Weekly Governance Recaps

Announcements & Updates Updates
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Weekly Governance Update: Week of May 5th, 2025

Two onchain proposals went up for a vote this week.

Proposals

MIP-X21 Automated Liquidity Incentive Proposal

Summary: The regular monthly reward speed proposal went onchain on Thursday. It made changes to the following markets and included ~$113K in reserves to auction off.

  • Base:
    • ETH: Decreased WELL Supply and Borrow APR
    • USDC: Increased WELL Supply APR
    • AERO: Increased WELL Supply and Borrow APR
    • cbBTC: Increased WELL Supply and Borrow APR
    • EURC: Decreased WELL Supply and Borrow APR
    • WELL: Decreased WELL Supply and Borrow APR
    • tBTC: Decreased WELL Supply and Borrow APR
    • LBTC: Decreased WELL Supply and Borrow APR
    • VIRTUAL: Increased WELL Supply and Borrow APR
    • MORPHO: Increased WELL Supply and Borrow APR
  • Optimism:
    • USDC: Increased WELL Supply APR; increased OP Supply APR
    • USDT: Decreased WELL Supply APR; decreased OP Supply APR
    • DAI: Decreased WELL Supply APR; increased OP Supply APR
    • ETH: Increased WELL Supply APR; increased OP Supply APR
    • wstETH: Increased WELL Supply APR; increased OP Supply APR
    • rETH: Increased WELL Supply APR; increased OP Supply APR
    • OP: Decreased WELL Supply APR; increased OP Supply APR
    • weETH: Decreased WELL Supply APR; increased OP Supply APR
    • VELO: Decreased WELL Supply APR; increased OP Supply APR
    • wrsETH: Decreased WELL Supply APR; increased OP Supply APR
  • Moonbeam:
    • GLMR: Decreased WELL Supply and Borrow APR; increased GLMR Supply and Borrow APR
    • DOT: Decreased WELL Supply APR; increased GLMR Supply APR
    • FRAX: Decreased WELL Supply and Borrow APR; decreased GLMR Supply and Borrow APR
    • USDC.wh: Decreased WELL Supply and Borrow APR; decreased GLMR Supply and Borrow APR
    • xcUSDT: Decreased WELL Supply and Borrow APR; decreased GLMR Supply and Borrow APR
    • xcUSDC: Decreased WELL Supply and Borrow APR; decreased GLMR Supply and Borrow APR
  • Reserves to auction:
    • AERO (Base): $87,014.84
    • DAI (Optimism): $378.95
    • wstETH (Optimism): $15,538.69
    • rETH (Optimism): $1,817.81
    • OP (Optimism): $2,576.04
    • VELO (Optimism): $5,217.68
    • wrsETH (Optimism): $1,222.70

MIP-O14 Add USDT0 Market to Moonwell on Optimism

Summary: After a successful Snapshot, the proposal to add a USDT0 Core Market to Moonwell on Optimism went live on Thursday. It 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: One asset had an average supply cap usage of over 75%: wrsETH (150.09%). The deployment had eight asset liquidations in the past week: mcbBTC ($82.16K), mAERO ($7.27K), mwstETH ($5.76K), mrETH ($5.17K), mVIRTUAL ($4.37K), mWELL ($3.88K), mUSDC ($3.50K), and mWETH ($109.52), mwstETH ($55.81), mcbETH ($30.82), mrETH ($0.99).
  • Optimism: Four assets had an average utilization of over 75%: USDC (87.03%), USDT (86.92%), DAI (83.68%), and WETH (87.08%). The deployment had two asset liquidations in the past week: mVELO ($175.66) and mrETH ($169.02).
  • Moonbeam: No assets had an average utilization of over 75%. The deployment had one asset liquidation in the past week: mGLMR ($71.07).
  • Moonriver: One asset had an average utilization of over 75%: FRAX (93.64%). The deployment had one asset liquidation in the past week: mMOVR ($3.35).

…

Forum post: Gauntlet - Cap Recommendations
Author: Gauntlet
Summary: Gauntlet announced they would use Cap Guardian to change caps throughout the week:

  • WETH (Optimism) Supply Cap from 12K to 16K and Borrow Cap from 11K to 15K.

Upcoming Events in Governance

Monthly Governance Call

Look for the next Monthly Governance Call on X on the last Thursday of the month, May 29th.