April 2026 Update
Key Insights
- Cross-Chain Infrastructure. Two onchain proposals (MIP-X49 and MIP-X52) addressed Wormhole post-V3 audit findings and migrated the xWELL bridge adapter to the Wormhole Executor framework, preserving uninterrupted cross-chain governance and WELL transfers.
- Anthias Risk Actions and Remediation Cadence. MIP-X50 implemented Anthias Labs’ monthly risk recommendations across Base and Optimism, while a separate forum-led Anthias proposal introduced a recurring monthly distribution of excess reserves to cbETH users impacted by the incident.
- Liquidity Incentive Split Across Three Proposals. Technical limits on Moonbeam required April’s recurring automated liquidity incentive proposal to be split into three parts (MIP-X51A/B/C), all of which executed successfully and rebalanced incentives across Moonwell deployments while withdrawing reserves from four Base markets to repay outstanding bad debt.
Primer
The monthly governance recap serves as a compendium of key governance updates for the preceding month. This update covers Moonwell governance activities for April 2025.
Key Metrics
- 6 onchain proposals
- 0 Snapshot proposals
- 12 forum posts
The number of active voters for onchain proposals averaged 245, with a minimum of 164 and a maximum of 337.
Voting data was obtained from @Jor-El’s dashboard.
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 April had a 100% success rate. Additional submissions were cancelled and resubmitted and were not accounted for in this report.
- Offchain: N/A.
Browse all of the proposals here.
Other Governance Metrics
Proposal Participation
Source: Threshold Gov
April had a monthly average of 241 onchain voters, a slight decrease from March’s average of 300. Looking at the larger trend, some recent months included average voter turnouts of 382 in October, 377 in December, 386 in January, and 300 in March. Average per-proposal “For” support across April’s six executed proposals was approximately 157.7M WELL, with an average support rate of 99.9% (For / (For + Against)).
Top Delegate Voting Power & Concentration
Source: @Jor-El’s dashboard
As of the end of April, the dashboard reports 1.23B WELL of total delegated voting power across 9.5K delegates, with 480.80M WELL (~30.6%) self-delegated. The two largest delegates control roughly 17.8% of total voting power between them (0xa2ee…87d6 with 177.26M WELL or 11.31% and 0xb523…e3fa with 101.14M WELL or 6.46%), though both have low recent participation (25.0% and 8.1% respectively). The next eight delegates each hold between ~7.3M and ~44.7M WELL, contributing the remainder of the top-10 concentration. Total all-time onchain votes cast across the protocol now stands at 41.4K from 9.5K unique voters, with 129 active delegators.
Among Super Delegates, PGov remains the most active by absolute vote count (75 of 158 lifetime proposals, ~47.5%), followed by Coolhorsegirl (41), Jor-el (39), Fechuky (32), and Chidi (30).
Main Governance Initiatives in April
Anthias Remediation Plan
Kicking off April governance activities on the first day of the month, Anthias created a forum post outlining a proposal to distribute success reserves to users affected by the cbETH incident. Reserves would continue to accrue in markets with existing bad debt (e.g. WETH and USDC), while excess reserves from markets without bad debt (or in markets whose bad debt was already covered) would be allocated toward remediating the impact on cbETH users. While the post introduced the idea to be implemented covering a retroactive two-month period (February 1st - March 31st, 2026), the team recommended implementing this system every month going forward.
Audit Findings and Wormhole
MIP-X49 was submitted onchain on April 2nd. It sought to fix two Wormhole post-V3 audit findings, improving reliability and maintainability of Moonwell’s cross-chain infrastructure. Several contracts used a different consistency setting than intended. The WormholeBridgeAdapter’s bridgeCost() function also included a check against the deprecated Wormhole relayer quoter (logic which was no longer necessary). The proposal thus sought to set consistencyLevel = 1 across all contracts utilizing publishMessage, and update the bridgeCost() implementation, removing calls to the deprecated relayer quoter.
On the 22nd of the month, MIP-X52 was submitted onchain. It sought to upgrade the xWELL WormholeBridgeAdapter to the Wormhole Executor framework. As discussed in the last governance call, this upgrade was necessary to keep governance and WELL cross-chain transfers functioning. It upgraded the vote collector contracts and WELL cross-chain bridging contracts to support the new Wormhole relayer technology. The proposal received 318 votes (the 2nd highest turnout for the month) and reached quorum quickly, executing on April 27th. An earlier version of the same upgrade (MIP-X51) was cancelled on April 20th and resubmitted as MIP-X52 to address minor packaging issues.
Asset Onboarding
A community proposal to add an rETH market to Moonwell on Mainnet was published to the forums on April 16th. Discussion is ongoing; no onchain proposal was submitted in April.
Risk, Reward Speeds, and Vaults
In the middle 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 April 10th, which proceeded to pass its governance vote. April’s monthly automated liquidity incentive proposals, MIP-X51A, MIP-X51B and MIP-X51C successfully passed an onchain vote on April 25th, aiming to rebalance liquidity incentives on three Moonwell deployments and withdraw reserves from four Base markets to repay outstanding bad debt on behalf of the affected borrowers. Technical limits on Moonbeam required this single recurring proposal to be split into three discrete onchain submissions for the first time. Recommendations for the month of May were posted to the forums on April 28th.
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 | No  |
| PGov | Link | Link | 1M WELL | 1 | No |
| Jor-El | Link | Link | 200K WELL | 1 | Yes |
| Chidi | Link | Link | 1M WELL | 1 | Yes |
| Fechuky | Link | Link | 2.79M 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 | 658 WELL | 0 | Yes |
| DAOplomats | Link | Link | 16 WELL | 0 | Yes |
| Maylosan | Link | Link | 10.8K 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 | 2/6 | 33% |
| Jor-el | 6/6 | 100%  |
| Chidi | 6/6 | 100% |
| Fechuky | 6/6 | 100% |
| Kimchiblock | 1/6 | 17% |
| DAOplomats | 0/6 | 0% |
| 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
- Chidi, Fechuky, and Jor-el were the most active Super Delegates this month, voting on 100% of onchain proposals.
- Fechuky and Chidi continue to regularly update their delegate pitches with rationale for their voting behavior.
Community Overview
| Social Channel | Data |
|---|---|
| Main X account | 55.5K Followers (-0.36%) |
| Governance X account | 1453 Followers ( +0.02%) |
| Discord | 12,282 Members (+1.29%) |
| Announcements Telegram | 609 Members (-4.55%) |
| Chat Telegram | 7,328 Members (-3.38%) |
Community Trends
April was a relatively slow month for onchain governance until the latter third of the month. Four proposals were submitted in quick succession on April 22nd (MIP-X51A, MIP-X51B, MIP-X51C, and MIP-X2). MIP-X51 was the recurring automated liquidity incentive proposal submitted every four weeks. This month, technical limitations on Moonbeam required the proposal to be split up into three parts. MIP-X52, even though it was submitted onchain after this trio of proposals, reached quorum much faster. It also received 337 votes versus an average of 176 for the MIP-X51-related proposals.
All six executed proposals reached quorum and passed, putting April at a 100% onchain success rate. The governance X account grew by a marginal 0.02%, while the main X account contracted by approximately 0.36%. Discord grew the fastest this month with a 1.29% month-over-month growth rate; both Telegram accounts decreased.
Closing Notes
Look for the next Monthly Governance Call on X on the last Thursday of each month. The next call will be on May 28th at 17:00 UTC.