Monthly Governance Calls

As a part of our role as a Governance Facilitator, Boardroom will host Monthly Governance Calls with the community. The purpose of these calls is to dive into important initiatives in Moonwell Governance. We will look into recently passed proposals, as well as those that are live or upcoming, providing a time for the community to ask questions and get answers before voting.

These calls will give a voice to the community and open a direct line of communication between contributors, delegates, and other DAO members.

This thread will contain the agendas, recording links, and other important information from past calls. A copy of these calls will live here in the Forum, as well as on Boardroom. You can find The Moonwell project on Boardroom at this link. To find the Governance Calls, navigate to “Insights” > “Activities and Meetings”.

Everyone is invited and encouraged to participate in these calls.

Overview:

  • This call is intended for the entire Moonwell Community including community developers, core devs, delegates, contributors, and new community members to discuss matters related to Moonwell.
  • The call is currently scheduled for 60 minutes monthly, on the first week of the Month.
  • Notes and recordings from each week’s meeting are archived and shared publicly here.
  • Keep scrolling for the agenda and notes from past meetings

Instructions:

This thread will contain:

  1. Date:
  2. Time:
  3. Recording Link:
  4. Moderator:
  5. Notetaker:
  6. Discord Stage Link:
  7. Agenda:
  8. Meeting Notes (if applicable):
  9. Other Key Links from the Meeting:

We’d love to hear your feedback and any suggestions you might have to improve the content. If you have comments, suggestions, or other feedback, please leave your input in this form.

To provide the best reading experience, please limit your comments on this thread.

2 Likes

I am really looking forward to these calls. I think they will go a long way to increasing communication and collaboration in the community. Plus it’s always nice to hear a person’s voice instead of just reading text on a screen where the true emotion and sense of humanity can often be lost

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Governance Call Recap - Feb 15th, 2024

Agenda:

  1. DAI cap recommendations, Base weekly update, & Quarterly Update for Q4 from @Gauntlet
  2. Codebase contributions and delegate platform updates from @elliot at Solidity Labs
  3. New tools on the Warden platform from @WardenFinance
  4. Delegate Insights with @Curly and @coolhorsegirl

Meeting Notes:

  • Kamil from Gauntlet Q4 Quarterly Updates
    • Scheduled Monthly Parameter Recs for Base, Moonbeam, and Moonriver Markets
    • Created Base Guardian Recs
  • Gauntlet Base Weekly Update
    • No parameter changes
    • DAI was the only asset found to have an average supply cap usage of over 75%, landing at 79.8% in the past week.
    • mWETH and mUSDC had $676.56 and $213.74 in liquidations, respectively
  • Gauntlet Cap Recommendations for DAI
    • Current supply cap: 5m; recommended cap: 4.5m; current borrow cap: 4.5m; recommended cap: 3.9m
  • Elliot from Solidity Labs on their contributions and delegate platform
    • Previous work: temporal governance, base deployment
    • Current work: nomad collateral repayment proposal, xWELL, cross-chain governance.
    • Delegate platform: what we are trying to bring to the community
  • Quotes from Delegates
    • “MFAM reallocation for liquidity incentives” brought up a critical discussion on the runway and the Snapshot proposal process. @coolhorsegirl brought up the exhaustion of 50% of the MFAM incentives, saying: ‘Let’s reallocate 20% of the MFAM token supply from Developer Grants and Incentives to be used as liquidity incentives’. There was a bit of debate between different delegates on how this should have been implemented. Read along with the discussion in the above link.
    • @Curly stepped in with a few notes, including that the discussion should have been had on the forums first before going to snapshot for a vote, and the protocol could implement protocol-owned liquidity (POL)
    • @elliot brought up that Protocol-Owned Liquidity (POL) is a hard problem — how can we be sure that the Moonwell DAO goal of facilitating access to decentralized lending remains the north star, while also doing this new thing of ‘how do we manage liquidity?’ He cited OlympusDAO as an example. He also wanted clarification on which part of the voting process was incorrect.

Other Links:

View the Slides here.

Be sure to attend the next call during the first week of March!

Mark your calendars on the Discord Invite: Discord
Join us every first Thursday of the month, 12 PM EST / 5 PM UTC

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Governance Call Recap - Mar 7th, 2024

  • Date: March 7, 2024
  • Time: 5pm UTC
  • Moderator: @alex. from @Boardroom
    Note: No recording this month. Technical difficulties, you understand.

Agenda:

  1. Rebalancing of Base Liquidity Incentives from @WardenFinance
  2. $PINK airdrop application for Moonwell from delegate @curly
  3. Aera Vault migration from Aera V1 to Aera V2 from @Gauntlet
  4. Base/Moonbeam/Moonriver risk parameter and IR curves updates, plus xcUSDC recommendations from @Gauntlet

Meeting Notes:

  • @Luke from Lunar Labs provided an update regarding adopting a new WELL token standard. Moonwell will be looking towards migrating WELL to the xERC-20 standard, creating the ability to have a multi-chain governor contract that allows users to lend, borrow, and vote on Base. Voters should look for proposals coming at the end of this month to unify the network under this new standard. Additionally, he noted the expected adoption of Coinbase’s new Smart Wallets, which are set to deploy soon.
  • Hugo from Warden Finance on the Rebalancing of Base Liquidity Incentives
    • Circulating supply for DAI on Base became critically low. Warden Finance recommended that the lending market supply be capped at 50% of on-chain circulating supply to avoid accumulating bad debt.
    • Hugo noted that rETH circulating supply did not allow for further growth to be sustained. The total supply for rETH lending market was standing at 55% of the circulating supply on Base. Hugo discussed the changes applied by Warden Finance, including drastically decreasing rewards for the DAI market to help reduce supply and borrow activity and shifting cbETH rewards towards WETH and USDC.
    • WELL and USDC supply reward distribution for cbETH decreased from 20% to 15% and DAI decreased from 10% to 5%. USDC and ETH both gained 5%, up from 20% and 40%, respectively.
  • Curly on the $PINK Airdrop Application
    • An application went live on the Moonbeam forums for projects to get a share of a community redistribution of $PINK. Of the 1.25% total supply of $PINK that was allocated to Moonbeam, 50% was reserved for deployed Moonbeam projects with active users.
    • Moonwell delegate @Curly discussed the effort he has led on behalf of Moonwell to receive an airdrop of $PINK. The write-up on the Moonbeam forum for this airdrop proposal can be found here.
    • Curly’s successful application for the airdrop request can be found here.
  • Shaan from Gauntlet on Aera Vault migration from Aera V1 to Aera V2
    • Aera V2 is live in production with users that include Compound and Threshold. It introduces new features, including the ability to generate yield on stablecoins, support for a broader range of assets and strategies, an enhanced security framework, and eliminating imminent loss.
    • Shaan noted that a previous Multichain hack (a cross-chain router protocol) could have resulted in a total loss of the vault’s value in Aera V1. He then gave a product demo of Aera and showed off the financial metrics of the in-app vault. Notably, the Moonwell vault has increased its value by ~30% since the posting of the original forum proposal.
    • You can view the vault here.
  • Sai from Gauntlet on recommendations for Base/Moonriver/Moonbeam and xcUSDC
    • Sai discussed the recommendations published on 2/28/2024 for the three Moonwell deployments. Base had 12 risk parameter changes, including increasing reserve factors for wstETH, rETH, cbETH, and DAI and decreasing the DAI supply and borrow cap. Sai also mentioned the recommended changes in wETH’s and DAI’s IR curves. This combination of these actions was meant to manage concentration risk for DAI, improve overall capital efficiency for the protocol, and increase protocol reserves by raising the reserve factors for the Ethereum-based LSTs. Moonbeam had 6 risk parameter changes; Moonriver had one risk parameter change.
    • Gauntlet used Cap Guardian to implement borrow cap adjustments for xcUSDC, setting the cap at 400,000.
    • @coolhorsegirl proposed to add WBTC lending markets to Base following the asset’s launch on the network. Gauntlet offered to give initial parameter recommendations.

Other Links:

View the Slides here.

Be sure to attend the next call on the first Thursday of April!

Join us every first Thursday of the month, 12 PM EST / 5 PM UTC
Next Call: April 4th, 2024.
Mark your calendars on the Discord Invite: Discord

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Governance Call Recap - Apr 4th, 2024

  • Date: April 4, 2024
  • Time: 5pm UTC
  • Moderator: @alex. from @Boardroom
  • Recording Link: YouTube

Agenda:

  1. WETH, wstETH, and cbETH cap increases from @Gauntlet
  2. Base/Moonbeam/Moonriver Recommendations (March 26th) from @Gauntlet
  3. MIP-M21, MIP-M23/MIP-M24, & MIP-B16 from @elliot
  4. Rewards speeds and $PINK airdrop updates from @Curly
  5. Conclusion from @majin

Meeting Notes:

  • @alex. from Boardroom introduced the speakers and gave a few pieces of housekeeping information before diving into the main points of the meeting. First, multichain governance is live and a great explanation on how to migrate to the new WELL token was put up by @Chrizy on Discord. Second, Alex noted the increased number of proposals that went live in March and commended the community for consistently reaching quorum. Lastly, he announced an upcoming Galxe NFT campaign that will encourage voting on Base now that native WELL is supported. There will be a drawing of the NFT holders and the winners will receive a USDC reward. There will be an official announcement in the future detailing the specific criteria for minting the “Based Voter” NFT.
  • Sai from Gauntlet on WETH, wstETH, and cbETH cap increases
    • As Cap Guardian, Gauntlet has the ability to quickly and efficiently make changes to asset supply/borrow caps without the need for a governance proposal. Recently, they adjusted borrow & supply caps for WETH, wstETH, and cbETH on the Moonwell Base deployment due to a large demand for these assets.
    • Here are the adjusted market caps:
      • WETH Supply Cap from 22,000 to 24,000
      • WETH Borrow Cap from 16,000 to 20,000
      • cbETH Supply Cap from 6,000 to 7,200
      • cbETH Borrow Cap from 1,800 to 2,100
      • wstETH Supply Cap from 3,000 to 4,000
      • wstETH Borrow Cap from 900 to 1,250
  • Sai from Gauntlet on Base/Moonbeam/Moonriver Recommendations from March 26th
    • These updates are meant to adjust asset parameters (e.g. collateral factors and borrow caps) to balance risk and capital efficiency. The most recent update recommended the following changes:
      • Base: Five risk parameters were recommended to be changed: WETH supply and borrow cap (12,500 to 18,000 and 10,500 to 14,000, respectively), wstETH supply and borrow cap (1,800 to 2,100 and 800 to 900, respectively), and USDbC RF (15% to 20%). For IR parameters, only USDC had any recommendations: kink (0.8 to 0.9), multiplier (0.032 to 0.067), and jump multiplier (4.2 to 9.0).
      • Moonbeam: Seven risk parameters were recommended to be changed: xcUSDC and WGLMR collateral factors (10% to 15% and 58% to 57%, respectively), WGLMR borrow cap (22,500,00 to 10,000,000), WBTC.wh borrow cap (50 to 5), WETH.wh borrow cap (500 to 100), and the reserve factors for xcUSDT and xcUSDC (20% to 25%, each). For IR parameters, four assets were recommended changes: USDC.wh (an increase in multiplier from 0.0845 to 0.0875 and an increase in jump multiplier from 7.2 to 7.4), xcUSDC (an increase in multiplier from 0.0814 to 0.0875 and an increase in jump multiplier from 7.0 to 7.4), xcUSDT (an increase in multiplier from 0.0814 to 0.0875 and an increase in jump multiplier from 7.0 to 7.4), and FRAX (an increase in multiplier from 0.01 to 0.0563 and an increase in jump multiplier from 0.01 to 4.0).
      • Moonriver: Three risk parameters were recommended to be changed: FRAX reserve factor and collateral factor (15% to 25% and 57% to 53%, respectively) and WMOVR borrow cap (40,000 to 20,000). Only one IR parameter change was recommended for FRAX (increasing the multiplier from 0.0814 to 0.0875 and the jump multiplier from 7.0 to 7.4).
  • Elliot on MIP-M21
    • To start, Elliot summarized Solidity Labs’ efforts from the past four months. The broad goal was to make WELL natively multichain, giving the asset voting rights and the ability to be staked in the Safety Module on Base. Should the community decide to move in this direction, these changes enable the WELL token to be used on chains other than Base.
    • A series of proposals were created to enable multichain governance. In preparation for upgrading WELL to the xERC20 token standard, Solidity Labs proposed MIP-M21 to upgrade the Wormhole Bridge Adapter on Moonbeam. The upgrade was meant to improve the user experience of bridging by automatically unwrapping WELL (xERC20) back to the original Moonbeam WELL token on transfer. He then touched on the technical details of Wormhole message passing. Because the native WELL token is not tied to any one bridge provider, it’s possible to use other bridges (such as Axelar) in the future. Finally, Elliot touched on the security of this upgrade process; he recognized and fixed a potential DoS attack vector while implementing the changes. See the forum post above for more detailed security considerations and codebase changes.
  • Elliot on MIP-M23/MIP-M24
    • Following the passing of MIP-M21, Solidity Labs proposed MIP-M23 and MIP-M24: Multichain Governor and WELL Migration. This pair of proposals sought to move from Compound’s Governor Alpha smart contract to the new cross-chain governor, create xWELL, accept ownership of the contracts, and finalize the new governor’s abilities. To do this, Solidity Labs set the pending owners from the old Artemis timelock to the new multichain governor. MIP-M23 was executed from the Artemis timelock and MIP-M24 was executed from the new multichain governor contracts; the latter had to happen after the passing of the first. The multichain governor allows voting participation on multiple chains. It’s deployed on Moonbeam and there is a vote collection contract on Base. Finally, Elliot gives a “voting flow” example of how creating a new governance proposal would work.
  • Elliot on MIP-B16
    • Proposal #4 in this process was MIP-B16. This prop sought to enable rewards for users in the Safety Module with the new WELL token on Base. The Safety Module helps to backstop and secure the protocol, rewarding users in the process. If there happened to be a loss on Base, the DAO could vote to apply a haircut to all stakers, making sure the protocol remains healthy. With this proposal, users can earn some yield for contributing to protocol security. This was the final proposal needed to fully activate all components of multichain governance. With all four proposals passed, WELL holders on Base can backstop the protocol, earn rewards, and have a voice in governance.
  • Elliot’s miscellaneous updates
    • A new native WELL WETH pool was created on Aerodrome. The rates in the pool are currently high due to a WELL token rate limit.
    • Moonwell is offering gas subsidies for users to migrate to native WELL.
    • MIP-M22 passed with a good voter turnout. The Solidity Labs team is currently working with the Nomad team to mint an NFT and then bridge and redeem the underlying assets.
  • Curly on the $PINK Airdrop Application and rewards speed
    • In March, Curly submitted his monthly rewards speed proposals (MIP-M20 and MIP-R14). The main takeaway here is that the DAO is moving rewards away from USDC.wh towards the new xcUSDC.
    • An application went live on the Moonbeam forums for projects to get a share of a community redistribution of $PINK. Of the 1.25% total supply of $PINK that was allocated to Moonbeam, 50% was reserved for deployed Moonbeam projects with active users. Curly gave an update on his effort led on behalf of Moonwell to receive an airdrop of $PINK. The write-up on the Moonbeam forum for this airdrop proposal can be found here and the successful application can be found here. Curly announced that the $PINK airdrop campaign should be launching within 24 hours. There will be opportunities to get a share of the airdrop once it goes live, such as supplying liquidity to the GLMR or DOT markets and supplying WELL to the Safety Module. The details on the airdrop amounts will be announced shortly.

Other Links:

View the Slides here.

Be sure to attend the next call on the first Thursday of May!

Join us every first Thursday of the month, 1 PM EST / 5 PM UTC
Next Call: May 2nd, 2024.
Mark your calendars with the Discord Invite: Discord

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Governance Call Recap - May 2nd, 2024

  • Date: May 2nd, 2024
  • Time: 5pm UTC
  • Moderator: @alex. from @Boardroom
  • Recording Link: YouTube

Agenda

  1. Announcements from @coolhorsegirl
  2. Base/Moonbeam/Moonriver Recommendations (April 30th) from @Gauntlet
  3. Weekly Market Update (April 29th) from @Gauntlet
  4. AERO market from @Gauntlet
  5. MIP-B16 Base Safety Module staking rewards from @SolidityLabs
  6. Bolstering FRAX liquidity from @SolidityLabs

Meeting Notes:

  • @alex. from Boardroom gave a brief introduction before diving into the main points of the meeting. He gave a reminder that the Based Voter Galxe campaign is live until May 10th; any time there is a proposal that’s votable from Base, users can mint the NFT after the voting period ends. Base voters of the original MIP-M26, the resubmitted MIP-M26, and MIP-B17 will be eligible to mint the Galxe credential.
  • Coolhorsegirl Updates
    • Delegate @coolhorsegirl updated the community with important information regarding the newly established Moonwell Foundation. It’s a Foundation in the Cayman Islands with the purpose of monitoring, activating, and overseeing the Moonwell protocol and the Moonwell ecosystem. She also announced the “I Signed the DAO Constitution” NFT issued on Galxe. The blog post containing more information about the Foundation can be found here.
  • Sai from Gauntlet on Base/Moonbeam/Moonriver Recommendations
    • Gauntlet posted their regular recommendations for the three Moonwell deployments. The cap changes were executed via Cap Guardian.
    • Here are the recommendations:
      • Base: Recommended borrow caps for cbETH, wstETH, and rETH were increased. The supply cap and borrow cap for USDbC were decreased. The AERO CF was set to 65%. IR parameters were proposed to be changed for cbETH, wstETH, and rETH.
      • Moonbeam: The borrow cap for USDC.wh was decreased. Reserve factors for xcUSDT, xcUSDC, and USDC.wh were increased. Collateral factors for USDC.wh, WBTC.wh, and ETH.wh were decreased. IR parameters were proposed to be changed for USDC.wh.
      • Moonriver: The reserve factors for WMOVR, xcKSM, and FRAX were increased. The collateral factor for FRAX was decreased. The borrow cap for FRAX was decreased. IR parameters were proposed to be changed for FRAX and xcKSM.
  • Sai from Gauntlet on the Weekly Market Update from April 29th
    • Sai dived into Gauntlet’s most recent weekly update for the Moonwell markets covering the previous week. These updates give an overview of which assets have an average utilization >= 75%, liquidations, protocol growth, and more.
      • Base: Two assets had an average supply cap usage of over 75%: cbETH (75.71%) and wstETH (85.83%). The deployment had three asset liquidations in the past week: mWETH ($1.82K), mUSDC ($1.71K), and mwstETH ($279.38).
      • Moonbeam: One asset had an average utilization greater than 75%: xcUSDT (77.98%). Two liquidated assets were reported: mGLMR ($12.58K) and mDOT ($404.72).
      • Moonriver: One asset had an average utilization greater than 75%: FRAX (88.85%). Two liquidated assets were reported: mMOVR ($107.03) and mxcKSM ($95.88).
  • Sai from Gauntlet on the AERO market
    • After a successful Snapshot signal vote, Gauntlet created an onchain proposal for MIP-B17 Onboard AERO as collateral on Base deployment. The proposal added the native token of Aerodrome Finance as collateral to Moonwell’s Base deployment. Gauntlet set a supply cap at around 6M tokens and the IR curve recommendations were similar to those used for LSTs in the past.
  • Elliot from Solidity Labs on MIP-B16
    • Proposal #4 in the multichain governance process was MIP-B16. This prop sought to enable rewards for users in the Safety Module with the new WELL token on Base. The Safety Module helps to backstop and secure the protocol, rewarding users in the process. MIP-B16 was originally overwhelmingly passed by the community. However, it contained an error that prevented execution. On April 6th, the proposal was re-submitted for an onchain vote and it passed on April 9th.
  • Elliot from Solidity Labs on Bolstering FRAX Liquidity
    • In a multi-month effort to redeem dormant assets impacted by the Nomad exploit and to bolster the liquidity of the FRAX market on Moonbeam, Elliot announced in April that 2.8M FRAX have paid off bad debt. He addressed the many challenges experienced along the way and thanked the community for being understanding and patient.

Other Links:

View the Slides here.

Be sure to attend the next call on the first Thursday of June!

Join us every first Thursday of the month, 1 PM EST / 5 PM UTC
Next Call: June 6th, 2024.
Mark your calendars with the Discord Invite: Discord

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Governance Call Recap - June 6th, 2024

  • Date: June 6th, 2024
  • Time: 5pm UTC
  • Moderator: @alex. from @Boardroom
  • Recording Link: YouTube

Agenda

  1. Introduction and Announcements from @Boardroom, @Luke, and @coolhorsegirl
  2. BASE/Moonbeam/Moonriver Recommendations (May 29th) from @Gauntlet
  3. Weekly Market Update from @Gauntlet
  4. Proposal for Moonwell MetaMorpho Vaults from @BlockAnalitica

Meeting Notes:

  • @alex. from Boardroom gave a brief introduction and announced an upcoming initiative on Galxe. Moonwell recently ran a “Based Voter” campaign, where the goal was to incentivize users to upgrade their WELL and vote using the native token on Base. The campaign was successful — it resulted in over 200 eligible addresses and 145 successful minters. It also coincided with the largest voter turnout since August 2023; MIP-B17 gathered 145 onchain votes. For this new campaign, Boardroom will be kicking off a full-scale, monthly recurring governance NFT. Each month, $2000 WELL will be rewarded to 20 random NFT minters ($100 each). Every month, there’s going to be three possible user actions to complete. Users who complete all three of them will be eligible to mint that month’s NFT. More details will be shared soon.
  • Luke Youngblood Updates
    • Moonwell Contributor @Luke thanked the community for showing strong support over the years. He touched on the recent announcement of the Coinbase Smart Wallet and outlined how it relates to the wider crypto vision of making onchain finance easy to use. He also thanked Gauntlet, Warden Finance, and Solidity Labs on the risk management, incentive optimization, and development side of things.
  • Coolhorsegirl Updates
    • Delegate @coolhorsegirl updated the community with a reminder regarding the rewards speed proposals (MIP-M31 and MIP-R20) that went live just prior to the call. The pair of proposals rebalances liquidity incentives on Moonbeam and Moonriver; she encouraged everyone to go vote on them. Second, she plans to put up a forum post to gather community feedback on possibly expanding Moonwell to Optimism. She mentioned upcoming grants from Optimism to encourage projects to be built there. Aave is currently deployed there, but it lacks certain features like a Safety Module.
  • Sai from Gauntlet on Base/Moonbeam/Moonriver Recommendations
    • Gauntlet recently posted their regular recommendations for the three Moonwell deployments. The cap changes were executed via Cap Guardian.
    • Here are the recommendations:
      • Base: Supply caps for WETH and wstETH were increased, while the supply cap for USDbC was decreased. The borrow cap for wstETH was increased and the borrow cap for USDbC was decreased. Three IR curves were recommended to be adjusted: WETH (decreased Multiplier), USDC (decreased Multiplier), and AERO (increased Multiplier).
      • Moonbeam: Borrow caps for xcUSDC, xcUSDT, xcDOT, FRAX, and BTC.wh were decreased. Reserve Factors for WGLMR, xcDOT, BTC.wh, and ETH.wh were increased. Collateral Factors for ETH.wh, WBTC.wh, and USDC.wh were slightly decreased. Three IR curves were recommended to be adjusted: xcUSDC (decreased Kink and increased Multiplier), xcUSDT (decreased Kink and increased Multiplier), and FRAX (decreased Multiplier).
      • Moonriver: The single proposed change for Moonriver was an IR curve adjustment for xcKSM (decreased Multiplier).
  • Sai from Gauntlet on the Weekly Market Update
    • Sai briefly recapped Gauntlet’s most recent weekly update for the Moonwell. These updates give an overview of which assets have an average utilization >= 75%, liquidations, protocol growth, and more.
      • Base: Four assets had an average borrow/supply cap usage of over 75%: DAI (93.60% borrow cap and 92.66% supply cap), cbETH (83.34% supply cap), USDbC (81.42% supply cap), and rETH (77.56% borrow cap and 99.98% supply cap). The deployment had six asset liquidations in the past week: mwstETH ($14.35K), mWETH.
      • Moonbeam: One asset had an average utilization greater than 75%: USDC.wh (75.76%). Two asset liquidations were reported: mFRAX ($17.14) and mGLMR ($0.46).
      • Moonriver: One asset had an average utilization greater than 75%: FRAX (80.78%). Three liquidated assets were reported: mMOVR ($9.69), mxcKSM ($4.04%), and mFRAX ($2.32).
  • Block Analitica on the Proposed Moonwell MetaMorpho Vaults
    • Recently, community member @BlockAnalitica proposed a collaboration between Moonwell, Block Analitica, B.Protocol, and Morpho Blue. Block Analitica is a risk management firm; Morpho Blue is a governance-minimized lending protocol that hosts MetaMorpho, a protocol for creating lending vaults; and B.Protocol is a builder of open-source protocols and risk mitigation infrastructure. This proposal entails creating yield-generating Moonwell MetaMorpho vaults with initial support for USDC and WETH. MonetSupply, on behalf of Block Analitica, went on to outline the proposal details and what makes Morpho Blue good infrastructure to help Moonwell capture activity on Base; Morpho Blue is government-minimized and immutable. He also discussed adding the Moonwell Security Council as a “Guardian” role. “Allocator” and “Guardian” roles can be changed in the future.

Other Links:

View the Slides here.

Be sure to attend the next call on the first Wednesday of July!

We usually host calls on the first Thursday of every month, 1 PM EST / 5 PM UTC. For July, this happens to fall on July 4th. Accordingly, we are moving the call to the day before: Wednesday, July 3rd at the same time.

Next Call: July 3rd, 2024.
Mark your calendars: Discord

Governance Call Recap - Aug 1st, 2024

Agenda

  1. Introduction and Announcements from @boardroom and @majin
  2. Aerodrome Rewards & a Special Message from @WardenFinance
  3. Adding Swell Network’s LRT market to Moonwell from @kilian_swell

Meeting Notes:

  • @alex from Boardroom gave a brief introduction and announced an update to the ongoing Galxe campaign. First: all of the voter data has been added to the credential sheets for the July campaign and an update will be posted in the July Campaign Discord channel after funds are sent out to the 20 winners. The four proposals that went live on July 31st - the automated reward speed proposals for Base, Optimism, Moonbeam, and Moonriver - will be counted for the August campaign. The third and final campaign for August was posted after this call. He lastly noted that we’ve had great turnout on proposals this month; the previous high was 145 on the Based Voter campaign proposal, but this month we’re averaging 195 votes, with the maximum being 237.
  • Lunar Labs Update
    • @majin started by thanking Moonwell contributors and community members. He let the community know about the upcoming monthly risk parameter recommendations from Gauntlet which are likely to be posted on Monday; they will set the initial collateral factors on Optimism which were set to 0 for safety reasons. The proposals should be executed the following Saturday, and borrowing can then be enabled. He went on to discuss a change in the structure of the reward speed proposals as Warden Finance’s contract period with Moonwell is coming to an end. A new custom tool was developed to update reward speed proposals on all networks. It submits governance proposals automatically every 28 days. He encouraged listeners to vote on the four reward speed proposals that are currently live to help reach quorum. He then mentioned the increase in forum posts related to adding new markets for liquid staking tokens and he gave an overview of the process for creating these proposals. Finally, he brought up the Basecamp livestream and Moonwell Radio Episode 4 on Twitter/X.
  • Hugo from Warden Finance on Aerodrome Rewards and a Final Update
    • Warden Finance previously updated the community on changes and updates to the reward distributions for Moonwell. Warden’s role as a contributor is now solely managing Aerodrome rewards until the end of August. He first walked through the history of Warden Finance’s contributions to Moonwell. He thanked everyone who’s been involved in the last year+ of Warden’s contributions to Moonwell, including Gauntlet and Lunar Labs.
  • Swell Network on Adding an LRT market to Moonwell
    • Swell Network is one of the leading liquid staking & liquid restaking protocols with over $1.5b in deposits and over 48,000 depositors. The protocol issues a liquid staking token (LST), swETH, and a liquid restaking token (LRT), rswETH. The upcoming proposal seeks to add a market to Moonwell on Base for rswETH. The speaker discussed the general overview of the token and noted that withdrawals just went live two days ago, making the LRT a complete product. In three to four weeks, native minting will be live. In the meantime, before the proposal goes to a Snapshot signal vote, they are working on finishing the proposal, including adding oracle information.

Other Links:

View the Slides here.

Be sure to attend the next call on the first Thursday of September!

We host calls on the first Thursday of every month, 17:00 UTC.

Next Call: September 5th, 2024.

Governance Call Recap - Sep 5th, 2024

Agenda

  1. Introduction and Announcements from @boardroom
  2. Weekly Market Update from @gauntlet
  3. BASE/Moonbeam/Moonriver Recommendations from @gauntlet
  4. wrsETH Snapshot from @Hedged_Adi (Kelp DAO)
  5. superOETHb LST on Base from Origin Protocol

Meeting Notes:

  • @alex from Boardroom started the call with a brief introduction. The first update for this month surrounded Boardroom’s efforts shifting away from incentivization campaigns toward long-term, sustainable growth of all aspects of Moonwell governance. On one end, that will entail creating a revamped delegate onboarding process, and on another, there are plans for a community onboarding pipeline. The goal is to make it easier for new entrants coming to Moonwell to find the important things to know, whether they are joining as prospective delegates or community members. The second main point is the launch of one of those changes mentioned above: the new Delegate onboarding system. This structure is essentially a tiered, role-based system for new Moonwell Delegates to be onboarded through. The first role is Junior Delegate, the second is Delegate, and the third and final tier is Super Delegate. There are unique requirements to attain each role, and there are unique tasks for each type of delegate to complete. A Delegate Rush program will coincide with the launch of the new system to encourage newcomers to apply to be a delegate and progress through the roles on a fast-track. Be on the lookout for official announcements of these changes.
  • Sai from Gauntlet on Monthly Recommendations
    • Last week, Gauntlet offered their monthly recommendations on risk parameters across the four Moonwell deployments. He mentioned a possible deprecation of the USDbC market in the future. AERO is predominantly a supply market, so he discussed their recommendation to increase supply caps. On Optimism, Sai touched on the risk-off measures taken surrounding WBTC; we are roughly 20 days before the joint venture between BitGo and BiTGlobal formalizes, so they are expecting volatility in the market (e.g. many people swapping wBTC for other assets). Finally, for Moonbeam and Moonriver, he discussed the ongoing narrative of decreasing TVL across those two chains.
      • Base: Both supply and borrow caps for AERO were increased. Collateral Factors for WETH, cbETH, wstETH, and rETH were increased while the Collateral Factor USDbC was decreased. The Reserve Factor for USDbC was increased. IR parameters were recommended to be adjusted: AERO (increased Jump Multiplier) and USDC (decreased Multiplier).
      • Optimism: WBTC Borrow Cap was decreased, WBTC Reserve Factor was increased, and WBTC Collateral Factor was decreased. IR parameters were recommended to be adjusted: USDC (increased Kink, decreased Multiplier, and increased Jump Multiplier), USDT (increased Kink, decreased Multiplier, and increased Jump Multiplier), and DAI (increased Kink, decreased Multiplier, and increased Jump Multiplier).
      • Moonbeam: Borrow caps for USDC.wh, xcDOT, WETH.wh, and FRAX were decreased. Collateral Factors for USDC.wh, WETH.wh, WBTC.wh, and FRAX were decreased. One IR curve was recommended to be adjusted: FRAX (decreased Kink and increased Multiplier).
      • Moonriver: Borrow caps for WMOVR and FRAX were decreased.
  • Sai from Gauntlet on the Weekly Market Update
    • This Tuesday, Gauntlet posted their weekly market update.
      • Base: Three assets had an average borrow/supply cap usage of over 75%: AERO (87.28% supply cap and 83.01% borrow cap), USDbC (90.06% supply cap), and rETH (75.20% supply cap). The deployment had $71,068.08 in liquidations across five assets in the past week: mAERO ($69.83k), mwstETH ($806.55), mWETH ($429.11), mDAI ($1.50), and mUSDC ($0.92).
      • Optimism: No asset had an average utilization greater than 75%. No liquidations were reported.
      • Moonbeam: No asset had an average utilization greater than 75%. The deployment had $3.37k in liquidations from one asset in the past week: mGLMR.
      • Moonriver: One asset had an average utilization greater than 75%: FRAX (83.10%). The deployment had $552.96 in liquidations from one asset in the past week: mMOVR.
  • Kelp DAO on wrsETH Markets on Base and Optimism
    • Aditya from Kelp DAO created a forum post one month ago with the intention of adding the protocol’s liquid restaking token (LRT), wrsETH, to the Moonwell markets on Base. Kelp DAO is a liquid restaking protocol built on top of EigenLayer; users can stake and restake on the platform to earn rewards and DeFi yields. On August 28th, the proposal went up for a Snapshot vote, but was defeated. On the call, Aditya and Soufia made the case for the community to consider voting for a future Snapshot due to one large wallet comprising most of the “nae” votes on the previous proposal. He finished by inviting feedback from anyone who voted for or against the proposal so that any issues could be resolved before the next proposal goes live.
  • Origin Protocol on superOETHb
    • Peter, business development at Origin Protocol, came on the call to give an intro to the protocol and discuss superOETHb, a new LST on Base network. He first gave an overview of the long history of the protocol; super OETH is essentially a new iteration of an older product developed by Origin. This class of LST is meant to be lower risk than restaking, but provide higher yield than staking alone. How it works: it combines liquid staking yield on L1 with compounded rewards on L2 through Aerodrome on Base (and Velodrome on Optimism for superOETHo). Protocol-owned liquidity (POL) is meant to ensure a 1:1 ETH peg. In the future, there may be a proposal to add a market for the asset on Moonwell.

Other Links:

Be sure to attend the next call on the first Thursday of October!

We host calls on the first Thursday of every month, 17:00 UTC.
Next Call: October 3rd, 2024.

Governance Call Recap - Oct 3rd, 2024

Agenda

  1. Introduction and Announcements from @boardroom
  2. wUSDM Proposal from Mountain Protocol (@julianMP)
  3. wrsETH Proposal from KelpDAO (@Hedged_Adi)
  4. Super OETH from Origin Protocol (@pete)
  5. Weekly Market Update & BASE/Moonbeam/Moonriver Recommendations from @gauntlet
  6. @0xMims Super Delegate Platform
  7. Delegation Pitches: @PGov, @DAOplomats.eth

Meeting Notes:

  • @alex. from Boardroom started the call with a recap of the Delegate Rush program. He reminded the community that we’re in the second half of the first phase of the program, the “Application Period.” He urged everyone to do their due diligence, look over the new delegation pitches in the forums, and consider delegating to the applicants. The Application Period of the program will close on October 11th and the Delegation Period will last four weeks from October 12th to November 9th.
  • Add wUSDM Market to Moonwell on Optimism
    • Martin from Mountain Protocol joined the call to give an introduction to the protocol and the team’s proposal. Earlier in the month, Julian from the team took to the forums to propose adding a market to Moonwell on Optimism for wrapped USDM (wUSDM). Mountain Protocol is the issuer of USDM, a USD-denominated, regulated, permissionless, yield-bearing stablecoin backed fully by US Treasuries. Martin mentioned that the protocol operates similarly to USDC or PYUSD, but Mountain Protocol’s business model passes the yield back to the holders rather than being captured by the issuer. He explained the advantages of holding USDM, including receiving a floor yield through low interest rate environment conditions. He also explained its rebasing mechanism. He wrapped up by mentioning a program from Optimism to provide incentives to protocols integrating yield-bearing assets and touched on regulatory concerns. Should the community decide to move forward through a successful Snapshot proposal, Gauntlet will provide risk assessment before the proposal moves onchain.
  • Add wrsETH Market to Moonwell on Base
    • KelpDAO created a Snapshot proposal in mid-September to add markets for their LRT, wrsETH, to Moonwell on Base and Optimism. The proposal passed successfully. On the call, Adi and Soufia mentioned the protocol’s adoption on Base and Aerodrome. Adi mentioned that they are waiting for Gauntlet to post market recommendations (which were posted shortly after the call) and that there will be an onchain vote shortly after. Finally, he touched on incentives that would come with the asset’s proposed markets.
  • Origin Protocol on superOETHb
    • Last month, Peter from Origin Protocol came on the call to give an intro to the protocol and discuss superOETHb, a new LST on Base network. This month, Peter discussed an upcoming proposal to add a market for super OETH on Moonwell. This class of LST is meant to be lower risk than restaking, but provide higher yield than staking alone. How it works: it combines liquid staking yield on L1 with compounded rewards on L2 through Aerodrome on Base (and Velodrome on Optimism for superOETHo). Protocol-owned liquidity (POL) is meant to ensure a 1:1 ETH peg. He updated the community with details surrounding the September 9th launch of the LST. TVL has grown from $7M to $320M and the protocol sits atop the DefiLlama list of yields on Base. He finished by mentioning the yield opportunities and the synergies that those DeFi strategies would have with Moonwell. Origin Protocol’s proposal went up later that day.
  • Sai from Gauntlet on Monthly Recommendations
    • Last week, Gauntlet offered their monthly recommendations on risk parameters across the four Moonwell deployments.
      • Base: Both supply and borrow caps for AERO were increased. Supply cap for cbBTC was increased. Both supply and borrow caps for USDbC and DAI were decreased. Reserve Factor for USDbC was increased. IR parameters were recommended to be adjusted: USDC (decreased Multiplier) and cbBTC (decreased Base and increased Multiplier).
      • Optimism: Borrow and supply caps were increased for WETH. Supply cap for Velo was increased. WBTC borrow cap was decreased. WBTC reserve factor was increased while its collateral factor was decreased. IR parameters were recommended to be adjusted: USDC (decreased Multiplier and increased Jump Multiplier), USDT (decreased Multiplier and increased Jump Multiplier), and DAI (decreased Multiplier and increased Jump Multiplier).
      • Moonbeam: Borrow caps for WBTC.wh, WETH.wh, and FRAX were decreased. Collateral Factors for USDC.wh, WETH.wh, WBTC.wh, and xcUSDC were decreased. WBTC.wh reserve factor was increased.
      • Moonriver: IR parameters were recommended to be adjusted: xcKSM (decreased Multiplier).
  • Sai from Gauntlet on the Weekly Market Update
    • Last Monday, Gauntlet posted their weekly market update.
      • Base: One asset had an average borrow/supply cap usage of over 75%: rETH (87.67% supply cap). The deployment had $512,653.61 in liquidations across six assets in the past week: mUSDC ($383.55K), mAERO ($113.52K), mcbBTC ($15.33K), mWETH ($251.15), mcbETH ($1.88), and mwstETH ($0.58).
      • Optimism: Three assets had an average utilization greater than 75%: USDT (84.78%), USDC (84.29%), and DAI (89.23%). The deployment had $1,040.39 in liquidations across two assets in the past week: mOP ($1.04K) and mDAI ($0.39).
      • Moonbeam: No asset had an average utilization greater than 75%. The deployment had $9,869.45 in liquidations across two assets in the past week: mxcUSDT ($9.77K) and mGLMR ($99.45).
      • Moonriver: One asset had an average utilization greater than 75%: FRAX (82.28%). No liquidations were reported.
  • 0xMims Delegate Platform
    • 0xMims is Moonwell’s latest delegate. He also is one of two existing delegates who has been onboarded as Moonwell’s first Super Delegates. So far during his contribution period to Moonwell, he has spearheaded the effort to add a Core Market for Circle’s EURC on Moonwell. On the call, he touched on his background with Penn Blockchain and Blockworks Research. He finished by offering assistance to teams or individuals creating forum proposals to add markets for new assets and by bringing up the idea of upgrading the Staking Module.
  • Delegate Rush Pitches: PGov & DAOplomats
    • Throughout September, applicants began submitting pitches for the Moonwell Delegate Rush. We were welcomed on the call by two experienced teams operating in crypto governance for many years; PGov is a team of governance professionals with expertise in DeFi and a long-time interest in Moonwell as users; DAOplomats is a professional governance organization with contributions to protocols like 1inch, Gitcoin, and BanklessDAO across multiple aspects of crypto including grants and tokenomics.

Other Links:

Be sure to attend the next call on the first Thursday of November!

We host calls on the first Thursday of every month, 17:00 UTC.
Next Call: November 7th, 2024.

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