October 2026 Update
Key Insights
- Quorum Became the Main Constraint. The first submission of MIP-X69 did not reach the 100M WELL quorum and had to be resubmitted. MIP-X71, MIP-X72 and MIP-X73 reached quorum only because a single address abstained with ~177M WELL on each; For votes alone were 25.9M, 33.5M and 77.4M. MIP-X74 was the only proposal since MIP-X69’s resubmission to clear quorum on For votes alone. Every live proposal now gets a quorum check and a reminder 24 hours before it closes.
- Risk-Off Parameters Continue on Base and OP Mainnet. Two rounds of Anthias recommendations went onchain (MIP-X69 and MIP-X71), stepping down collateral factors for WELL, MORPHO, VIRTUAL, wrsETH, AERO, VELO and OP. A third round, posted on October 27, takes WELL from 35% to 20%.
- Security Upgrades to Oracles and Market Accounting. MIP-X72 updated the OEV oracle wrappers on all three chains, and two follow-ups went onchain on October 28 and passed on October 31: MIP-X73 (internal cash accounting for every market) and MIP-X74 (ETH derivative oracles aligned with the WETH OEV feed).
Primer
The monthly governance recap serves as a compendium of key governance updates for the preceding month. This update covers Moonwell governance activities for October 2026.
Key Metrics
- 7 onchain proposals
- 0 Snapshot proposals
- 3 new forum topics
The number of active voters for onchain proposals averaged 111, with a minimum of 75 and a maximum of 168.
Voting data was obtained from @Jor-el’s Moonwell Dashboard.
| Proposal | Onchain votes | Votes cast vs. 100M quorum |
|---|---|---|
| MIP-X69 (first submission) | 111 | 43.8M (not met) |
| MIP-X70 | 168 | 111.5M (+11.5M) |
| MIP-X69 (resubmission) | 129 | 119.9M (+19.9M) |
| MIP-X71 | 75 | 202.9M (+102.9M) |
| MIP-X72 | 109 | 210.6M (+110.6M) |
| MIP-X73 | 79 | 254.4M (+154.4M) |
| MIP-X74 | 108 | 172.2M (+72.2M) |
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: 6 of 7 proposals passed (86%). The first submission of MIP-X69 did not reach quorum and passed on resubmission.
- Offchain: N/A
Browse all of the proposals here.
Other Governance Metrics
Proposal Participation
Source: @Jor-el’s dashboard
October had a monthly average of 111 onchain voters. September had 186, August had 174, July had 182, June had 194, and May had 220. Proposal volume rose to seven onchain proposals from three in September, including the resubmission of MIP-X69. Average per-proposal “For” support across the seven proposals was ~83.1M WELL (September: ~162M WELL). Of the For and Against votes cast, 99.6% were For; counting abstentions, the support rate was 52.2% (September: 99.0%), because a single address abstained with ~177M WELL on each of MIP-X71, MIP-X72 and MIP-X73.
Top Delegate Voting Power & Concentration
Source: @Jor-el’s dashboard
As of October 30, the dashboard reports 1.50B WELL of total delegated voting power across 13.8K delegates (September: 1.52B WELL across 13.8K delegates), with ~329.3M WELL (~22.0%) self-delegated (September: ~22.0%). The two largest delegates control roughly 17.0% of total voting power between them (September: 15.6%). The largest, at 11.8%, is the address whose abstentions carried MIP-X71, MIP-X72 and MIP-X73 to quorum. Total all-time onchain votes cast across the protocol now stands at 70.4K (September: 69.1K).
Main Governance Initiatives in October
Quorum and Turnout
The first submission of MIP-X69 went onchain on October 7 and did not reach quorum, with 43.8M WELL cast against the 100M WELL requirement, while MIP-X70, voted on in the same window, passed with 111.5M. MIP-X69 was resubmitted as proposal 191 on October 12, passed on October 15 with 119.9M WELL cast, and was executed on October 16.
MIP-X71 and MIP-X72 closed on October 24 with more than 200M WELL cast each, but ~177M of that came from one address abstaining on both; without it, neither would have reached quorum. The same address abstained on MIP-X73, which closed on October 31 with 254.4M WELL cast but only 77.4M For. MIP-X74 cleared quorum on For votes alone, at 172.2M.
Every live proposal now gets a quorum check and a reminder on X and Discord 24 hours before it closes, with direct outreach to large WELL holders when a vote is short, and Super Delegates are asked to vote within 48 hours of a proposal going live. From this month, the weekly and monthly reports include each proposal’s votes cast against the 100M quorum.
Risk Parameters: Two Rounds Onchain, a Third Posted
MIP-X69 implemented Anthias’ September 29 recommendations. On Base, it lowered the WELL collateral factor to 45%, MORPHO to 40%, VIRTUAL to 55%, wrsETH to 42%, and MAMO to 0%, and moved cbBTC to a flat 1% borrow rate with a 99% reserve factor. On OP Mainnet, it lowered VELO to 55%, OP to 60%, wrsETH to 30%, and cbETH and WBTC to 0%.
MIP-X71 implemented the October 15 recommendations and was executed on all three chains by October 26. On Base, it lowered WELL to 35%, VIRTUAL to 50%, wrsETH to 35%, and AERO to 58% ahead of the AERO token migration, and moved MORPHO to a flat 1% borrow rate with a 99% reserve factor. On OP Mainnet, it lowered VELO to 50%, OP to 55%, and wrsETH to 20%. It also moved the pause guardian role on Base and OP Mainnet to F-ETH-SEC, the 2-of-4 security council Safe that already holds it on Ethereum.
On October 27, Anthias posted its next recommendations. On Base: WELL from 35% to 20%, AERO from 58% to 55%, MORPHO from 40% to 30%, and a fixed $0.01 price for MAMO, since Chainlink is deprecating the MAMO / USD feed. On OP Mainnet: VELO from 50% to 48%, OP from 55% to 50%, and wrsETH from 20% to 0%. Anthias estimates that 8 accounts on Base (~$2,497 of debt) and 3 on OP Mainnet (~$785) become newly liquidatable. Look for the proposal onchain in early November.
Oracle and Market Accounting Upgrades
MIP-X72 closed on October 24 and was executed on all three chains by October 26. It updates Moonwell’s Chainlink OEV oracle wrappers on Ethereum, Base and OP Mainnet so that early access to a fresh oracle price is limited to the liquidation that pays for it, which keeps the OEV fee the protocol is meant to collect.
Two follow-ups went onchain on October 28. MIP-X73 moves every Moonwell market on Ethereum, Base and OP Mainnet to internal cash accounting, so tokens sent directly to a market no longer raise its exchange rate, count toward its supply cap, or add collateral value. MIP-X74 moves the cbETH, wstETH, rETH, weETH and wrsETH oracles on Base and OP Mainnet onto the ETH/USD OEV wrapper that prices WETH, so a liquidation of WETH debt against these assets uses one ETH price on both sides. Both passed on October 31 and were executed on Ethereum on November 1, with the Base and OP Mainnet changes following through the cross-chain timelock.
Monthly Rewards Distribution
MIP-X70, the automated monthly liquidity incentive proposal, went onchain on October 7 and passed. On Base, WELL supply APRs decreased for ETH, USDC and cbBTC and increased for wstETH. On Ethereum, WELL supply and borrow APRs decreased for ETH, USDC, USDT and cbBTC.
AERO and VELO Migration
The Aerodrome and Velodrome merger launched on October 21. Legacy AERO converts 1:1 into the new AERO token, and VELO converts at roughly 0.044 AERO per VELO. Moonwell’s AERO market on Base still lists the legacy token, so Anthias is stepping its collateral factor down as liquidity moves to the new token, with VELO following the same path on OP Mainnet. In reply to a community question, Anthias explained that if the VELO price feed stops updating, the oracle keeps the last valid price, and that it would wind down the VELO market before any announced feed shutdown.
Delegate Digest
Super Delegates
| Delegate | Delegation Pitch | Delegation Page | Delegated Amount | Proposals Created | Completed their role’s minimum requirements this month? |
|---|---|---|---|---|---|
| Coolhorsegirl | Link | Link | 57.2K WELL | 20 | Yes |
| PGov | Link | Link | 1M WELL | 1 | Yes |
| Jor-el | Link | Link | 1M WELL | 1 | Yes |
| Chidi | Link | Link | 1M WELL | 1 | No |
| Fechuky | Link | Link | 1.06M 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 | 76 WELL | 0 | Yes |
| Maylosan | Link | Link | 46.5K WELL | 0 | No |
| FranklinDAO | Link | Link | 584 WELL | 0 | No |
Delegated amounts and voting rates are from @Jor-el’s Delegate Tracker as of October 30, except DAOplomats, whose figures use its updated voting address. Voting rates include MIP-X73 and MIP-X74, which closed on October 31.
Junior Delegates
Delegate Voting Rate
| Delegate | Number of Proposals Voted On | This Month’s Voting Rate |
|---|---|---|
| Coolhorsegirl | 7/7 | 100% |
| PGov | 7/7 | 100% |
| Jor-el | 7/7 | 100% |
| Chidi | 4/7 | 57% |
| Fechuky | 7/7 | 100% |
| Kimchiblock | 0/7 | 0% |
| DAOplomats | 7/7 | 100% |
| Maylosan | 0/7 | 0% |
| FranklinDAO | 0/7 | 0% |
You can read more about the requirements to join each delegate tier and each tier’s contribution minimums here.
Delegate Highlights
- Super Delegates published rationale for their votes throughout the month: PGov on MIP-X69 and MIP-X70 (PGov); Chidi, PGov, Jor-el and Coolhorsegirl on MIP-X71 and MIP-X72 (Chidi, PGov, Jor-el, Coolhorsegirl), with PGov decoding both cross-chain payloads to confirm each call matched the proposal text; and Coolhorsegirl, Jor-el and Chidi on MIP-X73 and MIP-X74 (Coolhorsegirl, Jor-el, Chidi). Fechuky posted an October voting summary.
- Coolhorsegirl, PGov, Jor-el and Fechuky voted on all seven onchain proposals. DAOplomats also voted on all seven, from its updated voting address.
- On October 26, the Super Delegates held their first group call, with Chidi, Coolhorsegirl, Fechuky and PGov attending, and agreed to meet monthly.
- Kimchiblock, Maylosan and FranklinDAO did not vote in October.
Community Overview
| Social Channel | Data |
|---|---|
| Main X account | 54.6K Followers (-1.09%) |
| Governance X account | 1,464 Followers (-0.75%) |
| Discord | 12,270 Members (-0.38%) |
| Announcements Telegram | 560 Members (-0.53%) |
| Chat Telegram | 6,506 Members (-3.80%) |
Community Trends
October’s governance activity centered on turnout and on the continued step-down of collateral risk. According to Anthias’ weekly updates, liquidations on Base ran between 92 and 537 events per week, with the most collateral seized in the week of October 9 to 15 (~$124.5K, almost all USDC). Gross bad-debt exposure on Base remains led by cbBTC (~$4.3M) and USDC (~$2.4M). On the forum, MrMadZ23 opened a discussion on a risk framework for collateral graduation and adversarial stress testing, and Kairos proposed a fixed-rate layer on top of Moonwell’s markets. Discord and the Announcements Telegram were roughly flat on the month, both X accounts slipped by about 1%, and Chat Telegram membership fell ~3.8%.
Closing Notes
There was no governance call in October. Governance calls now take place quarterly or as needed, and the next one is planned for early December, after the September to November quarterly report. Look for the announcement here on the forums, on X, and on Discord.