Weekly Governance Update: Week of November 3rd, 2025
Three onchain proposals went up for a vote this week.
Proposals
MIP-X35
Summary: In our previous weekly update, we summarized Anthias’ monthly recommendations for November. This week, on Thursday, the proposal went up for an onchain vote.
MIP-X36
Summary: MIP-X36 was also submitted on Thursday in response to the oracle malfunction involving the wrsETH/ETH feed on November 4, 2025. This proposal sought to formally disable minting and borrowing in the wrsETH markets on both Base and OP Mainnet and transition these markets to use an exchange-rate feed rather than a market price oracle.
MIP-R32
Summary: The third proposal submitted Thursday, MIP-R32, sought to pause supplying and borrowing across Moonwell markets on Moonriver (xcKSM, MOVR, and FRAX) due to the scheduled deprecation of Chainlink price feeds used to secure these markets. All users can still safely repay their loans and withdraw collateral until a new oracle can be found.
Contributor Updates
Forum post: wrsETH Oracle Malfunction 11/4/25
Author: AnthiasLabs
Summary: On November 4th, an oracle malfunction led to wrsETH collateral being drastically overvalued, enabling an attacker (same user responsible for the Oct 10th exploit) to borrow millions in various assets using minimal wrsETH collateral. The attacker atomically swapped the borrowed tokens to WETH and sent it to their address, leading to a total of $3.7M bad debt on Moonwell. Anthias responded by immediately zero-ing the supply and borrow caps for wrsETH (pausing activity in the wrsETH markets on both Base and Optimism Mainnet) and temporarily reduced borrow caps in all markets on those two networks.
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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: Some notable week-over-week changes include decreases in the supply of WETH, cbBTC, USDC, and AERO. There were 483 liquidations, totaling $959,271.53.
- OP Mainnet: Notable changes on OP Mainnet include decreases in the supply of WETH, USDC, wstETH, and VELO. There was $17,431.76 in liquidations across 63 events.
- Moonbeam: There were 120 liquidations, totaling $2,432.12.
- Moonriver: There were no liquidations nor notable changes reported.
Upcoming Events in Governance
Monthly Governance Call
Look for the next Monthly Governance Call on X on the last Thursday of the month, November 27th.