Financials

Key assumptions	BEAR CASE	BULL CASE	BULL/BEAR
Next bull TVL / current defi TVL	n.a.	n.a.	10
Average borrow rate	5%	10%	2
Stablecoin reserve factor	n.a.	n.a.	10%
Average reserve factor	15%	15%	15%
Stablecoin agnostic supply
Stablecoins as % of supply/borrow	50%	50%	1
Opt-in % for stablecoin agnostic supply	n.a.	n.a.	50%
Capital efficiency gain stablecoin agnostic supply	100%	100%	1
Utilise excess liquidity
Excess liquidity	10%	10%
Yield on excess	1%	3%
Undercollaterized loans / leveraged yield farming:
Deployed assets ($m)	15	150	10
Return on deployed assets	1%	3%	3
Fee on return on deployed assets	10%	10%	1
Extra liquidations	n.q.	n.q.	n.q.