Data Analysis

The chart below shows the amount of bETH provided and the amount of bETH withdrawn.

The chart below shows the total amount of bETH collateral provided/withdrawn.

According to the chart above:

• The highest amount of bETH collateral provided in the last 90 days is related to March 9th.
• The maximum amount of bETH collateral provided in the last 90 days is equal to: 63,941 bETH.
• In the last 90 days, on January 29, the highest amount of bETH was withdrawn from Anchor. About 87,796 bETH were withdrawn from Anchor on this day.
• On some days the amount of bETH provided has jumped abruptly. Some of these days are:

• Jan 8, 2022

• Jan 22, 2022

• Feb 3, 2022

• Feb 23, 2022

• Mar 9, 2022

• Mar 18, 2022

• Mar 23, 2022

• Mar 31, 2022

The number of unique wallets that used bETH as collateral on Anchor in the last 90 days is equal to:

According to the chart above, more than 586,000 bETHs have been provided in Anchor over the past 90 days. In contrast, about 220,000 bETH has been withdrawn from Anchor.

The chart below shows the difference between the bETH provided and the bETH withdrawn. This chart clearly shows that on many days the amount of bETH provided in Anchor is far greater than the amount withdrawn.

According to the above value, in the last 90 days, an average of 121 new unique wallets have used bETH in Anchor as collateral daily.

The chart below shows the number of addresses that have provided and withdrawn bETH collateral in the last 90 days.

According to the chart above, the highest number of bETH collateral providers in the last 90 days was equal to 536 wallets. The providers paid a total of about 25,000 bETH to Anchor as collateral that day.

Now we want to answer the question of whether the bETH borrow limit should be increased to 70% LTV or not.

To answer this question, we first examine the effect of increasing LTV on bLUNA. Anchor Protocol tweeted on February 7, 2022 that it would increase bLUNA LTV to 80%.

On the other hand, the chart of bLUNA collateral in Anchor shows that the amount of bLUNA provided in Anchor increased from February 7 onwards, so that the amount of bLUNA increased from about 2,545,265 bLUNA to 4,249,194bLUNA on March 9th. Therefore, in the case of bLUNA, the increase in LTV increased the amount of bLUNA provided in Anchor.

Result

Based on the above data, it can be concluded that increasing LTV can lead to more collateral absorption. So if the bETH borrow limit is raised to 70% LTV, then the amount of bETH provided in the Anchor will increase.