June 2026 Update
Key Insights
- Governance on Ethereum. Following MIP-E00’s passage in late May (which established the initial markets and governance infrastructure for the Ethereum deployment), June’s first onchain proposal (MIP-E01) improved the WETH market’s UX.
- Delegates Shaping Discussions. Two Super Delegates (Chidi and Fechuky) published substantive forum contributions this month. Chidi proposed a phased expansion of Moonwell’s risk management infrastructure (oracle circuit breakers, expanded Cap Guardian authority), while Fechuky opened a discussion on potential chain expansion opportunities following the Ethereum mainnet launch.
- Risk Parameters & Remediation. MIP-X60 and MIP-X61 both executed Anthias Labs’ monthly risk parameter adjustments and two targeted reserve actions, addressing outstanding bad debt and remediation efforts for users affected by the cbETH incident.
Primer
The monthly governance recap serves as a compendium of key governance updates for the preceding month. This update covers Moonwell governance activities for June 2026.
Key Metrics
- 4 onchain proposals
- 0 Snapshot proposals
- 14 forum posts
The number of active voters for onchain proposals averaged 194, with a minimum of 128 and a maximum of 297.
Voting data was obtained from @Jor-el’s Moonwell 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 June had a 100% success rate.
- Offchain: N/A
Browse all of the proposals here.
Other Governance Metrics
Proposal Participation
Source: @Jor-el’s dashboard
June had a monthly average of 194 onchain voters, continuing a trend seen in recent months. For context, some prior months included average voter turnouts of 382 in October 2025, 377 in December, 386 in January, 300 in March, 245 in April, and 220 in May. The lower June average could partly be attributed to the month’s low proposal volume (4 proposals vs 6 in April) though per-proposal voter counts for MIP-X61 (297) suggest continued community engagement on certain proposals. June was also a month of “behind-the-scenes” governance work in the forums as opposed to an onchain execution-heavy month. Average per-proposal “For” support across June’s four executed proposals was approximately 176M WELL, with an average support rate of approximately 99.0% (For / (For + Against + Abstain)).
Top Delegate Voting Power & Concentration
Source: @Jor-el’s dashboard
As of the end of June, the dashboard reports 1.78B WELL of total delegated voting power across 13.7K delegates, with 445.08M WELL (~25%) self-delegated. Total delegated voting power has grown from 1.66B WELL in May, reflecting continued growth in the delegate base. The two largest delegates control roughly 12.69% of total voting power combined (0xa2ee…87d6 with 9.88% and 0xec12…509f with 2.81%), down from 16.74% combined in May. Total all-time onchain votes cast across the protocol now stands at 65.4K from 13.7K unique voters, with 130 active delegators.
Among Super Delegates, Jor-el holds the highest lifetime participation rate at 98% (49/50 proposals since joining), followed by PGov at 86% (87/101), Chidi at 82% (36/44), Coolhorsegirl at 81% (161/199), and Fechuky at 70% (150/215). Coolhorsegirl and Fechuky lead by total votes cast and length of time as a Moonwell delegate.
Main Governance Initiatives in June
First Ethereum Proposals
June marked Moonwell’s first full month with an active Ethereum mainnet deployment. MIP-E00, which passed at the end of May, established the initial markets (WETH, USDC, USDT, cbBTC), Chainlink oracle configuration, Ethereum market risk parameters, and the governance infrastructure needed to manage the deployment from Moonwell’s existing governance hub. The first native proposal submitted on the network was MIP-E01 on June 3rd. It sought to improve the UX of the WETH market: previously, users who redeemed mWETH or borrowed from the WETH market received Wrapped ETH (WETH) and were required to manually unwrap before using their funds elsewhere. MIP-E01 pointed the WETH market’s logic contract at an MWethDelegate implementation, deploying WethUnwrapper and MWethDelegate contracts (the same designs already audited and deployed on Base as part of MIP-B02), so that redemptions and borrows pay out raw ETH directly as part of the same transaction. The proposal passed on June 6th with 162.95M WELL in favor and 99.3% support.
Delegate Contributions
Two Super Delegates published substantive forum contributions this month. Both contributions reflect the proactive research mandate expected of their roles.
On June 9th, Chidi posted a forum discussion on evolving Moonwell’s risk management, surfacing ideas regarding the protocol’s governance and risk infrastructure. The proposal outlined a phased approach: Phase 1 would expand the existing Cap Guardian role (currently held by Anthias Labs) to cover additional parameter types beyond supply and borrow caps, including reserve factors and interest rate model parameters, each bounded within governance-approved ranges. Phase 2 would introduce automated circuit breakers (an oracle circuit breaker that automatically pauses a market if an oracle price deviates significantly from a secondary reference), a liquidation cascade circuit breaker (pauses excessive liquidations for review), and structured deployment validation of oracle configurations for new markets. Chidi called for input from Lunar Labs on technical feasibility around the proposed architecture.
Later in the month, Fechuky created a forum post discussing ideas for the protocol’s next possible expansion moves after the earlier Ethereum mainnet deployment. Included in this research post are Circle’s Arc network, real-world assets (RWAs), and other tokenized assets that bring offchain financial instruments onchain.
Risk, Reward Speeds, and Vaults
In mid-May, Anthias published a forum post to adjust risk parameters for Moonwell’s Base and Optimism Mainnet deployments. In addition to the monthly recommendation forum post, Anthias’ reserve recommendations forum post from last month was also included in the onchain proposal created on June 11th. It sought to adjust risk parameters on Base and Optimism Mainnet, while also (1) using reserves to repay $538K of bad debt from addresses with zero collateral, and (2) withdrawing 1.45 cbBTC from reserves and swap it to WETH in preparation to distribute to users affected by the cbETH incident. June’s monthly automated liquidity incentive proposal, MIP-X59, successfully passed an onchain vote on June 14th, aiming to rebalance liquidity incentives on Ethereum and Base. The following monthly risk recommendations post was created on June 22nd, covering parameters for the month of July. Similar to MIP-X60’s combined monthly recommendations + reserve recommendations, MIP-X61 was submitted at the end of the month to address July. It sought to adjust risk parameters on Base (see the forum post here), address bad debt and continue cbETH remediation for affected users (see the forum post here), and update the supply/borrow cap guardian on Ethereum to Anthias’ multisig.
Delegate Digest
Super Delegates
| Delegate | Delegation Pitch | Delegation Page | Delegated Amount | Proposals Created | Completed their role’s minimum requirements this month? |
|---|---|---|---|---|---|
| Coolhorsegirl | Link | Link | 56.3K 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 | 5.64M 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 | 672 WELL | 0 | No |
| DAOplomats | Link | Link | 17 WELL | 0 | No |
| Maylosan | Link | Link | 46.5K WELL | 0 | No |
| FranklinDAO | Link | Link | 396 WELL | 0 | No |
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 | 4/4 | 100%  |
| PGov | 4/4 | 100% |
| Jor-el | 4/4 | 100% |
| Chidi | 4/4 | 100% |
| Fechuky | 4/4 | 100% |
| Kimchiblock | 0/4 | 0% |
| DAOplomats | 0/4 | 0% |
| Maylosan | 0/4 | 0% |
| FranklinDAO | 0/4 | 0% |
You can read more about the requirements to join each delegate tier and each tier’s contribution minimums here.
Delegate Highlights
- Coolhorsegirl, Chidi, Fechuky contributed to the forums publicly in June; Jor-el continues to update his data dashboard.
- PGov and Chidi continue to regularly update their delegate pitches with rationale for their voting behavior.
Community Overview
| Social Channel | Data |
|---|---|
| Main X account | 55.2K Followers (-0.36%) |
| Governance X account | 1459 Followers ( -0.14%) |
| Discord | 12,293 Members (-0.66%) |
| Announcements Telegram | 585 Members (-2.66%) |
| Chat Telegram | 6,792 Members (-4.26%) |
Community Trends
June was largely defined by Moonwell’s first full month operating on Ethereum mainnet. While proposal volume was lower than usual, the four onchain proposals were focused on Ethereum-specific UX improvement (MIP-E01) and recurring governance operations (reward speed rebalancing and two risk/reserve recommendation proposals addressing parameter maintenance, cbETH remediation, and bad debt). All four passed with 1.3-2x quorum, and all four had 96%+ support.
Voter turnout averaged approximately 194 per proposal; the final proposal of the month, MIP-X61 (which carried the risk recommendations and reserve recommendations for the month of July) drew the highest turnout at nearly 300 votes and helped considerably to raise the month’s average. Total delegated voting power grew from 1.66B WELL in May to 1.78B WELL in June, and the delegate count expanded from 9.6K to 13.7K, suggesting a healthy underlying interest in participating in governance even as per-proposal voter counts remained at moderate levels for the majority of the month.
Closing Notes
Look for the next Monthly Governance Call on X on the last Thursday of each month. The next call will be on July 30th at 17:00 UTC.