Weekly Governance Update: Week of April 15, 2024
The third week of April included risk analysis/cap adjustments and the proposed support of a new asset market on Base.
Here are the highlights:
Contributor Updates
Forum post: Add Aero Market on Base
Author: Gauntlet
Summary: Gauntlet proposed on Friday to onboard AERO as collateral on Moonwell’s Base deployment. Cited reasons for this proposal included the growth of AERO liquidity on Base and market demand. AERO is the native utility token of Aerodrome Finance, a next-generation AMM designed to serve as Base’s central liquidity hub. Gauntlet released risk parameters for the token, including a supply cap of 6,000,000 and a borrow cap of 3,000,000. See the post above for more details on the asset’s proposed market on Base.
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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: Three assets had an average supply cap usage of over 75%: cbETH (77.43%), wstETH (79.32%), and rETH (99.80%). The deployment had three asset liquidations in the past week: mWETH ($42.69K), mwstETH ($19.77K), and mUSDC ($266.10).
- Moonbeam: No assets had an average utilization greater than 75%. Five liquidated assets were reported: mGLMR ($133.44K), mDOT ($46.85K), mxcUSDC ($9.24K), mWBTC.wh ($824.13), mcxUSDT ($437.27), and mFRAX ($32.35).
- Moonriver: Only one asset had an average utilization greater than 75%: FRAX (75.79%). Three liquidated assets were reported: mMOVR ($13.89K), mFRAX ($10.89K), and mxcKSM ($9.79K).
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Forum post: Rebalancing of Base Liquidity Incentives
Author: Warden Finance
Summary: On Saturday, contributor Warden Finance made a forum post to inform the community of various Base-related updates. Following the safety module successfully deploying on Base, Wormhole WELL rewards were deprecated in favor of native WELL rewards. Additionally, a new rewards pool of 50K USDC is allocated towards native USDC market rewards over epoch #10. In an update to the DAI & rETH liquidity situation brought up in past updates, both assets’ circulating supplies have improved. For more information on the applied changes and various incentives, see the above forum post.
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Integration Updates
Forum post: MIP-MD0: Integrate Moonwell on Mode Mainnet
Author: Deez
Summary: On Saturday, first-time poster Deez brought to the forums a proposal to expand the Moonwell protocol to Mode mainnet, an optimistic rollup on the OP Superchain. Noted features of Mode include integrated Liquid Restaking Tokens, sequencer fee sharing with developers, and “DevDrops,” rewarding and incentivizing participants. For more on the advantages and implementation details of this proposed expansion, check out Deez’s forum post.
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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.