Weekly Governance Update: Week of September 9th, 2024
The second week of September included the launch of a Delegate Rush program and changes to the Moonwell delegate structure, Block Analitica’s cbBTC collateral proposal, and proposals involving the integration of Circle’s EURC on Moonwell’s Base deployment.
Here are the highlights:
Delegate Rush Updates
New Applicant: Kimchiblock
Summary: Sunday, @kimchiblock created a pitch for the Delegate Rush program. The pitch outlines Kimchiblock’s experience in crypto, including managing communities and launching & managing a successful NFT project on Algorand and Avalanche. The post also outlines Kimchiblock’s position as a longtime supporter of Moonwell since the protocol’s launch on Moonbeam. See the forum post above to learn more and consider delegating to the address and check out the linked forum post to learn more about the program.
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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 (90.22% supply cap and 85.14% borrow cap), USDbC (78.77% supply cap), and rETH (76.13% supply cap). The deployment had $155.87k in liquidations across six assets in the past week: mAERO ($106.65k), mcbETH ($34.27k), mWETH ($10.71k), mrETH ($2.62k), mwstETH ($1.52k), and mUSDC ($103.24).
- Optimism: Two assets had an average utilization greater than 75%: USDT (75.51%) and DAI (78.93%). The deployment had $571.11 in liquidations across three assets in the past week: mWTBC ($499.84), mWETH ($66.50), and mrETH ($4.77).
- Moonbeam: No asset had an average utilization greater than 75%. The deployment had $4,817.19 in liquidations across five assets in the past week: mDOT ($2.34k), mGLMR ($2.06k), mWBTC.wh ($375.80), mETH.wh ($34.16), and mUSDC.wh ($7.23).
- Moonriver: One asset had an average utilization greater than 75%: FRAX (84.16%). The deployment had $1,661.44 in liquidations across two assets in the past week: mMOVR ($1.15k) and mxcKSM ($511.44).
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Forum post: Gauntlet Guardian - AERO Cap Recommendations
Author: Gauntlet
Summary: On Monday, Gauntlet announced they would use Cap Guardian to increase Supply and Borrow cap for AERO from 22m to 28.5m and 13.5m to 18.5m, respectively. For the rationale behind these changes, see the forum post above.
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Forum post: Gauntlet - cbBTC Cap Recommendations
Author: Gauntlet
Summary: On Thursday, Gauntlet announced they would use Cap Guardian to set Supply and Borrow cap for cbBTC on Base at 12 and 8, respectively. For the rationale behind these changes, see the forum post above. The next day, Gauntlet offered updated cap changes due to rapidly-changing TVL across DEXs; the supply cap increased from 12 to 120 and the borrow cap increased from 8 to 80.
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Integration Updates
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. Subsequently, Gauntlet added their risk recommendations for the asset. On Wednesday, MIP-B29 and MIP-B30 were submitted for onchain voting. This pair of proposals sought to officially add a EURC Core Market to Moonwell’s Base deployment and take ownership of a Morpho Flagship EURC Vault on Base. Both proposals successfully passed their onchain voting period.
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Forum post: Adding cbBTC collateral on BlockAnalitica & B.Protocol Flagship Vaults
Author: BlockAnalitica
Summary: To wrap up the week, Block Analitica created a forum post announcing the submission of cbBTC as collateral on five different vaults across Ethereum Mainnet and Base. The post also set the supply caps for all cbBTC-related markets. It includes Block Analitica’s rationale, liquidity/market risk, technical and counterparty risk, market parameters, and more.
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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.