Weekly Governance Recaps

Weekly Governance Update: Week of July 22nd, 2024

The fourth week of July included important proposals to activate the Moonwell protocol on Optimism mainnet and a Temp Check Snapshot to add a new market to Moonwell on Base.

Here are the highlights:

Contributor Updates

Forum post: Gauntlet Base/Moonbeam/Moonriver Weekly Market Update

Author: Gauntlet

Summary: Gauntlet posted a weekly update on Tuesday for the Moonwell markets covering the previous week.

  • Base: Two assets had an average borrow/supply cap usage of over 75%: USDbC (76.56% supply cap) and rETH (98.73% supply cap). The deployment had $752.18 in liquidations across five assets in the past week: mwstETH ($396.77), mUSDC ($122.50), mrETH ($111.29), mWETH ($70.77), and mAERO ($50.85).
  • Moonbeam: No asset had an average utilization greater than 75%. The deployment had $491.25 in liquidations of a single asset in the past week: mGLMR.
  • Moonriver: One asset had an average utilization greater than 75%: FRAX (81.27%). The deployment had $1,104.44 in liquidations across three assets in the past week: mMOVR ($7.82), mUSDT ($7.78), and mxcKSM ($7.41).

Integration Updates

Proposals: MIP-O00 and MIP-O01

Summary: On Wednesday, MIP-O00 and MIP-O01 were submitted for onchain voting. Following the governance contract upgrades through MIP-X01, this pair of proposals aimed to activate the Moonwell protocol on OP Mainnet and expand Moonwell’s reach within the Optimism Superchain.

Outcome: MIP-O00 and MIP-O01 were passed by the community.

Forum post: Add weETH Market to Moonwell on Base

Summary: In the first half of June, Justin from Ether.fi created a forum discussion with the intention of adding a weETH market to Moonwell’s Base deployment. Ether.fi is a liquid staking protocol built on Ethereum; the protocol issues eETH as a liquid restaking token and weETH is its non-rebasing equivalent. For more information on risk assessment, decentralization, market history, and more, see the forum post above. On July 25th, the team submitted a Snapshot to gauge the community’s sentiment on this proposal.

Outcome: The Snapshot passed its voting period.

Upcoming Events in Governance

Monthly Governance Call

This Thursday

Look for the next Monthly Governance Call in Discord on the first Thursday of the month, August 1st.

July’s Governance Participant Galxe campaign

Winners of the $2000 prize pool for July’s campaign will be announced shortly after the start of August.