July 2026 Update
Key Insights
- Moonbeam Sunset. July was defined, in part, by the wind-down of Moonwell’s Moonbeam deployment ahead of the Moonbeam shutdown on July 31st. MIP-M45 withdrew the safe portion of Moonbeam reserves and paused new supplying/borrowing across all live Moonbeam markets, while MIP-X64 executed the “Before Sunset” phase by removing the governance and bridge routes pointing to the chain.
- Moonriver Wind-down Continues. Two proposals (MIP-R40 and MIP-R41) advanced the parallel Moonriver deprecation, withdrawing remaining reserves to the Foundation-designated wallet and hardening Moonriver’s governance parameters during the final stretch of its wind-down.
- Routine Operations & Risk Management. MIP-X62 included the monthly reward speed adjustments across Base and Ethereum, while MIP-X63 implemented Anthias’ August risk parameter and reserve recommendations, continuing bad-debt repayment for insolvent accounts on Base and OP Mainnet.
Primer
The monthly governance recap serves as a compendium of key governance updates for the preceding month. This update covers Moonwell governance activities for July 2026.
Key Metrics
- 7 onchain proposals
- 0 Snapshot proposals
- 6 forum posts
The number of active voters for onchain proposals averaged 182, with a minimum of 139 and a maximum of 201.
Voting data was obtained from @Jor-el’s Moonwell Dashboard.
| Proposal | Onchain votes |
|---|---|
| MIP-M45 | 191 |
| MIP-X62 | 198 |
| MIP-R40 | N/A |
| MIP-R41 | N/A |
| MIP-X63 | 139 |
| MIP-X64 | 201 |
| MIP-E02 | TBD |
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 July had a 100% success rate.
- Offchain: N/A
Browse all of the proposals here.
Other Governance Metrics
Proposal Participation
Source: @Jor-el’s dashboard
July had a monthly average of 182 onchain voters. This continues a trend seen in recent months; June had 192, May had 220, April had 245, March had 300. While gross voter numbers are decreasing slightly, this is not unprecedented historically as governance typically follows a cyclical pattern seasonally. Average per-proposal “For” support across July’s six executed proposals was approximately 165M WELL, down only slightly from last month’s 176M WELL. The average support rate this month was 99.2% (For / (For + Against)), a slight increase compared to last month’s 99.0%.
Top Delegate Voting Power & Concentration
Source: @Jor-el’s dashboard
As of the end of July, the dashboard reports 1.75B WELL of total delegated voting power across 13.8K delegates (insignificant changes compared to last month), with 372.05M WELL (~21.14%) self-delegated. The two largest delegates control roughly 12.92% of total voting power between them (0xa2ee…87d6 with 10.06% and 0xec12…509f with 2.86%). The next eight delegates comprising the remainder of the top-10 concentration each hold between 0.87% and 1.86%, creating a more distributed VP spread compared to June. Total all-time onchain votes cast across the protocol now stands at 67.5K.
Among Super Delegates, the highest lifetime participation rates are held by Coolhorsegirl, PGov, Chidi, and Jor-el (all above 80%). Coolhorsegirl remains the leader by absolute vote count; Coolhorsegirl and Fechuky also have the longest-running voting record as members of the Moonwell community.
Main Governance Initiatives in July
Moonbeam sunset and Moonriver wind-down
Shortly after an announcement was made on July 3rd by @MoonbeamNetwork, MIP-M45 initiated the sunset of Moonwell’s Moonbeam deployment. It withdrew the safe portion of protocol reserves from selected Moonbeam markets, transferred them to the Foundation-designated wallet, and paused new supplying and borrowing across all live Moonbeam markets.
MIP-R40 was submitted in mid-July, seeking to withdraw the safe portion of protocol reserves from selected Moonwell markets on Moonriver and transfer the withdrawn tokens to the Foundation-designated wallet. As part of the Moonriver wind-down process, governance approved the reduction of reserves from markets where there is enough available liquidity to do so safely. It excluded xcKSM (due to a shortfall) and MOVR (due to a native-asset limitation). Submitted July 21st, MIP-R41 sought to strengthen the security of Moonwell’s Moonriver governance system through the rest of the wind-down process. Specifically, it (1) transferred administration of the Moonriver MOVR market to a designated security contract, (2) enabled the transfer of the protocol-controlled MOVR balance to the Foundation-designated wallet through that contract, (3) and increased the Moonriver governance proposal threshold and quorum requirement to 100,000,000 each.
In the latter half of the month, MIP-X63 continued the sunset of Moonwell’s Moonbeam deployment, specifically executing the “Before Sunset” phase; it removed the routes that point to Moonbeam so that no new governance messages nor xWELL bridge transfers are sent to the deprecating chain. A subsequent “After Sunset” proposal will handle the final decommissioning of the Moonbeam deployment once outflows have settled.
Risk Management and Reward Speeds
In mid-June, Anthias published a forum post to adjust risk parameters for Moonwell’s Base, Ethereum, and Moonbeam deployments. It included setting collateral factors to 0 for Moonbeam markets as part of the chain’s deprecation, as well as recommended launching core markets for wstETH, weETH, and rETH on Ethereum mainnet. The onchain proposal was created on July 23rd, which also included the team’s reserve recommendations for the month of August, using protocol reserves to repay bad debt held by insolvent accounts (accounts supplying less than $1.00 of assets) on Base and OP Mainnet. July’s monthly automated liquidity incentive proposal, MIP-X62, successfully passed an onchain vote on July 12th, aiming to rebalance liquidity incentives on Ethereum and Base. As part of the Moonbeam deprecation, it also set the stkWELL withdrawal cooldown on Moonbeam to 0 (previously 7 days).
MIP-E02, not included in this month’s analysis due to its execution date overlapping into August, sought to adjust the interest rate model (IRM) curve for the USDC and USDT markets on Ethereum mainnet, correcting the multiplier parameter to be set at 0.067.
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 Voting Rate
| Delegate | Number of Proposals Voted On | This Month’s Voting Rate |
|---|---|---|
| Coolhorsegirl | 6/6 | 100%  |
| PGov | 4/6 | 67% |
| Jor-el | 4/6 | 67% |
| Chidi | 3/6 | 50% |
| Fechuky | 5/6 | 83% |
| Kimchiblock | 0/6 | 0% |
| 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, PGov, and Fechuky continue to regularly update their delegate pitches with rationale for their voting behavior.
Community Overview
| Social Channel | Data |
|---|---|
| Main X account | 55K Followers (-0.36%) |
| Governance X account | 1453 Followers (-0.41%) |
| Discord | 12,323 Members (+0.24%) |
| Announcements Telegram | 573 Members (-2.05%) |
| Chat Telegram | 6,671 Members (-1.78%) |
Community Trends
July was a month defined by a relatively high proposal velocity. Governance quickly responded to market actions (e.g. the continued sunset of Moonriver and the announcement of the sunset of Moonbeam). All proposals easily met quorum, ranging from 1.1x-2.0x, and all six had 98%+ support.
Proposals at the start of the month and proposals at the end of the month received some of the highest voting numbers (e.g. MIP-X62 on July 9th received 198 votes and MIP-X64 on July 23rd received 201 votes); we occasionally see deviations from the “highest → lowest voter turnout throughout the month” pattern. This could be due to the high importance of some of the later proposals (e.g. facilitating the sunset of Moonwell’s Moonbeam deployment).
Closing Notes
July’s Governance Call has been pushed back by one week to Thursday, August 6th at 17:00 UTC.