Weekly Governance Update: Week of September 16th, 2024
The third week of September included a new Delegate Rush applicant, a new market proposal from a yield-bearing asset issuer, and successful proposals regarding KelpDAO’s wrsETH and Circle’s EURC.
Here are the highlights:
Delegate Rush Updates
New Applicant: PGov
Summary: Wednesday, @PGov submitted their delegation pitch for the Moonwell Delegate Rush. PGov is a team of governance professionals with expertise in DeFi going back multiple years (including Moonwell’s early days). See the forum post above to learn more about their values and history; consider delegating to PGov’s address and check out the Delegate Rush 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: One asset had an average borrow/supply cap usage of over 75%: rETH (78.61% supply cap). The deployment had $5,017.04 in liquidations across five assets in the past week: mWETH ($2.09k), mAERO ($2.07k), mUSDC ($850.39), mwstETH ($4,51), and mcbETH ($2.14).
- Optimism: Two assets had an average utilization greater than 75%: USDT (79.35%) and DAI (85.34%). The deployment had $152.97 in liquidations across one asset in the past week: mwstETH.
- Moonbeam: No asset had an average utilization greater than 75%. The deployment had $956.30 in liquidations across three assets in the past week: mDOT ($669.31), mGLMR ($283.08), and mFRAX ($3.91).
- Moonriver: One asset had an average utilization greater than 75%: FRAX (83.06%). No liquidations were reported.
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Forum post: Gauntlet - cbBTC Supply Cap Recommendations
Author: Gauntlet
Summary: Following last week’s cap adjustments for cbBTC, Gauntlet, on Tuesday, announced they would use Cap Guardian to increase the Supply Cap from 110 to 220. For the rationale behind these changes, see the forum post above.
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Integration Updates
Forum post: Add wUSDM Market to Moonwell on Base
Summary: Monday, a representative from Mountain Protocol took to the forums to propose adding a market to Moonwell on Optimism for wrapped USDM (wUSDM). Mountain Protocol is the issuer of USDM, a USD-denominated, regulated, permissionless, yield-bearing stablecoin backed fully by US Treasuries. Should the community decide to move forward through a successful Snapshot proposal, Gauntlet will provide risk assessment before the proposal moves onchain. To learn more about how USDM maintains peg, its rebasing mechanism, its regulatory status, and more, visit the forum post above.
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Forum post: Add wrsETH Markets to Moonwell on Base and Optimism
Summary: KelpDAO created a Snapshot proposal on Tuesday to add markets for their LRT, wrsETH, to Moonwell on Base and Optimism. The proposal passed successfully.
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Proposal: MIP-B31: Add Support for EURC Rewards
Summary: Wednesday, an onchain proposal went live that sought to add support for EURC rewards on Moonwell’s Base deployment, enabling Core Market suppliers & borrowers to receive EURC rewards. This comes after a Core Market for the asset was recently activated on Moonwell. The proposal successfully passed its onchain voting period.
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Upcoming Events in Governance
Monthly Governance Call
Next Thursday
Look for the next Monthly Governance Call in Discord on the first Thursday of the month, October 3rd.