Weekly Governance Update: Week of December 16th, 2024
Two Snapshot proposals and three onchain proposals went up for a vote this week.
Proposals
Add WELL to Market Core Market on Base
Summary: Last Monday, Moonwell Super Delegate @0xMims created a Snapshot proposal for adding a WELL Core Market to Moonwell on Base. Earlier this month, he posted a forum discussion that laid out the token information, risk assessment, decentralization, and more. The Snapshot was successful.
Add LBTC to Moonwell Core Market on Base
Summary: Last Monday, Lombard Finance created a Snapshot proposal for adding an LBTC Core Market to Moonwell on Base. Earlier this month, @Maksym posted a forum discussion that laid out the token information, risk assessment, decentralization, and more. The Snapshot was successful.
MIP-X09 Automated Liquidity Incentive Proposal
Summary: The first of two monthly reward speed proposals, MIP-X09 made changes to the following markets:
- Base:
- ETH: Increased WELL Supply APR and Borrow APR
- cbETH: Decreased WELL Supply APR and Borrow APR
- USDC: Increased WELL Supply APR
- wstETH: Decreased WELL Supply APR and Borrow APR
- rETH: Decreased WELL Supply APR and Borrow APR
- AERO: Increased WELL Supply APR and Borrow APR
- weETH: Decreased WELL Supply APR and Borrow APR
- cbBTC: Decreased WELL Supply APR and Borrow APR
- EURC: Increased WELL Supply APR and Borrow APR
- wrsETH: Increased WELL Supply APR and Borrow APR
- Optimism:
- USDC: Decreased WELL Supply APR and Borrow APR; decreased OP Supply APR and Borrow APR
- USDT: Decreased WELL Supply APR and Borrow APR; decreased OP Supply APR and Borrow APR
- DAI: Decreased WELL Supply APR and Borrow APR; decreased OP Supply APR and Borrow APR
- ETH: Increased WELL Supply APR and Borrow APR; decreased OP Supply APR and Borrow APR
- wstETH: Decreased WELL Supply APR and Borrow APR; decreased OP Supply APR and Borrow APR
- cbETH: Increased WELL Supply APR; increased OP Supply APR
- rETH: Increased WELL Supply APR and Borrow APR; decreased OP Supply APR and Borrow APR
- OP: Increased WELL Supply APR and Borrow APR; decreased OP Supply APR and Borrow APR
- weETH: Increased WELL Supply APR and Borrow APR; increased OP Supply APR and Borrow APR
- VELO: Decreased WELL Supply APR and increased WELL Borrow APR; decreased OP Supply APR and Borrow APR
- wrsETH: Increased WELL Supply APR and Borrow APR; decreased OP Supply APR and Borrow APR
- Moonbeam:
- GLMR: Increased WELL Supply APR and Borrow APR; decreased GLMR Supply APR and Borrow APR
- DOT: Increased WELL Supply APR and decreased WELL Borrow APR; increased GLMR Supply APR and decreased GLMR Borrow APR
- FRAX: Decreased WELL Supply APR and Borrow APR; decreased GLMR Supply APR and Borrow APR
- ETH.wh: Increased WELL Supply APR and Borrow APR; decreased GLMR Supply APR and Borrow APR
- USDC.wh: Decreased WELL Supply APR and Borrow APR; decreased GLMR Supply APR and Borrow APR
- xcUSDT: Decreased WELL Supply APR and Borrow APR; decreased GLMR Supply APR and Borrow APR
- xcUSDC: Increased WELL Supply APR and Borrow APR; decreased GLMR Supply APR and Borrow APR
MIP-X10: Gauntlet’s Monthly Recommendations
Summary: Wednesday, Gauntlet submitted a regular multichain proposal which made adjustments to several risk parameters across Moonwell’s Base, Optimism, and Moonbeam deployments. For the exact parameter adjustments, see our previous update here. The proposal was successful.
MIP-R30 Rebalancing of Moonriver Token Liquidity Incentives
Summary: The second of two monthly reward speed proposals, MIP-R30 sought to make changes to the following markets:
- Moonriver:
- MOVR: Increased MFAM Supply APR; increased MOVR Supply APR
- xcKSM: Decreased MFAM Supply APR; decreased MOVR Supply APR
- FRAX: Decreased MFAM Supply APR; decreased MOVR Supply APR
The proposal failed to reach quorum.
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 (82.13% supply cap). The deployment had nine asset liquidations in the past week: mWETH ($726.30K), mcbBTC ($163.91K), mAERO ($115.75K), mEURC ($43.12K), mwstETH ($15.42K), mUSDC ($454.87), mcbETH ($369.38), mDAI ($56.16), and mrETH ($44.30).
- Optimism: Four assets had an average utilization of over 75%: USDC (91.21%), USDT (90.09%), DAI (90.14%), and WETH (87.35%). The deployment had 11 asset liquidations in the past week: mWETH ($1.80M), mUSDC ($1.78M), mVELO ($53.24K), mwstETH ($37.75K), mOP ($16.81K), mweETH ($9.49K), mrETH ($5.76K), mWBTC ($1.14K), mUSDT ($1.11K), mwrsETH ($159.95), and mcbETH ($26.87).
- Moonbeam: No assets had an average utilization of over 75%. The deployment had three asset liquidations in the past week: mGLMR ($81.94K), mDOT ($384.56), and mWBTC.wh ($267.84).
- Moonriver: One asset had an average utilization of over 75%: FRAX (91.14%). The deployment had three asset liquidations in the past week: mFRAX ($2.33K), mMOVR ($1.86K), and mxcKSM ($1.74K).
…
Forum post: Gauntlet - Cap Recommendations
Author: Gauntlet
Summary: Gauntlet announced they would use Cap Guardian to change caps throughout the week:
- wrsETH (Optimism) Supply Cap from 400 to 800
- rETH (Base) Supply Cap from 1200 to 2000
Community & Integrations
Forum post: Block Analitica & B.Protocol: Moonwell Flagship Vaults - Monthly Recap
Author: BlockAnalitica
Summary: The combined TVL of the ETH, USDC, and EURC vaults hit an all-time high in November and Morpho’s allocation model optimization upgrade worked as intended. The teams executed parameter adjustments, including increasing the wstETH/ETH supply cap and reducing the supply cap for rETH/ETH on the vaults on Morpho’s Base deployment.
Upcoming Events in Governance
Monthly Governance Call
Look for the next Monthly Governance Call in Discord on the second Thursday of the month, January 9th.