Weekly Governance Update: Week of October 14th, 2024
The third week of October included successful proposals surrounding wrsETH and activating USDC rewards on Base, as well as new forum discussions on protecting Moonwell against governance attacks and exploring more Superchain-aligned integrations.
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 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 (78.28% supply cap), USDbC (97.39%), wstETH (80.39%), and rETH (95.23%). The deployment had $34,777.93 in liquidations across seven assets in the past week: mAERO ($12.89K), mWETH ($11.44K), mUSDC ($7.70K), mDAI ($1.27K), mcbBTC ($906.62), mcbETH ($556.16), and mwstETH ($15.15).
- Optimism: Three assets had an average utilization greater than 75%: USDT (88.83%), USDC (89.79%), and DAI (88.24%). The deployment had $8,600.00 in liquidations across one asset in the past week: mWETH
- Moonbeam: No asset had an average utilization greater than 75%. The deployment had $75.08 in liquidations across three assets in the past week: mUSDC.wh ($57.46), mETH.wh ($13.22), and mDOT ($4.40).
- Moonriver: One asset had an average utilization greater than 75%: FRAX (82.06%). No liquidations were reported.
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Forum post: Gauntlet - Cap Recommendations
Author: Gauntlet
Summary: Wednesday, Gauntlet announced they would use Cap Guardian to change three sets of caps:
- wstETH (Base) Supply Cap from 6.3K to 9K
- VELO (Optimism) Supply Cap from 18M to 25M & Borrow Cap from 4.5M to 8M
- EURC (Base) Supply Cap form 8.6M to 13.7M & Borrow Cap from 8M to 11M
Friday, a new set of recommendations were published:
- cbETH (Base) Supply Cap from 8K to 10K
- WETH (Optimism) Supply Cap from 5K to 7.5K
- DAI (Optimism) Supply Cap from 2.4M to 4.8M & Borrow Cap from 2M to 4.5M
- wstETH (Optimism) Supply Cap from 1.5K to 2.5K
For the rationale behind these changes, see the forum posts above.
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Proposal: MIP-B33: Initiating USDC rewards and Assigning Gauntlet as USDC Emissions Admin
Author: Gauntlet
Summary: Monday, an onchain proposal was created to initiate USDC incentives on Moonwell’s USDC market on Base. Secondarily, the proposal sought to assign Gauntlet as the USDC Emissions Admin to dynamically manage rewards without requiring further governance proposals. On Thursday, the proposal successfully passed.
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Forum post: Increasing governance participation
Author: Luke
Summary: On Tuesday, Moonwell contributor Luke published his thoughts on potentially implementing a system to both increase participation in governance and protect against governance attacks. He mentioned the worst-case scenario of a protocol getting taken over by bad actors who wish to extract value from the community, citing a recent attack on Compound. This proposal entails requiring users to vote once in the last 30 days in order to claim rewards from the Safety Module. Be sure to read the forum post above and contribute your thoughts in the comments.
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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. Gauntlet also previously offered their recommendations for the proposed market on Base and Optimism. Monday, MIP-X03 went live. On Thursday, the proposal was successfully passed.
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Forum post: Adding support for BOB
Summary: Community member @nomishow created a forum post on Tuesday to create discussion around potentially activating Moonwell on BOB network. Contributor Luke discussed the need to make data-driven decisions around BOB as well as other new L2s that are aligned with the Superchain, including Soneium, Unichain, SOON, and [REDACTED].
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Forum post: Expanding to Soneium
Summary: Sunday, Delegate Rush applicant @kimchiblock created a forum proposal around potentially activating Moonwell on Soneium, an upcoming OP Stack L2 built by Sony Block Solutions Labs. The post mentions that competitive lending protocols have begun preparing for a launch on the upcoming chain.
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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.