Weekly Governance Update: Week of June 3, 2024
The first week of June included the highest number of proposals for a single week. Those included market recommendations from Gauntlet, a transfer of the wBTC market admin, token liquidity incentives rebalancing for Moonriver and Moonbeam, a Snapshot for the Morpho proposal, and a Base Safety Module reward speed adjustment.
Here are the highlights:
Contributor Updates
Forum post: Gauntlet Base/Moonbeam/Moonriver Recommendations
Author: Gauntlet
Summary: Last week, Gauntlet submitted a forum post outlining their recommendations for risk parameters across the three Moonwell deployments. This week, three separate MIPs were created.
Outcome: MIP-M29, MIP-B19, and MIP-R19 were all successfully executed.
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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: Four assets had an average borrow/supply cap usage of over 75%: DAI (93.60% borrow cap and 92.66% supply cap), cbETH (83.34% supply cap), USDbC (81.42% supply cap), and rETH (77.56% borrow cap and 99.98% supply cap). The deployment had six asset liquidations in the past week: mwstETH ($14.35K), mWETH ($7.03K), mAERO ($52.76), mUSDC ($30.01), mDAI ($4.81), and mcbETH ($1.63).
- Moonbeam: One asset had an average utilization greater than 75%: USDC.wh (75.76%). Two asset liquidations were reported: mFRAX ($17.14) and mGLMR ($0.46).
- Moonriver: One asset had an average utilization greater than 75%: FRAX (80.78%). Three liquidated assets were reported: mMOVR ($9.69), mxcKSM ($4.04%), and mFRAX ($2.32).
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Forum post: MIP-M30: Multichain Governor Migration - Transfer wBTC market admin
Author: Elliot
Summary: On Wednesday, an untraditional proposal went live. MIP-M30 transferred the admin privileges of the WBTC market to the new Multichain Governor. Back in April, MIP-M23 was the initial proposal for the new cross-chain contracts. This process involved several steps; among these steps was the transfer of admin privileges of the Moonwell Markets on Moonbeam to the new Governor. During MIP-M23, admin privileges for BUSD, WETH, USDC, GLIMMER, DOT, FRAX, and WBTC were transferred. However, two WBTC markets needed to be transferred, and only one transfer was made. MIP-M30 aimed to complete that process. Voting took place from Boardroom’s frontend due to its support of the old governor contract.
Outcome: MIP-M30 successfully passed its onchain voting period.
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Proposal: MIP-M31 Rebalancing of Moonbeam Token Liquidity Incentives & MIP-R20 Rebalancing of Moonriver Token Liquidity Incentives
Author: Coolhorsegirl
Summary: On Thursday, delegate @coolhorsegirl submitted the monthly “Reward Speed” proposals for Moonbeam and Moonriver. These proposals rebalance liquidity incentives in an effort to maintain healthy levels of rewards on the networks. The Moonbeam proposal seeks to keep emissions the same on the Safety Module to emit 6,778,846 WELL over the next 28 days. The DEX Rewarder would emit 721,154 WELL over the next 28 days.
The Moonriver proposal seeks to adjust the rewards on the Safety Module to keep emissions the same and emit 2,431,211 MFAM over the next 28 days. The DEX Rewarder would emit 2,725,903 MFAM over the next 28 days. Various asset markets had supply-side rewards adjustments:
- The GLMR market supply side reward would decrease from 13.69% to 13.33% and the rate of WELL incentives (supply side) would decrease from 1,730,769.12 WELL / cycle to 1,384,615.30 WELL / cycle. The GLMR market incentives (supply side) would increase from 0 GLMR / cycle to 37,500 GLMR / cycle.
- The xcDOT market proposed supply side APRs would increase from 11.61% to 11.99%; WELL supply side incentives would decrease from 1,869,230.65 WELL / cycle to 1,592,307.59 WELL / cycle. GLMR supply side incentives would be set at 43,125 GLMR / cycle.
- The xcUSDT market proposed supply side APRs would decrease from 18.28% to 17.01%; WELL supply side incentives would decrease from 276,923.06 WELL / cycle to 207.692.29 WELL / cycle. GLMR supply side incentives would be set at 5,625 GLMR / cycle.
- The FRAX market proposed supply side APRs would decrease from 23.51% to 14.27%; WELL supply side incentives would decrease from 553,846.12 WELL / cycle to 276,923.06 WELL / cycle. GLMR supply side incentives would be set at 7,500 GLMR / cycle.
- The ETH.wh market proposed supply side APRs would decrease from 11.96% to 10.90%; WELL supply side incentives would decrease from 276,923.06 WELL / cycle to 207,692.29 WELL / cycle. GLMR supply side incentives would be set at 5,625 GLMR / cycle.
- The BTC.wh market proposed supply side APRs would increase from 5.55% to 11.78%; WELL supply side incentives would increase from 1,661,538.36 WELL / cycle to 2,907,692.12 WELL / cycle. GLMR supply side incentives would be set at 78,750 GLMR / cycle.
- The USDC.wh market proposed supply side APRs would decrease from 19.79% to 15.43%; WELL supply side incentives would decrease from 346,153.82 WELL / cycle to 207,692.29 WELL / cycle. GLMR supply side incentives would be set at 5,625 GLMR / cycle.
- The xcUSDC market proposed supply side APRs would decrease from 23.78% to 19.88%; WELL supply side incentives would decrease from 207,692.29 WELL / cycle to 138,461.53 WELL / cycle. GLMR supply side incentives would be set at 0 GLMR / cycle.
- The MOVR market (Moonriver) proposed supply side APRs would increase from 8.62% to 10.72%; MFAM supply side incentives would decrease from 1,237,707.24 MFAM / cycle to 1,547,134.05 MFAM / cycle. MOVR supply side incentives would be set at 1,041.60 MOVR / cycle.
- The xcKSM market (Moonriver) proposed supply side APRs would decrease from 16.81% to 11.49%; MFAM supply side incentives would decrease from 839,872.77 MFAM / cycle to 552,547.87 MFAM / cycle. MOVR supply side incentives would be set at 372 MOVR / cycle.
- The FRAX market (Moonriver) proposed supply side APRs would decrease from 32.94% to 29.76%; MFAM supply side incentives would decrease from 132,611.49 MFAM / cycle to 110,509.57 MFAM / cycle. MOVR supply side incentives would be set at 74.40 MOVR / cycle.
Outcome: MIP-M31 and MIP-R20 passed their onchain voting period.
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Proposal: MIP-B20: Safety Module Reward Speed Adjustment
Summary: On Saturday, a proposal to adjust the Safety Module reward speed on Moonwell’s Base deployment went live. The proposal adjusted the speed to 2.475835385901440000 WELL emitted per second.
Outcome: MIP-B20 is still in the process of receiving votes.
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Integration Updates
Forum post: Introducing Moonwell MetaMorpho Vaults: Next-Gen DeFi Lending
Author: BlockAnalitica
Summary: Last week, BlockAnalitica proposed a collaboration between Moonwell, Block Analitica, B.Protocol, and Morpho Blue, to establish yield-generating Moonwell MetaMorpho vaults with initial support for USDC and WETH. On Thursday, the proposal officially went up for a Snapshot Temp Check vote.
Outcome: The Snapshot passed with unanimous approval on Sunday.
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Upcoming Events in Governance
Monthly Governance Call
First Wednesday of July
Look for the next Monthly Governance Call in Discord on the first Wednesday of the month, July 3rd.