Weekly Governance Update: Week of December 9th, 2024
One Snapshot and one onchain proposal went up for a vote this week.
Proposals
MIP-X08: Renewal of Moonwell Vaults Incentives Program and Frontier cbBTC Vault Ownership Transfer
Summary: On Monday, Block Analitica and B.Protocol submitted an onchain proposal that sought to extend and optimize the Moonwell Morpho Vaults Incentives Program for an additional six-month period, and transfer ownership of a new Moonwell Frontier cbBTC Vault to the Moonwell DAO. The new Vault is designed to capitalize on the growing demand for borrowing cbBTC within the Base ecosystem. On Thursday, the proposal was successfully passed.
Evaluating OEV Solutions for Moonwell: Community Temperature Check
Summary: Following the “Great OEV Debate,” Moonwell Delegate PGov created a forum post that outlined an upcoming Snapshot proposal which sought to help the community assess the best path forward in addressing Oracle Extractable Value (OEV). Covered in our last Monthly Report, three distinct OEV solution proposals from different teams (Solidity Labs, RedStone, and API3) were posted to the forums over the last month. Each proposal offers a distinct approach to improving the way liquidations are handled and subsequent revenue is captured, with varying trade-offs in terms of implementation, complexity, and security. The results of the Snapshot proposal will inform how the community will proceed through an onchain vote.
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: One asset had an average cap usage of over 75%: weETH (75.24% supply cap). The deployment had nine asset liquidations in the past week: mcbETH ($525.93K), mcbBTC ($46.60K), mUSDC ($38.55K), mAERO ($38.44K), mWETH ($36.46K), mEURC ($1.36K), mDAI ($470.36), mwstETH ($293.11), and mrETH ($21.20).
- Optimism: The deployment had three asset liquidations in the past week: mUSDC ($3.79K), mOP ($589.21), and mWBTC ($56.94).
- Moonbeam: The deployment had two asset liquidations in the past week: mETH.wh ($11.17K) and mUSDC.wh ($576.89).
- Moonriver: No liquidations were reported.
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Forum post: Gauntlet - Base/Optimism/Moonbeam/Moonriver Monthly Recommendations
Author: Gauntlet
Summary: Friday, Gauntlet offered their monthly recommendations on risk parameters across the four Moonwell deployments.
- Base: Supply and borrow caps for USDbC were decreased. The collateral factor for USDbC was decreased while the collateral factor for weETH was increased. IR parameters were recommended to be adjusted for USDC, EURC, and cbBTC.
- Optimism: Both supply and borrow caps for WBTC decreased, while WETH’s supply cap increased. The Collateral Factor for WBTC was decreased. IR parameters were recommended to be adjusted for USDC, USDT, and DAI.
- Moonbeam: Borrow Cap for WBTC.wh was decreased. Collateral factors for USDC.wh, WETH.wh, and WBTC.wh were decreased. Reserve factors for xcDOT and WGLMR were increased.
- Moonriver: No changes were recommended.
Community & Integrations
Forum post: Proposal to Launch Moonwell Frontier cbBTC Morpho Vault on Base
Author: BlockAnalitica
Summary: Block Analitica created a forum proposal to launch a fourth Vault - following the success of the ETH, USDC, and EURC Vaults - called “Moonwell Frontier cbBTC.” The Vault’s aim is to attract Coinbase’s cbBTC token depositors. The same role assignments would apply; the Owner is the Moonwell DAO, the Curator is Block Analitica & B.Protocol, the Allocator is Block Analitica & B.Protocol, and the Guardian is Moonwell Security Council.
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Forum post: Add LBTC to Moonwell Core Market on Base
Author: Maksym
Summary: Monday, first-time poster Maksym (Head of DeFi at Lombard) created a forum discussion around potentially listing Lombard’s LBTC to Moonwell on Base. LBTC is a 1:1 BTC-backed liquid-staked token built on Babylon. Maksym discussed LBTC’s security, oracles, smart contract audits, bug bounties, and other details.
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, January 2nd.
December 5th’s governance call can now be found on YouTube, and a recap is provided here.