Weekly Governance Recaps

Announcements & Updates Updates
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Weekly Governance Update: Week of March 23rd, 2026

Two onchain proposals went up for a vote this week.

Proposals

MIP-X47

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

  • Base:
    • ETH: Increased WELL Supply and Borrow APR
    • USDC: Increased WELL Supply APR
    • AERO: Decreased WELL Borrow APR
    • cbBTC: Decreased WELL Supply and Borrow APR
    • EURC: Increased 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: Decreased WELL Supply APR
    • DAI: Decreased WELL Supply APR
    • ETH: Increased WELL Supply APR
    • wstETH: Increased WELL Supply APR
    • rETH: Increased WELL Supply APR
    • OP: Decreased WELL Supply APR
    • weETH: Increased WELL Supply APR
    • VELO: Increased WELL Supply APR
    • wrsETH: Increased WELL Supply APR
    • USDT0: Increased WELL Supply APR
  • Moonbeam:
    • GLMR: Increased WELL Supply and Borrow APR; increased GLMR Supply and Borrow APR
    • DOT: Increased WELL Supply APR
    • FRAX: Decreased 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: Decreased 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-X48

Summary: Shortly after the governance call on Thursday, MIP-X48 was submitted for onchain voting. It sought to remove reliance on Wormhole’s deprecated Standard Relayer (prior to its April 1st sunset), preserving uninterrupted cross-chain functionality for xWELL and governance. This measure allows Moonwell to relay VAAs independently in the interim while the protocol prepares for a later migration to Wormhole’s Executor framework.

Delegate Updates

Forum post: Moonwell Data: A Unified Analytics Dashboard

Author: Jor-El

Summary: On Thursday, Super Delegate Jor-El published a dashboard for Moonwell, unifying data on Moonwell across all chains. It’s designed to be a single source for analytics across markets, financials, governance, liquidations, wallets, and vaults, across all deployments.

Contributor Updates

Forum post: [Anthias Labs] Weekly Market Updates

Author: Anthias

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

  • Base: USDC supply is up 3%; cbBTC borrows are down 13%, while LBTC borrows are up 45%. There was ~$5K in liquidations across 73 events.
  • OP Mainnet: There was ~$12.5K in liquidations across 7 events.
  • Moonbeam: No liquidations nor notable changes were reported.

Upcoming Events in Governance

Monthly Governance Call

Look for the next Monthly Governance Call on X on the last Thursday of the month, April 30th.

Monthly Governance Reports