We are aware of the recent disclosure regarding a $93M shortfall in the Stream Finance ecosystem. MEV Capital is providing this update regarding curated markets and products exposed to Stream Finance assets.
TL;DR: MEV Capital’s actively managed vaults (Midas, Upshift, Mellow, Symbiotic) and lending markets on mainnet L1 have no direct exposure to Stream Finance assets. The exposure is contained to 4 permissionless lending markets and 1 vault deployed across three L2 chains, namely: Silo Vault - xBTC, xUSD (Avalanche), Euler Cluster - xUSD (Sonic), and Morpho Vault - xUSD (Arbitrum) - where MEV Capital provides venues for borrowers and lenders to Stream Finance assets.
List of vaults and lending markets curated by MEV Capital impacted by Stream Finance shortfall:
- Silo (Avalanche) USDC Vault
Current allocation to xUSD market: $7.2M USDC, LLTV: 89%
- Silo (Avalanche) BTC.b Vault
Current allocation to xBTC market: 164.3 BTC.b, LLTV: 89%
- Morpho (Arbitrum) USDC Vault
Current allocation to xUSD market: $628K USDC, LLTV: 91.5%
- Euler (Sonic) USDC Cluster
Current deposits: $3.4 M USDC, LLTV: 91.5%
- Euler (Sonic) scUSD Market
Current deposits: $7.02M scUSD, LLTV: 91.5%
MEV Capital vaults status:
vaults.mevcapital.com
Current actions:
- Our AM team updated exposed Market parameters to contain the situation and limit any direct or indirect exposure to Stream Finance assets out of current chains and markets
- Our Legal team has reached out to Stream Finance’s legal counsel to address Stream's borrowing positions in the curated vaults & markets exposed to Stream’s assets.
- Our BD team is reaching out with protocols & chains representatives for further actions on exposed lending markets to coordinate exposure limitations and action plans.
- Our Technical team is tracking any developments from Stream Finance’s activity and associated protocols directly and indirectly exposed to Stream Finance’s assets.
We continue collecting information to assess potential outcome for lenders exposed to Stream Finance assets, most of it will depend on Stream Finance's decisions to clarify the current reserve situation. We will continue to monitor and adjust our lending market parameters, we keep the situation isolated from other vaults while the situation evolves.