Weekly Governance Update: Week of June 10, 2024
The second week of June included a proposal resubmission, a multichain governor migration for wBTC, an onchain proposal for Block Analitica’s and B.Protocol’s Moonwell MetaMorpho vaults, multiple asset market integration discussions, and more.
Here are the highlights:
Contributor Updates
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 2.47583538590144 WELL emitted per second. However, on Monday, the proposal was resubmitted for onchain voting.
Outcome: MIP-B20 successfully passed its onchain voting period.
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Proposal: MIP-M32: Multichain Governor Migration - Accept wBTC market admin Transfer
Summary: Last week, MIP-M30: Multichain Governor Migration - Transfer wBTC market admin was passed. It transferred the admin privileges of the wBTC market to the new Multichain Governor. On Monday, the second proposal in this process went live. MIP-M31 sought to accept ownership of the multichain governor.
Outcome: MIP-M32 was passed successfully.
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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 (75.92% borrow cap), cbETH (79.90% supply cap), USDbC (78.13% supply cap), and rETH (77.81% borrow cap and 99.99% supply cap). The deployment had four asset liquidations in the past week: mAERO ($23.29K), mcbETH ($7.66K), mWETH ($369.47), and mUSDC ($53.21).
- Moonbeam: No asset had an average utilization greater than 75%. Four liquidations were reported: mGLMR ($16.79K), mDOT ($1.90K), mWBTC.wh ($194.95), and mUSDC.wh ($11.16).
- Moonriver: One asset had an average utilization greater than 75%: FRAX (81.94%). Two liquidated assets were reported: mMOVR ($4.61K) and mxcKSM ($85.26).
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Forum post: Gauntlet Guardian - AERO Cap Updates
Author: Gauntlet
Summary: On Friday, Gauntlet announced they would use Cap Guardian to increase the Supply and Borrow cap for AERO. The Supply Cap was increased from 12M to 16M and the Borrow Cap was increased from 8M to 10M. You can find the Base transactions here and here. For the rationale behind these changes, see the forum post above.
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Forum post: Rebalancing of Base Liquidity Incentives
Author: Warden Finance
Summary: Late Friday, Warden Finance gave updates on liquidity incentives for Base. USDC rewards are not renewed for this epoch. Other observations include all markets being at healthy utilization and DAI/rETH circulating supply remain low. USDC supply-side rewards (WELL) have been significantly increased to compensate for the deprecation of USDC rewards. For more information including Safety Module metrics and other specifications, see the post above.
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Integration Updates
Forum post: Introducing Moonwell MetaMorpho Vaults: Next-Gen DeFi Lending
Author: BlockAnalitica
Summary: Two weeks ago, 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. Last week, the proposal officially went up for a Snapshot Temp Check vote and passed unanimously. This week, MIP-B21 was submitted for onchain voting.
Outcome: MIP-B21 successfully passed its onchain voting period.
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Forum post: Add weETH market to Moonwell on Base
Author: EtherfFi
Summary: Justin from Ether.fi proposed adding the weETH market to Moonwell on the Base protocol. He explains that weETH is a non-rebasing equivalent to eETH, a liquid restaking token that represents ETH staked on the Beacon Chain. The addition of weETH to Moonwell aims to enhance liquidity on Base, allowing users to earn Etherfi and Eigenlayer points while participating in DeFi activities. The proposal outlines various use cases and benefits, including easy entry and exit from staking positions, the ability to borrow against weETH, and potential rewards for depositing into Moonwell. The proposal also includes links to Ether.fi’s resources, including its website, documentation, GitHub, Discord, and Twitter.
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Forum post: Add rswETH market to Moonwell on BASE
Author: kilian_swell
Summary: Early in the week, a forum post proposed adding the restaked Swell ETH (rswETH) market to Moonwell on the BASE protocol. Swell offers a non-custodial staking protocol aimed at providing an optimal liquid staking experience to secure Ethereum’s future. Users staking or restaking ETH can earn both blockchain and Actively Validated Service (AVS) rewards, receiving a yield-bearing liquid token (LST or LRT) usable in the wider DeFi ecosystem. The risk assessment includes the token’s market cap, volatility data, smart contract risks, and upgradability features. The integration into multiple Layer 2s is planned for the future.
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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.