Weekly Governance Update: Week of July 15th, 2024
The third week of July included the first action taken by Block Analitca and B.Protocol as Curator and Allocator of the Moonwell Flagship USDC Vault, an onchain proposal to activate WELL on Optimism, and Gauntlet updates.
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 (96.59% borrow cap and 100% supply cap), USDbC (78.28% supply cap), and rETH (99.02% supply cap). The deployment had $4,682.82 in liquidations across four assets in the past week: mWETH ($4.44K), mcbETH ($185.54), mAERO ($29.28), and mUSDC ($28.00).
- Moonbeam: No asset had an average utilization greater than 75%. The deployment had $1,838.19 in liquidations across three assets in the past week: mGLMR ($933.87), mUSDC.wh ($766.58), and mETH.wh ($137.74).
- Moonriver: One asset had an average utilization greater than 75%: FRAX (79.37%). The deployment had $1,104.44 in liquidations across two assets in the past week: mxcKSM ($993.59) and mMOVR ($110.85).
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Forum post: Gauntlet Guardian - AERO Cap Recommendations
Author: Gauntlet
Summary: On Friday, Gauntlet announced they would use Cap Guardian to increase the Supply and Borrow Cap for AERO from 16M to 22M and 10M to 13.5M, respectively. For the rationale behind these changes, see the forum post above.
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Integration Updates
Forum post: Block Analitica & B.Protocol: Moonwell Flagship USDC - cbETH/USDC Market Listing with Market Price Oracle
Author: BlockAnalitica
Summary: On Wednesday, Block Analitica and B.Protocol (as Curator and Allocator of the Moonwell Flagship USDC Vault) announced a transition from the exchange rate oracle cbETH/USDC market to the new cbETH/USDC market utilizing a secondary price oracle. One of the cited reasons for this transition was an intention to strengthen the risk management of the Moonwell Flagship USDC vault. All other parameters from the old cbETH/USDC market remained unchanged. For more in-depth information on rationale, pre-existing parameters, the listing, and the veto process, see the forum post above.
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Forum post: Activate Moonwell Protocol on Optimism
Author: Coolhorsegirl
Summary: Four weeks ago, coolhorsegirl created a forum post and a Snapshot signal vote to activate Moonwell on Optimism. The Snapshot passed with unanimous support. This week, the first onchain proposal in this process was created that sought to activate the WELL token on the Optimism (OP Mainnet) network, facilitate its cross-network transfer capabilities, upgrade the Multichain Governor on Moonbeam, and upgrade the Vote Collection contract on Base. This is a first-of-its-kind “multi-network” proposal, meaning that changes will be executed on different networks simultaneously.
Outcome: MIP-X01 passed its onchain voting period with unanimous support.
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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.
July’s Governance Participant Galxe campaign
If you missed June’s campaign and the opportunity to win a share of the $2000 prize pool, July’s campaign is live with different tasks to complete.