Weekly Governance Update: Week of April 1, 2024
The first week of April included risk analysis and cap adjustments, the final steps in the series of multichain governance proposals, and the kickoff of a $PINK airdrop campaign.
Here are the highlights:
Contributor Updates
Forum post: Gauntlet’s Base/Moonbeam/Moonriver Weekly Market Update
Author: Gauntlet
Summary: In the last weekly recap, Gauntlet released their regular update for risk parameters across the three Moonwell deployments. These updates are meant to adjust important asset parameters (e.g. collateral factors and borrow caps) to balance risk and capital efficiency. On Monday, three MIPs were created to enact these changes on their respective chains: MIP-B15, MIP-M25, and MIP-R15.
- MIP-B15 changes:
- Increase ETH Supply Cap from 12,500 to 18,000
- Increase ETH Borrow Cap from 10,500 to 14,000
- Increase wstETH Supply Cap from 1800 to 2100
- Increase wstETH Borrow Cap from 800 to 900
- Increase USDbC Reserve Factor from 15% to 20%
- USDC IR Curve adjustments
- MIP-M25 changes:
- Increase xcUSDC Collateral Factor from 10% to 15%
- Decrease GLMR Collateral Factor from 58% to 57%
- Decrease GLMR Borrow Cap from 22.5m to 10m
- Decrease WBTC.wh Borrow Cap from 50 to 5
- Decrease WETH.wh Borrow Cap from 500 to 100
- Increase xcUSDT Reserve Factor from 20% to 25%
- Increase xcUSDC Reserve Factor from 20% to 25%
- Stablecoin IR Curve adjustments
- MIP-R15 changes:
- Increase FRAX Reserve Factor from 15% to 25%
- Decrease FRAX Collateral Factor from 57% to 53%
- Decrease MOVR Borrow Cap from 40,000 to 20,000
Outcome: All three proposals passed and either entered the 24-hour vote collection period (for Moonbeam and Base) or the 24-hour Timelock (Moonriver).
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Forum post: MIP-B16 Base Safety Module Activation
Author: elliot
Summary: Last week, Elliot introduced MIP-B16 to enable rewards for users in the Safety Module with the new WELL token on Base. This proposal comes off the heels of three other successful proposals related to multichain governance: MIP-M21 (Upgrade Wormhole Bridge Adapter on Moonbeam) and MIP-M23/MIP-M24 (Multichain Governor and WELL migration). MIP-B16 went up for an on-chain vote on Monday.
Outcome: MIP-B16 passed with 100% consensus. However, the original MIP-B16 contained an error that prevented execution. On Saturday, the proposal was re-submitted for an onchain vote.
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Forum post: Gauntlet Guardian - WETH, wstETH, and cbETH cap increases
Author: Gauntlet
Summary: Gauntlet posted on Tuesday that they will use Cap Guardian to increase the following caps:
- WETH Supply Cap from 22,000 to 24,000
- WETH Borrow Cap from 16,000 to 20,000
- cbETH Supply Cap from 6,000 to 7,200
- cbETH Borrow Cap from 1,800 to 2,100
- wstETH Supply Cap from 3,000 to 4,000
- wstETH Borrow Cap from 900 to 1,250
You can find the transactions here and here.
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Forum post: Gauntlet Base/Moonbeam/Moonriver Weekly Market Update
Author: Gauntlet
Summary: Gauntlet posted a weekly update on Friday for the Moonwell markets covering the previous week.
- Base: Only one asset had an average borrow/supply cap usage of over 75%: rETH (98.81% supply cap). The deployment had no asset liquidations in the past week.
- Moonbeam: No assets with an average utilization of >75% were reported; no asset liquidations were reported.
- Moonriver: No assets with an average utilization of >75% were reported; no asset liquidations were reported.
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Delegate Updates
Forum post: Moonwell is PINK Campaign Details
Author: Curly
Summary: On Thursday’s governance call, Curly mentioned that an update was coming soon detailing the $PINK airdrop campaign. Those details arrived on Saturday in a forum post where he informed the community that Moonwell had been granted 1.2M $PINK. Now, users can complete tasks that will qualify them to receive a share of the 1.2M pool. Those tasks include engaging with the campaign announcement and completing the Galxe Campaign (holding specific amounts of mGLMR, mDOT, or stkWELL or voting on a proposal).
For exact task requirements, campaign dates, and other details, refer to the forum post above.
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Upcoming Events in Governance
Monthly Governance Call
First Thursday of May
Look for the next Monthly Governance Call in Discord on the first Thursday, May 2nd.