Weekly Governance Recaps

Announcements & Updates Updates
107

Weekly Governance Update: Week of February 16th, 2026

Two onchain proposals went up for a vote this week.

Proposals

MIP-B57

Summary: Submitted onchain on Wednesday, this proposal sought to revert the configured oracle for the cbETH market on Base from the OEV wrapper back to the standard Chainlink-composite pricing model. This restored the oracle behavior that was in place prior to MIP-X43 and ensured cbETH is priced correctly relative to ETH.

MIP-X44

Summary: The regular monthly reward speed proposal went onchain on Friday. It made changes to the following markets:

  • Base:
    • ETH: Decreased WELL Supply and Borrow APR
    • USDC: Increased WELL Supply APR
    • AERO: Decreased WELL Borrow APR
    • cbBTC: Decreased WELL Supply and Borrow APR
    • EURC: Decreased WELL Supply and Borrow APR
    • WELL: Increased WELL Supply and Borrow APR
    • tBTC: Decreased 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: Increased WELL Supply and Borrow APR
  • Optimism Mainnet:
    • USDC: Increased WELL Supply APR
    • USDT: Increased WELL Supply APR
    • DAI: Decreased WELL Supply APR
    • ETH: Decreased WELL Supply APR
    • wstETH: Decreased WELL Supply APR
    • rETH: Decreased WELL Supply APR
    • OP: Decreased WELL Supply APR
    • weETH: Decreased WELL Supply APR
    • VELO: Decreased WELL Supply APR
    • wrsETH: Decreased WELL Supply APR
    • USDT0: Increased 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; increased GLMR Supply and Borrow APR
    • USDC.wh: Increased WELL Supply and Borrow APR; increased GLMR Supply and Borrow APR
    • xcUSDT: Increased WELL Supply and Borrow APR; increased GLMR Supply and Borrow APR
    • xcUSDC: Increased WELL Supply and Borrow APR; increased GLMR Supply and Borrow APR
  • Reserves to Auction: N/A

Delegate Updates

Forum post: Recovery Plan: cbETH Incident and Moonwell Apollo Onboarding

Author: Fechuky

Summary: A new forum discussion was posted by Super Delegate Fechuky on Wednesday. It sought to introduce a recovery plan regarding the cbETH incident from 02/14-02/18 and Moonwell Apollo Onboarding. The recovery plan included the immediate partial repayment from the Moonwell Apollo Treasury (~$310K), ongoing repayment via protocol reserves for the remaining balances, and stkWELL compensation for MFAM wind-down participants at a 1:1.5 ratio.

Contributor Updates

Forum post: MIP-X43 cbETH Oracle Incident Summary

Author: Anthias

Summary: On Monday, Anthias Labs shared a forum post outlining an incident that occurred after the execution of MIP-X43. After the Chainlink OEV wrapper contracts were enabled across the core markets on Base and Optimism, a mispricing in cbETH’s reported value was caused by a misconfiguration in one of the oracles. The incident resulted in $1.78M in bad debt (the majority being cbETH) across various markets. Read Anthias’ post to find more information, including a spreadsheet of affected addresses.

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Forum post: [Anthias Labs] - Risk Parameter Recommendations

Author: Anthias

Summary: Anthias Labs shared their risk parameter recommendations for Moonwell’s Core Markets for the month of March.

  • Base: LBTC collateral factor was decreased to 82%. Borrow caps for cbBTC, AERO, and wstETH were decreased to 90, 7.5M, and 500, respectively. cbETH reserve factor was increased. IR parameters were recommended to be changed for USDC and cbETH.
  • OP Mainnet: There were no parameter recommendations for OP Mainnet.
  • Moonbeam: There were no parameter recommendations for Moonbeam.

…

Forum post: [Anthias Labs] Weekly Market Updates

Author: Anthias

Summary: Anthias posted a weekly update for the Moonwell markets covering the previous week.

  • Base: WETH supply and borrows are down 23% and 25%, respectively; wstETH and AERO supply are also down 28%, each. cbBTC borrows are down 56%. There was ~$3.098M in liquidations across 1182 events.
  • OP Mainnet: wstETH supply is down 10%, while DAI supply is up 26%. There was ~$640 in liquidations across 27 events.
  • Moonbeam: xcDOT borrows are down 77%. There was ~$50 in liquidations across 13 events.

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.