Weekly Governance Update: Week of February 17th, 2025
One Snapshot and one onchain proposal went up for a vote this week.
Proposals
Add IDRX to Core Market on Base
Summary: @luthfixbt recently proposed the addition of an IDRX (Indonesian Rupiah stablecoin) Core Market on Base. This week, it progressed to a Snapshot vote. The community voted against adding a Core Market for the asset.
MIP-X14
Summary: Following the OEV debate in December, the community voted to move forward with Solidity Labs’ onchain solution. MIP-O12 was then executed on January 19th, which marked the beginning of a phased rollout, beginning with a single market. MIP-X14 sought to implement Phase 1 of a two-phase expansion of the OEV solution across eligible Moonwell markets on Base and Optimism mainnet. The proposal 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 (87.07%) and rETH (81.17%). The deployment had nine asset liquidations in the past week: mUSDC ($22.81K), mAERO ($9.57K), mtBTC ($8.43K), mWETH ($4.59K), mEURC ($1.52K), mVIRTUAL ($633.20), mweETH ($471.04), mcbETH ($409.01), and mcbBTC ($290.98).
- Optimism: Four assets had an average utilization of over 75%: USDC (89.41%), USDT (87.09%), DAI (87.68%), and WETH (88.70%). The deployment had one asset liquidation in the past week: mOP ($59.62).
- Moonbeam: No assets had an average utilization of over 75%. The deployment had four asset liquidations in the past week: mDOT ($4.28K), mGLMR ($35.22), mUSDC.wh ($19.59), and mWBTC.wh ($1.00).
- Moonriver: One asset had an average utilization of over 75%: FRAX (87.38%). The deployment had no reported liquidations.
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Forum post: Gauntlet Monthly Recommendations
Author: Gauntlet
Summary: Wednesday, Gauntlet offered their monthly recommendations on risk parameters across the four Moonwell deployments.
- Base: IR parameters were recommended to be adjusted for WETH and USDC.
- Optimism: Reserve factors for USDC, USDT, and DAI were increased. IR parameters were recommended to be adjusted for USDC, USDT, DAI, and WETH.
- Moonbeam: Borrow Caps for WGLMR, USDC.wh, xcUSDC, xcDOT, FRAX, and WETH.wh were decreased. Collateral factors for FRAX, USDC.wh, and WGLMR were decreased. The Reserve factor for xcDOT was decreased.
- Moonriver: No changes were recommended.
Gauntlet included minimum reserve values for each asset in the Base markets before auctioning off any excess reserves for WELL. This comes following the successful passing of the Reserve Auctions Snapshot.
Community & Integrations
Forum post: Proposal to list WETH/USDC and wstETH/USDC markets to Moonwell Flagship USDC vault on OP Mainnet
Author: BlockAnalitica
Summary: On Wednesday, Block Analitica created a forum post proposing the listing of two markets on the USDC vault on Optimism. Both vaults would use the same market parameters that are implemented on the Moonwell Flagship USDC vault on Base.
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Forum post: Enhance Moonwell Card Adoption Through Competitive User Experience
Author: ibizanhound
Summary: Throughout the week, community members weighed in on a discussion around increasing the adoption of the Moonwell Card. Some features that were proposed include attractive cash back and miles, travel perks, exclusive appearance and customization, and other user-centric design choices.
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.