Current 81.9%Kink 90%Stress 98%
16.1pp headroom to stress boundary (98%)
Blockworks Advisory illustrative proof of concept for the Curve Risk Assessment and Market Monitoring proposal. Figures and tiers support review discussion.
Curve LlamaLendEthereum MainnetIn range
sfrxUSD / crvUSD
Utilization is 81.9%. It is below the 90% efficient band threshold.. Borrow crvUSD (sfrxUSD collateral).
0x3Da0F110079012387F47C6Fc6e878F10262E300a
Updated Sep 25, 2026, 3:25 PM
Soft liq share
0.0%
$14.5m LLAMMA inventory (mechanical conversion)
Available liquidity
$2.8m
$15.8m total supplied
Binding dimension
L4 65
Collateral liquidity · live data only
Risk dimensions
L1 to L6 decomposed posture
Aggregate tier is a triage summary. Each dimension has its own score and reading notes. Binding uses live status dimensions only.
How to read dimensions
Posture labels are monitoring thresholds for review. Partial enrichment cannot become the binding headline. See Methodology for the full register.
Live binding dimension L4
L1Live
Liquidity / utilization
81.9% utilized · $2.8m available
Utilization is below the 90% efficient band threshold with $2.8m still available to borrow.
- Utilization
- 81.9%
- Available to borrow
- $2.8m
- Headroom to kink
- +8.1 pp
- Headroom to stress
- +16.1 pp
- Borrow APY
- 3.89%
- Lend APY
- 2.85%
L2Live
LLAMMA soft liquidation
$14.5m in LLAMMA · 0.0% converted to crvUSD
LLAMMA holds $14.5m with 0.0% already converted to the borrowed asset. Soft liquidation depth is present but not dominant.
- LLAMMA inventory
- $14.5m
- Still collateral
- $14.5m
- Converted to crvUSD
- $0
- Soft liq share
- 0.0%
- Share of market borrow
- 0.0%
L3Live
Collateral / oracle
0.56% vs market · source DEX + CEX blend
Curve-reported sfrxUSD price tracks the external market within 0.56%. Oracle integrity looks healthy on this snapshot.
- Curve collateral price
- $1.21
- Market VWAP
- $1.2032
- Absolute deviation
- 0.56%
- Price source
- DEX + CEX blend
- Top CEX venues
- Curve (Fraxtal), Balancer V2 (Fraxtal), Curve (Ethereum)
L4LiveBinding
Collateral liquidity
$16.2m DEX TVL · 1.3× borrowed
External DEX depth for sfrxUSD is $16.2m across top pools (1.3× outstanding borrows).
- Top DEX TVL
- $16.2m
- 24h DEX volume
- $22k
- Depth / borrowed
- 1.25×
- Top pool
- sfrxUSD / frxUSD ($12.0m)
- CEX 24h volume
- $1k
L5Live
Rate / monetary policy
Secondary · u_inf 101.4% · 19.5 pp headroom
Secondary (hyperbolic) policy. Rates track the mint market AMM rate and accelerate as utilization approaches u_inf (101.4%).
- Policy type
- Secondary
- u_inf (asymptote)
- 101.4%
- Headroom to u_inf
- +19.5 pp
- Borrow APY
- 3.89%
- Calibration kink (fallback)
- 90.0%
L6Live
Liquidation execution
30d fee stress 0.09× hist median · Ethereum
Ethereum fee regime is near historical norms (0.09× median). Liquidation execution costs look manageable on this snapshot.
- Stress ratio (30d)
- 0.09×
- Mean fee (30d)
- 0.00009 ETH
- Hist median
- 0.00100 ETH
- Elevated days (30d)
- 0
- Latest fee
- 0.00028 ETH (2026-09-24T00:00:00+00:00)
- Fee source
- Ethereum fee series
Advanced risk analytics
Position today, stress scenarios, and historical regime
Three views. Cross section shows where this market sits versus peers today. Stress shows what a chosen hypothetical shock does to util or soft liq inventory. Gas shows how liquidation execution fees have looked historically. Methodology.
Where this market stands today
Peer distributions, policy curve shape, and DEX exit venue concentration.
Peer distribution context
Where this market sits versus 23 listed LlamaLend markets (today's cross section). Soft liq and free liq sit as quartile text on the tiles. Only utilization keeps a full box plot.
Util percentile
P74
81.9% util · higher P = tighter
Soft liq percentile
P0
0.0% converted · peers Q1 0 · med 0 · Q3 0
Free liq percentile
P22
18.1% free · peers Q1 19 · med 27 · Q3 35
Peer IQR (Q1 to Q3)Peer medianThis market
Utilization % (primary peer distribution)
min 30.5%Q1 65.3%med 73.3%Q3 80.9%max 100.0%
n 23This market 81.9%
Secondary borrow rate curve
Policy shaped curve forced through today's observed borrow APY (AMM rate backed out so the path hits current util). Shows how rates would climb toward u_inf under the policy shape.
Current util
81.9%
Implied borrow APR
2838240000.0%
Headroom to u_inf
19.5 pp
Secondary rate curveKink 90%u_inf 101%Current util (marker)
AMM base rate inferred from today's borrow APY at current util.
Collateral return tail (CVaR)
No price id mapping for this collateral symbol.
Collateral DEX top N concentration
How concentrated exit liquidity is among sampled DEX pools (top 20 DEX pools (shares renormalized within sample)). Index 59 on house 0 to 100 scale (sum of squared shares × 100).
Top N concentration
59
0 to 100 house scale within sample
Top pool share (of sample)
74%
Pool share of sampled DEX TVLTop N index 59 (0 to 100 house scale. Values at or above 70 mean concentrated within the sample)
20 pools in sample · top pool 74% of sample TVL. Not full market HHI.
Structural PD (30d) · Monitoring estimate
—
Asset value V is $14.5m. Default boundary D is $13.1m.
Base drift μ is 0%. Vol band is shown above.
Drift sensitivity: μ=0% → — · μ=3% → — · μ=5% → —
LlamaLend Merton uses on-chain borrower collateral mark-to-market (sum of user_state residual collateral + converted inventory). Unreliable under oracle staleness or thin liquidity. On-chain sum of user_state across 18 loans (residual collateral + converted inventory). Volatility input missing.
What could happen under stress
Single hypothetical events. Soft liq conversion under price drops is illustrative only. Shock sizes may use collateral loss quantiles when history exists.
Lender withdrawal shock
If lenders withdraw a share of supply, how high does utilization go? Marks crossings of monitoring kink / stress bands. Accounting identity under a fixed borrow book.
Util after shock
100.0%
Headroom to stress
-2.0 pp
Remaining available
$0
Flags
Priority
Below kinkAt/above kinkAt/above stressSelected shockKink 90%Stress 98%
X is percent of supply withdrawn. Y is utilization after the exit. Current util is 81.9%.
Soft liquidation inventory stress
This view is illustrative only. The conversion path is a convex stress proxy on residual inventory under price drops.
Converted share
25.5%
Baseline 0.0% → +25.5 pp
Converted USD
$3.7m
Residual collateral
$10.8m
Vs market borrows
28.6%
Soft liq share pathSelected (−20%)50% elevated80% priority
Illustrative conversion only. Inventory $14.5m · already converted $0 (0.0% today).
Historical execution regime
Realized Ethereum gas fees over the last 90 days (chain gas history for execution context).
Gas regime median and P75 typical range
Historical fee distribution over the last 90 days. Median and P75 are the primary typical range framing because fees are right skewed. Mean±1σ is shown only as a secondary reference.
Hist median
0.00100 ETH
Hist P75
0.00240 ETH
Stress ratio 30d
0.09×
Daily avg feeHist median (primary)Hist P75 (primary)90d mean (secondary)
90 daily observations · latest 2026-09-24T00:00:00+00:00. Mean±σ omitted as primary band because fee distributions are right skewed.
Market risk recap
| What is it? | Curve LlamaLend one way market sfrxUSD / crvUSD. Borrowers post sfrxUSD as collateral to borrow crvUSD. |
|---|---|
| Liquidity posture | Utilization is 81.9%. It is below the 90% efficient band threshold.. Available to borrow $2.8m of $15.8m supplied. |
| LLAMMA inventory | $14.5m is held in the LLAMMA AMM. 0.0% is already converted to crvUSD. 100.0% is still sfrxUSD. |
| Binding dimension | L4 Collateral liquidity (65/100). $16.2m DEX TVL · 1.3× borrowed |
| Rates | Borrow APY 3.89% · Lend APY 2.85%. |
Main risks
- Utilization 81.9% is in the normal operating band for this LlamaLend market (below the 90% efficient band threshold), and LLAMMA soft liquidation inventory is not material.
Contracts
Market contract addresses
Vault, controller, and AMM (LLAMMA) addresses for this one way market.
- Vault
- 0x3Da0…300a
- Controller
- 0x3cD4…1bbe
- LLAMMA (AMM)
- 0x6379…2d1F
- Monetary policy
- 0xfF9b…950a