Weekly Governance Update: Week of January 26th, 2026
Two onchain proposals went up for a vote this week.
Proposals
MIP-X41
Summary: The regular monthly reward speed proposal went onchain on Wednesday. It made changes to the following markets:
- Base:
- ETH: Decreased WELL Supply and Borrow APR
- USDC: Increased WELL Supply APR
- AERO: Decreased WELL Supply and Borrow APR
- cbBTC: Decreased WELL Supply and Borrow APR
- EURC: Increased WELL Supply and Borrow APR
- WELL: Decreased WELL Supply and Borrow APR
- tBTC: Increased WELL Supply and Borrow APR
- LBTC: Increased WELL Supply and Borrow APR
- VIRTUAL: Increased WELL Supply and Borrow APR
- MORPHO: Increased WELL Supply and Borrow APR
- cbXRP: Decreased WELL Supply and Borrow APR
- Optimism Mainnet:
- USDC: Decreased WELL Supply APR
- USDT: Increased WELL Supply APR
- DAI: Increased WELL Supply APR
- ETH: Decreased WELL Supply APR
- wstETH: Decreased WELL Supply APR
- rETH: Decreased WELL Supply APR
- OP: Increased WELL Supply APR
- weETH: Decreased WELL Supply APR
- VELO: Decreased WELL Supply APR
- wrsETH: Decreased WELL Supply APR
- USDT0: Decreased WELL Supply APR
- Moonbeam:
- GLMR: Decreased WELL Supply and Borrow APR; decreased GLMR Supply and Borrow APR
- DOT: Increased WELL Supply APR; increased GLMR Supply APR
- FRAX: Increased WELL Supply and Borrow APR; decreased GLMR Supply and Borrow APR
- USDC.wh: Decreased WELL Supply and Borrow APR; decreased GLMR Supply and Borrow APR
- xcUSDT: Increased WELL Supply and Borrow APR; decreased GLMR Supply and Borrow APR
- xcUSDC: Decreased WELL Supply and Borrow APR; decreased GLMR Supply and Borrow APR
- Reserves to Auction: N/A
MIP-B56
Summary: 0xMims posted a proposal to the forums on Thursday after the governance call, seeking to transfer the risk curator role for Moonwell’s Morpho vaults on Base from BlockAnalitica / B.Protocol to Anthias Labs. The measure is meant to unify risk management under a single team already responsible for Moonwell protocol risk and reduce redundant costs.
Delegate Updates
Forum post: Monthly Market Risk Assessment (January 2026)
Author: Jor-el
Summary: Jor-el, as a part of his Data & Analytics Super Delegate role, posted a risk assessment of Moonwell’s Core Markets on Base using onchain data. The report includes metrics such as utilization, liquidity conditions, collateral composition, interest-rate dynamics, and protocol parameters across the core markets on Base. His Optimism Mainnet report went live shortly after.
Contributor Updates
Forum post: [Anthias Labs] Weekly Market Updates
Author: Anthias
Summary: Anthias posted a weekly update for the Moonwell markets covering the previous week.
- Base: cbBTC and WETH supply are down 8% and 7%, respectively; cbETH supply and borrows are up 17% and 44%, respectively. There was ~$42.6K in liquidations across 53 events.
- OP Mainnet: USDC borrows are up 30%. VELO borrows are down 77%. USDT supply is up 31%. There was ~$2.2K in liquidations across 4 events.
- Moonbeam: No significant changes were reported.
- Moonriver: Following the full deprecation of Moonriver markets where collateral factors were reduced to zero, all remaining debt positions were liquidated.
Upcoming Events in Governance
Monthly Governance Call
Look for the next Monthly Governance Call on X on the last Thursday of the month, February 26th.