Weekly Governance Recaps

Announcements & Updates Updates
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Weekly Governance Update: Week of February 10th, 2025

One onchain proposal and two Snapshots went up for a vote this week.

Proposals

MIP-X13 Automated Liquidity Incentive Proposal

Summary: The regular monthly reward speed proposal went onchain on Wednesday. It made changes to the following markets and included reserves to auction based on this proposal.

  • Base:
    • ETH: Decreased WELL Supply and Borrow APR
    • AERO: Decreased WELL Supply and Borrow APR
    • cbBTC: Increased WELL Supply and Borrow APR
    • EURC: Decreased WELL Supply and Borrow APR
    • WELL: Increased WELL Supply and Borrow APR
  • Optimism:
    • USDC: Decreased WELL Supply and Borrow APR
    • USDT: Decreased WELL Supply and Borrow APR
    • DAI: Decreased WELL Supply and Borrow APR
    • ETH: Decreased WELL Supply and Borrow APR
    • VELO: Decreased WELL Borrow APR
  • Moonbeam:
    • GLMR: Decreased WELL Supply and Borrow APR; decreased GLMR Supply and Borrow APR
    • DOT: Increased WELL Supply APR; increased GLMR Supply APR
    • FRAX: Increased WELL Supply and Borrow APR; increased GLMR Supply and Borrow APR
    • ETH.wh: Decreased WELL Supply and Borrow APR; decreased GLMR Supply and Borrow APR
    • USDC.wh: Increased WELL Supply and Borrow APR; increased GLMR Supply and Borrow APR
    • xcUSDT: Increased WELL Supply and Borrow APR; increased GLMR Supply and Borrow APR
    • xcUSDC: Increased WELL Supply and Borrow APR; increased GLMR Supply and Borrow APR

Switch Moonwell’s GLMR Market to using API3’s OEV Enabled Data Feed for GLMR

Summary: In late January, dav3 from API3 - a previous guest on the Great OEV Debate governance call - created a forum discussion on potentially integrating a proof of concept alternative oracle on the GLMR market on Moonbeam. He also appeared on the latest governance call to discuss this proposal; it successfully passed a Snapshot vote this week.

Add VVV to Core Market on Base

Summary: On Monday, first-time poster Venice created a forum post outlining a proposal to add a Core Market for Venice.ai’s VVV token to Moonwell on Base. Venice offers private and uncensored access to open-source artificial intelligence. The post included a market risk assessment, decentralization, oracle assessment, and more. It went up for a Snapshot vote on Thursday, 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%: rETH (83.95%) and weETH (85.99%). The deployment had 12 asset liquidations in the past week: mWETH ($4.39M), mwstETH ($504.70K), mcbBTC ($312.15K), mcbETH ($295.17K), mAERO ($276.10K), mweETH ($230.98K), mWELL ($153.21K), mUSDC ($90.21K), mwrsETH ($54.86K), mrETH ($35.51K), mtBTC ($16.37K), and mDAI ($9.62).
  • Optimism: Four assets had an average utilization of over 75%: USDC (89.19%), USDT (88.74%), DAI (86.48%), and WETH (88.50%). The deployment had nine asset liquidations in the past week: mwstETH ($387.24K), mVELO ($145.43K), mrETH ($40.68K), mOP ($24.79K), mUSDC ($17.66K), mWETH ($15.60K), mwrsETH ($3.71K), mweETH ($2.78K), and mDAI ($1.49K).
  • Moonbeam: No assets had an average utilization of over 75%. The deployment had six asset liquidations in the past week: mDOT ($60.25K), mGLMR ($56.86K), mxcUSDT ($1.07K), mUSDC.wh ($78.40), mWBTC.wh ($63.46), and mETH.wh ($17.28).
  • Moonriver: One asset had an average utilization of over 75%: FRAX (87.11%). The deployment had two asset liquidations in the past week: mMOVR ($4.72K) and mxcKSM ($751.47).

Upcoming Events in Governance

Monthly Governance Call

Look for the next Monthly Governance Call on X on the last Thursday of next month, March 27th.