Summary
A proposal to:
- Increase asBNB’s supply on Venus’s BNB Liquid Staked BNB deployment.
asBNB (BNB Liquid Staked BNB)
asBNB’s supply cap utilization has reached 100%, with 1,800 asBNB supplied in a single transaction.
Supply Distribution
The supply of asBNB is highly concentrated within the top holder representing 92% of the total supply. However, given the minimal amount of assets borrowed against the collateral, the position does not pose any liquidation risk.
The minimal debt against asBNB collateral is currently entirely composed of WBNB.
Liquidity
While asBNB DEX liquidity is minimal, the asset can be atomically unstaked to slisBNB, which liquidity has remained stable over the last 4 months, supporting a sell of 7,000 slisBNB prior to incurring a 1% price impact.
Recommendation
Given the safe positioning of asBNB suppliers, combined with sufficent DEX liquidity, we recommend increasing the asBNB supply and borrow cap on the BNB Liquid Staked BNB deployment.
Specification
| Market | Asset | Current Supply Cap | Recommended Supply Cap | Current Borrow Cap | Recommended Borrow Cap |
|---|---|---|---|---|---|
| BNB Liquid Staked BNB | asBNB | 2,000 | 10,000 | - | - |
Disclaimer
Chaos Labs has not been compensated by any third party for publishing this recommendation.