Weekly Governance Update: Week of September 23rd, 2024
The fourth week of September included new Delegate Rush applicants, automated rewards speed proposals, and monthly recommendations from Gauntlet.
Here are the highlights:
Delegate Rush Updates
New Applicant: Maylorsan
Summary: Tuesday, @maylosan submitted a delegation pitch for the Moonwell Delegate Rush. He highlights a background as a software engineer with experience in crypto since 2018 and a longtime engagement with Moonwell governance. See the forum post above to learn more about his focus areas and philosophy. You can delegate to Maylorsan’s address and check out the Delegate Rush forum post to learn more about the program.
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New Applicant: FranklinDAO
Summary: Tuesday, @FranklinDAO was the next team to submit a delegate pitch. The team - formerly known as Penn Blockchain - is a well-known student-run DAO comprised of University of Pennsylvania students. The post outlines their contributions to major DAOs including Uniswap and their teams’ experience at crypto firms including Chainlink. For more information, read the post above and consider delegating to FranklinDAO.
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New Applicant: DAOplomats
Summary: @DAOplomats.eth, on Wednesday, submitted a delegation pitch for the Moonwell Delegate Rush. The team is a professional governance organization with experience across many DAOs. Some examples of their contributions include work with 1inch, Gitcoin, and BanklessDAO across multiple aspects of crypto like grants and tokenomics. Consider reading more and delegating to the team’s ENS address at the forum post above.
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Contributor Updates
Proposals: MIP-X02 and MIP-R25 - Automated Liquidity Incentives Proposals
Summary: This week, the monthly reward speed proposals for Base, Optimism, Moonbeam, and Moonriver were submitted. MIP-X02 covered Base, Optimism, and Moonbeam, while a separate proposal addressed rewards on Moonriver. These proposals rebalance liquidity incentives in an effort to maintain healthy levels of rewards on the networks.
- The USDC market (Optimism) WELL supply and borrow APR were increased. The OP supply and borrow APR were increased.
- The USDT market (Optimism) WELL supply and borrow APR were increased. The OP supply and borrow APR were increased.
- The DAI market (Optimism) WELL supply and borrow APR were increased. The OP supply and borrow APR were increased.
- The WBTC market (Optimism) had no changes.
- The ETH market (Optimism) WELL supply and borrow APR were increased. The OP supply and borrow APR were decreased.
- The wstETH market (Optimism) WELL supply and borrow APR were increased. The OP supply and borrow APR were increased.
- The cbETH market (Optimism) WELL supply APR was increased. The OP supply APR was decreased.
- The rETH market (Optimism) WELL supply and borrow APR were increased. The OP supply and borrow APR were increased.
- The OP market (Optimism) WELL supply and borrow APR were increased. The OP supply and borrow APR were increased.
- The weETH market (Optimism) WELL supply and borrow APR were increased. The OP supply and borrow APR were increased.
- The VELO market (Optimism) WELL supply and borrow APR were increased. The OP supply and borrow APR were increased.
- The GLMR market (Moonbeam) WELL supply and borrow APR were decreased. The GMLR supply and borrow APR were decreased.
- The xcDOT market (Moonbeam) WELL supply and borrow APR were decreased. The GMLR borrow APR was decreased.
- The FRAX market (Moonbeam) WELL supply and borrow APR were decreased. The GMLR supply and borrow APR were decreased.
- The ETH.wh market (Moonbeam) WELL supply and borrow APR were decreased. The GMLR supply and borrow APR were increased.
- The WBTC.wh market (Moonbeam) WELL supply APR was decreased. The GMLR supply APR was increased.
- The USDC.wh market (Moonbeam) WELL supply and borrow APR were decreased. The GMLR borrow APR was decreased.
- The xcUSDT market (Moonbeam) WELL supply and borrow APR were decreased. The GMLR supply and borrow APR were decreased.
- The xcUSDC market (Moonbeam) WELL supply and borrow APR were decreased. The GMLR supply and borrow APR were decreased.
- The USDbC market (Base) had no changes.
- The ETH market (Base) WELL supply and borrow APR were decreased.
- The cbETH market (Base) WELL supply and borrow APR were increased.
- The DAI market (Base) WELL supply and borrow APR were decreased.
- The USDC market (Base) WELL supply and borrow APR were decreased.
- The wstETH market (Base) WELL supply and borrow APR were increased.
- The rETH market (Base) WELL supply and borrow APR were decreased.
- The AERO market (Base) WELL supply and borrow APR were increased.
- The weETH market (Base) WELL borrow APR was increased. The USDC borrow APR was increased.
- The cbBTC market (Base) WELL supply and borrow APR were increased. The USDC borrow APR was increased.
- The EURC market (Base) WELL supply and borrow APR were increased.
- The MOVR market (Moonriver) MFAM supply APR was decreased. The MOVR supply APR was increased.
- The xcKSM market (Moonriver) MFAM supply APR was decreased. The MOVR supply APR was decreased.
- The FRAX market (Moonriver) MFAM supply APR was decreased. The MOVR supply APR was decreased.
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Forum post: Gauntlet Base/Optimism/Moonbeam/Moonriver Monthly Recommendations
Author: Gauntlet
Summary: Wednesday, Gauntlet offered their monthly recommendations on risk parameters across the four Moonwell deployments.
- Base: Both supply and borrow caps for AERO were increased. Supply cap for cbBTC was increased. Both supply and borrow caps for USDbC and DAI were decreased. Reserve Factor for USDbC was increased. IR parameters were recommended to be adjusted: USDC (decreased Multiplier) and cbBTC (decreased Base and increased Multiplier).
- Optimism: Borrow and supply caps were increased for WETH. Supply cap for Velo was increased. WBTC borrow cap was decreased. WBTC reserve factor was increased while its collateral factor was decreased. IR parameters were recommended to be adjusted: USDC (decreased Multiplier and increased Jump Multiplier), USDT (decreased Multiplier and increased Jump Multiplier), and DAI (decreased Multiplier and increased Jump Multiplier).
- Moonbeam: Borrow caps for WBTC.wh, WETH.wh, and FRAX were decreased. Collateral Factors for USDC.wh, WETH.wh, WBTC.wh, and xcUSDC were decreased. WBTC.wh reserve factor was increased.
- Moonriver: IR parameters were recommended to be adjusted: xcKSM (decreased Multiplier).
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Forum post: Gauntlet - cbBTC Supply Cap Recommendations
Author: Gauntlet
Summary: 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: Deploy Moonwell on Polkadot AH
Summary: Thursday, @Baer_DAOplomats created a proposal to potentially deploy Moonwell on Polkadot’s AssetHub via PolkaVM. The post explains Polkadot’s in-progress 2.0 upgrade which introduces a virtual machine with EVM compatibility. A few of the primary reasons listed for this effort include continuing Moonwell’s trajectory as a cross-chain DeFi platform and capturing a first-mover advantage. For more information on Polkadot, the proposed markets, and more, visit the forum post above and consider leaving feedback.
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Forum post: ZetaChain x Moonwell
Summary: Saturday, a new poster on behalf of ZetaChain took to the forums to propose an integration between the chain abstraction EVM L1 and Moonwell.
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Upcoming Events in Governance
Monthly Governance Call
This Thursday
Look for the next Monthly Governance Call in Discord on October 3rd.