Weekly Governance Update: Week of July 8th, 2024
The second week of July largely centered around Gauntlet updates and a new market proposal.
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: Four assets had an average borrow/supply cap usage of over 75%: AERO (96.17% borrow cap and 99.27% supply cap), DAI (75.25% supply cap), USDbC (80.31% supply cap), and rETH (99.64% supply cap). The deployment had six asset liquidations in the past week: mWETH ($2.81M), mAERO ($122.18K), mwstETH ($119.94K), mcbETH ($98.44K), mUSDC ($39.50K), and mDAI ($0.45).
- Moonbeam: No asset had an average utilization greater than 75%. Five liquidations were reported: mGLMR ($14.36K), mDOT ($13.51K), mETH.wh ($4.10K), mWBTC.wh ($1.26K), and mxcUSDC ($1.15K).
- Moonriver: One asset had an average utilization greater than 75%: FRAX (83.20%). Three liquidations were reported: mFRAX ($6.80K), mMOVR ($2.38K), and mxcKSM ($1.99K).
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Integration Updates
Forum post: Add weETH Markets to Moonwell on Base
Author: Ether.fi
Summary: Justin from Ether.fi proposed adding a weETH market to Moonwell on Base. The proposal outlines the benefits, which include boosting liquidity and enhancing the DeFi ecosystem. Detailed information covers the nature of weETH, market risk assessment, decentralization metrics, and smart contract risks. It also highlights the liquidity, trading volume, and other metrics of weETH on various exchanges.
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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.
Governance Participant Galxe campaign
Congratulations to the winners of the $2000 WELL prize pool for June! July’s campaign is currently live; to mint the NFT and enter this month’s drawing, just vote on two onchain proposals during the July calendar month.