Monthly Governance Reports

Boardroom’s Monthly Governance Reports are compendiums of key governance updates for the preceding month. When combined with our Weekly Governance Recaps, these monthly installments allow users of Moonwell governance to obtain a high-level view of forum activity, Snapshot and on-chain proposal outcomes, ongoing goals and initiatives of the DAO, and insights into governance participation rates.

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February 2024 Update

The monthly governance recaps serve as a compendium of key governance updates for the preceding month. This monthly update covers Moonwell governance activities for February 2024.

This update includes:

  1. Proposals and Milestones
  2. Voting Insights and Observations
  3. Community Strengths
  4. Opportunities
  5. Conclusion and Links

Proposals and Milestones

Moonwell’s primary governance initiatives for this period included:

  1. Risk Management and Parameter Adjustments: Gauntlet and Warden Finance continued to provide consistent recommendations on risk parameters and IR curve adjustments. Gauntlet utilized Cap Guardian to adjust borrow and supply caps for assets including wstETH and xcUSDC. Warden Finance worked with Gauntlet to offer risk management support across the Base, Moonbeam, and Moonriver deployments.

  2. Rebalancing Funds to Ensure Protocol Economic Sustainability: Prior to a productive debate among delegates, the Moonriver deployment of Moonwell reached a critical juncture when 50% of the initial MFAM tokens meant for liquidity incentives were exhausted. As a relatively urgent matter, the DAO settled on a strategy to maintain and extend liquidity incentives to users. The suggested solution was to reallocate 20% of the MFAM token supply originally allocated to Developer Grants and Incentives to be used as MFAM liquidity incentives. With multiple options regarding how long to make the distribution period, the community signaled on Snapshot that they’d prefer the shortest period: two years. While the Snapshot passed, there was a substantial number of opposing votes. Rather than being a binding commitment, this proposal was meant to signal where to pull the tokens from and to determine the rate. Utilizing the entire 20% developer grants and incentives pool was not a mandate. Monthly on-chain votes will still be required. As a result of this Snapshot passing, the community decided to pass MIP-R13, which included adjustments to the amount of MFAM released per cycle for the funds to last another two years.

  3. Governance Best-Practices: Throughout early February, Moonwell delegates continued to engage in a debate on managing the MFAM incentives budget and protocol monetary sustainability; in turn, they unearthed:

  • the need to more thoroughly discuss topics in the forums before bringing them up to Snapshot votes,
  • the need to keep all governance discussion on the relevant topic contained in the forum, without letting it spill over into Telegram or other channels, and
  • the need to stay on top of runway issues before they become critical.
  1. New third-party integrations: Boardroom officially kickstarted a partnership with Moonwell as a governance facilitator and data service provider on February 5, 2024. Boardroom began producing recurring governance content, including regular updates and monthly governance calls. The first call was hosted on February 15. On February 20, Boardroom published a proxy report which is meant to give community members a 360-degree view of the Moonwell DAO in its current state.

  2. Development of the Nomad Collateral Redemption and Reallocation Initiative:
    Core contributor Elliot gave the community an update on the progress of the Nomad Recovery. He provided technical details surrounding the recovery process and explained the delays in this effort. He went on to raise potential mitigation to the issue of bridging Nomad assets, volunteering that a trusted community member could un-bridge assets using an externally-owned account (EOA), redeem the Nomad assets on mainnet for their corresponding underlying tokens, and then send the underlying to the multisig. He nominated himself for the role and encouraged others to do so as well.

Major Milestones Achieved:

  • Gauntlet Guardianship: The community voted to extend Gauntlet’s role as the Cap Guardian on both Moonriver and Moonbeam networks.
  • USDC Anywhere: Lunar Labs launched a feature to facilitate cross-chain lending and borrowing of USDC across multiple Ethereum networks, using Circle’s Cross-Chain Transfer Protocol (CCTP) and Socket technology. This removes the need for unofficial, wrapped versions of USDC by minting native USDC on the target network.
  • MIP-M18 Passed: This proposal adjusted the incentives around USDC. With Native USDC (xcUSDC) increasing in liquidity on Moonbeam, the goal was to shift incentives away from the bridged USDC (Wormhole) pool to the xcUSDC pool.

Voting Insights and Observations

Summary of governance participation trends:

February saw:

  • five on-chain proposals
  • four Snapshot proposals
  • 24 forum posts

For the observed period, the number of active voters for on-chain proposals averaged 46, with a maximum of 78 and a minimum of 22.

Proposal On-chain votes
MIP-B13 59
MIP-R12 22
MIP-M17 78
MIP-M18 47
MIP-R13 26

The voter turnout for Snapshot proposals averaged 24, with a maximum of 51 and a minimum of 11.

The previous maximum number of Snapshot voters occurred in January when a proposal for the Moonwell Asset Listing Framework managed to attract 54 voters.

Success Insights

  • On-chain: The on-chain proposals in February witnessed a 100% success rate. All proposals passed with 99.7% consensus or above, with the exception of MIP-R13 which garnered a more divisive 57.7% “For” vote.
  • Off-chain: Snapshot proposals also enjoyed consistent success rates. Of the four proposals submitted on Snapshot, none were defeated. There was a high degree of consensus opinion, with three of the proposals closing with 99-100% agreement. The outlier was again the Snapshot for Rebalancing MFAM Liquidity Incentives, which passed Snapshot with a 68.55% agreement rate.

Browse all of the proposals here.

Community:


Community Strengths

Generally, the Moonwell community can be described as growing and engaged. At this stage in the protocol’s development, the DAO has multiple highly involved members. In the future, as Moonwell continues to scale the size of the DAO while maintaining this quality of engagement, it could become one of the most vibrant DeFi communities. The delegates are well-informed, enabling them to hold meaningful discussions on the future of Moonwell governance from a high level; the proposals that are made are consistently high-quality. The primary service providers also continue to make thoroughly researched and well-presented proposals; their contributions routinely result in the highest voter turnout.

In Boardroom’s first Governance Community call in mid-February, multiple service providers presented details about their past work, current work, and proposal activity during the month. Delegates were also able to share their opinions on an impactful proposal, debating high-level Moonwell governance practices. The recording of the call can be found here. Continuing these conversations in real-time could prove to be net-positive in terms of community dynamics; it maps a “voice” to the names of users in the forums and allows for deeper discussion on critical issues.


Opportunities

As Moonwell matures and scales, challenges understandably arise in communicating every aspect of the DAO’s operations with every community member. For example, this forum post displayed a misunderstanding of MFAM runway before a contributor to the Moonwell protocol was able to clarify the situation. As the DAO continues to grow and add new members, these types of misunderstandings are commonplace. Because no single team member can scale their attention infinitely, it becomes increasingly important to

  1. Create clear, non-technical communications that can answer a wide range of questions.
  2. Make them as easy as possible to find and identify.
  3. Enable community moderators or other active members to easily point newcomers to the relevant resources to help clear up confusion quickly and efficiently.

Boardroom suggests that the community always engage in effective communication. Please reach out if you need support in writing proposals or forum posts.

In the same vein, there is an opportunity to increase productive participation in governance through official rewards programs. The Moonwell could reward the types of user behaviors that most benefit the protocol while avoiding appealing to farmers. We would suggest that the community write a proposal on this if it so desires.

Finally, documentation and education could become a quasi-open source effort by opening the editing of Moonwell Docs. By encouraging community members to help create content for the protocol, Moonwell cannot only benefit from more up-to-date and concise information, but they can also increase the level of understanding of the protocol among the community.


Conclusion

The February 2024 report highlights governance initiatives and high-level discussions on protocol sustainability, milestones achieved by core contributors, a healthy amount of voter turnout, constructive levels of non-consensus voting behavior, and a few immediate opportunities that could improve participation in governance in the short to medium term.

In the future, these monthly updates will include data to track the metrics of the current month compared to the previous month.


Links

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March 2024 Update

The monthly governance recap serves as a compendium of key governance updates for the preceding month. This monthly update covers Moonwell governance activities for March 2024.

This update includes:

  1. Proposals and Milestones
  2. Voting Insights and Observations
  3. Community Strengths
  4. Opportunities
  5. Conclusion and Links

Proposals and Updates

Moonwell’s primary governance initiatives for this period included:

  1. Risk Management and Parameter Adjustments: Gauntlet utilized Cap Guardian to adjust borrow and supply caps for different assets in March. For example, here is a forum post from March 14th where Gauntlet altered the borrow/supply caps for USDC and DAI on Base. The supporting data for these decisions can vary. In this case, the decrease in DAI caps was implemented to prevent concentration risk due to declining circulating supply. Similarly, Warden Finance contributed their risk analysis with posts including “Rebalancing of Base Liquidity Incentives,” informing the community of a new rewards pool for the native USDC market and an upcoming Safety Module for Base.

  2. Preparations for the xERC20 Token Standard: On March 16, Moonwell contributor Elliot of Solidity Labs introduced MIP-M21: Upgrade Wormhole Bridge Adapter on Moonbeam. This was the first in a series of proposals to activate multichain governance for Moonwell. To enable WELL to be used on Base for voting and staking, MIP-M21 detailed upgrading the Wormhole Bridge Adapter on Moonbeam. The upgrade would improve the user experience of bridging, automatically unwrapping the WELL (xERC20) back to the original Moonbeam WELL token on transfer. Following MIP-M21, Elliot proposed MIP-M23 and MIP-M24: Multichain Governor and WELL Migration. This pair of proposals sought to move from Compound’s Governor Alpha smart contract to the new cross-chain governor, activate xWELL, and accept ownership of the contracts, finalizing the new governor’s abilities. These three proposals successfully passed their on-chain vote. Finally, on March 31, Elliot outlined MIP-M25 Base Safety Module Activation. MIP-M25 aims to enable rewards for stakers in the Safety Module with the new multichain WELL token on Base.

  3. Reward Speed Proposals: In mid-March, delegate Curly submitted a pair of regular on-chain proposals for Moonbeam and Moonriver. These proposals dealt with the rebalancing of liquidity incentives to ensure that the protocol maintains healthy levels of rewards on the networks. Both passed their onchain votes and the reward speeds were adjusted accordingly.

  4. Enhancing Frax Liquidity: @curly submitted MIP-M22 for on-chain voting on March 20. This successful proposal was a follow-up to MIP-16 and aimed to enhance FRAX liquidity on Moonbeam. This comes as part of the Nomad Collateral Redemption and Reallocation initiative being spearheaded by Solidity Labs. The discussion can be found here.

Major Milestones Achieved:

  • Aera V2 Migration: The community voted in late February to migrate the existing Apollo vault from Aera V1 to V2. There were multiple potential voting outcomes for the proposal, but the community decided to upgrade the vault with the addition of leveraging Aave USDC to generate yield. On March 1, Aera informed the community that the vault was live. The Moonwell community can track financial data for the V2 vault here.

  • USDC Anywhere Galxe Campaign: On March 4, Moonwell kicked off a campaign using Galxe to help users explore the cross-chain USDC update launched in February. The total prize pool was 1000 USDC and 10 total winners had the opportunity to be randomly selected after completing the tasks and minting the NFT.

  • New Asset Support: In early March, delegate @coolhorsegirl proposed activating a WBTC (Wrapped Bitcoin) market on Moonwell. In doing so, Moonwell would be the first lending market on Base to support the asset. The proposal first went up for a successful Snapshot vote. Following that, Gauntlet provided their initial recommendations for the asset and Coolhorsegirl informed the community that an on-chain proposal was in the works.

  • Total Value Locked (TVL) Highs: On March 11, the Moonwell protocol deployment on Base reached a significant milestone: $70M TVL. Only 17 days later, that metric became $100M.


Voting Insights and Observations

Summary of governance participation trends in March:

  • 8 on-chain proposals
  • 1 Snapshot proposal
  • 26 forum posts

For the observed period, the number of active voters for on-chain proposals averaged 56, with a maximum of 105 and a minimum of 13.

Proposal On-chain votes
MIP-B14 30
MIP-M19 33
MIP-M20 36
MIP-R14 13
MIP-M21 75
MIP-M22 63
MIP-M23 91
MIP-M24 105

This month had a below-average number of Snapshot proposals compared to the number of onchain proposals.

Proposal Off-chain votes
Add WBTC to Moonwell on Base 49

The previous maximum number of Snapshot voters occurred in February when a proposal for Gauntlet becoming Cap Guardian on Moonbeam managed to attract 51 voters.

Success Insights:

  • On-chain: The on-chain proposals in March witnessed a 100% success rate. All proposals passed with 91.4% consensus or above.
  • Off-chain: The single Snapshot proposal for March also successfully passed with a high degree of consensus opinion, coming in at 99.2% agreement.

Browse all of the proposals here.

Community:


Community Strengths

The overarching theme for March can be summed up as “adaptability to changes.” The community has stayed aware of the evolution of the Moonwell protocol and consistently showed up to vote for the highest-impact decisions. Upgrading the governance smart contract infrastructure is a difficult task; this is even more true for infrastructure that requires cross-chain message passing. Moonwell contributors and the community worked in tandem to push out and pass three high-level MIPs that improve the user experience of voting and staking on Base. March has also notably included more on-chain proposals than the previous months. The community has continued to stay engaged; a quorum was reached on every proposal.

The largest increase in community numbers came from the @MoonwellGov X account which could be attributed to increased account activity. Finally, there continue to be healthy debates in the forums. As an example, look at the discussion brought forth by contributor @elliot on MIP-M23 and MIP-M24. @curly sought clarification on the implementation details of the pair of MIPs and gave constructive feedback on the rollout/minimum proposal threshold. Conversations like these help Moonwell become more resilient as they reduce the chance of blindspots that could introduce negative externalities to the protocol.


Opportunities

While Moonwell continues to scale - as reflected in TVL growth, an increasing social media following, and engagement on the forums - there is an opportunity to directly reward users who perform the actions that most benefit the governance of the protocol. Those actions could include voting on on-chain proposals, attending the monthly governance call or submitting a question, voting on Snapshot, registering in the forums or replying to forum posts in a meaningful way, starting a governance discussion in Discord, or staking to help secure the protocol. Boardroom will work in tandem with Moonwell delegates to formalize these ideas and put it up for a community vote in the near future.


Conclusion

The March 2024 report highlights high-level governance-related changes, major protocol milestones, an increasing number of onchain proposals, and a growing level of community engagement. Moonwell has seen maintenance or improvement in nearly all governance metrics when compared to February. The total on-chain vote count, the number of forum posts, and the number of on-chain proposals are all up. Social media following is either on-par or up across all channels. A voting quorum is consistently reached.

Be sure to attend the upcoming governance community call on Thursday, April 4th at 5pm UTC in Discord to hear directly from the main contributors to the multichain governance upgrades from this month.


Links

April 2024 Update

The monthly governance recap serves as a compendium of key governance updates for the preceding month. This update covers Moonwell governance activities for April 2024.

This update includes:

  1. Proposals, Updates, & Milestones
  2. Voting Insights & Observations
  3. Community Strengths
  4. Opportunities
  5. Conclusion & Links

Proposals and Updates

Moonwell’s primary governance initiatives for this period included:

  1. Risk Management and Parameter Adjustments: Gauntlet releases market recommendations that include MIPs to adjust important asset risk parameters (e.g. collateral factors and borrow caps) intending to balance risk and capital efficiency. On April 1, for example, Gauntlet submitted three MIPs based on this forum post for Moonwell’s Base, Moonbeam, and Moonriver deployments: MIP-B15, MIP-M25, and MIP-R15. Gauntlet also regularly used Cap Guardian to make changes to borrow/supply caps without the need for a governance proposal, as seen here. Similarly, Warden Finance contributed their risk analysis with a forum post “Rebalancing of Base Liquidity Incentives” to inform the community of various Base-related updates. Notably, the liquidity situation surrounding DAI and rETH circulating supplies has improved when compared to previous months.

  2. Final Stages of the xERC20 Implementation & Multichain Governance: Throughout March, multiple forum discussions and onchain votes took place to enable voting and staking from Base with native WELL. Three proposals related to multichain governance were passed in March: MIP-M21 (Upgrade Wormhole Bridge Adapter on Moonbeam) and MIP-M23/MIP-M24 (Multichain Governor and WELL migration). On the first day of April, @Elliot of Solidity Labs introduced MIP-B16 to enable rewards for users in the Safety Module with the new WELL token on Base. Staking rewards officially went live on April 11th.

  3. Reward Speed Proposals: In mid-April, delegate Curly submitted a pair of regular onchain proposals for Moonbeam and Moonriver. This type of proposal aims to rebalance liquidity incentives and maintain healthy levels of rewards on the two networks. They aren’t required on Base as Warden is serving as the incentives admin for Moonwell’s Base deployment. Both proposals passed their onchain votes and the reward speeds were adjusted accordingly.

  4. New Moonwell Market Proposal: Gauntlet, in mid-April, proposed to onboard AERO as collateral on Moonwell’s Base deployment. AERO is the native utility token of Aerodrome Finance, a next-generation AMM designed to serve as Base’s central liquidity hub. Ahead of a successful Snapshot vote, Gauntlet gave their initial risk recommendations, including supply/borrow caps and IR parameters. The Snapshot signal progressed to an onchain vote on April 29th.

Major Milestones Achieved:

  • Moonwell is PINK Galxe Campaign: Delegate Curly announced the launch of a Galxe campaign on April 6th. The campaign is centered around Moonwell’s grant of 1.2M $PINK tokens from the Moonbeam Foundation. Users can complete tasks and earn their share of the reward.

  • Bolstering FRAX Market Liquidity on Moonbeam: In mid-April, Solidity Labs announced the successful completion of MIP-M16. The end result of many months of effort, FRAX suppliers can now enjoy enhanced liquidity and improved market stability.

  • Based Voter Galxe Campaign: On April 12th, Moonwell launched a new campaign to encourage governance participation using the upgraded native WELL token on Base. To join, users are required to vote on at least one onchain proposal before May 10th, using native WELL on Base. Those who successfully mint the Based Voter NFT will be entered into a drawing. After one month, 20 winners will be randomly rewarded with $100 USDC each, resulting in a total prize pool of $2000.

  • Native WELL rewards on Base: Native WELL rewards on Base went live on April 19th. Previously, suppliers on Base have received Wormhole WELL tokens as rewards.

  • TVL: Following last month’s $100M milestone in Moonwell TVL on Base, that figure grew to $150M on April 23rd.


Voting Insights and Observations

Summary of governance participation trends in April:

  • 7 onchain proposals
  • 1 Snapshot proposal
  • 24 forum posts

For the observed period, the number of active voters for onchain proposals averaged 45, with a maximum of 100 and a minimum of 11.

Proposal Onchain votes
MIP-R15 11
MIP-M25 45
MIP-B15 42
MIP-B16 57
MIP-R16 17
MIP-M26 100

This month, there was a single Snapshot signal vote.

Proposal Offchain votes
Add AERO market to Moonwell on Base 86

This Snaphot proposal overtakes the previous maximum number of Snapshot voters, which occurred in February when a proposal for Gauntlet becoming Cap Guardian on Moonbeam managed to attract 51 voters.

Success Insights:

  • Onchain: The onchain proposals in April witnessed a 100% success rate.
  • Offchain: The single Snapshot proposal for April successfully passed with a high degree of consensus opinion, coming in at 94.09% agreement.

Browse all of the proposals here.

Community:


Community Strengths

April showed a strong voter turnout despite a wider market downturn. Although there were a few governance proposal resubmissions, the community stayed aware of short-notice changes and consistently showed up to reach quorum. Gauntlet’s Snapshot proposal saw the highest signal vote turnout in months and it beat the previous high by a wide margin. Similarly, a resubmission of MIP-M26 gathered 100 votes, which is on par with last month’s maximum of 105. Social account growth metrics are up across the board.


Opportunities

Going forward, there is an opportunity to expand the Based Voter Galxe governance incentive program into a wider, all-encompassing effort. Rather than solely encouraging a single voting metric (voting onchain) on a single network, the program’s scope could be increased to include all Moonwell deployments. Similarly, the qualifying voter actions could cover more ground. There is also an opportunity to transform Moonwell’s passive delegates into active delegates. Keep an eye out for forum posts related to these efforts sometime in May.


Conclusion

The April 2024 report highlights consistent contributor activity, sustained voter turnout, increasing social sentiment, new market proposals, the conclusion of the effort to bolster FRAX liquidity, and more. The community remains engaged and a voting quorum is consistently reached.

Be sure to attend the upcoming governance community call on Thursday, May 2nd at 5pm UTC in Discord to hear directly from Gauntlet and Solidity Labs on the above topics.


Links

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May 2024 Update

The monthly governance recap serves as a compendium of key governance updates for the preceding month. This update covers Moonwell governance activities for May 2024.

This update includes:

  1. Proposals, Updates, & Milestones
  2. Voting Insights & Observations
  3. Community Strengths
  4. Opportunities
  5. Conclusion & Links

Proposals and Updates

Moonwell’s primary governance initiatives for this period included:

  1. Launch of the Moonwell Foundation: On May 2nd, the Moonwell Foundation was officially announced. Operating from the Cayman Islands, the Foundation was created to support the Moonwell ecosystem. Some of the main advantages of this structure include the ability to enter legal agreements (e.g. business development and partnerships), safeguarding a substantial treasury, and the establishment of a Moonwell Security Council. To commemorate this milestone, a new Galxe “I Signed the DAO Constitution” NFT was created.
  2. Conclusion of the Based Voter Galxe Campaign and high proposal turnout: On May 10th, the Based Voter campaign was concluded and out of the 215 eligible addresses, 145 users minted the NFT. 20 holders were randomly selected to win $100 USDC, each. The campaign also coincided with the highest onchain voter turnout for a proposal since August 2023 for MIP-B17.
  3. Risk Management and Parameter Adjustments: Gauntlet kickstarted the month with market recommendations that included MIPs to adjust important asset risk parameters (e.g. collateral factors and IR parameters), intending to balance risk and capital efficiency. These larger market recommendation posts work in parallel with Gauntlet’s regular weekly updates. These updates give an overview of assets that have an average utilization >= 75%, liquidations, protocol growth, and more. Similarly, Warden Finance contributed with updates to the Base deployment’s liquidity incentives, as seen in this post from mid-May.

Major Milestones Achieved:

  • New Moonwell markets: After the successful passing of MIP-B17, the AERO market was officially added to Base on May 4th. WELL rewards were also activated, allowing users to supply the asset and receive fees and additional rewards.
  • Extra USDC rewards to drive further USDC adoption on Base: In mid-May, Gauntlet announced the results of an effort to incentivize native USDC supply with extra rewards for the past two months. Supply grew from $16.8M to $48.5M and borrows grew from $13M to $37.5M.
  • TVL: On May 20th, the Base deployment of Moonwell reached a significant Total Value Locked milestone: $200M. This value is up from April’s milestone of $150M.
  • Lower fees on Base: In late May, the gas target on Base was increased 6.25 Mgas/s, significantly lowering fees globally. For Moonwell, this means cheaper lending, borrowing, and rewards claiming.
  • Smart Wallet Technical Preview: At the end of the month, Majin announced the launch of the technical preview of Coinbase’s Smart Wallet. Users can use Moonwell to create their own Smart Wallet and enjoy sponsored gas fees. For details on how to fund the Smart Wallet, see the Discord announcement above.

Voting Insights and Observations

Summary of governance participation trends in May:

  • 5 onchain proposals
  • 1 Snapshot proposal
  • 21 forum posts

For the observed period, the number of active voters for onchain proposals averaged 51, with a minimum of 16 and a maximum of 90.

Proposal Onchain votes
MIP-R17 17
MIP-B18 53
MIP-M27 90
MIP-R18 16
MIP-M28 79

This month, there was a single Snapshot signal vote.

The previous maximum number of Snapshot voters occurred in April when a proposal from Gauntlet to Add AERO Market to Moonwell on Base managed to attract 86 voters. The vote count for this month’s Snapshot proposal was on par with the average Snapshot turnout.

Success Insights:

  • Onchain: The onchain proposals in May witnessed an 80% success rate. Note: MIP-M28 was successfully passed by the community, but it is considered “defeated” due to a technical issue.
  • Offchain: The single Snapshot proposal for May successfully passed with a high degree of consensus opinion. 100% of voters chose “Yes” to ratify the initial roster.

Browse all of the proposals here.

Community:


Community Strengths

Moonwell’s contributors continue to operate like a well-oiled machine. Operationally, this cohesion sets the stage for a lot of growth in the future. This month, Gauntlet created five cap adjustment posts and regularly provided market updates and risk parameter adjustments, Warden Finance handled all things related to Base incentives reporting, Boardroom continued supporting the protocol’s governance, and other non-contributors such as the Aera team provided updates on the current state of the Aera vault. When coupled with the launch of the Moonwell Foundation, one of the most important updates in the history of Moonwell’s governance, many systems are now in place to accommodate the onboarding of many new users and governance participants.

We also continue to see new and existing community members creating discussions in the forums. Novel, thought-provoking ideas help the protocol’s development regardless of whether or not they turn into Snapshot votes or MIPs.


Opportunities

Throughout April and May, Boardroom successfully ran a “Based Voter” campaign designed to incentivize users to upgrade their WELL and vote using the native token on Base. $100 USDC was awarded to 20 winners for a total prize of $2000. The campaign 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. There is an opportunity to expand this smaller event to a full-scale, recurring campaign. For the “Based Voter” NFT, the single required user action was to vote onchain from Base. For the full campaign, there could be more qualifying user actions, including attending the monthly Governance Call, voting on a Snapshot proposal, and creating quality replies and discussions in the forums and on Discord. In the near term, we want to increase the number of new users getting involved in governance. The best way to accomplish that is to offer the potential to earn WELL rewards. Second, we want to better engage the community members who are already somewhat active in Moonwell governance. We saw great results from the smaller Based Voter campaign and see an opportunity to sustainably extend those results over a longer period of time and with a larger number of user actions. Finally, using WELL as a reward offers more protocol alignment than USDC.


Conclusion

The May 2024 report highlights a large update for Moonwell governance from a meta-perspective, consistent milestones such as new asset support and TVL records, cohesion among contributors, and an uptick in net-new ideas and discussions from community members. Voter turnout this month continued to hold average levels despite the lower volume of proposals created. Social metrics are increasing as well; Discord, the governance X account, and the chat Telegram channel saw the most amount of growth this month.

Be sure to attend the upcoming governance community call on Thursday, June 6th at 5pm UTC in Discord.


Links

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