Governance Call Recap
- Date: June 26th, 2025
- Time: 17:00 UTC
- Moderator: Alex from @Boardroom
- Recording Link: YouTube
Agenda
- Introduction: Luke Youngblood & 0xMims
- API3 on Switching Moonbeam Markets to Using API3 Data Feeds
- Block Analitica Updates
- Anthias Labs Updates
Meeting Notes:
- Boardroom started the call with a quick note on governance activity. Alex highlighted that June has been a fairly busy month for Moonwell governance. Between Snapshot and onchain votes, there have been a total of 9 proposals; the MIP-X23 Automated Liquidity Incentives proposal received 514 votes. Both voter turnout and proposal velocity remained high in June. He also announced an upcoming Delegation Program; Boardroom was awarded with a delegation grant from the Moonwell Foundation. The DAO currently has four open slots for Super Delegates (currently, Coolhorsegirl is the only delegate in this tier). Alex noted PGov’s active involvement in Moonwell over the past six months and stated that Boardroom’s first delegation will be to the PGov team. Delegation from Boardroom is contingent on staying active in governance and completing their role’s minimums requirements. It’s meant to be an incentive, so in the same way that Boardroom can delegate to someone, the team can also un-delegate. The goal is to find a handful of very high-impact, experts to cover different aspects of Moonwell governance. Those Super Delegate Specialties could include Security Council, asset listing, data & analytics, etc. There will be a forum post outlining all of this in the near future. It will be used to be transparent with who Boardroom is delegating to and provide updates to the community if any changes are made.
- 0xMims on Cap Guardians and Security Council Updates
- Darren came on the call to bring attention to an onchain proposal (live during the time of the call) seeking to change the Borrow & Supply Cap Guardian from Gauntlet to Anthias. Also, following a Snapshot from March, there is an upcoming proposal to add Ana Bittencourt and Anthias Labs to the Security Council.
- Luke Youngblood thanks Gauntlet and welcomes Anthias
- Luke started by thanking Gauntlet for three years of excellent service. He highlighted a few key moments where Gauntlet kept Moonwell safe as a protocol: (1) the FTX collapse of 2022. Gauntlet’s risk management expertise kept the protocol safe and kept the protocol from incurring any bad debt during one of the largest exchange collapses in history. (2) The Silicon Valley Bank collapse of 2023. Circle’s USDC depegged to $0.93, which could have negatively impacted Moonwell given its use as collateral on the app, but Gauntlet effectively managed the risk in real-time. He finished by clarifying Anthais’ role as a contributor and welcomed the team.
- Dave from API3 on Switching all Moonbeam Markets to using API3’s Data Feeds to Maximize OEV Recapture
- Earlier this year, API3 proposed switching data feeds for Moonwell’s GLMR Core Market to API3’s OEV solution. In mid-April, its onchain proposal was successful and the market’s data feed was switched (complete with an OEV dashboard). This proposal seeks to switch to using API3’s OEV data feeds for all Moonbeam Core Markets. dav3 notes that this proposal does not compete with the Solidity Labs onchain OEV solution currently used on other deployments. API3 will continue distributing 80% of the OEV proceeds to Moonwell, via the addReserves function on the GLMR core market on Moonbeam.
- Block Analitica on the Renewal of Moonwell Vaults Incentives Program & Listing the New PT-LBTC Market
- Alex gave a few updates on behalf of Definikola and Block Analitica. Early in the month, Block Analitica created a forum proposal which sought to introduce a new Pendle LBTC pool on Base to borrowers utilizing PT-LBTC tokens as collateral on Morpho. The previous pool reached its expiry date. The team also submitted MIP-B44: Renewal of Moonwell Vaults Incentives Program for an onchain vote in mid-June. It sought to renew the Moonwell Morpho Vaults incentives program for an additional 90-day period, requesting a grant of 10M WELL tokens. The grant will be allocated across the USDC, ETH, EURC, and cbBTC vaults (50%, 24%, 13%, and 13%, respectively) to optimize liquidity and address market demand. Lastly, the USDC vault TVL has jumped recently due to the vault’s rewards from $19M to $40M, making it the number 1 USDC vault on Base (excluding Spark).
- Anthias Labs Risk Parameter Recommendations
- Following the passing of this Snapshot, Anthias Labs joined Moonwell as a risk partner on the Base markets. Early in June, the team posted a report including recommendations for setting June’s minimum reserves in Moonwell’s Base Core Markets. The team will deliver monthly updates and proposals to optimize reserve levels, ensuring the protocol remains safe in the face of bad debt. They later offered their first official monthly recommendations for June as official contributors to Moonwell, addressing risk on the Base Core Markets. They discussed the volatility in the USDC interest rates in early June, recommending a bump to its multiplier. Lastly, they offered analysis and parameter recommendations for the cbDOGE and cbXRP proposals. Chris noted that Anthias Labs is taking over handling risk parameters on all four Moonwell deployments. He also mentioned that they will soon release their Moonwell data monitoring dashboard in early July.
Other Links:
July Governance Call
Moonwell governance calls take place on the last Thursday of each month at 17:00 UTC. The next call will be on July 31st, 2025.