April 2025 Update
Key Insights
- Sustained high voter turnout. Despite there being fewer total proposals compared to Q4 2024, average voter turnout actually increased quarter-over-quarter; this trend continued in April.
- Updates to the Moonwell Asset Listing Framework (MALF). Early in the month, voters approved changes proposed by Gauntlet to add additional requirements to the asset listing process.
- Switching to OEV-enabled data feeds. The community voted to switch to API3’s OEV-enabled data feed for the GLMR Core Market on Moonbeam.
- Continued new Core Market proposals. In April, the community voted on multiple new Core Market activations - one of them is now live in the Moonwell app.
Primer
The monthly governance recap serves as a compendium of key governance updates for the preceding month. This update covers Moonwell governance activities for April 2025.
This month saw a handful of high-impact proposals that dealt with third-party technical infrastructure, governance processes, and Core Market activations. Voter turnout remained high and most social metrics increased month-over-month.
Key Metrics
- Five onchain proposals
- One Snapshot proposal
- 12 forum posts
The number of active voters for onchain proposals averaged 289, with a minimum of 194 and a maximum of 407.
This month, there was one Snapshot signal vote.
| Proposal | Offchain votes |
|---|---|
| Moonwell Asset Listing Framework (MALF) - Implement Additional Review Threshold Requirements | 38 |
At 310 voters, the USDS proposal in January received the highest number of votes for a Moonwell Snapshot proposal.
Success Insights:
- Onchain: The onchain proposals in April had a 100% success rate.
- Offchain: The Snapshot proposals in April had a 100% success rate.
Note: one proposal had to be resubmitted due to incorrectly configured calldata, but both proposals were successful.
Browse all of the proposals here.
Other Governance Metrics
| Metric | Data |
|---|---|
| Top-5 Wallets Voting Power | 51% (-6%) |
| Top-100 Wallets Voting Power | 82% (-1%) |
| Top-200 Wallets Voting Power | 84% (-1%) |
| Delegate Quorum Gauge* | 3 (No change) |
| Nakamoto Coefficient** | 5 (No change) |
| Early Voters | 45% (No change) |
| Mid-Proposal Voters | 23% (No change) |
| Late Voters | 17% (No change) |
| End-of-Proposal Voters | 16% (No change) |
| Top-1000 Delegates Active | 10.46% (-1.77%) |
| Top-1000 Delegates Inactive*** | 25.01% (-1.74%) |
| Top-1000 Delegates Ghost**** | 64.53% (+3.51%) |
*Delegate Quorum Gauge: The number of delegates required to reach quorum.
**Nakamoto Coefficient: The number of delegates required to reach 50% of the total voting power.
***A delegate is considered inactive if they have not voted on any of the last 3 proposals but have voted on at least 1 proposal in the past.
****A delegate is considered a ghost if they have never voted on any proposal.
Proposal Participation
In Q4 2024, we started to see increased voter participation after the voting requirement was added by MIP-X05. In Q4, we had just over 4200 total votes cast. In Q1 of this year, that total value was just over 4000. While it may seem like a drop off in governance participation, there were actually significantly fewer total onchain proposals submitted (21 in Q4 versus 14 in Q1). The average voter turnout was actually far greater in Q1 compared to Q4 (200 versus 288). In April, the average onchain voter turnout has almost perfectly continued that trend, coming in at 289.
Main Governance Initiatives in April
Updating the Moonwell Asset Listing Framework (MALF)
Last month, Gauntlet began a discussion on updating the MALF to refine and strengthen the process of listing new assets while still maintaining accessibility for new listings. It went up for a Snapshot vote at the start of the month; the three changes included (1) adding a Swap Size Requirement of $500K to incur a 25% price impact or less across DEXs/aggregators, (2) adding a Liquidity Threshold of at least $2M in total TVL across one or more DEX pools, and (3) stipulating that its proposed asset markets have Commercial Viability (potential to generate at least $1,000 per month in protocol revenue). The Snapshot was successful.
OEV in the Moonbeam Markets
Dave was a guest on December’s Great OEV Debate call where he made the case for Moonwell using API3’s OEV solution. He made a post in January proposing that Moonwell switch to API3’s OEV enabled data feed for the GLMR market on Moonbeam, which progressed to a Snapshot proposal in February. In early April, the onchain proposal was submitted, positing that API3 would distribute 80% of the OEV proceeds to Moonwell via the addReserves function on the GLMR Core Market on Moonbeam. Although the proposal was successful, it contained incorrectly configured calldata and it failed to execute. It was later resubmitted as MIP-M43, which was also successful. A dashboard tracking this OEV went live shortly after.
New Core Markets
Following February’s discussion and March’s Snapshot proposal, the onchain proposal for adding a MORPHO Core Market to Moonwell on Base went live on April 1st. It was successful and the Core Market went live on April 6th. In the latter half of the month, 0xMims submitted a forum post to add a USDT0 Core Market on Optimism. USDT0 is the multichain variant of Tether’s USDT, powered by LayerZero’s Omnichain Fungible Token (OFT) standard. The Snapshot is currently live.
Risk, Reward Speeds, and Vaults
Gauntlet published a forum post to adjust market risk parameters for Moonwell’s Base, Optimism, and Moonbeam deployments. The onchain proposal was created on April 23rd to adjust parameters for the next month. Throughout the month, Gauntlet also published weekly updates to give an overview of asset utilization, liquidations, protocol growth, and more. Gauntlet used their role as Cap Guardian to adjust Borrow/Supply caps for assets including MORPHO on Base. April’s monthly automated liquidity incentive proposal, MIP-X19, successfully passed an onchain vote on April 12th, aiming to rebalance liquidity incentives on three Moonwell deployments. It additionally sought to auction off ~$169K of excess market reserves.
Additional Developments
- OP Rewards Live on OP Mainnet: Following the passage of MIP-X19, OP rewards became available across all Core Markets on OP Mainnet.
- New Integration - Thirdweb Universal Bridge in the Moonwell App: Users can now directly deposit into any Moonwell Vault on Base and Optimism Mainnet with just a credit card or crypto from other networks.
- Binance Wallet Support: Moonwell became supported on Binance Wallet in mid-April.
- MORPHO Core Market Growth on Base: In April, the MORPHO Core Market continued to grow, reaching over 1.049M supplied.
Delegate Digest
Super Delegates
| Delegate | Delegation Pitch | Delegation Page | Delegated Amount | Proposals Created | Completed their role’s minimum requirements this month? |
|---|---|---|---|---|---|
| 0xMims | Link | Link | 6.9K WELL | 10 | Yes |
| Coolhorsegirl | Link | Link | 709K WELL | 20 | Yes |
Mid-Tier Delegates
| Delegate | Delegation Pitch | Delegation Page | Delegated Amount | Proposals Created | Completed their role’s minimum requirements this month? |
|---|---|---|---|---|---|
| Kimchiblock | Link | Link | 419K WELL | 0 | Yes |
| PGov | Link | Link | 1K WELL | 1 | Yes |
| DAOplomats | Link | Link | 175 WELL | 0 | Yes |
| Maylosan | Link | Link | 44K WELL | 0 | Yes |
| FranklinDAO | Link | Link | 10 WELL | 0 | Yes |
Junior Delegates
| Delegate | Delegation Pitch | Delegation Page | Delegated Amount | Proposals Created | Completed their role’s minimum requirements this month? |
|---|
Delegate Voting Rate
| Delegate | Number of Proposals Voted On | This Month’s Voting Rate |
|---|---|---|
| 0xMims | 6/6 | 100% |
| Coolhorsegirl | 6/6 | 100% |
| PGov | 6/6 | 100% |
| Kimchiblock | 0/6 | 0% |
| DAOplomats | 0/6 | 0% |
| Maylosan | 0/6 | 0% |
| FranklinDAO | 0/6 | 0% |
You can read more about the requirements to join each delegate tier and each tier’s contribution minimums here.
View April’s Delegate Tracker here.
Delegate Highlights
- 0xMims created a forum discussion outlining a proposal to add a USDT0 Core Market to Moonwell on Optimism. He submitted the Snapshot proposal at the end of the month.
- PGov and 0xMims attended April’s governance call.
Community Overview
| Social Channel | Data |
|---|---|
| Main X account | 53.2K Followers (+0.76%) |
| Governance X account | 1062 Followers (+3.01%) |
| Discord | 10,600 Members (+0.43%) |
| Announcements Telegram | 689 Members (-0.86%) |
| Chat Telegram | 7,642 Members (-2.35%) |
Community Trends
Notably, the two proposals that gathered the most votes this month were MIP-X19 and MIP-X20, with 348 and 407 votes, respectively. These were routine proposals; the first involved monthly automated liquidity incentives and the second was Gauntlet’s set of monthly recommendations. High turnout for MIP-X19 could partially be explained by its inclusion of ~$169K of excess market reserves to be auctioned off. Last month, MIP-X16 similarly received 324 votes and it included ~$249K in excess reserves. At five onchain proposals, we’re back to the average proposal volume after seeing a slight decrease last month.
In terms of Moonwell’s social channels, the growth patterns largely remained the same, but rates were reduced a bit across the board. The governance X account continued to grow the fastest. The main deviation from the trend this month was the slight decrease in membership seen in the chat Telegram channel.
Closing Summary
April 2025 coincided with a consistently high average voter turnout on a handful of high-impact onchain proposals. Look for the next Monthly Governance Call on X on the last Thursday of each month. The next call will be on May 29th at 17:00 UTC.