Weekly Governance Recaps

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Weekly Governance Update: Week of April 20th, 2026

Four onchain proposals went up for a vote this week.

Proposals

MIP-X51A, MIP-X51B, and MIP-X51C

Summary: The regular monthly reward speed proposal went onchain on Wednesday. Due to a technical limitation on Moonbeam, it was split up into three parts. It made changes to the following markets:

  • Base:
    • ETH: Increased WELL Supply and Borrow APR
    • USDC: Decreased WELL Supply APR
    • AERO: Increased WELL Borrow APR
    • cbBTC: Increased WELL Supply and Borrow APR
    • EURC: Decreased WELL Supply and Borrow APR
    • WELL: Increased 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: 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: Increased WELL Supply APR
    • weETH: Decreased WELL Supply APR
    • VELO: Increased WELL Supply APR
    • wrsETH: Decreased WELL Supply APR
    • USDT0: Increased WELL Supply APR
  • Moonbeam:
    • GLMR: Increased WELL Supply and Borrow APR; increased GLMR Supply and Borrow APR
    • DOT: Decreased WELL Supply APR; decreased GLMR Supply APR
    • FRAX: Decreased WELL Supply and Borrow APR; decreased GLMR Supply and Borrow APR
    • USDC.wh: Increased WELL Supply and Borrow APR; increased 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
  • Bad Debt Repayment: withdraws reserves from four Base markets to repay outstanding bad debt on behalf of the affected borrowers.

MIP-X52

Summary: Submitted on Wedneday, this proposal sought to upgrade the xWELL WormholeBridgeAdapter to the Wormhole Executor framework. As discussed in the last governance call, this upgrade is necessary to keep governance and WELL cross-chain transfers functioning. It upgrades the vote collector contracts and WELL cross-chain bridging contracts to support the new Wormhole relayer technology.

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: EURC and estETH supply are up 29% and 10%, respectively; AERO borrows and VIRTUAL supply are up 28% and 29%, respectively. There was ~$27K in liquidations across 42 events.
  • OP Mainnet: WETH borrows are down 41%. WETH and weETH supply are both down 28% and 75%, respectively. Liquidations were negligible.
  • Moonbeam: No notable events nor liquidations 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