Weekly Governance Recaps

Weekly Governance Update: Week of May 20th, 2024

The fourth week of May included risk analysis/cap adjustments and various community-led discussions.

Here are the highlights:

Contributor Updates

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: Four assets had an average supply cap usage of over 75%: DAI (99.24%), cbETH (79.56%), wstETH (81.01%), and rETH (99.98%). The deployment had five asset liquidations in the past week: mWETH ($11.89K), mAERO ($2.99K), mUSDC ($554.25), mDAI ($364.58), and mcbETH ($20.88).
  • Moonbeam: No assets had an average utilization greater than 75%. However, xcUDST and xcUSDT had an average Borrow Cap usage greater than 75% (100% and 75.72%, respectively). Two asset liquidations were reported: mGLMR ($19.17K) and mDOT ($1.59K).
  • Moonriver: One asset had an average utilization greater than 75%: FRAX (80.94%). No liquidated assets were reported.

Forum post: Gauntlet Guardian - Base USDC Cap Recommendations

Author: Gauntlet

Summary: On Saturday, Gauntlet announced they would use Cap Guardian to adjust the Borrow and Supply Caps for USDC on Base from 70M to 84M and 75M to 92M, respectively. Supporting data includes the cap usage increasing over the 75% threshold. For more data, see the forum post above. The transactions can be found here and here.

Integration Updates

Forum post: Cross-Reward Campaign: Incentivizing security-conscious users within Moonwell ecosystem with QA points program

Author: quillaudits

Summary: On Tuesday, first-time poster quillaudits created a forum post detailing a program to incentivize security-conscious users of Moonwell with QA points. The points would eventually convert into a $QUILL token airdrop. To be classified as “security-conscious,” users would prove that they conduct due diligence on the tokens they engage with, while holding WELL, MFAM, or staked WELL/MFAM.

Forum post: $MFAM Community Generated Token ICON

Author: CryptoAbe

Summary: Community member CryptoAbe proposed on Saturday to update the MFAM token icon and offered an example design. The forum thread is open for comments or suggestions.

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.