May 2026 Update
Key Insights
- Governance Expanded to Ethereum Mainnet. MIP-X55 recognized WELL on Ethereum and MIP-X58 migrated Moonwell’s core governance system to a new MultichainGovernorV2 on Ethereum, representing the largest governance architecture change in Moonwell’s history. MIP-E00, the first “MIP-Exx” proposal, immediately followed to approve the initial launch parameters (e.g. markets for WETH, USDC, USDT, cbBTC).
- Wormhole & Infra. MIP-X53 patched two issues discovered after April’s MIP-X52 upgrade (high gas on the Moonbeam executor receiver and a missing quoter setter), and MIP-X56 refreshed the Chainlink OEV oracle wrappers on Base and OP Mainnet to make the existing 70/30 liquidator:protocol fee split calculate against consistent, fresh price references.
- Risk Management Continued Through a Busy Month. MIP-X54 implemented Anthias’ May recommendations, MIP-X57 ran the recurring liquidity-incentive rebalancing in a single proposal again (after April’s three-part split), and Anthias used a late-May post to address outstanding bad debt & remediation efforts.
Primer
The monthly governance recap serves as a compendium of key governance updates for the preceding month. This update covers Moonwell governance activities for May 2026.
Key Metrics
- 7 onchain proposals
- 0 Snapshot proposal
- 15 forum posts
The number of active voters for onchain proposals averaged 220, with a minimum of 133 and a maximum of 391.
Voting data was obtained from @Jor-el’s [dashboard]Moonwell Dashboard).
| Proposal | Onchain votes |
|---|---|
| MIP-X53 | 196 |
| MIP-X54 | 179 |
| MIP-X55 | 391 |
| MIP-X56 | 133 |
| MIP-X57 | 184 |
| MIP-X58 | 269 |
| MIP-E00 | 188 |
This month, there were 0 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 May had a 100% success rate.
- Offchain: N/A
Browse all of the proposals here.
Other Governance Metrics
Proposal Participation
Source: @Jor-el’s dashboard
May had a monthly average of 220 onchain voters, a slight decrease from April’s average of 245. Looking at the larger trend, some recent months included average voter turnouts of 386 in January, 300 in March, and 245 in April.
MIP-X58 (the governance-migration vote) pulled May’s highest turnout at 391, while the Anthias monthly recommendations (MIP-X54) and the OEV Fee-Split proposal (MIP-X56) drew the lowest. Average per-proposal “For” support across May’s seven executed proposals was 200.57M WELL, with an average support rate of 99.14% (For / (For + Against)) (slightly lower than April due to MIP-X58’s final results).
Top Delegate Voting Power & Concentration
Source: @Jor-el’s dashboard
As of the end of May, the dashboard reports 1.66B WELL of total delegated voting power across 9.6K delegates, with 482.05M WELL (~29.04%) self-delegated. The two largest delegates control roughly 16.74% of total voting power between them (0xa2ee…87d6 with 10.66% and 0xb523…e3fa with 6.08%; both have decreased since last month), though both have low recent participation (9.1% and 7.2% respectively). The next eight delegates each hold between 0.44% and 2.70%, contributing the remainder of the top-10 concentration. Total all-time onchain votes cast across the protocol now stands at 43.3K from 9.6K unique voters, with 130 active delegators.
Main Governance Initiatives in May
Potential Ethereum Mainnet Deployment
As discussed in the last governance call, MIP-X55 was submitted in mid-May, becoming the first proposal aimed at potentially activating a deployment of Moonwell on Ethereum Mainnet. It sought to connect Ethereum Mainnet to the existing xWELL bridge system. Focusing solely on the WELL token, upon completion, users became able to bridge WELL between Ethereum and the existing supported chains. Coming after MIP-X55, MIP-X58 introduced one of the most important governance upgrades in Moonwell’s history. It sought to migrate Moonwell’s core governance system from Moonbeam to Ethereum, deploying and activating a new MultichainGovernorV2 on the network, updating the supporting governance infrastructure on other chains, and connecting voting power through a new VotingPowerAggregator system. Moonwell’s governance system now calls the most widely used smart contract layer home, while still preserving its multichain design across Base, Optimism Mainnet, and Moonbeam. Secondarily, MIP-X58 also included several smaller improvements. Large proposals can be split into smaller pieces before being finalized, proposal descriptions can be referenced through a URI instead of storing the full text onchain, and passed proposals must be executed within a defined execution window instead of remaining executable indefinitely.
This series of proposals was important for multiple reasons. Ethereum Mainnet serving as the home for the primary governor gives Moonwell a stronger long-term governance foundation while maintaining the ability to govern contracts across all four current deployments. It provides a cleaner way for governance to recognize multiple sources as xWELL and stkWELL increase their footprint across chains. As complex governance actions become commonplace (e.g. executing large, multi-chain, multi-step proposals), MIP-X58 improves the governance system’s ability to handle these types of actions. It also allows for the easier support of future voting sources and governance upgrades by separating voting power into its own governance contract.
MIP-E00 officially became the first “MIP-Exx” class of proposals. It sought to approve the initial launch parameters for Moonwell on Ethereum Mainnet. The proposal is expected to execute shortly, deploying the protocol to Ethereum and initially supporting lending and borrowing markets for WETH, USDC, USDT, and cbBTC.
New Asset Listing
Early in the month, the Centrifuge team created a forum proposal to add a deSPXA market to Moonwell on Base. Luke first introduced the idea during the April governance call. deSPXA is a transferable, Base-native debt instrument linked to SPXA, the Janus Henderson Anemoy S&P 500 Index Fund. The team proposed waiting for a Chainlink-compatible adapter for price feeds before proceeding. Anthias recommended initializing the market on Base, with the caveat that the borrow and supply caps are initially zeroed-out due to low DEX liquidity. No new asset-listing proposal moved onchain in May.
Infra
MIP-X53 was the first formal proposal of the month. Submitted alongside MIP-X54 on May 6th, MIP-X53 sought to upgrade the xWELL Wormhole adapter implementation to resolve configuration issues identified after MIP-X52. After April’s deployment, two issues were identified: the executor receiving endpoint on Moonbeam consumed high amounts of gas, and a new setter was needed to update the quoter address due to Wormhole documentation discrepancies. The new implementation added a setter for the Wormhole Executor quoter address and updated the quoter configuration to use the EOA address required by Wormhole’s current implementation pattern. It executed on May 12th with 196 voters and 99.7% support.
MIP-X56 was submitted on May 17th. It sought to refresh Moonwell’s Chainlink OEV oracle wrappers on Base and OP Mainnet to make OEV liquidation fee-splitting more accurate and consistent. The current configured split for the OEV-aware oracle wrappers is 30% to the liquidator and 70% to the protocol. This proposal updates the oracle wrapper logic so that this split is calculated using consistent, fresh price references on both sides of the liquidation. It replaced the previous wrapper logic with improved loan-feed resolution logic, so the loan-side price resolves down to the raw Chainlink aggregator before being used in the OEV fee-split calculation. MIP-X56 did not change the 70/30 fee split, nor any user-facing market behavior. It was a technical improvement designed to ensure the protocol’s OEV fee policy is executed as intended.
Risk, Reward Speeds, and Vaults
At the end of last month, Anthias published a forum post to adjust risk parameters for Moonwell’s Base and Moonbeam deployments. The onchain proposal was created on May 6th (the second of two proposals submitted that day, following MIP-X53), and executed on May 12th with 179 voters and 99.3% support. May’s monthly automated liquidity incentive proposal, MIP-X57, successfully passed an onchain vote on May 22nd with 184 voters and 99.7% support, 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 | 1.19M 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 | 715 WELL | 0 | No |
| DAOplomats | Link | Link | 16 WELL | 0 | No |
| Maylosan | Link | Link | 10.8K WELL | 0 | No |
| FranklinDAO | Link | Link | 386 WELL | 0 | No |
Junior Delegates
| Delegate | Delegation Pitch | Delegation Page | Delegated Amount | Proposals Created | Completed their role’s minimum requirements this month? |
|---|
Delegate Highlights
- Fechuky published a delegate-platform update on May 27th with a full month-in-review of his Super Delegate voting record (proposal, choice, voting power used, etc.). See the post here.
- PGov, Chidi and Fechuky continue to regularly update their delegate pitches with rationale for their voting behavior.
- PGov, Chidi, and Jor-el attended May’s governance call.
Community Overview
| Social Channel | Data |
|---|---|
| Main X account | 55.4K Followers (-0.18%) |
| Governance X account | 1461 Followers ( +0.55%) |
| Discord | 12,375 Members (+0.76%) |
| Announcements Telegram | 601 Members (-1.31%) |
| Chat Telegram | 7,094 Members (-3.19%) |
Community Trends
May was the most consequential governance month of the year so far. Seven onchain proposals were submitted, making it tied with March for the highest proposal velocity in 2026. All seven proposals passed and were executed, all with 95%+ support. The standout was the governance migration to Ethereum (MIP-X55 + MIP-X58 + MIP-E00), which closed out the month with the first-ever Ethereum-native proposal.
Voter turnout was a bit lower at 220 average (vs. 245 in April and 300 in March). The headline MIP-X55 vote drew 391 voters, marking the third-highest turnout of 2026 (MIP-B57 and MIP-B59 currently hold the number one and two spots, at 414 and 416, respectively.
Across social channels, May was a slower growth month. The month-over-month changes were largely negligible in either direction. The Governance X account grew +0.55% and Discord added +0.76%, while the main X account experienced an insignificant drop. Both Telegram channels contracted slightly.
Closing Notes
Look for the next Monthly Governance Call on X on the last Thursday of each month. The next call will be on June 25th at 17:00 UTC.