t/chaos-labs-7-april-2025-eeth-volatility-analysis/2899 — 'withdrawal buffer remained stable at 71.67k ETH'retrieved 2026-04-28
Methodology #
Measure on-chain liquidity depth for protocol-held assets at 2% and 5% price impact in USD.
See the full factor methodology and distribution across all protocols →