Monthly Governance Call – March 2026 Recap
Welcome & House-Keeping
- Moderator: Alex (Boardroom)
- Speakers: Luke & Darren/0xMims (Lunar Labs), Joel (Super Delegate), and Chris (Anthias)
- Quick overview:
- A new speaker joined the regular rotation: Joel, a Super Delegate specializing in data and analytics, gave his first update on a new Moonwell data dashboard he has been building.
- Most submitted questions were already addressed in forum posts or covered during speaker updates, so there was no dedicated Q&A section for this call.
Moonwell Core Contributor Updates (Luke @ Lunar Labs)
- MFAM community onboarding & cbETH remediation
- The airdrop is complete (over $90,000 worth of staked WELL was distributed to MFAM holders). Luke welcomed the MFAM community to the Moonwell DAO.
- As part of the same proposal, the first round of cbETH remediation payments was sent to the 203 impacted wallets, covering just over 15% of the impacted amount. A portion of the recovered funds came from law enforcement cooperation with the Cayman Islands police. The DAO has committed to covering the remainder through future protocol revenue.
- Wormhole relayer migration
- Wormhole is sunsetting its current relayers (which handle cross-chain transactions between Base, OP Mainnet, etc.) with an April 1st deadline. Lunar Labs was only notified a couple of weeks prior, with no advance notice in December.
- A governance proposal to upgrade the vote collector contracts and WELL cross-chain bridging contracts to support the new Wormhole relayer technology is going onchain. This is necessary to keep governance and WELL cross-chain transfers functioning.
- Venice (VVV) token listing
- Venice token has been added as a new collateral asset on Moonwell on Base. Venice is a privacy-first AI platform (founded by Eric Voorhees) allowing users to access top LLMs while preserving privacy and paying with crypto. VVV holders can now borrow against their tokens on Moonwell.
- Venice is currently the highest-volume altcoin on Base by trading volume. Luke noted that supporting top Base-native assets like AERO and VVV is a key driver of protocol revenue.
- Ethereum Mainnet launch
- Still on track for an April launch, despite unplanned work from the cbETH remediation and the Wormhole migration.
- Mamo update
- The Mamo agent received a $10,000 Base Builder Grant.
- A month-long reward campaign is live through the Base app: users depositing USDC via Mamo (which routes into Moonwell Vaults and Markets) can currently earn double-digit APYs. The Mamo agent automatically claims and compounds rewards once they reach $0.50 or more.
- Existing Mamo depositors who want to participate in the campaign need to withdraw and re-deposit through the Base app.
- Malicious Moonriver governance proposal
- A suspicious proposal (MIP-R39) appeared on the deprecated Moonriver/Apollo network, appearing to be an attempt to drain remaining protocol assets to an attacker’s wallet. It was not created by any known Moonwell contributor.
- As of the call, the proposal was failing: ~31.5% for, ~68.5% against. Luke noted this does not affect the main Moonwell protocol, WELL, or any core markets or vaults in any way.
- The proposal was cancelled shortly after the call.
Super Delegate Update (Joel)
- Joel has built a comprehensive Moonwell data dashboard, motivated by the fragmented state of existing data coverage across platforms like Certora, Anthias Labs, Token Terminal, and DeFiLlama, each covering different slices but none providing a holistic view.
- The dashboard has seven pages, filterable by chain (Base, Optimism, Moonbeam, with some Moonriver historical data on the financials page):
- Overview: Total supplied, borrows, TVL, and reserves with time-series charts (daily/weekly/monthly/quarterly/yearly).
- Markets: Coverage of ~41 markets with detailed per-asset views; Venice token to be added in the coming days.
- Wallet: User position tracking.
- Liquidations: Liquidation history plus a liquidator economy view (address, volume, collateral seized, debt repaid, profit, profit share, last activity). Currently populated for Base; OP Mainnet and Moonbeam to follow.
- Financials: fees and revenue, sourced from the Moonwell SDK, Alchemy RPCs, Morpho, and DeFiLlama.
- Vaults: Detailed data on Moonwell Morpho vaults.
- Governance: Proposals, voters, and delegates with search functionality. A delegate tracker was added based on Alex’s feedback, allowing filtering by delegate tier (super, mid-tier, junior) and by month to view individual voting history.
- A separate Dune dashboard for OEV revenue is also live, currently covering only the wrapped ETH market; Joel will expand it to all OEV-enabled markets.
- Feedback can be sent via DM on X or by email.
Governance & Community Proposals (0xMims @ Lunar Labs)
- Two proposals addressed this month:
- MIP-B58: Onboarded the MFAM community (staked WELL airdrop) and initiated the first round of cbETH incident restitution payments. Additional restitution rounds may follow through future governance votes.
- MIP-B59: Added Venice (VVV) token to Moonwell markets on Base.
Risk & Parameter Updates (Chris @ Anthias)
- Base: LBTC collateral factor was decreased to 82%. Borrow caps for cbBTC, AERO, and wstETH were decreased to 90, 7.5M, and 500, respectively. cbETH reserve factor was increased. IR parameters were recommended to be changed for USDC and cbETH.
- Optimism Mainnet: VELO borrow cap reduced from 20M to 6M (same tail risk rationale as Base changes). weETH supply and borrow caps reduced to 0.1 due to insufficient DEX liquidity.
Action Items & Dates
- Vote on the Wormhole relayer upgrade proposal.
- Track Ethereum Mainnet launch progress, targeted for April.
- Check out Joel’s new data dashboard and provide feedback.
- Submit questions for the next call (Thursday, April 30th). The Google Form will be posted on X and the forums closer to the date.