June 2025 Update
Key Insights
- Proposal Volume is Increasing. June experienced a resurgence in the number of combined Snapshot and onchain proposals when looking at H1 2025.
- New Core Markets. Proposals advanced this month revolved around Coinbase collateral assets, namely Coinbase Wrapped Ripple (cbXRP) and Coinbase Wrapped Doge (cbDOGE).
- New Risk Provider Contributions. Anthias Labs first joined Moonwell as a risk partner on the Base markets. Some of their initial contributions included recommendations for setting June’s minimum reserves in Moonwell’s Base Core Markets, their first official monthly recommendations, and asset-specific recommendations. Following Gauntlet’s departure, Anthias has become Moonwell’s primary risk manager.
- Renewed Moonwell Vaults Incentives Program. Block Analitica successfully passed a proposal in mid-June to renew the Moonwell Morpho Vaults Incentives Program for an additional 90-day period.
- Deepening Integrations. Following an initial integration earlier this year, API3 successfully passed a Snapshot to switch to using API3’s OEV data feeds for all Moonbeam Core Markets.
Primer
The monthly governance recap serves as a compendium of key governance updates for the preceding month. This update covers Moonwell governance activities for June 2025.
June was a relatively lively month for Moonwell governance. There was a high volume of proposals coupled with a high voter turnout rate, and multiple deliverables from Moonwell contributors and integration partners were communicated in the forums.
Key Metrics
- Five onchain proposals
- Four Snapshot proposals
- 17 forum posts
The number of active voters for onchain proposals averaged 335, with a minimum of 218 and a maximum of 514.
This month, there were four Snapshot signal votes.
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 June had an 100% success rate.
- Offchain: The Snapshot proposals in June had a 75% success rate.
Browse all of the proposals here.
Other Governance Metrics
| Metric | Data |
|---|---|
| Voters | 6350 (+16.75%) |
| Top-5 Wallets Voting Power | 54% (-2.0%) |
| Top-100 Wallets Voting Power | 81% (-2.0%) |
| Top-200 Wallets Voting Power | 83% (-2.0%) |
| 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 | 7.17% (-8.39%) |
| Top-1000 Delegates Inactive*** | 25.75% (+2.91%) |
| Top-1000 Delegates Ghost**** | 67.07% (+5.47%) |
*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
Looking at Moonwell’s proposal participation from a high-level perspective, we can see that the general volume of voter turnout has remained elevated since Q4 2024. June does not deviate from this trend. In fact, at 514 votes, MIP-X23 came within striking distance of MIP-X08’s previous all-time-high of 610 votes. MIP-X23 happened to be the first onchain proposal of the month; its high turnout continues a trend that we’ve seen sporadically since MIP-X05’s voting requirement was established in October: high turnout for the first proposal in the month, followed by a reduction (~43% in this case) throughout the month. The other four onchain proposals in June had an averaged voter turnout of 291. Note that this isn’t a hard rule. In March, for example, we witnessed each successive proposal receiving an increasing number of votes.
Top 1000 Delegates Participation
The proportion of active delegates is decreasing slightly. For context, in November, the proportion of the delegate body that was “active” was 18.19% and in January, that figure was 16.81%. The proportion of “ghost” delegates has been increasing slightly throughout each of these monthly reports (with the exception of January through March, where it held steady at roughly ~61%). This isn’t a significant cause for concern. In the long term, we’d ideally want to see the number of inactive and ghost delegates decrease, but this is a difficult task as the number of tokenholders increases.
Main Governance Initiatives in June
New Core Markets
Following last month’s discussion on Coinbase collateral assets, Coolhorsegirl brought the first proposal to the forums on June 5th for adding a cbXRP Core Market to Moonwell on Base. cbXRP is Coinbase Wrapped XRP, a fully‑collateralized ERC‑20 representation of XRP that is minted and redeemed 1‑for‑1 through Coinbase. Shortly after, Coolhorsgirl posted a similar proposal to add a cbDOGE market to Moonwell on Base. Snapshots for the cbXRP proposal and the cbDOGE proposal both went live on June 6th. Gauntlet posted their recommendations for onboarding cbXRP as collateral later that day. Both proposals were successful. Shortly after, Anthias Labs offered initial parameter recommendations for cbDOGE and cbXRP. The onchain proposal for cbXRP went live on June 13th. It was successful and the Core Market went live on June 18th.
Integrations
Earlier this year, API3 proposed switching data feeds for Moonwell’s GLMR Core Market to API3’s OEV solution. In mid-April, its onchain proposal was successful and the Market’s data feed was switched (complete with an OEV dashboard). This proposal sought to switch to using API3’s OEV data feeds for all Moonbeam Core Markets. Dave noted that this proposal does not compete with The Solidity Labs onchain OEV solution currently used on other deployments. API3 will continue distributing 80% of the OEV proceeds to Moonwell, via the addReserves function on the GLMR core market on Moonbeam.
Risk, Reward Speeds, and Vaults
Following the passing of this Snapshot, Anthias Labs joined Moonwell as a risk partner on the Base markets. Early in June, the team posted a report including recommendations for setting June’s minimum reserves in Moonwell’s Base Core Markets. The team will deliver monthly updates and proposals to optimize reserve levels, ensuring the protocol remains safe in the face of bad debt. They later offered their first monthly recommendations as official contributors to Moonwell, addressing risk on the Base Core Markets for June. They discussed the volatility in the USDC interest rates in early June, recommending a bump to its multiplier.
Gauntlet published a forum post to adjust market risk parameters for Moonwell’s Base, Optimism, and Moonbeam deployments. The onchain proposal was created on June 16th to adjust parameters for the next month. June’s monthly automated liquidity incentive proposal, MIP-X23, successfully passed an onchain vote on June 8th, aiming to rebalance liquidity incentives on three Moonwell deployments. It additionally sought to auction off ~$204K of excess market reserves.
Early in the month, Block Analitica created a forum proposal which sought to introduce a new Pendle LBTC pool on Base to borrowers utilizing PT-LBTC tokens as collateral on Morpho. The previous pool reached its expiry date. The new Morpho market’s parameters were proposed in the post. Block Analitica also submitted MIP-B44: Renewal of Moonwell Vaults Incentives Program in mid-June. It sought to renew the Moonwell Morpho Vaults incentives program for an additional 90-day period, requesting a grant of 10M WELL tokens. The grant will be allocated across the USDC, ETH, EURC, and cbBTC vaults (50%, 24%, 13%, and 13%, respectively) to optimize liquidity and address market demand. The final proposal of the month, MIP-X25, sought to transfer the Borrow & Supply Cap Guardian role for all Moonwell deployments from Gauntlet to Anthias Labs.
Additional Developments
- The Based Builders Show: On June 4th, Luke Youngblood joined The Based Builders Show, live on X.
- 1 Billion WELL Staked: On June 11th, Moonwell hit a significant milestone: 1 billion WELL staked.
- 8.4M WELL Acquired in Round 4 of Reserve Auctions: Staking rewards on Base and Optimism were increased following 8.4M WELL being acquired through reserve auctions last month.
- Consistent Fee Generation and Revenue: Throughout June, Moonwell’s borrowing demand continued to remain strong, generating over $2.2M in fees and $547K in revenue in the past three months.
- Monthly Governance Call: The June Governance Call’s guests included Luke Youngblood, Anthias Labs, 0xMims, and API3.
Delegate Digest
Super Delegates
| Delegate | Delegation Pitch | Delegation Page | Delegated Amount | Proposals Created | Completed their role’s minimum requirements this month? |
|---|---|---|---|---|---|
| Coolhorsegirl | Link | Link | 16K 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 | 427K WELL | 0 | Yes |
| PGov | Link | Link | 1M WELL | 1 | Yes |
| DAOplomats | Link | Link | 228 WELL | 0 | Yes |
| Maylosan | Link | Link | 33K WELL | 0 | Yes |
| FranklinDAO | Link | Link | 508 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 |
|---|---|---|
| Coolhorsegirl | 6/9 | 66.67% |
| PGov | 7/9 | 77.78% |
| Kimchiblock | 3/9 | 33.33% |
| DAOplomats | 8/9 | 88.89% |
| Maylosan | 2/9 | 22.22% |
| FranklinDAO | 0/9 | 0% |
You can read more about the requirements to join each delegate tier and each tier’s contribution minimums here.
View June’s Delegate Tracker here.
Delegate Highlights
- Coolhorsegirl create two forum proposals early in the month: one for cbXRP and one for cbDOGE
- PGov continues to regularly update their delegate pitch with rationales for their voting behavior.
Community Overview
| Social Channel | Data |
|---|---|
| Main X account | 54.3K Followers (+1.12%) |
| Governance X account | 1153 Followers (+3.32%) |
| Discord | 10,791 Members (+0.80%) |
| Announcements Telegram | 666 Members (-1.77%) |
| Chat Telegram | 7,547 Members (-1.35%) |
Community Trends
This month, voters seemed to turnout regardless of the type of proposal. MIP-X23 was a standard automated liquidity incentive proposal, and it managed to attract the most votes by a significant margin. We see a similar story play out for Snapshots; three of the four proposals received a respectable 106-183 votes.
June experienced a resurgence in the number of proposals in a single month. At four Snapshot proposals and five onchain proposals, June had the highest number of proposals in four months; it tied February.
Moonwell’s social channels continue to grow in a pattern seen in previous months: positive growth for the main X account, governance X account, and Discord, and a slight reduction in the Telegram channels.
Closing Summary
June 2025 had relatively high voter turnout, a high volume of proposals, and multiple deliverables from integration partners and Moonwell contributors.
Look for the next Monthly Governance Call on X on the last Thursday of each month. The next call will be on July 31st at 17:00 UTC.