Weekly Governance Update: Week of May 18th, 2026
Two onchain proposals went up for a vote this week.
Proposals
MIP-X57
Summary: The regular monthly reward speed proposal went onchain on Tuesday. It made changes to the following markets:
- Base:
- ETH: Increased WELL Supply and Borrow APR
- USDC: Increased WELL Supply APR
- AERO: Increased WELL Borrow APR
- cbBTC: Increased WELL Supply and Borrow APR
- EURC: Decreased WELL Supply and Borrow APR
- WELL: Decreased WELL Supply and Borrow APR
- tBTC: Decreased WELL Supply and Borrow APR
- LBTC: Increased WELL Supply and Borrow APR
- VIRTUAL: Decreased WELL Supply and Borrow APR
- MORPHO: Decreased 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: Increased 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: Decreased WELL Supply APR
- Moonbeam:
- GLMR: Decreased WELL Supply and Borrow APR
- DOT: Increased WELL Supply APR
- FRAX: Increased WELL Supply and Borrow APR
- USDC.wh: Increased WELL Supply and Borrow APR
- xcUSDT: Increased WELL Supply and Borrow APR
- xcUSDC: Increased WELL Supply and Borrow APR; decreased GLMR Supply and Borrow APR
MIP-X58
Summary: Coming after MIP-X55 connected Ethereum mainnet to the existing xWELL bridge system, MIP-X58 sought to migrate Moonwell’s core governance system from Moonbeam to Ethereum. It deployed and activated a new MultichainGovernorV2 on Ethereum, updated the supporting governance infrastructure on Moonbeam, Base, and Optimism Mainnet, and connected voting power across chains through a new VotingPowerAggregator system. In other words, the primary voting and proposal hub was moved to Ethereum (enabling participants to vote through the Ethereum governor), while supporting contracts on other chains collect voting power and help execute approved proposals through Wormhole messages. Secondarily, MIP-X58 included several smaller improvements. Large proposals can be split into smaller pieces before being finalized, proposal descriptions can be referenced through a URI instead of storing the full text onchain, and passed proposals must be executed within a defined execution window instead of remaining executable indefinitely.
Contributor Updates
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 June.
- Base: Collateral factor was decreased to 68% for wrsETH.
- OP Mainnet: For cbETH, the CF was set to 1% and the RF was set to 99% (flattening the IR curve). weETH supply cap was increased to 90 and the wrsETH CF was decreased to 68% (similarly to Base). IR parameters were adjusted for cbETH.
- Moonbeam: No recommendations this month.
Forum post: [Anthias Labs] Weekly Market Updates
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Author: Anthias
Summary: Anthias posted a weekly update on Thursday for the Moonwell markets covering the previous week.
- Base: WETH supply is down 32%, cbBTC borrows are down 62%, and AERO supply is up 14%. There was ~$4.5K in liquidations across 42 events.
- OP Mainnet: USDC supply is down 8%, while DAI supply is up 14%. Liquidations were negligible.
- Moonbeam: No notable events nor liquidations this week.
Upcoming Events in Governance
Monthly Governance Call
Look for the next Monthly Governance Call on X on the last Thursday of the month, May 28th.