December 2025 Update
Key Insights
- High volume of proposals. With eight onchain proposals being submitted throughout the month, December had the highest onchain proposal velocity since January 2025.
- Oracles and Reserves. Most of the voting activity this month concerned protocol reserves, OEV-generated revenue, and oracles. This included deploying an ownership wrapper for the WETH market on Base, Chainlink OEV wrapper contracts, updating the oracle configuration for the rETH market on Base and OP Mainnet, and managing debt on OP Mainnet.
- Sustained voter turnout. Onchain voting numbers remain largely unchanged compared to last month, with intra-month voting behavior reflecting a pattern we’ve seen often in the history of Moonwell’s governance.
Primer
The monthly governance recap serves as a compendium of key governance updates for the preceding month. This update covers Moonwell governance activities for December 2025.
Key Metrics
- 8 onchain proposals
- 0 Snapshot proposals
- 19 forum posts
The number of active voters for onchain proposals averaged 368, with a minimum of 305 and a maximum of 410.
| Proposal | Onchain votes |
|---|---|
| MIP-X37 | 410 |
| MIP-B53 | 394 |
| MIP-B54 | 386 |
| MIP-X38 | 378 |
| MIP-R35 | N/A |
| MIP-R35 (resubmission) | N/A |
| MIP-X39 | 337 |
| MIP-X40 | 305 |
This month, there were no Snapshot signal votes.
| Proposal | Offchain 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 December had a 100% success rate.
- Offchain: N/A
Browse all of the proposals here.
Other Governance Metrics
Proposal Participation
Source: Threshold Gov
With a monthly average of 368 onchain voters, December’s turnout largely mirrors that of last month. November’s average was 377, and the previous five months ranged from 335 in June to 719 in August. Intra-month voting behavior reverted to a familiar pattern seen historically in Moonwell governance: highest voter turnout on the first proposal submitted, followed by a gradual taper-off as the month progressed.
Delegate Quorum Gauge & Nakamoto Coefficient
Source: Threshold Gov
In our last report, the Nakamoto Coefficient climbed from 20 delegates to 23 (after briefly hitting 27). This month, it has oscillated between 23 and 24; it maintains 23 heading into the New Year. The Quorum Gauge (consisting of wallets that have voted at least once in the past) decreased slightly from 5 last month to 4 midway through December. It stands to reason that the Nakamoto Coefficient decreasing in the middle of the month would correspond to an equivalent decrease in the Quorum Gauge.
Main Governance Initiatives in December
Reserves, OEV-generated Revenue, and Oracles
On December 8th, 0xMims posted two proposals to the forums. The first suggested deploying a new ownership wrapper for the WETH market on Base. With this wrapper, the protocol can reduce WETH reserves without additional execution hiccups, allowing the protocol to receive and manage funds during reserve operations. The wrapper has been audited by Halborn. It went onchain on December 8th and passed its governance vote. The second proposal authorized the deployment of new Chainlink OEV wrapper contracts across all Moonwell core and isolated markets. The new contracts ensure that liquidators and the protocol receive liquidation bonuses and intended OEV-generated revenue, respectively, creating a more efficient framework for OEV-enabled liquidations and improved reserve growth. MIP-X38 went onchain on December 10th, seeking specifically to address the ETH core oracle and WELL isolated oracle to validate the new wrapper in production before expanding to additional markets. In mid-December, MIP-X39 was submitted onchain. It sought to update the oracle configuration for the rETH market on Base and OP Mainnet to a Chainlink exchange rate-based oracle. It also sought to manage debt on OP Mainnet, allocating some WETH reserves toward repaying bad debt on the rETH and cbETH markets. The proposal was successful.
Risk and Reward Speeds
Following the passage of MIP-R32 and MIP-R33 last month, Anthias informed the community on December 3rd that the winding down of collateral factors on Moonriver’s markets could result in liquidations for certain users. The team provided a table of possibly affected addresses. Shortly after, 0xMims posted to the forums a proposal for MIP-R35, enacting these changes to Moonriver collateral factors (setting each market at 25%). It went onchain on December 11th. It was resubmitted onchain on December 15th and it proceeded to pass its governance vote. At the end of last month, Anthias published a forum post to adjust risk parameters for Moonwell’s Base and Optimism Mainnet deployments. The onchain proposal was created on December 3rd, specifically addressing the Base recommendations, which proceeded to pass its governance vote. December’s monthly automated liquidity incentive proposal, MIP-X37, successfully passed an onchain vote on December 4th, aiming to rebalance liquidity incentives on three Moonwell deployments. The next automated proposal (MIP-X40) went up for a vote on December 24th. It also passed its voting period.
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 |
| PGov | Link | Link | 1M WELL | 1 | Yes |
| Jor-El | Link | Link | 200K WELL | 1 | Yes |
| Chidi | Link | Link | 1M WELL | 1 | Yes |
| Fechuky | Link | Link | 1M WELL | 10 | Yes |
Mid-Tier Delegates
| Delegate | Delegation Pitch | Delegation Page | Delegated Amount | Proposals Created | Completed their role’s minimum requirements this month? |
|---|---|---|---|---|---|
| Kimchiblock | Link | Link | 429K WELL | 0 | Yes |
| DAOplomats | Link | Link | 228 WELL | 0 | Yes |
| Maylosan | Link | Link | 46K 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? |
|---|
You can read more about the requirements to join each delegate tier and each tier’s contribution minimums here.
Delegate Highlights
- PGov, Chidi, and Fechuky continue to regularly update their delegate pitches with rationale for their voting behavior.
Community Overview
| Social Channel | Data |
|---|---|
| Main X account | 55.6K Followers (+0.36%) |
| Governance X account | 1397 Followers (+1.53%) |
| Discord | 11,632 Members (-0.23%) |
| Announcements Telegram | 668 Members (-1.47%) |
| Chat Telegram | 7,753 Members (+0.39%) |
Community Trends
Social channels are largely trending in a predictable pattern. The Chat Telegram, Governance X account, and main X account all experienced growth, with the governance account again growing at the fastest rate. The other two channels had a slight decrease in membership.
Closing Summary
December 2025 showed predictable social channel growth and intra-month voting behavior, a high volume of proposals, and maintained a high voter turnout.
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.