This proposal aims to add rETH to the Moonwell on Ethereum network.
Motivation
As Moonwell prepares to launch on mainnet, rETH is already supported on both Base and Optimism and has demonstrated strong performance as the industry’s only fully trustless & permissionless LST. Rocket Pool ETH (rETH) has long maintained a high level of decentralization and recently completed its Saturn 1 upgrade. The move to 4 ETH-per-validator nodes improves capital efficiency for rETH. The upcoming Saturn 2 upgrade is expected to enable proactive rETH unstaking and further improve yield performance, which should support broader adoption. Adding rETH to the Moonwell market can help increase ETH borrowing activity.
Specification
We recommend that the rETH price oracle follow the existing Base and OP deployments by using the LST rate rather than the market rate. The remaining risk parameters and final configuration should be proposed and finalized by Moonwell’s risk service provider.
We welcome questions and feedback from the Moonwell team and community regarding rETH. Moonwell has consistently supported rETH, and the Rocket Pool community and team are ready to support Moonwell’s mainnet launch.
Hey @signalxu, thanks for initiating the discussion to add rETH for the upcoming Moonwell deployment on Ethereum Mainnet.
I noticed you’re new to the forum, so it would be great if you could introduce yourself and explain your role within Rocket Pool.
For asset listings on Moonwell, there’s a standard process that needs to be followed through the Moonwell Asset Listing Framework (MALF), which outlines the required information and parameters. This framework provides a structured approach to assess assets across key dimensions such as security, liquidity, oracle reliability, and other relevant risk factors.
To move this forward, please complete the full MALF template, as the current information isn’t enough yet to properly evaluate the asset.
While rETH is already integrated into Moonwell’s Base and Optimism deployments, a new MALF will be necessary for when Moonwell launches on Ethereum mainnet.
For reference, here are some examples of assets that have gone through this process:
Thanks for the reply. Since there has already been a detailed analysis of rETH previously, I’d like to focus on providing an update here with our latest data and mainnet status.
We hope the protocol can use the contract rate for the oracle instead of the Chainlink market price feed. Regarding rETH unstaking, support for active unstaking by stakers will be included in the next upgrade, which will significantly enhance peg stability and expand use cases. Additionally, support high LTV use cases for rETH/ETH if possible.
MALF. The post is helpful background, but it is not a substitute for the full MALF process. Risk parameters, supply and borrow caps, IRM, oracle architecture, liquidity assumptions, and peg/stress analysis still need to be laid out so Anthias and delegates can evaluate the listing consistently.
Oracle change. MIP-B10 used Chainlink rETH/ETH × ETH/USD; here, you are asking for the protocol contract/exchange rate instead of the Chainlink market price feed. That is a meaningful shift. A contract-rate oracle is robust to secondary-market noise, but it can also be blind to genuine market depegs, which is exactly when liquidations may need to fire. Could you walk through the rationale, ideally with stress scenarios and some form of bounded-deviation guard, fallback, or trigger for when the market price diverges materially from the contract rate?
Liquidity vs. asks. Based on the figures shared, there is roughly $18M of onchain liquidity, with the bulk in rETH/osETH rather than ETH-paired venues. That supports a conservative initial listing, but it does not yet justify the “high LTV use cases for rETH/ETH” ask. I’d suggest decoupling these: standard listing first, then revisit higher-LTV configurations once Moonwell has mainnet utilization data and deeper ETH-rETH liquidity.
Saturn 2. Saturn 2 is a real potential tailwind, especially around withdrawals and peg stability, but the link shared is still framed as community scoping/RPIP refinement rather than a finalized implementation spec or testnet timeline. The listing case should stand on rETH as it exists today, with Saturn 2 treated as upside rather than a dependency.
Housekeeping. Could you also do the intro Fechuky asked for? It would help the community understand your role and how to weight the proposal context.
Hi, @Chidi. Regarding the oracle configuration, please refer to this proposal for the full breakdown. I’m in favor of keeping this setup for mainnet. As a Community BD, I submitted this to align with Moonwell’s mainnet deployment and ensure a smooth rollout. If any parameters are still missing, please tag me—I’m on standby to provide whatever is needed.
