Vesu WBTC Alterscope Cornerstone Risk Report
Summary
The Vesu WBTC Alterscope Cornerstone market represents WBTC deposits in Alterscope's Alterscope Cornerstone pool.
The pool supports a variety of assets enabled as both collateral and loan assets including ETH, WBTC, STRK, USDC, USDT.
It uses Vesu's official factory extension with Pragma price feeds.
The market's overall risk rating is 🟩 Low.
Datapoints
Pool Risk
The Alterscope Cornerstone pool is curated by Alterscope, a professional risk curator currently operating vaults on Euler and offering autonomous risk agents across various chains and platforms.
The pool uses Vesu's audited factory extension which leverages a robust Pragma feed and Vesu's public liquidation model.
Alterscope has the permission to pause the pool in an emergency situation and update various parameters including debt caps and liquidation loan-to-value ratios.
Given Alterscope's expertise in assessing, monitoring and managing DeFi risks and their operational setup, including a multisig owning the pool permissions, the pool risk is deemed low.
Datapoints
Rating
The proposed rating is:
- 🟩 Low
Asset Risk
This report does not assess the risks associated with bridging assets to Starknet using StarkGate. Make sure you understand the risks involved with bridging assets to Starknet before continuing.
StarkGate WBTC reflects Ethereum mainnet WBTC that is bridged to Starknet using the StarkGate bridge. StarkGate is Starknet's canonical bridge and is developed and maintained by StarkWare, the creator of Starknet. The bridge is operational since early 2022 and has facilitated over 1.9M bridge transactions or over USD 1.7bn in value bridged.
Smart contract risk
StarkGate WBTC uses OpenZeppelin's standard ERC20 token implementation. It has been audited by Nethermind and both source code and audit report are publicly available.
The StarkGate WBTC contract is not verified on block explorers.
Counterparty risk
N/A
Depeg risk
N/A
Datapoints
Rating
The proposed rating is:
- 🟩 Low
Oracle Risk
The pool uses Pragma's WBTC/USD price feed.
The Pragma oracle is a native Starknet oracle system that secures over USD 200m across all major projects on Starknet.
It is fully decentralized in that it does not rely on off-chain infrastructure. Instead, data providers directly push prices on-chain and aggregation is done by the data consumer directly.
Smart contract risk
Find an overview of the Pragma smart contract system here.
The Pragma smart contracts have been audited by Nethermind and both the source code and audit report are publicly available.
Price composition & source diversity
The oracle price is computed as the Median over the most recent data points available for the various Pragma providers.
Oracle fail-safes
No autonomous oracle fail-safes and fallbacks are configured. Alterscope monitors and pauses pools manually in case of an emergency.
Datapoints
Rating
The proposed rating is:
- 🟩 Low
Market Risk
WBTC deposits in this pool can be borrowed with all other pool assets as collateral including ETH, STRK, USDC and USDC.
Insolvent borrow positions can be liquidated publicly and rapid liquidations are prioritized by the pool's factory extension (see Section Pool Risk).
The successful liquidation of insolvent liquidations relies on a number of factors including available DEX liquidity, accurate oracle feeds and the pool's risk parameters.
The pool uses risk parameters, including LLTVs, liquidation discounts and debt caps, that reflect the available DEX liquidity.
The resulting market risk is computed using the Standard Market Risk Model.
Datapoints
Rating
The proposed rating is:
- 🟩 Low
Collateral Risk
All enabled collateral assets themselves achieve a Low risk score.
While the pool enables collateral asset rehypothecation, related risks are mitigated with moderate utilization limits.
The proposed rating is:
- 🟩 Low