Compound · SVR MonthlyIssue 01 — June 2026
On-chain liquidation recapture · all 8 SVR markets · 3 chains
24¢
of every dollar of recapturable liquidation value reached the Compound treasury in June.
Chainlink recaptured 44.2% of June’s SVR-eligible OEV overall — in line with what Chainlink itself reported. But that is the total: Compound nets only its 55% share, so 24.3¢ of every recapturable OEV dollar actually reaches the treasury — $118,982 of $489,527 eligible (assets not on an SVR feed excluded).

Where June’s OEV went

DAO 24% Chainlink 20% Leaked to liquidators 56%
→ Compound DAO  $118,982 → Chainlink  $97,349 → Leaked  $273,196
$489,527
SVR-eligible OEV (recapturable liquidation discount)
$118,982
to the Compound DAO — the 55% share
$273,196
leaked to liquidators (56%)
58/138
SVR-eligible liquidations routed · 33 n/a excluded (not on an SVR feed)

Promised vs delivered

Chainlink’s public recapture targets on comp.xyz, against what June actually did.

Initial projection
~90%
90%
Revised target
~80%
80%
June actual (total)
44%
44%

44.2% is the total recaptured (DAO + Chainlink) ÷ SVR-eligible OEV. Compound’s cut is 55% of that — so 24.3¢ of every recapturable OEV dollar reaches the DAO; the rest goes to Chainlink or leaks to liquidators.

Which collateral is SVR-active

SVR is enabled per price feed, not per market. A liquidation only carries recapturable OEV if that collateral’s Comet feed was switched to a Chainlink SVR aggregator by governance. Assets never migrated (e.g. cbBTC on mainnet) carry zero SVR OEV. Every feed below is verifiable on-chain: read getAssetInfo().priceFeed on the Comet and match the address.

ChainCometSVR-active collateralActivatedProposal
EthereumcUSDCv3WETH · wstETH · WBTC · LINK · rsETH · weETH · COMP2025-10-23Prop 488 →
EthereumcUSDTv3WETH · wstETH · WBTC · weETH · mETH · LINK · COMP2025-09-18Prop 475 →
BasecUSDCv3USDC · WETH · wstETH · cbETH2026-04-10Prop 559 →
BasecAEROv3USDC · WETH · wstETH2026-02-03Prop 528 →
BasecWETHv3USDC · cbBTC2026-02-03Prop 527 →
ArbitrumcUSDCv3WETH · USDC · ARB · WBTC2026-04-10Prop 558 →
ArbitrumcUSDTv3WETH · USDT · ARB · WBTC · wstETH2026-02-12Prop 531 →
ArbitrumcWETHv3USDC · USDT2026-02-12Prop 532 →
SVR aggregator feed addresses (per comet) — click to verify
Base · cAEROv3
Base · cWETHv3
Arbitrum · cWETHv3

Why aren’t these feeds updated to SVR?

SVR only recaptures liquidations priced by an SVR aggregator. Collateral absorbed on a plain feed carries recapturable OEV that goes straight to the liquidator — and is excluded from the eligible-OEV denominator above. Two feed gaps stand out in June.

The single largest liquidation outside SVR was also the month’s second-largest liquidation overall: a mainnet Ethereum cUSDTv3 liquidation (0x3a0a4b5e…) that absorbed $2,014,325 of cbBTC (plus $101,855 of WBTC) — roughly 95% cbBTC. cbBTC sits on a plain BTC / USD feed, while the WBTC on the very same market is on the SVR BTC/USD aggregator. The cbBTC leg carried ~$60,430 of recapturable OEV (storefront 0.6 × (1−0.95 LF)) that reached the DAO as $0.

What cbBTC-not-on-SVR cost the DAO in June — this one liquidation alone
$14K–$33K
~$60,430 of recapturable OEV on that single cbBTC leg, all leaked to the liquidator. Across all of June, cbBTC absorbed on non-SVR feeds totals ~$2.18M collateral / ~$63K OEV (mostly this one liq, plus smaller cbBTC legs on Base cUSDCv3 and cAEROv3). At June’s capture economics the DAO’s foregone share is roughly $14K–$33K — instead it got $0. Point cbBTC at the SVR BTC/USD aggregator WBTC already resolves to and this becomes recapturable.
What wstETH-not-on-SVR cost the DAO in June — Arbitrum cUSDCv3
$13K–$16K
~$28,585 of recapturable OEV on the $476,412 wstETH liquidation on Arbitrum cUSDCv3, all leaked to the liquidator. The same asset on cUSDTv3 is on SVR — this feed simply wasn’t updated. Point Arbitrum cUSDCv3’s wstETH feed at the SVR aggregator it already uses on cUSDTv3 and this becomes recapturable.

wstETH is the second feed gap. $476,412 of wstETH on Arbitrum cUSDCv3 (0x4130ba9f…) carried ~$28,585 of recapturable OEV that reached the DAO as $0 — because cUSDCv3 prices wstETH via a plain “wstETH / USD CAPO” feed, while the same asset on Arbitrum cUSDTv3 is on SVR (“wstETH / USD CAPO SVR”). Same token, same chain, two feeds. At June’s capture economics that single liq would otherwise have seen ~$13K–$16K — instead, $0. Point Arbitrum cUSDCv3’s wstETH feed at the SVR aggregator it already uses on cUSDTv3 and this becomes recapturable.

By market — June 2026

ChainCometLiqsvia SVRValue liq.OEV avail→ DAO→ ChainlinkLost
EthereumcUSDTv3149$7,483,226$288,895$64,794 (22%)$53,014 (18%)$171,087 (59%)
EthereumcUSDCv33314$3,352,327$185,181$49,633 (27%)$40,609 (22%)$94,939 (51%)
BasecUSDCv34510$396,852$7,692$2,570 (33%)$2,102 (27%)$3,020 (39%)
ArbitrumcUSDCv33619$594,668$4,338$1,052 (24%)$860 (20%)$2,426 (56%)
ArbitrumcUSDTv3126$39,923$2,313$933 (40%)$763 (33%)$616 (27%)
BasecAEROv350$11,424$1,108$0 (0%)$0 (0%)$1,108 (100%)
Total14558$11,878,420$489,527$118,982 (24%)$97,349 (20%)$273,196 (56%)

Largest June liquidations

The 10 largest by recapturable OEV. SVR = routed through the private SVR path; missed = SVR-eligible but leaked. → DAO / → CL are the recaptured bid (split 55/45); Lost is the remainder of the OEV that leaked to the liquidator. Percentages are of each liquidation’s OEV. (Assets not on an SVR feed are excluded from this list and from the eligible-OEV denominator.)

DateMarketValueOEVResult→ DAO→ CLLostTx
06-05Eth cUSDTv3 wstETH$4,742,286$256,083SVR$52,421 (20%)$42,890 (17%)$160,773 (63%)0x9823b0…
06-01Eth cUSDCv3 WBTC · WETH$1,009,441$57,945missed$57,945 (100%)0x288af4…
06-05Eth cUSDCv3 WBTC · WETH$988,627$53,579SVR$15,899 (30%)$13,008 (24%)$24,673 (46%)0x7d7f02…
06-05Eth cUSDCv3 WBTC · WETH · wstETH$686,784$36,967SVR$17,286 (47%)$14,143 (38%)$5,538 (15%)0xc8ea04…
06-05Eth cUSDTv3 WETH$448,641$18,843SVR$8,093 (43%)$6,622 (35%)$4,128 (22%)0x8b372e…
06-02Eth cUSDCv3 WETH$185,446$7,789SVR$4,172 (54%)$3,413 (44%)$204 (3%)0x3ce715…
06-05Eth cUSDCv3 LINK$69,382$7,077SVR$3,526 (50%)$2,885 (41%)$666 (9%)0x83e5d1…
06-25Eth cUSDCv3 WBTC$72,563$4,354SVR$2,301 (53%)$1,883 (43%)$170 (4%)0x84ba43…
06-05Eth cUSDCv3 WBTC · WETH · wstETH$76,923$4,075SVR$1,914 (47%)$1,566 (38%)$595 (15%)0xb6f6be…
06-04Eth cUSDCv3 WBTC$66,921$4,015SVR$1,950 (49%)$1,595 (40%)$471 (12%)0xaf27a2…