Weekly Governance Update: Week of October 7th, 2024
The second week of October included updates to the KelpDAO wrsETH proposal, the conclusion of the Origin Protocol Super OETH Snapshot, and updates to the Delegate Rush program.
Here are the highlights:
Delegate Rush Updates
Delegation Period: Make sure to delegate to the new applicants. The five prospective delegates need to reach 200K in WELL delegations to be onboarded as mid-tier delegates. See the comment on the original forum post here.
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Contributor Updates
Forum post: Gauntlet Base/Optimism/Moonbeam/Moonriver Weekly Market Update
Author: Gauntlet
Summary: Gauntlet posted a weekly update on Monday for the Moonwell markets covering the previous week.
- Base: Four assets had an average supply cap usage of over 75%: AERO (76.52% supply cap), USDbC (79.53%), wstETH (77.00%), and rETH (91.27%). The deployment had $175,460.40 in liquidations across eight assets in the past week: mAERO ($134.15K), mcbBTC ($20.55K), mcbETH ($10.79K), mWETH ($8.99K), mDAI ($951.20), mUSDC ($24.96), mrETH ($3.99), and mwstETH ($0.29).
- Optimism: Three assets had an average utilization greater than 75%: USDT (87.66%), USDC (89.69%), and DAI (88.00%). The deployment had $14,342.16 in liquidations across three assets in the past week: mOP ($10.36KK), mWETH ($1.87K), mrETH ($1.61K), and mUSDC ($502.16).
- Moonbeam: No asset had an average utilization greater than 75%. The deployment had $16,970 in liquidations across three assets in the past week: mGLMR ($13.10K), mDOT ($1.97K), and mWBTC.wh ($1.90K).
- Moonriver: One asset had an average utilization greater than 75%: FRAX (82.50%). The deployment had $444.22 in liquidations from one asset in the past week: mMOVR.
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Forum post: Gauntlet - VELO Supply Cap Recommendations
Author: Gauntlet
Summary: Gauntlet, on Tuesday, announced they would use Cap Guardian to increase the VELO Supply Cap from 12.7M to 18M. For the rationale behind these changes, see the forum posts above.
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Integration Updates
Forum post: Add Wrapped Super OETH market to Moonwell on Base
Summary: Last week, Origin Protocol created a forum post outlining a proposal to add a market for wsuperOETHb to Moonwell. On Wednesday, the proposal progressed to a Snapshot signal vote. The proposal was unsuccessful.
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Forum post: Add wrsETH Markets to Moonwell on Base and Optimism
Summary: KelpDAO’s previous Snapshot proposal to add markets for their LRT, wrsETH, to Moonwell on Base and Optimism was passed successfully. Last week, Gauntlet offered their recommendations for the proposed market on Base. This Wednesday, they did the same for Optimism.
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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, November 7th.