Weekly Governance Update: Week of June 24th, 2024
The fourth week of June largely centered around Gauntlet’s weekly updates and monthly recommendations. There were also updates to a potential initiative to activate Moonwell on Optimism.
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%: AERO (78.40% borrow cap and 81.72% supply cap), cbETH (75.37% supply cap), and rETH (93.71% supply cap). The deployment had four asset liquidations in the past week: mAERO ($34.99K), mWETH ($1.20K), mUSDC ($166.55), and mDAI ($92.24).
- Moonbeam: No asset had an average utilization greater than 75%. Five liquidations were reported: mDOT ($24.37K), mGLMR ($18.40K), mxcUSDC ($1.35K), mWBTC.wh ($809.07), and mETH.wh ($60.92).
- Moonriver: One asset had an average utilization greater than 75%: FRAX (79.16%). Two liquidated assets were reported: mMOVR ($4.21K) and mxcKSM ($3.36K).
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Forum post: Gauntlet Base/Moonbeam/Moonriver Recommendations
Author: Gauntlet
Summary: Wednesday, Gauntlet offered their monthly recommendations on risk parameters across the three Moonwell deployments.
- Base: Both supply and borrow caps for USDC and cbETH were increased. No changes were made to the AERO supply/borrow caps. Five IR curves were recommended to be adjusted: WETH (decreased Multiplier), wstETH (decreased Multiplier), cbETH (decreased Multiplier), rETH (decreased Multiplier), and AERO (increased Multiplier).
- Moonbeam: Borrow caps for xcDOT and FRAX were decreased. One IR curve was recommended to be adjusted: WBTC.wh (decreased Kink and increased Multiplier).
- Moonriver: Borrow caps for MOVR, FRAX, and xcKSM were all decreased.
For the exact quantitative changes and motivations behind these decisions, check out the forum post above.
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Integration Updates
Forum post: Activate Moonwell Protocol on Optimism
Author: Coolhorsegirl
Summary: Last Tuesday, coolhorsegirl created a forum post and a subsequent Snapshot signal vote to activate Moonwell on Optimism. The community overwhelmingly voted to support this activation. This week, she updated the community that it would be best to wait to progress this to an onchain vote until xWELL is ready to be activated on Optimism. She mentions that it would likely take an additional 2-3 weeks. A large motivation behind this delay is to enable voting and staking from day one and enabling the community to choose to incentivize the new markets with WELL.
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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.
Drawing winners for June’s Governance Participant Galxe campaign
The June Governance Participant Campaign has ended, but minting will remain open for one additional week for users that have already completed the requirements. Winners of the $2000 WELL prize pool will be announced after minting closes on July 7th. If you missed out, watch out for the announcement of July’s NFT.