Weekly Governance Update: Week of September 2nd, 2024
The first week of September included the monthly governance call, a new market proposal for Moonwell’s Base deployment, and Gauntlet recommendations.
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: Three assets had an average borrow/supply cap usage of over 75%: AERO (87.28% supply cap and 83.01% borrow cap), USDbC (90.06% supply cap), and rETH (75.20% supply cap). The deployment had $71,068.08 in liquidations across five assets in the past week: mAERO ($69.83k), mwstETH ($806.55), mWETH ($429.11), mDAI ($1.50), and mUSDC ($0.92).
- Optimism: No asset had an average utilization greater than 75%. No liquidations were reported.
- Moonbeam: No asset had an average utilization greater than 75%. The deployment had $3.37k in liquidations from one asset in the past week: mGLMR.
- Moonriver: One asset had an average utilization greater than 75%: FRAX (83.10%). The deployment had $552.96 in liquidations from one asset in the past week: mMOVR.
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Integration Updates
Forum post: Add cbBTC Market to Moonwell on Base
Summary: On Monday, delegate @coolhorsegirl proposed adding cbBTC, an upcoming wrapped BTC asset from Coinbase. She cites Moonwell being an early-adopter of this asset and supporting Base’s vision of becoming a hub for Bitcoin DeFi as two of the motivations for the proposal. For more information on the proposed benefits, roadmap, risk factors, and more, see the post above. The next day, a Snapshot proposal was submitted. The Snapshot successfully passed on Friday and it progressed to an onchain proposal later that day. Gauntlet also updated their recommendations for the proposed market on Friday.
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Forum post: Correcting WELL Rewards Allocation on the VELO Market
Summary: On Tuesday, an onchain proposal was submitted that corrected a mistake in the allocation of September’s WELL rewards to the VELO market on Optimism (MIP-O07 and MIP-O08 last week’s update). WELL rewards were mistakenly applied to the old, deprecated v1 VELO market instead of the more recently established VELO v2 market. MIP-O09 removed the incentives from the deprecated market and reallocated them to the correct VELO v2 market. However, votes for the proposal weren’t emitted properly and quorum was not met. This will be resolved in the next incentives rebalancing proposal.
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Forum post: Add EURC on Base
Summary: Previously, @0xMims submitted a Snapshot signal vote to gather feedback on adding Circle’s EURC stablecoin to Moonwell markets on Base. The Snapshot passed its voting period. Friday, Gauntlet added their risk recommendations for the asset.
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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, October 3rd.