Weekly Governance Update: Week of May 6, 2024
The second week of May included risk analysis/cap adjustments, proposals to establish the new Moonwell Security Council, and rewards speed adjustments.
Here are the highlights:
Contributor Updates
Snapshot: Moonwell Security Council - Initial Roster Ratification: WELL and MFAM
Author: coolhorsegirl
Summary: On Monday, two Snapshot proposals were created to establish the new Moonwell Security Council. This comes after the rollout of the recently established Moonwell Foundation. The separate Snapshots allow the Moonwell DAO and Moonwell Apollo DAO to have the opportunity to ratify their initial roster.
Outcome: Both Snapshot proposals successfully passed.
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Forum post: Gauntlet Base/Moonbeam/Moonriver Recommendations
Author: Gauntlet
Summary: In last week’s update, Gauntlet posted recommendations for the three Moonwell deployments, including changes to asset caps, reserve/collateral factors, IR parameters, and more. On Monday, the proposed recommendations (not including the automatically executed borrow/supply cap changes) were integrated into separate onchain proposals.
Outcome: MIP-R17, MIP-B18, and MIP-27 all successfully passed their onchain voting period.
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Forum post: Gauntlet Base/Moonbeam/Moonriver Weekly Market Update
Author: Gauntlet
Summary: Gauntlet posted a weekly update on Monday for the Moonwell markets covering the previous week.
- Base: Two assets had an average supply cap usage of over 75%: cbETH (82.23%) and rETH (92.97%). The deployment had five asset liquidations in the past week: mUSDC ($11.91K), mWETH ($9.19K), mwstETH ($9.02K), mcbETH ($1.60K), and mrETH ($1.26K).
- Moonbeam: One asset had an average utilization greater than 75%: xcUSDT (76.23%). Four liquidated assets were reported: mDOT ($19.75K), mGLMR ($10.95K), wBTC.wh ($1.36K), and mFRAX ($124.46).
- Moonriver: One asset had an average utilization greater than 75%: FRAX (83.11%). No liquidated assets were reported.
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Forum post: Gauntlet Guardian - WETH and USDC
Author: Gauntlet
Summary: On Wednesday, Gauntlet announced they would use Cap Guardian to adjust both the borrow and supply caps for USDC and WETH. USDC’s supply cap was increased from 56M to 75M and its borrow cap was increased from 52M to 70M. For WETH, the supply cap was increased from 40K to 50K and the borrow cap was increased from 28K to 40K. You can see the transactions on Base here and here.
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Forum post: Gauntlet Guardian - AERO Cap Updates
Author: Gauntlet
Summary: Gauntlet posted to the forums on Friday they would use Cap Guardian to adjust the borrow and supply cap for AERO from 3M to 5M, and 6M to 9M, respectively. You can see the transactions on Base here and here.
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Forum post: MIP-M28 and MIP-R18
Author: Curly
Summary: On Saturday, delegate Curly submitted a pair of rewards speed proposals. This type of proposal is submitted every 4 weeks and aims to rebalance liquidity incentives and maintain healthy levels of rewards on Moonbeam and Moonriver. These proposals aren’t required on Base as Warden serves as the incentives admin for Moonwell’s Base deployment.
MIP-M28 details that 417,860,762 WELL is staked in the Safety Module. This proposal intends to increase emissions by 6.38% and emit 7,211,538 WELL over the next 28 days. The estimated APR will increase slightly to 22.51%. For the new DEX Liquidity Pool Rewarder contract, the APR would be kept the same at 0%. MIP-R18 seeks to adjust the rewards on the Safety Module to emit 2,431,211 MFAM over the next 28 days. The DEX Liquidity Pool Rewarder would emit 2,725,903 MFAM over the next 28 days (the same as last month). Various assets had supply-side rewards adjustments:
- The GLMR market supply-side reward would increase from 10.78% to 13.14% and the rate of WELL incentives (supply-side) would increase by 25%. The GLMR market incentives would remain unchanged at 0%.
- The xcDOT market supply-side reward would increase from 6.91% to 9.98% and the rate of WELL incentives (supply-side) would increase by 46.60%. The GLMR market incentives would remain unchanged at 0%.
- The xcUSDT market supply-side reward would increase from 13.25% to 15.98% and the rate of WELL incentives (supply-side) would increase by 30.13%. The GLMR market incentives would remain unchanged at 0%.
- The FRAX market supply-side reward would increase from 14.92% to 15.54% and the rate of WELL incentives (supply-side) would increase by 4.19%. The GLMR market incentives would remain unchanged at 0%.
- The ETH.wh market supply-side reward would increase from 11.36% to 11.79% and the rate of WELL incentives (supply-side) would increase by 4.10%. The GLMR market incentives would remain unchanged at 0%.
- The BTC.wh market supply-side reward would decrease from 6.02% to 2.09% and the rate of WELL incentives (supply-side) would decrease by -65.27%. The GLMR market incentives (supply-side) would remain unchanged at 0%.
- The USDC.wh market supply-side reward would decrease from 15.46% to 11.31% and the rate of WELL incentives (supply-side) would decrease by -37.74%. The GLMR market incentives (supply side) would remain unchanged at 0%.
- The xcUSDC market supply-side reward would increase from 16.09% to 21.12% and the rate of WELL incentives (supply-side) would increase by 38.77%. The GLMR market incentives (supply-side) would remain unchanged at 0%.
- The MOVR market (Moonriver) supply-side reward would increase from 8.83% to 8.98% and the rate of MFAM incentives (supply-side) would increase by 1.81%. The MOVR market incentives (supply-side) would increase by 1.81%.
- The xcKSM market (Moonriver) supply-side reward would increase from 16.19% to 16.99% and the rate of MFAM incentives (supply-side) would increase by 5.56%. The MOVR market incentives (supply-side) would increase by 5.56%.
- The FRAX market (Moonriver) supply-side reward would decrease from 24.96% to 17.74% and the rate of MFAM incentives (supply-side) would decrease by -33.33%. The MOVR market incentives (supply-side) would increase by -33.33%.
Outcome: MIP-M28 and MIP-R18 are up for a vote until May 15th.
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Upcoming Events in Governance
Monthly Governance Call
First Thursday of June
Look for the next Monthly Governance Call in Discord on the first Thursday of the month, June 6th.