Governance Call Recap - June 6th, 2024
- Date: June 6th, 2024
- Time: 5pm UTC
- Moderator: @alex. from @Boardroom
- Recording Link: YouTube
Agenda
- Introduction and Announcements from @Boardroom, @Luke, and @coolhorsegirl
- BASE/Moonbeam/Moonriver Recommendations (May 29th) from @Gauntlet
- Weekly Market Update from @Gauntlet
- 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