Weekly Governance Update: Week of January 20th, 2025
Four onchain proposals went up for a vote this week. All successfully passed their voting periods.
Proposals
Summary: Gauntlet’s Monthly Recommendations post was covered in the last weekly report. This week on Wednesday, MIP-X12 went live. These regular multi-chain proposals address risk parameters on Moonwell’s Base, Optimism, and Moonbeam deployments, including collateral factors and IR curves.
Summary: Following a successful Snapshot at the start of the month, the proposal to add a USDS Core Market to Moonwell on Base was the first of three proposals to go live on Thursday.
Summary: The second proposal to be submitted on Thursday was MIP-B39, which proposed adding a tBTC Core Market to Moonwell on Base. It previously passed a Snapshot vote earlier this month.
Summary: The third and final onchain proposal submitted Thursday was a progression of last month’s LBTC Snapshot. MIP-B40 sought to add a LBTC Core Market to Moonwell on Base.
Contributor Updates
Forum post: Gauntlet Weekly Market Update
Author: Gauntlet
Summary: Gauntlet posted a weekly update on Tuesday for the Moonwell markets covering the previous week.
- Base: Three assets had an average supply cap usage of over 75%: weETH (97.60%), rETH (84.4%), and wrsETH (93.04%). The deployment had 11 asset liquidations in the past week: mAERO ($1.75M), mWETH ($1.01M), mcbBTC ($175.06K), mweETH ($43.40K), mwstETH ($19.77K), mUSDC ($4.82K), mcbETH ($144.24), mwrsETH ($103.66), mrETH ($45.35), mDAI ($32.69), and mEURC ($2.64).
- Optimism: Four assets had an average utilization of over 75%: USDC (90.09%), USDT (89.91%), DAI (90.31%), and WETH (88.97%). The deployment had eight asset liquidations in the past week: mVELO ($170.60K), mrETH ($7.08K), mwstETH ($6.25K), mWETH ($5.43K), mwrsETH ($1.36K), mOP ($1.09K), mDAI ($435.16), and mUSDT ($11.08).
- Moonbeam: No assets had an average utilization of over 75%. The deployment had three asset liquidations in the past week: mGLMR ($152.15K), mDOT ($2.50K), and mETH.wh ($206.38).
- Moonriver: One asset had an average utilization of over 75%: FRAX (87.22%). The deployment had two asset liquidations in the past week: mMOVR ($1.41K) and mxcKSM ($1.13K).
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Forum post: Gauntlet - Cap Recommendations
Author: Gauntlet
Summary: Gauntlet announced they would use Cap Guardian to change caps throughout the week:
- WELL (Base) Supply Cap from 75M to 150M
Community & Integrations
Forum post: Add vDOT Market to Moonwell on Moonbeam
Author: 0xTPP
Summary: Early in the week, a forum post was created to discuss the possibility of adding a vDOT Core Market to Moonwell on Moonbeam. Bifrost, one of the largest Polkadot parachains, is a Liquid Staking app-chain. vDOT is a yield-bearing Liquid Staking Token (LST) issued by the Bifrost Staking Liquidity Protocol pallet and it represents staked DOT on the Polkadot Relay chain.
Upcoming Events in Governance
Monthly Governance Call
Look for the next Monthly Governance Call in Discord on the first Thursday of the month, February 6th.