Monthly Governance Calls

[Boardroom]

Monthly Governance Call ­– September 2025 Recap

Call Recording

Welcome & House-Keeping

• Moderator: Alex (Boardroom)
• Speakers: Luke & Darren (Lunar Labs), Chris (Anthias)
• Alex announced Boardroom’s upcoming delegation of 200k WELL to Chidi for Third-Party Opportunities & Research role (bringing total remaining delegation capacity to 2.0M/3.4M WELL)

Moonwell Core Contributor Updates (Luke @ Lunar Labs)

• Office expansion & team growth
  • New office in Walnut Creek (Bay Area) with capacity for 20 employees
  • Planning San Mateo office (90 desks) next to Roblox HQ
  • Hired Sherzod (Lead Designer, ex-Coinbase/Lyft) to unify Moonwell & Mamo
  • Currently interviewing world-class smart contract engineers
• Credit facility innovation
  • Created a DeFi credit facility using Morpho Vaults & Markets
  • Lunar Labs borrowing USD against WELL to enable growth without selling tokens; signals long-term commitment
  • Proposal coming: Moonwell Ecosystem Vault (meUSDC) - public credit facility with 0% performance fee
• Product roadmap
  • Mamo: 100k active users, $50M TVL (among the highest of any DeFi agent)
  • Coming: Ethereum accounts, Mamo web experience, Base app Mamo integration
  • Future: Staked WELL borrowing market (retain governance rights + staking rewards while borrowing)
  • Vision: Capture 2-3% of all Base trading fees through Mamo

Governance & Community Proposals (Darren @ Lunar Labs)

• MAMO listing temperature check
  • Passed Halborn audit with no outstanding issues
  • Meets risk assessment parameters (liquidity, swap size testing)
  • Chainlink price feed expected by end of month/early October
  • Seeking delegate collaboration for proposal

Risk & Parameter Updates (Chris @ Anthias)

• Base: Anthias recommended an increase in Supply Caps for weETH, cbXRP, and WELL, as well as an increase in the Borrow Cap for WELL. They also included changes to the IR parameters of USDC.
• Optimism Mainnet: The main notable changes on OP Mainnet included an increase in VELO’s supply cap and adjustments to USDT’s and USDC’s IR parameters.
• Moonbeam: There were no parameter recommendations for Moonbeam.
• Moonriver: There were no parameter recommendations for Moonriver.

Community Q&A Highlights

• Long-term focus on product quality and bullish regulatory tailwinds
• Luke supportive of partnership ideas; the community can connect with Dani (LatAm Growth Lead)
• Token economics: Legal constraints prevent direct buy-back-and-burn. Alternative approaches: locking treasury WELL in credit facilities, reducing emissions after June 2026. Future grants potentially from bought-back tokens vs. new issuance.

Action Items & Dates

1. Moonwell Ecosystem Vault (meUSDC) proposal going live
2. MAMO/USD Chainlink price feed (end of September/early October)
3. Next Governance Call: Thursday, October 30th 2025

Call Recording

[Boardroom]

Monthly Governance Call ­– October 2025 Recap

Call Recording

Welcome & House-Keeping

• Moderator: Alex (Boardroom)
• Speakers: Luke & Darren/0xMims (Lunar Labs), Chris (Anthias)
• New Call Structure: Q&A sourced from a Google Form shared before each call.

Core Contributor Updates (Luke @ Lunar Labs)

• Basecamp & Base token
  • Coinbase is exploring a Base network token aimed at rewarding meaningful creation/use (creators, apps, active users). Timing likely not in 2025; expect thoughtful, multi-phase design.
• Coinbase retail onchain swaps
  • Coinbase is rolling out in-app swaps for Base assets. Mamo is already market-making 19 pairs, positioning to capture fees as retail volume ramps.
• Aerodrome launches
  • Recent launches (LITKEY, Syndicate) performed well for veAERO voters; Moonwell/Relayer participated. Moonwell holds ~1.92% of veAERO.
• Governance/infra roadmap
  • Considering migrating Governor to Base (Moonbeam markets will remain active).
  • Backend automation upgrades for more reliable proposal execution.
  • Exploring DEX price-anchor fallbacks to make oracles more resilient in the case of CeFi disruptions.

Governance Updates (0xMims @ Lunar Labs)

• New super delegates: Joel (public data dashboard + quarterly write-up) and Chidi (TradFi + DAO experience).
• Key metrics from Joel’s dashboard:
  • TVL supply +29% (Q2 → Q3).
  • Top-3 asset concentration down 76% → 63% (healthier diversification).
• Recruiting remains open; preference for contributors with transparent analysis and proven commitment.
• Echoed plan under consideration to move Governor to Base while keeping Moonbeam markets live.

Risk Updates & Oct 10th Market Event (Chris @ Anthias)

• What happened on Oct 10th (per Anthias): Macro tariff news sparked panic; Binance order books (used for some asset pricing) saw thin liquidity and local de-pegs. Oracles over-weighted Binance, underpricing several alts vs DEX.
• Exploit path: Attacker flash-loaned USDC/cbBTC, borrowed underpriced VIRTUAL/MORPHO/AERO, sold on DEX, repaid flash loans, and repeated (~25 txs; often ~$100k per flash).
  • Result: ~$1.7M bad debt (mostly VIRTUAL); attacker profit ≈ 267 ETH.
  • Similar patterns hit Aave, Venus, and other protocols.
• Why liquidations failed: Prices snapped back while oracles lagged → liquidations unprofitable.
• Immediate mitigation: Borrow caps reduced/borrows paused on affected alts.

Monthly Recommendations

• Base: Anthias recommended a decrease in cbXRP’s Reserve Factor and increase in EURC’s Reserve Factor. They also included changes to the IR parameters of USDC and EURC (increases in Multipliers). Risk-off for VIRTUAL, MORPHO, AERO: lower borrow caps (borrows effectively paused).
• Optimism Mainnet: The main notable changes on OP Mainnet included adjustments to USDC’s, USDT’s, and USDT0’s IR parameters (increases in Multipliers).
• Moonbeam: There were no parameter recommendations for Moonbeam.
• Moonriver: There were no parameter recommendations for Moonriver.

Community Q&A Highlights (Luke)

• Proposed remediation approach: cover bad debt from protocol reserves (ETH/USDC) via weekly TWAP buys of VIRTUAL/MORPHO over the next few months.
  • Pros: avoids safety-module haircut or selling WELL at depressed prices.
  • Trade-off: temporarily smaller reserve auctions → lower staking rewards during this process.
• Oracles: Keep Chainlink, but add DEX price-anchor bounds/fallbacks to avoid CeFi-driven mispricing.
• Q1: Has the ~$1.7M bad debt been repaid? Impact on staking?
  • A: Not yet. Plan is reserve-funded TWAP repayment over months; staking rewards will be smaller during this period. Prefer reserves vs. haircuts or WELL sales.
• Q2: If revenue increases, does staking APR/buybacks scale? Annual buybacks?
  • A: Yes. More borrow demand + vault performance fees → larger reserve auctions → higher APR. Monthly dynamic auctions beat annual buybacks given our automation.
• Q3: Why a separate Mamo token?
  • A: WELL governs the core protocol. MAMO is a utility token for the agent platform; 100% of platform fees accrue to MAMO holders. Roadmap broadens fee streams as agentic finance expands.
• Q4: Merkl & proposal execution issues?
  • A: Merkl remains the safety module rewards mechanism (lets us reward multiple activities). Building a staked-WELL isolated market so users can borrow against stkWELL while retaining governance + rewards. Governance automation is moving from OZ Defender → Gelato; Governor migration to Base will also cut cross-chain latency.
• Q5: Positioning for a potential Base token launch?
  • A: Moonwell’s day-one presence and organic user base on Base position it well. Plan to open-source ecosystem vault tooling and publish a case study so creators can borrow against (rather than sell) their tokens, capturing creator & app flows via Moonwell + Mamo.

Action Items & Dates

1. Proposal to authorize reserve-based TWAP remediation for VIRTUAL/MORPHO/AERO bad debt
2. Gelato migration & prepare Governor-to-Base migration proposal.
3. Share the November Q&A Google Form on forum/X.
4. Next Governance Call: November 27th, 2025

Call Recording

[Boardroom]

Monthly Governance Call ­– December 2025 Recap

Call Recording

Welcome & House-Keeping

• Moderator: Alex (Boardroom)
• Speakers: Luke & 0xMims (Lunar Labs), Chris (Anthias), and community Q&A
• Quick overview: End-of-December call canceled for the holidays; the next call returns to the last Thursday of the month schedule: Thursday, January 29.
  • Delegation initiative: Chidi, Jor-El, and Fechuky received endorsements and have met the requirements to become Super Delegates. Onboarding with the Moonwell Foundation is next, which will fill the five available Super Delegate slots for now. Community members are encouraged to pursue junior or mid-tier delegate roles; see governance docs for requirements.

Moonwell Core Contributor Updates (Luke @ Lunar Labs)

• Bad-debt remediation status
  • After governance authorized use of reserves, USDC revenue was used to repurchase VIRTUAL and offset bad debt.
  • ETH reserves will also be used once an audited WETH “unwrapper” contract is in place; the audit completed this week and a proposal is expected next week.
  • Repayment is being prioritized in VIRTUAL and cbXRP given higher interest rates. Lower altcoin prices recently helped accumulate VIRTUAL at favorable prices before re-supplying to the market.
• Unified Moonwell × Mamo roadmap
  • North Star: a unified agentic finance platform that merges Moonwell’s reliability with Mamo’s social, personalized, and gamified UX; a single intelligent financial companion for saving, borrowing, investing, and spending via a conversational interface.
  • Core improvements: reserve auction enhancements for ETH markets have passed audit; moving to CAPO (correlated-asset) price feeds; researching DEX price anchors for oracle resiliency; OEV feed upgrades heading onchain soon.
  • Community input requested on migrating the multi-chain governor to Base or Ethereum Mainnet. Voting on Base/OP Mainnet remains cheap; Mainnet governance could enable an Ethereum Mainnet Moonwell launch in early 2026
• Moonriver status: deployment is in withdraw/repay-only mode; users should unwind positions.
• Mamo product plans: Base app mini-app live; expansion to World Chain targeted.

Governance & Community Proposals (0xMims @ Lunar Labs)

• MIP-R32: Initiated wind-down on Moonriver as Chainlink deprecates price feeds; blocks new positions while allowing users to repay/unwind/exit.
• MIP-R33: Reduces Moonriver reward emissions to match lower activity during deprecation
• MIP-B52: Implements bad debt remediation from the 10/10 oracle event. Approximately 812,000 VIRTUAL covered so far (~$769k), roughly 25–30% of the total.
• Oracle upgrades for isolated and core markets are slated for next week.

Risk & Parameter Updates (Chris @ Anthias)

• Base: Reserve factors for AERO, VIRTUAL, and cbXRP were all increased. The collateral factor and supply cap for tBTC were both decreased. VIRTUAL’s IR parameters were also recommended to be adjusted (slight increase in kink).
• Optimism Mainnet: weETH supply cap and borrow cap were both decreased given the asset’s decreased DEX liquidity on the network.
• Moonbeam: There were no parameter recommendations for Moonbeam..
• Moonriver: Collateral factors for MOVR, xcKSM, and FRAX recommended to be decreased as part of a phased wind-down.

Community Q&A Highlights

• WELL incentives from the Moonwell Credit Facility: WELL earned by Lunar Labs as deposit incentives has been retained and posted as additional collateral rather than sold. Feedback welcomed on excluding certain addresses (e.g., Lunar Labs, Moonwell Foundation) from future incentives to avoid conflicts.
• Bad-debt timeline and staking rewards:
  • About $765k VIRTUAL was just repaid to the market, bringing total remediation to roughly 25–30%. Additional ETH-denominated repayments are planned. Pace depends on protocol revenue; OEV upgrades should help. Targeting completion in the first half of 2026.
  • Staking rewards cap: not tied to bad debt. MIP-X37 proposes capping safety-module APR at 10% and holding excess bought-back WELL in reserves, which would make WELL effectively deflationary. Community feedback requested on balancing bad-debt pay-down vs. WELL buybacks.
• Preventing another October event:
  • Move restaked ETH feeds to exchange-rate sources to avoid repeated mispricing.
  • Research and adopt correlated-asset pricing safeguards and DEX price-anchor fallbacks when oracle prices diverge materially from onchain markets. Initial improvements targeted for Q1 2026.

Action Items & Dates

1. Governance proposal next week to withdraw ETH revenue (via audited WETH unwrapping) for continued bad debt remediation.
2. Roll out oracle upgrades (OEV and related improvements) across isolated and core markets.
3. Community discussion and proposal work on governor migration (Base vs. Ethereum mainnet).
4. Moonriver: remain in withdraw/repay-only mode; users should unwind positions.
5. Vote on the current Anthias parameter recommendations.
6. Coinbase event on December 17: community encouraged to tune in.
7. Next Governance Call: Thursday, January 29.

[Boardroom]

Monthly Governance Call ­– January 2026 Recap

Call Recording

Welcome & House-Keeping

• Moderator: Alex (Boardroom)
• Speakers: Luke & 0xMims (Lunar Labs), Chris (Anthias), and community Q&A
• Quick overview:
  • January governance was relatively light, mainly centered on Moonriver collateral factor reductions and completing the Moonriver wind-down.
  • Super Delegate program: no changes to delegation positions this month. Newly onboarded Super Delegates (Jor-el, Chidi, Fechuky) are now fully onboarded; all five Super Delegate slots are full for the time being.
  • Jor-el posted a new data/report on Base core market risk on the forum.

Moonwell Core Contributor Updates (Luke @ Lunar Labs)

• Moonriver wind-down complete
  • Moonriver markets were deprecated due to Chainlink price feed deprecations.
  • Users can still withdraw and close positions; reminder to check old wallets and withdraw assets if applicable.
• Morpho vault improvements
  • Plan to migrate to Morpho V2 vaults to capture higher reward rates while keeping the user experience largely the same.
  • Governance proposal planned to transition vault risk curator role to Anthias to unify risk oversight across core markets and vaults and reduce cost for the DAO.
• Governor migration and Ethereum mainnet expansion
  • Engineering work underway to migrate the multichain governor from Moonbeam to Ethereum mainnet.
  • Rationale: Ethereum mainnet provides maximum economic security and enables a Moonwell mainnet market launch (targeted for March, pending audits and governance approvals).
  • Requested community input on which mainnet assets should be supported first (initially targeting blue-chip assets).
  • Commentary on mainnet costs: recent upgrades have made mainnet transactions materially cheaper than prior years, improving feasibility.
• Cards initiative
  • Working on a new Moonwell card and Mamo card (Visa), targeted for March.
  • Goal: expand issuance to all 50 U.S. states and several Latin American countries, add cashback or reward mechanics, and create a new revenue stream for the DAO via interchange fees.
• Team updates
  • Added a North America growth lead (Alex) and additional engineering capacity.

Governance & Community Proposals (0xMims @ Lunar Labs)

• January proposals and actions
  • MIP-B55: vaults incentives cycle (Jan 16 to Feb 2); next incentives proposal expected soon.
• Moonriver wind-down sequence (progressive collateral factor reductions)
  • R36: collateral factor reduction from 25% to 15%
  • R37: collateral factor reduction from 15% to 7.5%
  • R38: full wind-down from 7.5% to 0%
• Upcoming governance
  • Proposal expected for vault ownership / risk curator migration to Anthias.

Risk & Parameter Updates (Chris @ Anthias)

• Base: Borrow Caps for wstETH and cbETH were decreased, while WELL’s Borrow Cap was increased (reduce tail-risk surface area for low-demand borrowed assets; expand where organic demand exists)
• Optimism Mainnet: Borrow Caps for wstETH and rETH were decreased; cbETH’s Supply Cap was decreased (due to effectively no DEX liquidity on OP Mainnet)
• Moonbeam: There were no parameter recommendations for Moonbeam.
• Moonriver: Collateral factors for MOVR, xcKSM, and FRAX were all decreased as part of a phased wind-down.

Community Q&A Highlights

• WELL rewards from the Moonwell Credit Facility
  • Question: what happens to WELL earned as incentives by credit facility depositors?
  • Answer: Lunar Labs has been claiming incentives and re-posting WELL as collateral rather than selling it; open to feedback on whether certain addresses should be excluded from incentives in the future.
• Bad debt status and progress
  • Question: how much bad debt exists and what has been paid down?
  • Answer from Chris:
    • Bad debt on Base was cited at ~4.8M, concentrated primarily in cbXRP and VIRTUAL.
    • Protocol reserves cited at ~2.3M, with ~2.0M already moved/swapped into the impacted markets to partially cover shortfalls and more planned as reserves accrue.
• Product and UI convergence
  • Question: will Moonwell and Mamo converge into one interface?
  • Answer: near-term approach is progressive convergence, bringing select Moonwell capabilities into the simpler Mamo experience while keeping the full-feature Moonwell app for power users. Longer-term intent is a unified experience, but not at the cost of removing core functionality like borrowing.
• U.S. market structure bill / Clarity Act discussion
  • Luke’s take: two Senate committee markups appear to be converging, with one version viewed as more favorable to crypto/DeFi than the other.
  • Key concern raised: language that could treat pause-able protocols as more centralized, potentially creating compliance burden for DeFi.
  • Pros: developer protections for open-source wallet and infrastructure builders.
  • Outlook: uncertain path due to political tradeoffs, including debate around ethics provisions tied to public officials’ token launches.

Action Items & Dates

1. Vote on the governance proposal to transition vault risk curation to Anthias.
2. Watch for Morpho V2 vault deployment updates in the coming weeks.
3. Track governance proposals related to migrating the multichain governor to Ethereum mainnet and launching Moonwell on mainnet (targeted for March, pending audits and governance approvals).
4. Watch for new Moonwell and Mamo Visa card updates.
5. Next incentives proposal expected soon (following the Jan 16–Feb 2 cycle).

[Boardroom]

Monthly Governance Call ­– February 2026 Recap

Call Recording

Welcome & House-Keeping

• Moderator: Alex (Boardroom)
• Speakers: Luke & 0xMims (Lunar Labs), Chris (Anthias)
• Quick overview:
  • Luke joined the call while commuting, so his updates were moved to the top of the agenda with Q&A addressed inline rather than saved for the end.
  • The cbETH incident and its aftermath were a central theme, alongside positive developments including Ethereum Mainnet expansion progress, Mamo growth, and Moonwell’s rising ranking on the Base leaderboard.

Moonwell Core Contributor Updates (Luke @ Lunar Labs)

• cbETH incident response
  • The incident impacted approximately 181 users. Luke expressed pride in how the community came together in response.
  • Fechuky submitted a remediation proposal currently working through governance.
  • Working with law enforcement: the Cayman Islands police assisted in freezing a portion of the attacker’s funds. A test transaction has been completed and some funds will be recovered. The DAO will be updated once funds land in the Moonwell DAO wallet.
  • Governance proposal processes are being improved to prevent similar incidents in the future.
• Ethereum Mainnet expansion
  • Contract and governance upgrades are code-complete and have been through audit; only low and medium findings were identified and all have been remediated.
  • A further audit of the upgrade proposal itself is planned before launch.
  • The WELL token will be made transferable to Ethereum Mainnet as part of this upgrade, continuing the multichain governance model across Base, OP Mainnet, Moonbeam, and now Mainnet.
  • Launch is targeted in the coming weeks/months.
• ETH Denver
  • Three Lunar Labs team members attended; the conference was smaller than prior years but productive.
  • Notable meeting with the Glider team (a Base portfolio app). Glider is exploring depositing idle user funds into Moonwell core markets to earn yield, which could bring new TVL to the protocol.
• Mamo updates
  • Push notifications are now live; users can install Mamo to their home screen on Android and iOS.
  • Mamo currently brings approximately 5,000 users and tens of millions in TVL to the Moonwell protocol.
• Base leaderboard
  • Moonwell is now ranked 11th most-used app on Base over the prior week, per the Base.dev leaderboard. Recent days have seen increased new users, deposits, and TVL.

Governance & Community Proposals (0xMims @ Lunar Labs)

• February Governance Proposals
  • MIP-X43: Activated OEV wrappers for non-composite markets; updated the OEV fee split from 60/40 to 70/30 in favor of the protocol.
  • MIP-B56: Transferred risk curatorship of Morpho Vaults on Base from Block Analitica to Anthias, consolidating under a single risk provider for greater efficiency.
  • MIP-B57: Reverted the cbETH market oracle on Base back to the prior Chainlink oracle as a targeted fix following the incident.

Risk & Parameter Updates (Chris @ Anthias)

• Base: LBTC and tBTC Collateral Factors were decreased to 83% and 81%, respectively. WELL borrow cap was raised to 34M. IR parameters were recommended to be changed for cbBTC, LBTC, and tBTC (rationale: these BTC derivative markets have seen low utilization (~20%), and reducing the kink places a soft cap on high utilization to limit unnecessary liquidity risk).
• Optimism Mainnet: IR parameters were recommended to be changed for USDC, USDT, and USDT0 (rationale: utilization was running 50–70%, and as the market enters a bear phase, rates should be adjusted downward to maintain capital efficiency).

Community Q&A Highlights

• WELL buybacks — cadence and staking cap mechanics
  • Every four weeks, a rewards automation proposal sends excess protocol reserves to buyback contracts, where they are auctioned off over subsequent weeks to purchase WELL. Bought-back tokens are swept into the Moonwell Ecosystem Reserve for distribution as staking rewards. Staking rewards are hard-capped at 10% APY; excess bought-back tokens remain in the Ecosystem Reserve for future months. Currently, excess protocol reserves are being redirected to repay bad debt from the October/November Chainlink incidents rather than new buybacks. The Ecosystem Reserve is covering the staking rate in the interim. Anthias Labs provides guidance on how much reserve to retain for risk management versus what can be directed to buybacks or debt repayment.
• Bad debt status
  • Across Base core markets: approximately $6.4M in bad debt remains, with ~$2.1–2.2M in reserves. Approximately $2M of reserves are already being applied to cover bad debt, leaving roughly $4.3M still to be repaid. A detailed breakdown is available in the Anthias weekly update post on the governance forum.
• Derivative market signals for risk parameters
  • Not currently factored into Anthias’s risk engine for Moonwell, which is primarily focused on blue-chip assets. Anthias has used derivative signals (e.g., perpetual funding rates) for other protocols, particularly for assets like Ethena’s sUSDe where funding rate dynamics are integral to the asset’s mechanism. Chris noted that perp open interest and leverage signals could usefully inform expectations about price action during deleveraging events — a potentially valuable addition for future consideration.
• MFAM Apollo / WELL ecosystem merger proposal
  • Luke expressed support for uniting the MFAM and WELL communities, noting alignment of incentives and the fact that Moonriver is effectively deprecated due to Chainlink feed deprecations. Luke will abstain from voting given his large founder token holdings and has requested his personal wallet be excluded from any WELL airdrop to MFAM holders, so that more flows to the community.

Action Items & Dates

1. Watch for the Moonwell DAO wallet update once funds are recovered.
2. Track Ethereum Mainnet expansion governance proposals and audit completion.
3. Submit questions for the next call via the governance forum or X — next call: Thursday, March 26th.

[Boardroom]

Monthly Governance Call ­– March 2026 Recap

Call Recording

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

1. Vote on the Wormhole relayer upgrade proposal.
2. Track Ethereum Mainnet launch progress, targeted for April.
3. Check out Joel’s new data dashboard and provide feedback.
4. Submit questions for the next call (Thursday, April 30th). The Google Form will be posted on X and the forums closer to the date.

[Boardroom]

Monthly Governance Call – April 2026 Recap

Call Recording

Welcome & House-Keeping

• Moderator: Alex (Boardroom)
• Speakers: Luke & Darren/0xMims (Lunar Labs), Chris (Anthias), and community Q&A
• Quick overview:
  • The monthly report for April is live on the governance forum. Joel’s data dashboard continues to power the governance metrics section of the report.
  • A good number of questions were submitted via the form this month and were addressed in a dedicated Q&A section at the end of the call.

Moonwell Core Contributor Updates (Luke @ Lunar Labs)

• Kelp DAO / rsETH exploit; Moonwell unaffected

  • A major exploit impacted Aave, Compound, and other large Ethereum protocols via Kelp DAO’s rsETH. Moonwell was not affected because Anthias Labs had already moved risk-off on rsETH last fall, well before the incident occurred.
  • Luke noted the silver lining without dwelling on competitors, and acknowledged that Aave and others have responded well (e.g., launching the DeFi United fund).

• Ethereum Mainnet launch

  • Launch is on track, pending a final audit of the governance and activation proposals.
  • Informed by recent exploits, the team is considering a more conservative initial market list. The current proposed set includes: ETH, cbBTC (excluding WBTC due to bridge risk), USDC, and USDT.
  • Two alternative approaches under community consideration:
    1. Launch with just the four markets above (most conservative).
    2. Add Lido Staked ETH as a fifth market, given its blue-chip status and broad demand as a borrow collateral.
  • Luke asked for community input on the initial market list before governance proposals go onchain. Feedback welcome on the forums or via replies on X.
  • There is also a forum post proposing to add Rocket Pool ETH (rETH) to Mainnet. Delegates are encouraged to weigh in.

• Bad debt remediation

  • MIP-X51 executed recently, pulling ~950,000 VIRTUAL from market reserves to cover VIRTUAL bad debt (~$677,000). This cleared approximately 45% of outstanding VIRTUAL bad debt in a single proposal. The remainder will continue to be repaid through monthly reserve accrual.
  • An additional 10 ETH was recovered from law enforcement (frozen by FixedFloat during the cbETH incident), along with ~$50,000 in stablecoins.
  • A second round of cbETH restitution payments is planned for May, returning additional recovered funds to the 203 impacted wallets.
  • The protocol is balancing two priorities month to month: bad debt repayment via protocol revenue, and direct restitution to impacted users.

• New market — Centrifuge deSPXA (tokenized S&P 500)

  • There is a forum post proposing to add Centrifuge’s deSPXA (a tokenized S&P 500 index fund) as a collateral market on Base. The team is waiting on a Chainlink-compatible adapter for price feeds before proceeding.
  • Use cases include borrowing stablecoins against stock holdings and potential Mamo portfolio rebalancing (e.g., 75% stocks / 25% BTC+ETH with automated rebalancing by the Mamo agent).
  • Luke noted broader interest in tokenized RWAs (precious metals, bonds, etc.) but emphasized that onchain DEX liquidity and TVL depth are prerequisites for safe onboarding. deSPXA currently has ~$4M TVL on Base with reasonable DEX liquidity.

• Mamo / Base app campaign wrap-up

  • The $10,000 Base Builder Grant campaign concluded. It brought in $3 million of USDC deposits into Mamo (routed directly into Moonwell Vaults and Markets) and offered double-digit APYs to participants throughout the campaign.

Governance & Community Proposals (Darren/0xMims @ Lunar Labs)

Recent governance activity has centered on audit-driven changes, liquidity incentives, and bad debt repayment:

• MIP-B58 (MFAM onboarding + cbETH restitution round 1) and MIP-B59 (Venice token listing) — both covered in last month’s recap — are complete.
• MIP-X51: Used ~950,000 VIRTUAL from market reserves to repay VIRTUAL bad debt. VIRTUAL bad debt has gone from ~$1.3M (at the time of the remediation proposal) to ~$800,000 remaining — roughly 45% cleared in one proposal.
• Delegates are asked to comment on the rETH Mainnet market proposal currently posted on the forum.

Risk & Parameter Updates (Chris @ Anthias)

Base Collateral Factor Reductions:

• LBTC: decreased from 82% to 80%
• tBTC: decreased from 81% to 80%

Base Interest Rate Curve Updates:

• USDC and EURC: multipliers decreased, reducing borrow rate at kink from ~6% to ~5%

OP Mainnet Cap Changes:

• weETH: both supply and borrow caps decreased due to very low onchain DEX liquidity. Note: EtherFi has since launched on OP Mainnet and DEX liquidity has improved, caps will be revisited.

April risk recommendations (posted to forum, governance proposal forthcoming):

The primary focus of the April proposal is stopping interest accrual on bad debt in markets where over 90% of total borrows is toxic. Three Base markets meet this threshold: VIRTUAL, cbETH, and cbXRP.

• Bad debt in these three markets is currently accruing ~$15,000/month in interest. The goal is to stop the bleeding.
• Approach: flatten the interest rate curve and increase the reserve factor in these markets. Existing (non-bad-debt) borrowers — a very small population — will lock in a favorable ~1% borrow rate. Any interest accruing on bad debt will be redirected back to protocol reserves rather than compounding the liability.
• Additional bad debt repaid via MIP-X51

Community Q&A Highlights

• Coinbase / Base tailwinds and the Clarity Act

  • Aerodrome trading volumes have increased recently; Coinbase is listing new assets (e.g., VIRTUAL). A potential Base token launch later this year or early next could be a further catalyst.
  • The Clarity Act has approximately 50/50 odds on prediction markets of being signed into law this year. If it passes, Luke expects broad positive impact for Coinbase, Base, and the wider crypto industry. He drew a comparison to the current market and early 2023.

• stkWELL/USDC and MAMO/USDC isolated market liquidity

  • These Morpho isolated markets currently have ~$26,000 of borrowable stablecoin liquidity. Supplier APY is approximately 4.4%. Liquidity is expected to grow as market conditions improve.

• Mamo dark mode

  • Dark mode is currently only available on the Moonwell app, not Mamo. Luke will take the request to the engineering team.

• OEV liquidation auctions

  • No. Purchasing priority access in the OEV auction requires actually submitting a price update, and if the winning bidder does not include a liquidation, the position remains open and becomes available to all liquidation bots permissionlessly within seconds. If no one bids at all, the standard open-market liquidation path activates shortly after. The system is designed so liquidations succeed regardless of auction participation.
  • Key distinction from Chainlink Smart Value Recapture (SVR): 100% of OEV priority fees flow directly to the Moonwell protocol, versus sharing a portion with Chainlink under SVR.

• RWAs and Base incentives

  • Moonwell is already engaged on this front via the deSPXA proposal (see above). Other tokenized RWA categories (metals, bonds) are on the radar but require deeper onchain liquidity before they can be safely onboarded.

• Aerodrome/Velodrome merger (July) & impact on AERO and VELO markets

  • In July, Aerodrome is expected to come to Mainnet and VELO holders will have a redemption window to convert to AERO at a set ratio. AERO is expected to become a multichain token.
  • The AERO market on Base should be unaffected and will continue operating — it has been one of Moonwell’s top protocol revenue-generating markets.
  • The VELO market on OP Mainnet may be impacted; Luke committed to reaching out to the Aerodrome team for clarity on the timeline and whether a market wind-down would be appropriate.

Action Items & Dates

1. Share feedback on the Ethereum Mainnet initial market list. Should Moonwell launch conservatively (ETH, cbBTC, USDC, USDT) or include Lido stETH?
2. Review and comment on the rETH Mainnet market proposal on the forum (delegates especially).
3. Watch for the second cbETH restitution governance proposal, targeted for May.
4. Submit questions for the next call (Thursday, May 28th). The Google Form will be posted on X and the forums toward the end of May.

[Boardroom]

Monthly Governance Call – May 2026 Recap

Call Recording

Welcome & House-Keeping

• Moderator: Alex (Boardroom)
• Speakers: Luke and Darren/0xMims (Lunar Labs), Chris (Anthias)
• Quick overview:
  • A full slate of speakers and five community questions were addressed in a dedicated Q&A section.

Moonwell Core Contributor Updates (Luke @ Lunar Labs)

• Potential Ethereum Mainnet launch
  • Moonwell is launching on Ethereum Mainnet on Monday afternoon (US time), pending passage of the activation proposal (MIP-E00).
  • Launch is with a conservative initial set of four markets: ETH, cbBTC, USDC, and USDT — informed by the risk-off posture across Ethereum DeFi.
  • The launch caps roughly six months of engineering work and introduces the new multi-governor on Ethereum Mainnet, bringing three key benefits:
    1. Economic security of Ethereum — Moonwell governance is now secured at the protocol level by Ethereum’s market cap.
    2. More complex proposals — proposals previously hit limits around 150–200 actions due to Ethereum transaction size; the new multi-governor allows proposals to be executed in multiple steps, enabling more complex single proposals.
    3. IPFS proposal text — proposal text can now be stored and pinned on IPFS, removing prior size constraints tied to transaction limits.
• Closing reflection, building through the bear market
  • Luke framed the first six months of the year as foundational work, including emergency upgrades after Wormhole shut down its relayers and the new best-in-class governance system migrating to Ethereum Mainnet. He noted that the teams that survive a bear market are the ones that keep building through it.

Governance & Community Proposals (Darren/0xMims @ Lunar Labs)

This month’s proposals were largely focused on bringing governance to Ethereum:

• MIP-X55: Enabled WELL to be bridged to Ethereum Mainnet.
• MIP-E00: The ongoing activation proposal covering the full Ethereum Mainnet launch, including initial market parameters.

Risk & Parameter Updates (Chris @ Anthias)

For markets where over 90% of total borrows are toxic positions, three changes were applied — reserve factor increased to 99% (routing all borrow interest to reserves), borrow cap decreased to effectively disable new borrows, and the interest rate curve flattened to a fixed 1% base rate (no longer varying with utilization). Existing borrowers lock in a low rate; bad debt interest accrual is halted.

• Base: Applied to VIRTUAL, cbETH, and cbXRP.
• Moonbeam: Applied to GLMR.

cbETH remediation update:
The next risk parameter proposal will couple in reserve recommendations:

• Pull from reserves to repay some markets carrying bad debt.
• Use excess reserves (currently mostly held as cbBTC) — pulling ~1.45 cbBTC, swapping it to WETH, and distributing to users affected by the cbETH incident.
• An additional ~10 ETH recovered from law enforcement will also be distributed to affected users.
• Details are in the forum post.

Community Q&A Highlights

• Moonwell card status & institutional strategy
  • Card: The team has spent recent months evaluating card providers with the goal of re-enabling US issuance (the current product works for non-US users and existing pre-cutoff cards, but new US cards can’t be issued). The goal is issuance across as many geographies as possible (US, Europe, Latin America, and Asia Pacific) with better/lower fees or cashback. Design contributors have strong front-end designs for a unified in-app experience for both Moonwell and Mamo.
  • Institutional: Moonwell now has a head of growth based in New York working with institutions on strategies including LPing into vaults and markets. Existing partnerships (e.g., Harvest and others) already deposit several million in TVL. Still early; many TradFi institutions are working through compliance before depositing, but Moonwell’s track record as a trusted Base vault curator is a strong foundation.
• Biggest DAO focus areas post-Mainnet launch
  • Liquidity incentives: Luke would like to see a proposal (potentially mid-June, alongside the reward speed proposal) allocating a WELL grant from the Moonwell Foundation to seed a liquidity incentive campaign for the new Ethereum markets, creating an opportunity to capture TVL leaving other protocols.
  • New ecosystem expansion: For H2, Luke floated Circle’s ARC network, as well as Tempo and others. Community feedback requested on where to expand next.
• Listing precious metals
  • Luke would welcome tokenized gold/silver as collateral, but no good candidates with deep DEX liquidity currently exist on Base. Requirements remain a secure Chainlink-compatible price feed and sufficient DEX liquidity for successful liquidations. Community ideas welcome on the forum.
• WELL buybacks & staking APY
  • Buybacks remain paused while reserves are directed toward bad debt remediation and cbETH user restitution. Once those are addressed, the DAO would likely vote to resume buybacks. Luke pointed to Chris’ forum post for input, and noted the Mainnet expansion’s new revenue should help accelerate repayment and a return to seven-figure annual buybacks.
• agents.moonwell.fi vs. Mamo
  • Coinbase launched a Base MCP server this week, with Moonwell as one of the launch projects (alongside Aerodrome and others) that built agent skills for their protocols. Users can ask an agent to, e.g., deposit USDC into Moonwell, with approval/decline sent as a pop-up to the user’s Base wallet, so the agent never holds private keys.
  • Luke clarified agents.moonwell.fi does not replace Mamo. Mamo serves a different use case — a fully managed personal finance companion for people who don’t want to set up their own agent (OpenClaw, Hermes, Claude, etc.). The new agent surface and Mamo are complementary, serving different categories of users. Moonwell also previously launched an OpenClaw skill for Mamo.
  • Note: Coinbase is running a $2,000 contest for videos demonstrating the Base MCP server. Community members can submit videos on X using the Moonwell skill.

Action Items & Dates

1. Vote on MIP-E00 to activate Moonwell on Ethereum Mainnet (will activate Monday afternoon US time if it passes).
2. Provide feedback on potential H2 ecosystem expansion targets (e.g., Circle’s ARC, Tempo) on the forum.
3. Watch for a potential liquidity incentive campaign proposal in mid-June for the new Ethereum markets (if MIP-E00 passes)
4. Review Chris’s forum post on cbETH remediation and reserve recommendations.
5. Watch for the monthly and quarterly governance reports in the forums this weekend.
6. Next call: Thursday, June 25th.