Monthly Governance Reports

Announcements & Updates Updates
20

July 2025 Update

Key Insights

  • The Security Council’s Roster was Updated. Kicking off the month were two simultaneous Snapshot proposals to replace two outgoing Security Council members with Ana Bittencourt, a Solidity Engineer at Lunar Labs, and Anthias Labs, Moonwell’s newest risk manager.

  • Boardroom Launched a Delegation Initiative. 3.4M WELL will be used to delegate to a handful of high-impact delegates, promoting select teams/individuals to the Super Delegate role. This coincides with an effort to establish five Super Delegate “specialties,” which profile the most important areas of expertise that Super Delegates could offer to the protocol and its wider ecosystem.

  • Gross Voter Turnout Remains Consistent with Previous Months. While intra-month voting data deviated from the norm a bit in July, total turnout among Snapshot and onchain proposals is in-line with what we’ve come to expect this year.

Primer

The monthly governance recap serves as a compendium of key governance updates for the preceding month. This update covers Moonwell governance activities for July 2025.

Some of the main governance initiatives in July included updates to the Security Council roster, risk management updates, and the launch of a delegation initiative. Voter turnout remained high and the volume of proposals was average.

Key Metrics

  • Three onchain proposals

  • Three Snapshot proposal

  • 15 forum posts

The number of active voters for onchain proposals averaged 381, with a minimum of 274 and a maximum of 484.

Proposal Onchain Votes
MIP-X26 274
MIP-M44 385
MIP-X27 484

This month, there were three Snapshot signal votes.

Proposal Offchain Votes
Nomination: Anthias for Moonwell Security Council (Replacing Gauntlet) 39
Nomination: Ana for Moonwell Security Council (Replacing Elliot) 56
Upgrade Moonwell’s Liquidation Incentive Recapture on Optimism’s ETH/USD Market 182

Success Insights:

  • Onchain: The onchain proposals in July had a 100% success rate.

  • Offchain: The Snapshot proposals in July had a 66% success rate.

Browse all of the proposals here: Moonwell - Lending made simple .

Other Governance Metrics

Metric Data
Voters 6,558 (+3.28%)
Top-5 Wallets Voting Power 56% (+2.0%)
Top-100 Wallets Voting Power 81% (No change)
Top-200 Wallets Voting Power 82% (No change)
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 6.80% (-0.37%)
Top-1000 Delegates Inactive* 25.19% (+2.35%)
Top-1000 Delegates Ghost* 68.00% (+6.40%)

[1] Delegate Quorum Gauge: The number of delegates required to reach quorum
[2] Nakamoto Coefficient: The number of delegates required to reach 50% of the total voting power.
[3] 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.
[4] A delegate is considered a ghost if they have never voted on any proposal.

Proposal Participation

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Largely, voter participation rates for July remain in-line with what we expect to see in recent months. In July, MIP-X23’s 514 votes was close to MIP-X08’s previous all-time-high of 610. This month, MIP-X27 managed to attract 484 voters. MIP-X27 was a standard Monthly Recommendations proposal from Anthias Labs, so the community appears to remain engaged regardless of proposal type. In previous months, the first onchain proposal of the month has typically had the highest turnout, followed by a reduction throughout the month (June, for example, had a ~43% reduction). This hasn’t been a hard and fast rule, though, and some months deviate from this trend. July was one of those months. Each successive onchain proposal received a greater number of votes (a ~40% jump in participation between the first two proposals and a ~26% jump between the second and third). March was another example of this trend occurring, but these types of months are an inversion of the norm.

Top 1000 Delegates Participation

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Continuing another trend seen in previous months, the proportion of the top-1000 delegates who are active is decreasing slightly. June’s proportion of active delegates among the top-1000 came in at 7.17%. The proportion of “Ghost” delegates likewise continues to increase slightly, up from 67.07% in June. Again, this isn’t unusual behavior; as the number of delegates outside of the top-1000 increases, a higher proportion of active votes may come from smaller tokenholders.

Main Governance Initiatives in July

Updates to the Security Council

Following a successful Snapshot in May, a proposal ( Nomination: Ana for Moonwell Security Council (Replacing Elliot) ) was submitted this month which sought to replace Elliot Friedman with Ana Bittencourt on the Moonwell Security Council. Ana is a Solidity engineer working full-time on Moonwell with Lunar Labs. 0xMims also submitted a similar nomination to replace Gauntlet with Anthias Labs. Gauntlet’s contract ended in June and Anthias was onboarded as risk partners for Moonwell. The Snapshot for Ana and the Snapshot for Anthias were both successful.

Boardroom’s Delegation Initiative

Boardroom was recently awarded with a delegation grant (facilitated by a loan structure) from the Moonwell Foundation. 3.4M WELL tokens will be solely used to delegate to a handful of high-impact delegates. A delegation from the team is contingent on staying active in governance and completing your role’s minimums requirements each month. The goal of this initiative is to find a handful of very high-impact delegates who are essentially specialists, covering different aspects of Moonwell governance. Currently, there are three open slots for Super Delegates — Coolhorsegirl and PGov are Moonwell’s only Super Delegates. PGov was the first to receive a 1M WELL delegation on our behalf due to their commitment in the forums since they first applied for the Delegate Rush program; they post their rationale for nearly every vote, and they’ve submitted a successful proposal in the past. Coinciding with the launch of this delegation initiative, Boardroom worked with Moonwell contributors to identify five Super Delegate “specialties” which will guide the team’s delegation efforts. These profiles are the most important areas of expertise that Super Delegates could offer to the protocol and its wider ecosystem. Delegation on Boardroom’s behalf will, in part, depend on the delegate’s ability to provide expertise in one of these areas: Asset Listing, Security Council, Data & Analytics, Treasury, and Third-Party Opportunities & Research. There is no application required for this initiative. If you’re involved in Moonwell governance, you meet the requirements listed in the governance docs, and you demonstrate a capacity to fulfill one of these specialities, you will be considered to receive a delegation. This forum thread will be used to keep the community informed on who has received delegations and whether or not any changes are made. Be sure to read Delegate | Moonwell Docs to learn more about how to become a delegate and progress through the roles.

Risk, Reward Speeds, and Vaults

After last month’s successful proposal to change the Borrow and Supply Cap Guardian to Anthias Labs, MIP-R31 ( Moonwell - Lending made simple ) kicked off the month by similarly appointing Anthias Labs as the Borrow Cap Guardian for Moonwell’s Moonriver Core Markets. Throughout the month, Anthias published weekly updates ( [Anthias Labs] Weekly Market Updates ) to report on week-over-week changes in borrows, supplies, utilization, liquidations, and more. In mid-July, Anthias published a forum post to adjust risk parameters for Moonwell’s Base, Optimism, and Moonbeam deployments. The onchain proposal was created ( Moonwell - Lending made simple ) on July 28th, which proceeded to pass its governance vote. Anthias also posted a Minimum Reserves Recommendations post on July 23rd, offering recommendations for July’s minimum reserves on Moonwell’s Core markets on Base and OP Mainnet. Finally, Anthias utilized ( [Anthias Labs] - Increase WELL and cbXRP supply caps on Base ) Cap Guardian to increase WELL and cbXRP supply caps on Base. July’s monthly automated liquidity incentive proposal, MIP-X26 ( Moonwell - Lending made simple ), successfully passed an onchain vote on July 6th, aiming to rebalance liquidity incentives on three Moonwell deployments. It additionally sought to auction off ~$307K of excess market reserves.

Additional Developments

  • Announcement of Unified Balances: On the first day of the month, Moonwell announced that unified balances are on the way to simplify users’ cross-chain lending experience, no matter where assets are.

  • Mamo Integration: In mid-July, Mamo was directly integrated into Moonwell.

  • New Anthias Monitoring Dashboard: In mid-July, Anthias Labs released their monitoring dashboard ( Anthias Labs - Moonwell ) for Moonwell, showcasing information including supplies, borrows, Core Market utilization, liquidations, and more.

  • Moonwell Growth on Base: As of late July, Moonwell has accumulated over $11M in fees on Base, flowing to both lenders and protocol reserves (which are then used to acquire WELL from the open market).

Delegate Digest

:blue_circle: Super Delegates

Delegate Delegation Pitch Delegated Amount Proposals Created Completed their role’s minimum requirements this month?
Coolhorsegirl Link 16K WELL 20 Yes
PGov Link 1M WELL 1 Yes

:yellow_circle: Mid-Tier Delegates

Delegate Delegation Pitch Delegated Amount Proposals Created Completed their role’s minimum requirements this month?
Kimchiblock Link 429K WELL 0 Yes
DAOplomats Link 228 WELL 0 Yes
Maylosan Link 46K WELL 0 Yes
FranklinDAO Link 508 WELL 0 Yes

:green_circle: Junior Delegates

Delegate Delegation Pitch Delegated Amount Proposals Created Completed their role’s minimum requirements this month?

Delegate Voting Rate

Delegate Number of Proposals Voted On Voting Rate
Coolhorsegirl 4/6 66.67%
PGov 5/6 83.33%
Kimchiblock 1/6 16.67%
DAOplomats 4/6 66.67%
Maylosan 1/6 16.67
FranklinDAO 0/6 0%

You can read more about the requirements to join each delegate tier and each tier’s contribution minimums here.

Boardroom’s monthly delegation initiative update for July can be found here: Boardroom Delegation & Super Delegate Specialties - #2 by Boardroom .

View July’s Delegate Tracker here: Delegate Tracker (July) - Google Sheets .

Delegate Highlights

  • PGov continues to regularly update their delegate pitch with rationales for their voting behavior.

Community Overview

Social Channel Data
Main X account 54.8K Followers (+0.92%)
Governance X account 1166 Followers (+1.13%)
Discord 10,959 Members (+1.56%)
Announcements Telegram 667 Members (-3.47%)
Chat Telegram​​ 7,566 Members (-3.17%)

Community Trends

This month, although the number of combined Snapshot and onchain proposals was moderate, community activation remained high, as evidenced by MIP-X27 and a defeated Snapshot proposal.

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

July 2025’s voter turnout remained high and the volume of proposals was average. The main governance initiatives included ongoing contributions from Moonwell newest risk manager (Anthias Labs), updates to the Security Council roster, and the launch of a delegation initiative.

Look for the next Monthly Governance Call on X on the **last** Thursday of each month. The next call will be on August 28th at 17:00 UTC.

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