Introduction
Following the successful launch of Moonwell Flagship USDC and ETH Vaults, we have seen significant growth across all metrics on the Base instance of Morpho Blue. As of June 20, 2024, total deposits have reached ~$17.47M, with approximately $2.41M in total borrows.
Our featured vaults, Moonwell Flagship ETH ($6.65M deposits) and Moonwell Flagship USDC ($5.57M deposits), currently make up approximately 70% of all deposits, with over $2M in borrowing demand across both vaults.
Source: morpho.blockanalitica.com/base
Rationale
To address user demand and maintain momentum, Block Analitica and B.Protocol will submit a cap of 5K WETH to the Moonwell Flagship ETH Vault USDC/WETH market. The decision to onboard the USDC/WETH market is driven by community feedback and is anticipated to foster continued growth.
We have determined that the parameters of the USDC/WETH market should reflect those of the WETH/USDC market in the Moonwell Flagship USDC Vault. Both markets will have 86% LLTV. The 5K WETH supply cap is roughly equal to the current 20M USDC supply cap of the ETH/USDC market.
Market Parameters
Loan token: WETH - 0x4200000000000000000000000000000000000006
Collateral token: USDC - 0x833589fCD6eDb6E08f4c7C32D4f71b54bdA02913
Oracle: Morpho Chainlink - 0xD09048c8B568Dbf5f189302beA26c9edABFC4858
IRM: Adaptiv Curve IRM - 0x46415998764C29aB2a25CbeA6254146D50D22687
LLTV: 86%
SupplyCap: 5K WETH
Listing and Veto
The USDC/WETH listing will be made soon after this forum post is published. The market will go live once the 4 day (96h) timelock ends.
As a reminder, and as previously mentioned in Introducing Moonwell MetaMorpho Vaults: Next-Gen DeFi Lending, the Moonwell Security Council is the Guardian of the Moonwell Flagship Vaults. If they, for whatever reason, oppose the market listing, they have the ability to veto pending actions in timelock.