Weekly Governance Update: Week of February 3rd, 2025
Two Snapshot proposals went up for a vote this week.
Proposals
Bolstering Moonwell’s Safety Module: Rewarding Stakers via Reserve Auctions
Summary: Two weeks ago, Luke created a forum proposal that is acting as a follow-up to October’s “Increasing Governance Participation” proposal. Excess revenue would be auctioned off for WELL and used to bolster the Safety Module Ecosystem Reserve. This week, Gauntlet signaled support for the proposal and recommended minimum reserves for each asset. It went up for a Snapshot vote shortly after. It was successfully passed.
Add USDe to Moonwell Core Market on Base and Optimism
Summary: Azgardadmin.eth created a forum proposal to add USDe to Moonwell Core Markets on Base and Optimism at the end of January. This week, it was submitted as a Snapshot vote, which was successful.
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: Two assets had an average supply cap usage of over 75%: weETH (99.38%) and rETH (79.60%). The deployment had 11 asset liquidations in the past week: mWETH ($972.63K), mAERO ($385.28K), mUSDC ($12.95K), mcbBTC ($6.52K), mwstETH ($3.77K), mWELL ($1.59K), mweETH ($1.31K), mcbETH ($701.50), mEURC ($365.29), mwrsETH ($109.11), and mrETH ($83.07).
- Optimism: Four assets had an average utilization of over 75%: USDC (89.86%), USDT (89.61%), DAI (89.56%), and WETH (89.75%). The deployment had nine asset liquidations in the past week: mVELO ($132.78K), mOP ($75.84K), mWETH ($17.98K), mwstETH ($1.07K), mcbETH ($1.03K), mUSDC ($475.45), mrETH ($198.55), mweETH ($150.56), and mWBTC ($27.00).
- Moonbeam: No assets had an average utilization of over 75%. The deployment had seven asset liquidations in the past week: mDOT ($126.51K), mGLMR ($99.85K), mETH.wh ($1.91K), mxcUSDT ($785.10), mWBTC.wh ($159.96), mxcUSDC ($148.76), and mUSDC.wh ($0.62).
- Moonriver: One asset had an average utilization of over 75%: FRAX (89.66%). The deployment had two asset liquidations in the past week: mMOVR ($2.34K) and mxcKSM ($1.18K).
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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:
- rETH (Base) Borrow Cap from 450 to 900
- WELL (Base) Borrow Cap from 37.5M to 75M
Community & Integrations
Forum post: Add IDRX to Moonwell Ecosystem on Base
Author: luthfixbt
Summary: On Thursday, @luthfixbt proposed the addition of an IDRX (Indonesian Rupiah stablecoin) Core Market on Base. Included in the proposal are a market risk assessment, decentralization info, oracle assessment, and more.
Upcoming Events in Governance
Monthly Governance Call
Look for the next Monthly Governance Call in Discord on the last Thursday of next month, March 27th.