Weekly Governance Update: Week of August 12th, 2024
The second week of August included updates from Gauntlet and proposals to add a new stablecoin market and an alternative to WBTC on Moonwell.
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 (81.63% supply cap) and rETH (80.76% supply cap). The deployment had $3,950,780.50 in liquidations across seven assets in the past week: mWETH ($3.12M), mwstETH ($492.27K), mcbETH ($206.54K), mUSDC ($47.77K), mAERO ($42.11K), mrETH ($41.66K), and mDAI ($430.50).
- Moonbeam: No asset had an average utilization greater than 75%. The deployment had $159,287.72 in liquidations across seven assets in the past week: mDOT ($96.60K), mGLMR ($54.49K), mETH.wh ($4.73K), mUSDC.wh ($1.64K), mWBTC.wh ($1.16K), mFRAX ($483.67), and mxcUSDC ($184.05).
- Moonriver: One asset had an average utilization greater than 75%: FRAX (77.80%). The deployment had $6,140.00 in liquidations across three assets in the past week: mMOVR ($2.86K), mxcKSM ($2.07K), and mFRAX ($1.21K).
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Forum post: Gauntlet’s WBTC Recommendations
Author: Gauntlet
Summary: On Thursday, Gauntlet offered an (ongoing) updated risk profile on WBTC in response to speculations surrounding BitGo’s joint venture with BiTGlobal and unclear regulatory frameworks for the asset. The team recommended reducing caps on Optimism due to underutilization. The Supply Cap was reduced from 66 to 25 and the Borrow Cap was reduced from 40 to 18. For the rationale behind these changes, see the forum post above.
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Integration Updates
Forum post: Integrate iBTC from Interlay as an Alternative to wBTC on Moonwell
Author: nomishow
Summary: @nomishow in the forums proposed integrating iBTC from Interlay as an alternative to wBTC to enhance the platform’s decentralization and security. The proposal outlines three main advantages of iBTC: decentralization, overcollateralization, and its trustless nature. wBTC depends on centralized custodians, while iBTC is minted through a decentralized network of vaults, ensuring no single entity controls the collateral or minting process. Others generally agreed that while having an alternative to wBTC could be a net positive for Moonwell, iBTC lacks liquidity and volume.
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Forum post: Add EURC on Base
Author: 0xMims
Summary: Friday, @0xMims created a forum proposal to add a EURC market to Moonwell’s Base deployment. EURC is a euro-backed stablecoin developed by Circle, the issuer of USDC. 0xMims covered the benefits to the Moonwell community, social metrics, market risk, decentralization, smart contract risk, and more as per the proposal template. To read more about the details and to discuss the prop’s merits, visit the forum post above.
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Upcoming Events in Governance
Monthly Governance Call
The first Thursday of each month
Look for the next Monthly Governance Call in Discord on the first Thursday of the month, September 5th.
August’s Governance Participant Galxe campaign
Don’t miss out on the final opportunity to win a share of the $2000 prize pool for this month’s governance campaign!