Weekly Governance Update: Week of September 15th, 2025
Two proposals went up for a vote this week.
Proposals
MIP-B46
Summary: Monday, 0xMims, BlockAnalitica, and B.Protocol co-authored a proposal to distribute 3.33 million WELL tokens across four popular Morpho vaults on Base as rewards for depositors: USDC (50%), ETH (24%), EURC (13%), and cbBTC (13%).
MIP-X31
Summary: In a previous weekly update, we summarized Anthias’ monthly recommendations for September. This week, on Tuesday, the proposal went up for an onchain vote.
Contributor Updates
Forum post: [Anthias Labs] Weekly Market Updates
Author: Anthias
Summary: Anthias posted a weekly update on Thursday for the Moonwell markets covering the previous week.
- Base: Notable week-over-week moves include a sharp +42% increase in WETH supply, +147% cbXRP borrows, +155% cbBTC borrows, and outsized jumps in BTC wrappers (LBTC borrows +1216%, tBTC borrows +2437%), while wstETH borrows fell ~52%. MORPHO supply declined ~73% even as its borrows rose ~227%. There were $232,147.87 in liquidations across 61 events.
- OP Mainnet: WETH and stables saw broad expansion. WETH borrows +142% (supply +144%), USDC borrows +58% (supply +57%), and USDT borrows +82% (supply +72%). Meanwhile, DAI cooled with borrows -35% and utilization down to ~64%; USDT0 borrows slipped -16%. Liquidations were minimal: 1 event totaling $103.17 seized.
- Moonbeam: Mostly steady week: xcUSDC supply -12% while USDC.wh supply +7%; other core markets were flat to ±1%. No liquidation events occurred on Moonbeam.
- Moonriver: Markets were virtually unchanged (xcKSM, FRAX, MOVR all ~0% WoW). No liquidation events occurred on Moonriver.
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Forum post: [Anthias Labs] Minimum Reserves Recommendations
Author: AnthiasLabs
Summary: On Wednesday, Anthias posted minimum recommended reserves for the Base markets. Their calculations include parameters like probability of position liquidation and the maximum liquidation amount.
Upcoming Events in Governance
Monthly Governance Call
Look for the next Monthly Governance Call on X on the last Thursday of the month, September 25th.