Hey all – you may recall that I proposed MIP-1 to disable the Nomad assets. This forum thread is a form of catharsis, in a way, as I would like to propose we add assets to take their place.
See this sheet for yield and TVL for assets in the Moonbeam ecosystem relevant to this post.
In the “Bridges: Path Forward” proposal, the community pushed for Wormhole wrapped assets to be considered as the defacto assets moving forward. This proposal passed, the Wormhole bridge launched on Moonbeam, and thanks in part to the incentives provided by Moonbeam Ignite, there has been a nice build-up of liquidity for the Wormhole-backed assets across the Moonbeam ecosystem. So much so that it’s high-time we add these assets into Moonwell.
In the attached sheet above, we see:
- USDC.wh - currently $2.21m liquidity (half of $4.42m) in the USDC/GLMR pool on StellaSwap and $1.18m in the 4pool
- ETH.wh - currently $2.02m liquidity (half of $4.05m) in the ETH/GLMR pool on StellaSwap
- WBTC.wh - currently $1.94m liquidity (half of $3.88m) in the WBTC/GLMR pool on StellaSwap
- BUSD.wh - currently ~$1.0m liquidity in the StellaSwap 4pool
These assets are starting to build a healthy amount of liquidity, and I understand from Moonwell contributors that Gauntlet Network is performing risk analysis on them. As a community, we should be able to receive recommendations from Gauntlet Network for safe collateral factors soon, once they have completed some risk analysis and simulations.
Now that native USDT from Statemint is available on Moonbeam, it would also be great to add this as well!
Unfortunately, there doesn’t seem to be too much liquidity available: only ~242k$ in the 4pool on StellaSwap today. We probably need a bit more liquidity before we could increase the collateral factor to anything meaningful safely.
Please comment below with any thoughts or comments and considerations around collateral factors for these assets: USDC.wh, ETH.wh, WBTC.wh, BUSD.wh, xcUSDT. And I very much look forword to recommendations from Gauntlet Network as well.
Note: I have run this post by the Moonwell team to make sure that (a) all objective information I am sharing is accurate, (b) that the raw data was collected properly, and (c) that the computed data was evaluated properly. While the Moonwell team helped me with fact-checking, and I am an advisor for the company, the opinions expressed here are my own as an independent community member of the Moonwell ecosystem.