Monthly Governance Calls

Announcements & Updates Updates
6

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

1 Like