November 2025 Update
Key Insights
- Incident Response. Following the events of October 10th and November 4th, governance in November largely centered around risk exposure reduction and debt remediation.
- Proposal Participation. November’s onchain voter turnout fell squarely within our expected range based on data collected in recent months, despite a higher volume of proposals.
- Monthly Governance Call. November’s governance call was pushed back by one week to December 4th. This month’s speakers will include Luke Youngblood, 0xMims, and Anthias Labs.
Primer
The monthly governance recap serves as a compendium of key governance updates for the preceding month. This update covers Moonwell governance activities for November 2025.
November had sustained voter turnout amidst a governance environment mostly focused on risk management and remediation. Anthias Labs, Moonwell’s risk partner and service provider, maintained a quick response time and offered ongoing communications regarding their recommended actions to reduce risk exposure and remediate bad debt.
Key Metrics
- 6 onchain proposals
- 1 Snapshot proposal
- 21 forum posts
The number of active voters for onchain proposals averaged 377, with a minimum of 331 and a maximum of 452.
This month, there was one Snapshot signal vote.
| Proposal | Offchain votes |
|---|---|
| Remediation of Bad Debt From 10/10 Using Reserves | 134 |
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 November had a 100% success rate.
- Offchain: The Snapshot proposals in November had a 100% success rate.
Browse all of the proposals here.
Other Governance Metrics
Proposal Participation
Source: Wheelhaus
With a monthly average of 377 onchain voters, proposal participation does not deviate from our expectations. The previous five months experienced a voter turnout of 335 in June, 484 in July, 719 in August (a clear outlier), 462 in September, and 382 in October.
Delegate Quorum Gauge & Nakamoto Coefficient
Source: Wheelhaus
In our last report, we noted that the Nakamoto Coefficient sat at 20 delegates. This month, it climbed to 23 (after briefly hitting 27), indicating a higher degree of governance decentralization. @Wheelhaus also adjusted the dataset to include a Quorum Gauge consisting of wallets that have voted at least once in the past, which we noted in October’s report would result in a more accurate picture of the number of delegates required to reach quorum.
Main Governance Initiatives in November
Incident Response and Risk Management
Anthias began the month by responding to an oracle malfunction which led to wrsETH collateral being drastically overvalued, enabling an attacker (same user responsible for the Oct 10th exploit) to borrow millions in various assets using minimal wrsETH collateral. Anthias responded by immediately zero-ing the supply and borrow caps for wrsETH (pausing activity in the wrsETH markets on both Base and Optimism Mainnet) and temporarily reduced borrow caps in all markets on those two networks. On November 6th, MIP-X36 was submitted, seeking to formally disable minting and borrowing in the wrsETH markets on both Base and OP Mainnet and transition these markets to use an exchange-rate feed rather than a market price oracle. MIP-R32 was submitted that same day, seeking to pause supplying and borrowing across Moonwell markets on Moonriver (xcKSM, MOVR, and FRAX) due to the scheduled deprecation of Chainlink price feeds used to secure these markets. On November 10th, a forum post submitted by 0xMims and corresponding Snapshot proposal submitted by Fechuky sought to use protocol reserves on Base to cover ~$1.7M in bad debt resulting from the October 10th flash-crash event. This proposal prioritizes repayment in markets with the highest user interest and activity, including VIRTUAL and cbXRP; the long-term goal is to repay all remaining bad debt (incurred during both the October 10th and wrsETH incidents) through ongoing protocol revenue over time. MIP-B52 was submitted onchain on November 19th. It sought to implement Anthias Labs’ recommended actions to remediate the outstanding bad debt within select markets on Moonwell’s Base implementation. Following the passage of MIP-R32, MIP-R33 (and its corresponding forum discussion) was submitted during the final days of the month, seeking to suspend rewards on the same Moonriver markets. With borrowing and supplying halted, continuing emissions provides no meaningful benefit. The markets remain in withdraw/repay-only mode. This proposal also lowers collateral factors as part of a phased wind-down of these markets.
Regular Risk & Rewards Updates
In late October, Anthias published a forum post to adjust risk parameters for Moonwell’s Base and Optimism Mainnet deployments. The onchain proposal was created on November 6th, which proceeded to pass its governance vote. The monthly recommendations forum post for December’s parameters was posted on November 26th. The month’s automated liquidity incentive proposal, MIP-X34, successfully passed an onchain vote on November 2nd, aiming to rebalance liquidity incentives on three Moonwell deployments. It additionally sought to auction off ~$324K of excess market reserves.
Delegate Digest
Super Delegates
| Delegate | Delegation Pitch | Delegation Page | Delegated Amount | Proposals Created | Completed their role’s minimum requirements this month? |
|---|---|---|---|---|---|
| Coolhorsegirl | Link | Link | 17K WELL | 20 | Yes |
| PGov | Link | Link | 1M WELL | 1 | Yes |
| Jor-El | Link | Link | 1M WELL | 0 | Yes |
| Chidi | Link | Link | 1M WELL | 0 | Yes |
Mid-Tier Delegates
| Delegate | Delegation Pitch | Delegation Page | Delegated Amount | Proposals Created | Completed their role’s minimum requirements this month? |
|---|---|---|---|---|---|
| Fechuky | Link | Link | 1M WELL | 1 | Yes |
| Kimchiblock | Link | Link | 429K WELL | 0 | Yes |
| DAOplomats | Link | Link | 3 WELL | 0 | Yes |
| Maylosan | Link | Link | 45K WELL | 0 | Yes |
| FranklinDAO | Link | Link | 432 WELL | 0 | Yes |
Junior Delegates
| Delegate | Delegation Pitch | Delegation Page | Delegated Amount | Proposals Created | Completed their role’s minimum requirements this month? |
|---|
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 November can be found here.
Delegate Highlights
- Jor-El, Chidi, and Fechuky received endorsements from existing Super Delegates this month. All three delegates have now fulfilled all requirements to become Super Delegates.
- Fechuky submitted a Snapshot proposal.
- Jor-El posted a 30-minute Dune walkthrough on how to find the share of the interest paid by borrowers that funds the protocol’s reserves.
- PGov, Chidi, Fechuky, and DAOplomats continue to regularly update their delegate pitches with rationale for their voting behavior.
Community Overview
| Social Channel | Data |
|---|---|
| Main X account | 55.4K Followers (+0.54%) |
| Governance X account | 1376 Followers (+2.84%) |
| Discord | 11,659 Members (+3.96%) |
| Announcements Telegram | 678 Members (-0.74%) |
| Chat Telegram | 7723 Members (+0.32%) |
Community Trends
Last month, Moonwell governance saw a return to form with an increased number of proposals, tying July at six (other recent months ranged from three to four proposals). This month, we surpassed that with seven total voting opportunities between Snapshot and onchain. This was the highest number of proposals in a single month since June, which had nine. November’s 377 average onchain voters was very close to October and July’s average of 382. The intra-month voting behavior also matches the usual pattern we’ve observed of highest turnout on the first proposal of the month, followed by a successive drop-off. MIP-B52, the final onchain vote of the month, is the exception to that trend, likely due to the importance of bad debt remediation.
Moonwell’s social channels continue to grow at predictable rates, with one slight change. For the first time, the fastest relative growth this month came from the Discord, with the Governance X account following closely behind. There was moderate growth on the other channels, and a small reduction in followers of the Announcements Telegram.
Closing Summary
November 2025 had a consistent and healthy voter turnout, a high volume of proposals, and largely expected rates of social media growth.
December will not have a governance call on the last Thursday of the month due to the holidays and seasonal reduced governance activity. The next governance call will be in January, continuing our schedule of the last Thursday of each month. That falls on January 29th, 2026 at 17:00 UTC.