Weekly Governance Update: Week of June 17th, 2024
The third week of June included market updates from Gauntlet, a Snapshot proposal to activate Moonwell on a new Ethereum Layer 2, and an update on the newly activated Moonwell MetaMorpho Vaults.
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: Three assets had an average borrow/supply cap usage of over 75%: cbETH (79.06% supply cap), USDbC (75.92% supply cap), and rETH (100% supply cap and 77.83% borrow cap). The deployment had four asset liquidations in the past week: mAERO ($21.79K), mWETH ($10.78K), mUSDC ($531.46), and mcbETH ($156.38).
- Moonbeam: No asset had an average utilization greater than 75%. Three liquidations were reported: mDOT ($31.46K), mGLMR ($20.68K), and mWBTC.wh ($662.69).
- Moonriver: One asset had an average utilization greater than 75%: FRAX (83.27%). One liquidated asset was reported: mMOVR ($14.24K).
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Integration Updates
Forum post: Activate Moonwell Protocol on Optimism
Author: Coolhorsegirl
Summary: On Tuesday, coolhorsegirl created a forum post and a subsequent Snapshot signal vote to activate Moonwell on one of the leading Ethereum Layer 2s: Optimism. Three main reasons for this initiative were cited: (1) the potential to become the leading lending protocol on Optimism, (2) aligning with shared values and ecosystem goals, and (3) accessing Optimism’s substantial funding and grants program. Coolhorsegirl gave context on Optimism’s infrastructure and development progress before giving a list of the ten proposed initial lending markets. To read more about this proposal, refer to the forum link above.
Outcome: The Snapshot passed with unanimous support.
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Forum post: Add Neo X blockchain on Moonwell Protocol
Author: dacihua
Summary: A Fund Associate from Neo, dacihua, posted on the Moonwell forum proposing the integration of the Neo X blockchain into Moonwell’s protocol. Neo is launching an EVM-compatible chain in Q3 2024 and seeks a lending protocol to strengthen its ecosystem. Moonwell’s existing deployments and focus on mainstream assets align with Neo X’s lending objectives. Neos offers grants and investment opportunities and requests a pitch deck.
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Forum post: Deploying Moonwell Protocol on Linea Network
Author: wukong909
Summary: On Tuesday, wukong909 proposed deploying the Moonwell Protocol on Linea to capitalize on the ongoing Surge campaign. The Linea Network is an Ethereum-equivalent ZK rollup, emphasizing scalability and low gas fees. The proposal invites community support to drive these objectives forward and discuss a possible activation on Linea.
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Forum post: Block Analitica & B.Protocol: Moonwell Flagship ETH - USDC/ETH Market Listing
Author: BlockAnalitica
Summary: On Thursday, Block Analitica took to the forums to update the community on the newly activated Moonwell MetaMorpho Vaults. This comes after the team originally 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. The proposal officially went up for a Snapshot Temp Check vote and a corresponding onchain onchain vote, passing both unanimously. This week, the team announced that following the launch of the USDC and ETH vaults, we’ve seen significant growth across all metrics on the Base instance of Morpho Blue. Moonwell Flagship ETH and Moonwell Flagship USDC vaults make up ~70% of all deposits.
Block Analitica and B.Protocol will submit a cap of 5K WETH to the Moonwell Flagship ETH Vault USDC/WETH market. The USDC/WETH market will go live once the 96h timelock ends. For more information on the rationale behind this cap and other market parameters, see Block Analitica’s forum post above.
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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.
Final week to participate in June’s Governance Participant Galxe campaign
Voting on two onchain proposals and making a forum post in the June calendar month will qualify you to mint this month’s NFT, earning you a chance to win a share of the $2000 WELL prize pool.