Messari: Venus achieved growth in interest income for the fourth consecutive quarter, but the total asset value decreased by 12% compared to the previous quarter in Q2.

BlockBeats news, on July 15th, Messari released the Q2 2023 Venus report, which pointed out that Venus achieved interest income growth for the fourth consecutive quarter, reaching $11.5 million, bringing $2.3 million in income to DAO and $9.2 million to depositors. After the SEC accused Binance, the BNB price fell, resulting in a 12% QoQ decline in Venus' total value; due to adjustments to interest rate parameters, user activity in Q2 decreased, with active borrowers and depositors declining by 9% and 10% QoQ, respectively. At the end of Q2, the attacker's position was about 10% away from liquidation (can be liquidated with available BNB, at a price of about $220). The Q2 USDC and USDT loan interest expenses were $1.3 million, and the deposit yield was approximately 11,000 BNB (formed after BNB price depreciation). As of the end of Q2, there was still $647 million in available liquidity for lending, with BTC and BNB accounting for 76% of that value. The high utilization rate of stablecoins is largely due to the huge positions held by the BSC Token Hub attacker, accounting for 59% of the outstanding USDT debt and 64% of the USDC debt. In addition, a large part of the outstanding loans have remained unpaid since the liquidation events involving CAN, XVS, and LUNA in 2021 and 2022. Specifically, at least 95% of the BTC loan balance, 24% of the BUSD balance, and 29% of the ETH balance have not been repaid, and the collateral is currently insufficient. Excluding the debt of the BSC Token Hub attacker, there is currently $83 million in bad debt in the Venus protocol. Overall, these debts amount to $238 million, almost half of Venus' total outstanding loans. In addition, in Q2, Venus' risk fund successfully repaid 1,437.5 ETH and 90.3 BTC, with a total value of approximately $5 million.