January 2026 Update
Key Insights
- Moonwell Vault Incentives. In mid-January, a proposal was submitted to renew and adjust incentive allocations for select Moonwell vaults (USDC, WETH, EURC, and cbBTC).
- Moonriver Wind-Down. Three of January’s six onchain proposals were related to Moonriver market collateral factor reductions, culminating in complete depreciation in the latter half of the month.
- Delegate Contributions. Moonwell Super Delegate Jor-el submitted a risk assessment of the Moonwell Core Markets using onchain data as a part of his Data & Analytics role.
Primer
The monthly governance recap serves as a compendium of key governance updates for the preceding month. This update covers Moonwell governance activities for January 2025.
Key Metrics
- 5 onchain proposals
- 0 Snapshot proposals
- 15 forum posts
The number of active voters for onchain proposals averaged 386.
This month, there were no Snapshot signal votes.
| Proposal | Offchain votes |
|---|
At 310 voters, the USDS proposal in January 2025 received the highest number of votes for a Moonwell Snapshot proposal.
Success Insights:
- Onchain: The onchain proposals in January had a 100% success rate.
- Offchain: N/A
Browse all of the proposals here.
Other Governance Metrics
Proposal Participation
Source: Threshold Gov
Excluding Moonriver proposals, January had a monthly average of 386 onchain voters. The previous six months experienced voter turnouts of 335 in June, 484 in July, 719 in August, 462 in September, 382 in October, and 377 in December.
Delegate Quorum Gauge & Nakamoto Coefficient
Source: Threshold Gov
In our last report, the Nakamoto Coefficient oscillated between 23 and 24 delegates, while the Quorum Gauge (consisting of wallets that have voted at least once in the past) decreased slightly from 5 to 4 delegates. This month, the Nakamoto Coefficient oscillated between 24 and 26, indicating a slight month-over-month increase. The Quorum Gauge reversed its action from last month, increasing from 4 to 5.
Main Governance Initiatives in January
Risk, Reward Speeds, and Vaults
MIP-R36 was the first proposal in January; with Chainlink’s upcoming deprecation of oracles on Moonriver, this proposal sought to reduce collateral factors on Moonriver markets (xcKSM, MOVR, and FRAX) from 25% to 15%. MIP-R36’s successful passing was followed by MIP-R37 which sought to further reduce the collateral factors to 7.5%, each. Finally, MIP-R38 was submitted on January 21st, seeking to complete the Moonriver wind-down by reducing collateral factors for the markets to 0%. At the end of last month, Anthias published a forum post to adjust risk parameters for Moonwell’s Base, Optimism Mainnet, and Moonriver deployments for the month of January. The next set of recommendations addressing the month of February were posted on January 21st. Anthias also created a Minimum Reserves Recommendations post on January 8th, offering recommendations for January’s minimum reserves on Moonwell’s Core Markets on Base and OP Mainnet. January’s monthly automated liquidity incentive proposal, MIP-X41, was submitted on January 29th and passed its vote on the final day of the month. Moving onto vaults, MIP-B55 went up for a vote onchain in mid-January, seeking to renew and adjust incentive allocations for select Moonwell vaults (USDC, WETH, EURC, and cbBTC) for the upcoming incentive period (January 16th, 2026 through February 2nd, 2026). The proposal was successful.
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 | 1M 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.
Boardroom’s monthly delegation initiative update for January can be found here.
Delegate Highlights
- Jor-el and Chidi attended January’s governance call.
- PGov and Chidi continue to regularly update their delegate pitches with rationale for their voting behavior.
- Jor-el, as a part of his Data & Analytics Super Delegate role, posted a Risk Assessment of Moonwell’s Core Markets on Base using onchain data. The report includes metrics such as utilization, liquidity conditions, collateral composition, interest-rate dynamics, and protocol parameters across the core markets on Base. Its associated post for Optimism Mainnet was posted shortly after.
Community Overview
| Social Channel | Data |
|---|---|
| Main X account | 55.7K Followers (+0.18%) |
| Governance X account | 1415 Followers (+1.29%) |
| Discord | 11,821 Members (+1.62%) |
| Announcements Telegram | 658 Members (-1.50%) |
| Chat Telegram | 7,675 Members (-1.01%) |
Community Trends
January was relatively governance-light. There were six onchain proposals; discounting the Moonriver wind-down proposals and the regular automated reward speed proposal, the vault-related Base vote was the primary non-routine onchain governance action this month. The final two proposals were posted onchain after the governance call and their voter data will be used in next month’s report.
In terms of social media channel trends, January deviated from the norm in a few ways. The Discord was the fastest-growing channel this month, slightly edging out the Governance X account. This is particularly notable because the Discord’s membership dropped slightly last month. While the Chat Telegram channel grew slightly last month, both Telegram channels experienced a slight drop this month. The other X accounts largely maintained their regular growth patterns.
Closing Summary
Look for the next Monthly Governance Call on X on the last Thursday of each month. The next call will be on February 26th at 17:00 UTC.