March 2026 Update
Key Insights
- Asset Onboarding. The community turned out in high numbers to vote for the activation of a new Core Market on Base.
- stkWELL, restitution, and onboarding MFAM. One of March’s more substantial governance proposals sought to provide restitution to wallets impacted by the cbETH incident and to onboard MFAM/stkMFAM holders into the ecosystem through a targeted stkWELL airdrop.
- Community Contributions. A Moonwell Super Delegate created a comprehensive analytics dashboard for the community to find financials, governance data, voter profiles, and more information in a unified location.
Primer
The monthly governance recap serves as a compendium of key governance updates for the preceding month. This update covers Moonwell governance activities for March 2025.
Key Metrics
- 7 onchain proposals
- 0 Snapshot proposals
- 12 forum posts
The number of active voters for onchain proposals averaged 300, with a minimum of 195 and a maximum of 416.
Voting data was obtained using @Jor-El’s dashboard.
| Proposal | Onchain votes |
|---|---|
| MIP-R39 | N/A |
| MIP-X45 | 195 |
| MIP-B58 | 288 |
| MIP-X46 | 354 |
| MIP-B59 | 416 |
| MIP-X47 | 281 |
| MIP-X48 | 267 |
This month, there were no Snapshot signal 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 March 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, March had a monthly average of 300 onchain voters. We’ve seen a largely firm average voter turnout beginning in Q3 2025 through today, following the all-time high of 902 votes for MIP-X29 on August 11th, 2025.
Delegate Quorum Gauge & Nakamoto Coefficient
Source: Threshold Gov
In the previous two months, the Nakamoto Coefficient oscillated between 23 and 24 delegates, then between 24 and 26. This month, it oscillated between 22 and 24, establishing a fairly clear pattern. The quorum gauge, however, previously went from 5 to 4 delegates one month, and reversed back to 5 the next month. In February, it dropped to 4 and has held steady throughout March.
Main Governance Initiatives in March
stkWELL, cbETH Incident Restitution, and onboarding MFAM
Early in the month, a pair of important proposals were submitted onchain. The first, MIP-X45, sought to upgrade the stkWELL contracts across Moonbeam, Base, and OP Mainnet to remove faulty logic and improve snapshot correctness on Moonbeam. The previous implementation included a faulty internal function that was no longer required. The second proposal was the onchain implementation of the lengthy discussion posted to the forums by Moonwell Super Delegate Fechuky. It served two main functions: provide restitution to wallets impacted by the cbETH incident, and to onboard MFAM and stkMFAM holders into the ecosystem through a WELL staking allocation and a targeted stkWELL airdrop. The first function would be facilitated by a combination of recovered funds (19.90098 ETH) and DAO treasury support (310,301.6 USDC). The second would be facilitated by 19,095,528 WELL being transferred from the Moonwell Foundation treasury, staked to mint stkWELL, and airdropped to MFAM and stkMFAM holders. The airdrop calculator can be found here.
Asset Onboarding
First published to the forums in early March, a proposal to add a Core Market for Venice.ai’s native utility token, VVV, was later given a set of recommended parameters by the Anthias team. They recommended setting the borrow cap to 0.1, effectively making it a collateral-only market. MIP-B59 was officially submitted onchain on March 19th, and it proceeded to pass its governance vote. The VVV Core Market went live on March 25th.
Community Contributions
In late March, Moonwell Super Delegate Jor-El published a dashboard for Moonwell along with an accompanying forum post. This new dashboard provides unified data on Moonwell across all chains. It’s designed to be a single source for analytics across markets, financials, governance, liquidations, wallets, and vaults, across all deployments.
Governance Infrastructure
Submitted at the end of the month, MIP-X48 sought to remove reliance on Wormhole’s deprecated Standard Relayer (prior to its April 1st sunset), preserving uninterrupted cross-chain functionality for xWELL and governance. This measure allows Moonwell to relay VAAs independently while the protocol prepares for a later migration to Wormhole’s Executor framework.
Risk, Reward Speeds, and Vaults
MIP-R39 was the first proposal of the month. It sought to restore user withdrawals and redemptions on Moonwell’s Moonriver markets by setting placeholder prices in the oracle. Borrowing remained disabled and collateral factors remain set to 0% across all Moonriver markets; the proposal simply restored the ability to withdraw from markets.
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 March 9th, which proceeded to pass its governance vote. March’s monthly automated liquidity incentive proposal, MIP-X47, successfully passed an onchain vote on March 26th, aiming to rebalance liquidity incentives on three Moonwell deployments.
Delegate Digest
Super Delegates
| Delegate | Delegation Pitch | Delegation Page | Delegated Amount | Proposals Created | Completed their role’s minimum requirements this month? |
|---|---|---|---|---|---|
| Coolhorsegirl | Link | Link | 2.8K 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 | 2.78M 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 | 444K WELL | 0 | Yes |
| DAOplomats | Link | Link | 16 WELL | 0 | Yes |
| Maylosan | Link | Link | 10.7K WELL | 0 | Yes |
| FranklinDAO | Link | Link | 386 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 | 0/6 | 0% |
| PGov | 6/6 | 100% |
| Jor-el | 6/6 | 100% |
| Chidi | 5/6 | 83% |
| Fechuky | 3/6 | 50% |
| Kimchiblock | 0/6 | 0% |
| DAOplomats | 1/6 | 17% |
| Maylosan | 0/6 | 0% |
| FranklinDAO | 0/6 | 0% |
You can read more about the requirements to join each delegate tier and each tier’s contribution minimums here.
Delegate Highlights
- Jor-El created a unified Moonwell analytics dashboard.
- Jor-el and Fechuky attended March’s governance call.
- PGov and Chidi continue to regularly update their delegate pitches with rationale for their voting behavior.
Community Overview
| Social Channel | Data |
|---|---|
| Main X account | 55.7K Followers (+0%) |
| Governance X account | 1450 Followers (+2.47%) |
| Discord | 12,125 Members (+2.57%) |
| Announcements Telegram | 638 Members (-3.04%) |
| Chat Telegram | 7,584 Members (-1.19%) |
Community Trends
Interestingly, each successive proposal throughout the month received an increasing number of votes, with the exception of the final few proposals; it peaked with MIP-B59 receiving 416 votes. Usually, the inverse is true; voters turn out early in the month to meet the voting requirement, and each following proposal receives fewer and fewer votes. The community this month was most activated by adding a new collateral asset to Moonwell’s Base markets.
At seven official onchain proposals, March also coincided with a higher than average proposal velocity. Every proposal succeeded in reaching quorum by at least 1.5x.
The governance X account grew by an expected percentage, while Discord took the number one spot as the fastest-growing social channel in March. Both Telegram channels decreased slightly. This correlation could indicate that more users are shifting from Telegram to Discord to get their announcements or to discuss topics related to the ecosystem.
Closing Notes
Look for the next Monthly Governance Call on X on the last Thursday of each month. The next call will be on April 30th at 17:00 UTC.