Weekly Governance Update: Week of July 1st, 2024
The first week of July included four onchain proposals, monthly reward speed adjustments for Moonbeam and Moonriver, and market updates from Gauntlet.
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: Two assets had an average borrow/supply cap usage of over 75%: AERO (95.30% borrow cap and 96.29% supply cap), rETH (98.15% supply cap). The deployment had four asset liquidations in the past week: mWETH ($88.88K), mwstETH ($9.24K), mAERO ($6.67K), and mcbETH ($399.77).
- Moonbeam: No asset had an average utilization greater than 75%. Three liquidations were reported: mGLMR ($5.05K), mDOT ($4.15K), and mWBTC.wh ($1.21K).
- Moonriver: One asset had an average utilization greater than 75%: FRAX (81.80%). No liquidations were reported.
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Forum post: Gauntlet Base/Moonbeam/Moonriver Recommendations
Author: Gauntlet
Summary: Last week, Gauntlet offered their monthly recommendations on risk parameters across the three Moonwell deployments. This week, MIP-B22 and MIP-M33 went up for an onchain vote.
Outcome: Both proposals successfully passed their onchain voting periods.
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Delegate Updates
Forum post: 0xMims - Delegation Pitch
Author: 0xMims
Summary: Wednesday, first-time poster 0xMims created a forum post asking for delegations from the Moonwell community. His pitch outlines his background as Head of Written Research at Penn Blockchain and a current position at Blockworks Research. He went on to outline his core values and how his perspectives can be a useful addition to the Moonwell delegate body. See the forum post above to learn more and consider delegating to his address.
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Proposal: MIP-M34 Rebalancing of Moonbeam Token Liquidity Incentives & MIP-R21 Rebalancing of Moonriver Token Liquidity Incentives
Author: Curly
Summary: On Thursday, delegate @curly 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 and 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 increase from 12.09% to 15.82% and the rate of WELL incentives (supply side) would increase from 1,384,615.30 WELL / cycle to 1,869,230.65 WELL / cycle. The GLMR market incentives (supply side) would increase from 37,500.00 GLMR / cycle to 50,625.00 GLMR / cycle.
- The xcDOT market proposed supply side APRs would increase from 8.43% to 12.04%; WELL supply side incentives would increase from 1,592,307.59 WELL / cycle to 2,284,615.24 WELL / cycle. GLMR supply side incentives would increase from 43,125 GLMR / cycle to 61,875.00 GLMR / cycle.
- The xcUSDT market proposed supply side APRs would increase from 11.03% to 13.54%; WELL supply side incentives would increase from 207.692.29 WELL / cycle to 276,923.06 WELL / cycle. GLMR supply side incentives would increase from 5,625 GLMR / cycle to 7,500.00 GLMR / cycle.
- The FRAX market proposed supply side APRs would decrease from 8.27% to 7.24%; WELL supply side incentives would decrease from 276,923.06 WELL / cycle to 242,307.68 WELL / cycle. GLMR supply side incentives would decrease from 7,500 GLMR / cycle to 6,562.50 GLMR / cycle.
- The ETH.wh market would remain unchanged.
- The BTC.wh market proposed supply side APRs would decrease from 7.42% to 4.24%; WELL supply side incentives would decrease from 2,907,692.12 WELL / cycle to 1,661,538.36 WELL / cycle. GLMR supply side incentives would decrease from 78,750 GLMR / cycle to 45,000 GLMR / cycle.
- The USDC.wh market would remain unchanged.
- The xcUSDC market proposed supply side APRs would increase from 14.68% to 17.40%; WELL supply side incentives would increase from 138,461.53 WELL / cycle to 173,076.91 WELL / cycle. GLMR supply side incentives would increase from 3,750 GLMR / cycle to 4,687.50 GLMR / cycle.
- The MOVR market (Moonriver) proposed supply side APRs would decrease from 10.06% to 9.64%; MFAM supply side incentives would decrease from 1,547,134.05 MFAM / cycle to 1,480,828.30 MFAM / cycle. MOVR supply side incentives would decrease from 1,041.60 MOVR / cycle to 996.96 MOVR / cycle.
- The xcKSM market (Moonriver) proposed supply side APRs would increase from 9.74% to 10.45%; MFAM supply side incentives would increase from 552,547.87 MFAM / cycle to 596,751.70 MFAM / cycle. MOVR supply side incentives would increase from 372.00 MOVR / cycle to 401.76 MOVR / cycle.
- The FRAX market (Moonriver) proposed supply side APRs would increase from 32.18% to 33.82%; MFAM supply side incentives would decrease from 110,509.57 MFAM / cycle to 132,611.49 MFAM / cycle. MOVR supply side incentives would increase from 74.40 to 89.29 MOVR / cycle.
Outcome: MIP-M34 and MIP-R21 passed their onchain voting period.
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Upcoming Events in Governance
Monthly Governance Call
First Thursday of August
Look for the next Monthly Governance Call in Discord on the first Thursday of the month, August 1st.
Drawing winners for June’s Governance Participant Galxe campaign
Winners of the $2000 WELL prize pool will be sent rewards in the coming days. July’s NFT campaign is currently live with a different task to complete.