Gauntlet - Moonwell BASE Dashboard and Market Update

Gauntlet is excited to share the latest updates on Moonwell Base Market since its launch and introduce our updated dashboard to the community.

Total Moonwell Market Overview

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Currently, BASE stands as Moonwell’s second-largest market, having expanded to a supply of $19.3M USD since August 10th.

Supply and Borrow Balances

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  • WETH asset is the largest supplied and borrowed asset on the BASE market. However, when we combine the supplies of Native USDC and USDbC, USDC emerges as the predominant supplied asset.

Top Borrower Positions

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  • The top borrower 0x26dac3 utilizes USDbC collateral to borrow WETH with a current health factor of 1.19.

Utilization of Assets

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  • WETH utilization has surpassed its historical kink of 75%, primarily due to significant variations in supply and borrow balances stemming from whale activities, as highlighted in our earlier forum post.
  • The utilization of Stablecoins (USDC, USDbC, and DAI) has remained notably below their respective kink.

Active vs Inactive Addresses

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Moonwell BASE has an active user base of 1.5k. Active addresses represent addresses with supply balances > 0.


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Since the launch of Moonwell BASE, around nine accounts have been liquidated, with the largest daily liquidation being $2.7k mWETH on August 17th.

Listed Assets

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  • USDC has the highest borrow usage of 80%.
  • Our reported total Value at Risk (VaR) stands at $0, while the total Liquidation at Risk (LaR) is set at $834k based on current user positions and market data.
  • Following the implementation of BASE recommendations, we will monitor usage to provide further risk recommendations to maximize capital efficiency while minimizing risk to the protocol.

Asset Market Statistics

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  • The Asset page lists market statistics per listed asset on Moonwell BASE.
  • Supply Cap Usage for DAI hit 100% on September 1st. Gauntlet utilized Cap Guardian to increase the cap.
  • WETH has the highest collateral usage on Moonwell BASE at $2.3M.

USDbC Cap Usage

As announced by Circle earlier this month, they will be working with the BASE ecosystem to migrate liquidity from USDbC to USDC. Gauntlet will continue to monitor the liquidity and usage of USDbC and will make further recommendations to motivate users to migrate to USDC.

Next Steps

  • Gauntlet will continue to monitor the market
  • Gauntlet will provide Risk Recommendations next week for the Moonwell BASE market.