Governance Call Recap
- Date: Apr 24th, 2025
- Time: 17:00 UTC
- Moderator: Alex from @Boardroom
- Recording Link: YouTube
Agenda
- Introduction: Luke Youngblood on protocol updates, Majin on Optimism grants, and more
- Dave from API3 on OEV-enabled data feed updates
- USDT0 asset listing
- Gauntlet on this month’s risk recommendations
Meeting Notes:
- Alex started the call with a quick look at governance metrics. In Q4 2024, we started to see increased voter participation after the voting requirement was added by MIP-X05. In Q4, we had just over 4200 total votes cast. In Q1 of this year, that total value was just over 4000. While it may seem like a drop-off, there were actually significantly fewer total onchain proposals submitted (21 in Q4 versus 14 in Q1). The average voter turnout was actually far greater in Q1 compared to Q4 (200 versus 288).
- Luke Youngblood joined the call to discuss a few updates. First, a few members of the Moonwell team and some members from Tribes joined another Virtuals hackathon based around Agent Commerce Protocol. The Moonwell team won sixth place, and Luke recommended that listeners check out the teams that won the grand prize. Solace, an AI therapist agent, was the grand prize winner, built by students from UC Berkeley. Luke conducted an X space last Thursday with the founder of Solace. Second, he mentioned that the team has been working on new features on the Moonwell side. One feature was built on thirdweb’s Universal Bridge; it allows users to deposit up to $500 per week into a Moonwell Vault (e.g. USDC) from 40 different fiat currencies in a single operation, all from a Visa debit card, with no KYC, in ~1 minute. It also supports over 500 different crypto wallets. This is a part of a larger effort to remove the “switch network” UI in the app and allow users to deposit from anywhere, with any coin, all without needing to think about where they’re coming from. He finished by commending the community on their high voter turnout recently and gave updates on the reserve auctions and staking reward rate increase.
- Majin from Lunar Labs then gave updates on Moonwell’s recent winning of Optimism grants. Moonwell applied for and has been awarded two Grants Council grants. The first is for Core Market incentivization on OP mainnet; Moonwell was awarded 200K OP, dispersed in two tranches. Moonwell got 40% upfront and will receive 60% after achieving specified milestones. Of the 80K already received, 20K has been allocated in the most recent automated liquidity incentive proposal. Moonwell has already achieved the required TVL growth milestone to unlock the remaining 60%, so the remaining 200K OP will fund incentives for roughly six months. He also mentioned that they also applied for a cycle 35 grant, focused on the new USDC vault Flagship Vault on OP Mainnet. He finished by mentioning that Moonwell was awarded a Moonbeam grant of over 2M GLMR. Gauntlet ran a grant impact evaluation for Moonbeam grants and found that Moonwell was the top performing grant recipient.
- Dave on MIP-M43: Switching Moonwell’s GLMR Market to using API3’s OEV Enabled Data Feed
- Dave was a guest on December’s Great OEV Debate call where he made the case for Moonwell using API3’s OEV solution. He made a post in January proposing that Moonwell switch to API3’s OEV enabled data feed for the GLMR Core Market on Moonbeam, which progressed to a Snapshot proposal in February. This month, the onchain proposal was submitted and successfully passed by the community. API3 will distribute 80% of the OEV proceeds to Moonwell via the addReserves function on the GLMR Core Market on Moonbeam. On the call, he announced that the integration was live and that the first OEV liquidation occurred a few days ago. The data feed is working as intended. For users that want to track it, they’ve made a dashboard so that the performance of the data feed is visible to the Moonwell community. It shows all of the liquidations that are happening on that market; it tells users the type of function that triggered the liquidation (e.g. standard MEV type priority, OEV). Follow @thevet on Twitter for more updates.
- USDT0 Asset Listing
- On April 23rd, Super Delegate 0xMims created a forum post outlining a proposal to add a USDT0 Core Market to Moonwell on Optimism. USDT0 is the multichain variant of Tether’s USDT, powered by LayerZero’s Omnichain Fungible Token (OFT) standard. Outlined in the post are general token information, decentralization, oracle assessment, risk assessment, and more. Alex filled in for 0xMims and gave an overview of the proposal. He finished by reminding the community to read and engage with proposals like these - or in the case that they don’t have the time - to delegate to people like 0xMims, PGov, and Coolhorsegirl.
- Base/Optimism/Moonbeam/Moonriver Monthly Recommendations
- Sai came on to discuss Gauntlet’s latest monthly recommendations on risk parameters across the four Moonwell deployments.
- Base: Collateral factors were increased for USDC, EURC, cbBTC, LBTC, and tBTC. Reserve factors were decreased for cbBTC, LBTC, tBTC, and EURC. Supply cap and borrow cap for tBTC were increased. IR parameters were recommended to be adjusted for USDC and WETH.
- Optimism: Collateral factors were increased for USDC and USDT. IR parameters were recommended to be adjusted for USDC, USDT, DAI, and WETH.
- Moonbeam: Borrow caps were decreased for WGLMR, xcUSDC, USDC.wh, FRAX, and WETH.wh. Collateral factors were decreased for FRAX, USDC.wh, WETH.wh, WGLMR, and xcUSDC.
- Moonriver: No changes were recommended.
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Next Governance Call
Going forward, Moonwell governance calls will take place on the last Thursday of each month at 17:00 UTC. The next call will be on May 29th, 2025.