Weekly Governance Recaps

Announcements & Updates Updates
21

Weekly Governance Update: Week of June 17th, 2024

The third week of June included market updates from Gauntlet, a Snapshot proposal to activate Moonwell on a new Ethereum Layer 2, and an update on the newly activated Moonwell MetaMorpho Vaults.

Here are the highlights:

Contributor Updates

Forum post: Gauntlet Base/Moonbeam/Moonriver Weekly Market Update

Author: Gauntlet

Summary: Gauntlet posted a weekly update on Monday for the Moonwell markets covering the previous week.

  • Base: Three assets had an average borrow/supply cap usage of over 75%: cbETH (79.06% supply cap), USDbC (75.92% supply cap), and rETH (100% supply cap and 77.83% borrow cap). The deployment had four asset liquidations in the past week: mAERO ($21.79K), mWETH ($10.78K), mUSDC ($531.46), and mcbETH ($156.38).
  • Moonbeam: No asset had an average utilization greater than 75%. Three liquidations were reported: mDOT ($31.46K), mGLMR ($20.68K), and mWBTC.wh ($662.69).
  • Moonriver: One asset had an average utilization greater than 75%: FRAX (83.27%). One liquidated asset was reported: mMOVR ($14.24K).

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Integration Updates

Forum post: Activate Moonwell Protocol on Optimism

Author: Coolhorsegirl

Summary: On Tuesday, coolhorsegirl created a forum post and a subsequent Snapshot signal vote to activate Moonwell on one of the leading Ethereum Layer 2s: Optimism. Three main reasons for this initiative were cited: (1) the potential to become the leading lending protocol on Optimism, (2) aligning with shared values and ecosystem goals, and (3) accessing Optimism’s substantial funding and grants program. Coolhorsegirl gave context on Optimism’s infrastructure and development progress before giving a list of the ten proposed initial lending markets. To read more about this proposal, refer to the forum link above.

Outcome: The Snapshot passed with unanimous support.

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Forum post: Add Neo X blockchain on Moonwell Protocol

Author: dacihua

Summary: A Fund Associate from Neo, dacihua, posted on the Moonwell forum proposing the integration of the Neo X blockchain into Moonwell’s protocol. Neo is launching an EVM-compatible chain in Q3 2024 and seeks a lending protocol to strengthen its ecosystem. Moonwell’s existing deployments and focus on mainstream assets align with Neo X’s lending objectives. Neos offers grants and investment opportunities and requests a pitch deck.

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Forum post: Deploying Moonwell Protocol on Linea Network

Author: wukong909

Summary: On Tuesday, wukong909 proposed deploying the Moonwell Protocol on Linea to capitalize on the ongoing Surge campaign. The Linea Network is an Ethereum-equivalent ZK rollup, emphasizing scalability and low gas fees. The proposal invites community support to drive these objectives forward and discuss a possible activation on Linea.

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Forum post: Block Analitica & B.Protocol: Moonwell Flagship ETH - USDC/ETH Market Listing

Author: BlockAnalitica

Summary: On Thursday, Block Analitica took to the forums to update the community on the newly activated Moonwell MetaMorpho Vaults. This comes after the team originally proposed a collaboration between Moonwell, Block Analitica, B.Protocol, and Morpho Blue to establish yield-generating Moonwell MetaMorpho vaults with initial support for USDC and WETH. The proposal officially went up for a Snapshot Temp Check vote and a corresponding onchain onchain vote, passing both unanimously. This week, the team announced that following the launch of the USDC and ETH vaults, we’ve seen significant growth across all metrics on the Base instance of Morpho Blue. Moonwell Flagship ETH and Moonwell Flagship USDC vaults make up ~70% of all deposits.

Block Analitica and B.Protocol will submit a cap of 5K WETH to the Moonwell Flagship ETH Vault USDC/WETH market. The USDC/WETH market will go live once the 96h timelock ends. For more information on the rationale behind this cap and other market parameters, see Block Analitica’s forum post above.

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Upcoming Events in Governance

Monthly Governance Call

First Wednesday of July

Look for the next Monthly Governance Call in Discord on the first Wednesday of the month, July 3rd.

Final week to participate in June’s Governance Participant Galxe campaign

Voting on two onchain proposals and making a forum post in the June calendar month will qualify you to mint this month’s NFT, earning you a chance to win a share of the $2000 WELL prize pool.

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22

Weekly Governance Update: Week of June 24th, 2024

The fourth week of June largely centered around Gauntlet’s weekly updates and monthly recommendations. There were also updates to a potential initiative to activate Moonwell on Optimism.

Here are the highlights:

Contributor Updates

Forum post: Gauntlet Base/Moonbeam/Moonriver Weekly Market Update

Author: Gauntlet

Summary: Gauntlet posted a weekly update on Monday for the Moonwell markets covering the previous week.

  • Base: Three assets had an average borrow/supply cap usage of over 75%: AERO (78.40% borrow cap and 81.72% supply cap), cbETH (75.37% supply cap), and rETH (93.71% supply cap). The deployment had four asset liquidations in the past week: mAERO ($34.99K), mWETH ($1.20K), mUSDC ($166.55), and mDAI ($92.24).
  • Moonbeam: No asset had an average utilization greater than 75%. Five liquidations were reported: mDOT ($24.37K), mGLMR ($18.40K), mxcUSDC ($1.35K), mWBTC.wh ($809.07), and mETH.wh ($60.92).
  • Moonriver: One asset had an average utilization greater than 75%: FRAX (79.16%). Two liquidated assets were reported: mMOVR ($4.21K) and mxcKSM ($3.36K).

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​​Forum post: Gauntlet Base/Moonbeam/Moonriver Recommendations

Author: Gauntlet

Summary: Wednesday, Gauntlet offered their monthly recommendations on risk parameters across the three Moonwell deployments.

  • Base: Both supply and borrow caps for USDC and cbETH were increased. No changes were made to the AERO supply/borrow caps. Five IR curves were recommended to be adjusted: WETH (decreased Multiplier), wstETH (decreased Multiplier), cbETH (decreased Multiplier), rETH (decreased Multiplier), and AERO (increased Multiplier).
  • Moonbeam: Borrow caps for xcDOT and FRAX were decreased. One IR curve was recommended to be adjusted: WBTC.wh (decreased Kink and increased Multiplier).
  • Moonriver: Borrow caps for MOVR, FRAX, and xcKSM were all decreased.

For the exact quantitative changes and motivations behind these decisions, check out the forum post above.

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Integration Updates

Forum post: Activate Moonwell Protocol on Optimism

Author: Coolhorsegirl

Summary: Last Tuesday, coolhorsegirl created a forum post and a subsequent Snapshot signal vote to activate Moonwell on Optimism. The community overwhelmingly voted to support this activation. This week, she updated the community that it would be best to wait to progress this to an onchain vote until xWELL is ready to be activated on Optimism. She mentions that it would likely take an additional 2-3 weeks. A large motivation behind this delay is to enable voting and staking from day one and enabling the community to choose to incentivize the new markets with WELL.

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Upcoming Events in Governance

Monthly Governance Call

First Wednesday of July

Look for the next Monthly Governance Call in Discord on the first Wednesday of the month, July 3rd.

Drawing winners for June’s Governance Participant Galxe campaign

The June Governance Participant Campaign has ended, but minting will remain open for one additional week for users that have already completed the requirements. Winners of the $2000 WELL prize pool will be announced after minting closes on July 7th. If you missed out, watch out for the announcement of July’s NFT.

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23

Weekly Governance Update: Week of July 1st, 2024

The first week of July included four onchain proposals, monthly reward speed adjustments for Moonbeam and Moonriver, and market updates from Gauntlet.

Here are the highlights:

Contributor Updates

Forum post: Gauntlet Base/Moonbeam/Moonriver 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 borrow/supply cap usage of over 75%: AERO (95.30% borrow cap and 96.29% supply cap), rETH (98.15% supply cap). The deployment had four asset liquidations in the past week: mWETH ($88.88K), mwstETH ($9.24K), mAERO ($6.67K), and mcbETH ($399.77).
  • Moonbeam: No asset had an average utilization greater than 75%. Three liquidations were reported: mGLMR ($5.05K), mDOT ($4.15K), and mWBTC.wh ($1.21K).
  • Moonriver: One asset had an average utilization greater than 75%: FRAX (81.80%). No liquidations were reported.

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​​Forum post: Gauntlet Base/Moonbeam/Moonriver Recommendations

Author: Gauntlet

Summary: Last week, Gauntlet offered their monthly recommendations on risk parameters across the three Moonwell deployments. This week, MIP-B22 and MIP-M33 went up for an onchain vote.

Outcome: Both proposals successfully passed their onchain voting periods.

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Delegate Updates

Forum post: 0xMims - Delegation Pitch

Author: 0xMims

Summary: Wednesday, first-time poster 0xMims created a forum post asking for delegations from the Moonwell community. His pitch outlines his background as Head of Written Research at Penn Blockchain and a current position at Blockworks Research. He went on to outline his core values and how his perspectives can be a useful addition to the Moonwell delegate body. See the forum post above to learn more and consider delegating to his address.

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Proposal: MIP-M34 Rebalancing of Moonbeam Token Liquidity Incentives & MIP-R21 Rebalancing of Moonriver Token Liquidity Incentives

Author: Curly

Summary: On Thursday, delegate @curly submitted the monthly “Reward Speed” proposals for Moonbeam and Moonriver. These proposals rebalance liquidity incentives in an effort to maintain healthy levels of rewards on the networks. The Moonbeam proposal seeks to keep emissions the same on the Safety Module and emit 6,778,846 WELL over the next 28 days. The DEX Rewarder would emit 721,154 WELL over the next 28 days.

The Moonriver proposal seeks to adjust the rewards on the Safety Module to keep emissions the same and emit 2,431,211 MFAM over the next 28 days. The DEX Rewarder would emit 2,725,903 MFAM over the next 28 days. Various asset markets had supply-side rewards adjustments:

  • The GLMR market supply side reward would increase from 12.09% to 15.82% and the rate of WELL incentives (supply side) would increase from 1,384,615.30 WELL / cycle to 1,869,230.65 WELL / cycle. The GLMR market incentives (supply side) would increase from 37,500.00 GLMR / cycle to 50,625.00 GLMR / cycle.
  • The xcDOT market proposed supply side APRs would increase from 8.43% to 12.04%; WELL supply side incentives would increase from 1,592,307.59 WELL / cycle to 2,284,615.24 WELL / cycle. GLMR supply side incentives would increase from 43,125 GLMR / cycle to 61,875.00 GLMR / cycle.
  • The xcUSDT market proposed supply side APRs would increase from 11.03% to 13.54%; WELL supply side incentives would increase from 207.692.29 WELL / cycle to 276,923.06 WELL / cycle. GLMR supply side incentives would increase from 5,625 GLMR / cycle to 7,500.00 GLMR / cycle.
  • The FRAX market proposed supply side APRs would decrease from 8.27% to 7.24%; WELL supply side incentives would decrease from 276,923.06 WELL / cycle to 242,307.68 WELL / cycle. GLMR supply side incentives would decrease from 7,500 GLMR / cycle to 6,562.50 GLMR / cycle.
  • The ETH.wh market would remain unchanged.
  • The BTC.wh market proposed supply side APRs would decrease from 7.42% to 4.24%; WELL supply side incentives would decrease from 2,907,692.12 WELL / cycle to 1,661,538.36 WELL / cycle. GLMR supply side incentives would decrease from 78,750 GLMR / cycle to 45,000 GLMR / cycle.
  • The USDC.wh market would remain unchanged.
  • The xcUSDC market proposed supply side APRs would increase from 14.68% to 17.40%; WELL supply side incentives would increase from 138,461.53 WELL / cycle to 173,076.91 WELL / cycle. GLMR supply side incentives would increase from 3,750 GLMR / cycle to 4,687.50 GLMR / cycle.
  • The MOVR market (Moonriver) proposed supply side APRs would decrease from 10.06% to 9.64%; MFAM supply side incentives would decrease from 1,547,134.05 MFAM / cycle to 1,480,828.30 MFAM / cycle. MOVR supply side incentives would decrease from 1,041.60 MOVR / cycle to 996.96 MOVR / cycle.
  • The xcKSM market (Moonriver) proposed supply side APRs would increase from 9.74% to 10.45%; MFAM supply side incentives would increase from 552,547.87 MFAM / cycle to 596,751.70 MFAM / cycle. MOVR supply side incentives would increase from 372.00 MOVR / cycle to 401.76 MOVR / cycle.
  • The FRAX market (Moonriver) proposed supply side APRs would increase from 32.18% to 33.82%; MFAM supply side incentives would decrease from 110,509.57 MFAM / cycle to 132,611.49 MFAM / cycle. MOVR supply side incentives would increase from 74.40 to 89.29 MOVR / cycle.

Outcome: MIP-M34 and MIP-R21 passed their onchain voting period.

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Upcoming Events in Governance

Monthly Governance Call

First Thursday of August

Look for the next Monthly Governance Call in Discord on the first Thursday of the month, August 1st.

Drawing winners for June’s Governance Participant Galxe campaign

Winners of the $2000 WELL prize pool will be sent rewards in the coming days. July’s NFT campaign is currently live with a different task to complete.

24

Weekly Governance Update: Week of July 8th, 2024

The second week of July largely centered around Gauntlet updates and a new market proposal.

Here are the highlights:

Contributor Updates

Forum post: Gauntlet Base/Moonbeam/Moonriver Weekly Market Update

Author: Gauntlet

Summary: Gauntlet posted a weekly update on Monday for the Moonwell markets covering the previous week.

  • Base: Four assets had an average borrow/supply cap usage of over 75%: AERO (96.17% borrow cap and 99.27% supply cap), DAI (75.25% supply cap), USDbC (80.31% supply cap), and rETH (99.64% supply cap). The deployment had six asset liquidations in the past week: mWETH ($2.81M), mAERO ($122.18K), mwstETH ($119.94K), mcbETH ($98.44K), mUSDC ($39.50K), and mDAI ($0.45).
  • Moonbeam: No asset had an average utilization greater than 75%. Five liquidations were reported: mGLMR ($14.36K), mDOT ($13.51K), mETH.wh ($4.10K), mWBTC.wh ($1.26K), and mxcUSDC ($1.15K).
  • Moonriver: One asset had an average utilization greater than 75%: FRAX (83.20%). Three liquidations were reported: mFRAX ($6.80K), mMOVR ($2.38K), and mxcKSM ($1.99K).

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Integration Updates

Forum post: Add weETH Markets to Moonwell on Base

Author: Ether.fi

Summary: Justin from Ether.fi proposed adding a weETH market to Moonwell on Base. The proposal outlines the benefits, which include boosting liquidity and enhancing the DeFi ecosystem. Detailed information covers the nature of weETH, market risk assessment, decentralization metrics, and smart contract risks. It also highlights the liquidity, trading volume, and other metrics of weETH on various exchanges.

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Upcoming Events in Governance

Monthly Governance Call

First Thursday of August

Look for the next Monthly Governance Call in Discord on the first Thursday of the month, August 1st.

Governance Participant Galxe campaign

Congratulations to the winners of the $2000 WELL prize pool for June! July’s campaign is currently live; to mint the NFT and enter this month’s drawing, just vote on two onchain proposals during the July calendar month.

25

Weekly Governance Update: Week of July 15th, 2024

The third week of July included the first action taken by Block Analitca and B.Protocol as Curator and Allocator of the Moonwell Flagship USDC Vault, an onchain proposal to activate WELL on Optimism, and Gauntlet updates.

Here are the highlights:

Contributor Updates

Forum post: Gauntlet Base/Moonbeam/Moonriver Weekly Market Update

Author: Gauntlet

Summary: Gauntlet posted a weekly update on Monday for the Moonwell markets covering the previous week.

  • Base: Three assets had an average borrow/supply cap usage of over 75%: AERO (96.59% borrow cap and 100% supply cap), USDbC (78.28% supply cap), and rETH (99.02% supply cap). The deployment had $4,682.82 in liquidations across four assets in the past week: mWETH ($4.44K), mcbETH ($185.54), mAERO ($29.28), and mUSDC ($28.00).
  • Moonbeam: No asset had an average utilization greater than 75%. The deployment had $1,838.19 in liquidations across three assets in the past week: mGLMR ($933.87), mUSDC.wh ($766.58), and mETH.wh ($137.74).
  • Moonriver: One asset had an average utilization greater than 75%: FRAX (79.37%). The deployment had $1,104.44 in liquidations across two assets in the past week: mxcKSM ($993.59) and mMOVR ($110.85).

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Forum post: Gauntlet Guardian - AERO Cap Recommendations

Author: Gauntlet

Summary: On Friday, Gauntlet announced they would use Cap Guardian to increase the Supply and Borrow Cap for AERO from 16M to 22M and 10M to 13.5M, respectively. For the rationale behind these changes, see the forum post above.

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Integration Updates

Forum post: Block Analitica & B.Protocol: Moonwell Flagship USDC - cbETH/USDC Market Listing with Market Price Oracle

Author: BlockAnalitica

Summary: On Wednesday, Block Analitica and B.Protocol (as Curator and Allocator of the Moonwell Flagship USDC Vault) announced a transition from the exchange rate oracle cbETH/USDC market to the new cbETH/USDC market utilizing a secondary price oracle. One of the cited reasons for this transition was an intention to strengthen the risk management of the Moonwell Flagship USDC vault. All other parameters from the old cbETH/USDC market remained unchanged. For more in-depth information on rationale, pre-existing parameters, the listing, and the veto process, see the forum post above.

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Forum post: Activate Moonwell Protocol on Optimism

Author: Coolhorsegirl

Summary: Four weeks ago, coolhorsegirl created a forum post and a Snapshot signal vote to activate Moonwell on Optimism. The Snapshot passed with unanimous support. This week, the first onchain proposal in this process was created that sought to activate the WELL token on the Optimism (OP Mainnet) network, facilitate its cross-network transfer capabilities, upgrade the Multichain Governor on Moonbeam, and upgrade the Vote Collection contract on Base. This is a first-of-its-kind “multi-network” proposal, meaning that changes will be executed on different networks simultaneously.

Outcome: MIP-X01 passed its onchain voting period with unanimous support.

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Upcoming Events in Governance

Monthly Governance Call

First Thursday of August

Look for the next Monthly Governance Call in Discord on the first Thursday of the month, August 1st.

July’s Governance Participant Galxe campaign

If you missed June’s campaign and the opportunity to win a share of the $2000 prize pool, July’s campaign is live with different tasks to complete.

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26

Weekly Governance Update: Week of July 22nd, 2024

The fourth week of July included important proposals to activate the Moonwell protocol on Optimism mainnet and a Temp Check Snapshot to add a new market to Moonwell on Base.

Here are the highlights:

Contributor Updates

Forum post: Gauntlet Base/Moonbeam/Moonriver Weekly Market Update

Author: Gauntlet

Summary: Gauntlet posted a weekly update on Tuesday for the Moonwell markets covering the previous week.

  • Base: Two assets had an average borrow/supply cap usage of over 75%: USDbC (76.56% supply cap) and rETH (98.73% supply cap). The deployment had $752.18 in liquidations across five assets in the past week: mwstETH ($396.77), mUSDC ($122.50), mrETH ($111.29), mWETH ($70.77), and mAERO ($50.85).
  • Moonbeam: No asset had an average utilization greater than 75%. The deployment had $491.25 in liquidations of a single asset in the past week: mGLMR.
  • Moonriver: One asset had an average utilization greater than 75%: FRAX (81.27%). The deployment had $1,104.44 in liquidations across three assets in the past week: mMOVR ($7.82), mUSDT ($7.78), and mxcKSM ($7.41).

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Integration Updates

Proposals: MIP-O00 and MIP-O01

Summary: On Wednesday, MIP-O00 and MIP-O01 were submitted for onchain voting. Following the governance contract upgrades through MIP-X01, this pair of proposals aimed to activate the Moonwell protocol on OP Mainnet and expand Moonwell’s reach within the Optimism Superchain.

Outcome: MIP-O00 and MIP-O01 were passed by the community.

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Forum post: Add weETH Market to Moonwell on Base

Summary: In the first half of June, Justin from Ether.fi created a forum discussion with the intention of adding a weETH market to Moonwell’s Base deployment. Ether.fi is a liquid staking protocol built on Ethereum; the protocol issues eETH as a liquid restaking token and weETH is its non-rebasing equivalent. For more information on risk assessment, decentralization, market history, and more, see the forum post above. On July 25th, the team submitted a Snapshot to gauge the community’s sentiment on this proposal.

Outcome: The Snapshot passed its voting period.

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Upcoming Events in Governance

Monthly Governance Call

This Thursday

Look for the next Monthly Governance Call in Discord on the first Thursday of the month, August 1st.

July’s Governance Participant Galxe campaign

Winners of the $2000 prize pool for July’s campaign will be announced shortly after the start of August.

27

Weekly Governance Update: Week of July 29th, 2024

The final week of July included monthly recommendations from Gauntlet, monthly reward speed proposals, and several Liquid Staking/Restaking Token providers seeking integrations with Moonwell for their LSTs/LRTs.

Here are the highlights:

Contributor Updates

Forum post: Gauntlet Base/Moonbeam/Moonriver Weekly Market Update

Author: Gauntlet

Summary: Gauntlet posted a weekly update on Tuesday for the Moonwell markets covering the previous week.

  • Base: Three assets had an average borrow/supply cap usage of over 75%: AERO (81.08% borrow cap and 82.03% supply cap), USDbC (75.94% supply cap) and rETH (99.35% supply cap). The deployment had $16,417.92 in liquidations across five assets in the past week: mAERO ($6.98K), mwstETH ($5.92K), mWETH ($3.25K), mUSDC ($261.77), and mcbETH ($6.15).
  • Moonbeam: No asset had an average utilization greater than 75%. The deployment had $7,546.87 in liquidations across three assets in the past week: mGLMR ($5.81K), mDOT ($1.38K), and mETH.wh ($356.87).
  • Moonriver: One asset had an average utilization greater than 75%: FRAX (84.98%). The deployment had $226.62 in liquidations in one asset in the past week: mMOVR.

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Forum post: Gauntlet Base/Moonbeam/Moonriver Recommendations

Author: Gauntlet

Summary: Thursday, Gauntlet offered their monthly recommendations on risk parameters across the four Moonwell deployments.

  • Base: Supply and Borrow Caps for rETH were increased. Reserve Factors for rETH, wstETH, cbETH, USDC, and WETH were decreased, while the AERO Reserve Factor was increased. One IR curve was recommended to be adjusted: AERO (increased Multiplier & Jump Multiplier).
  • Optimism: Borrow and Supply Caps, Collateral Factors, Reserve Factors, and IR Parameters were set for all Optimism markets.
  • Moonbeam: Borrow Caps for USDC.wh, WBTC.wh, ETH.wh, and FRAX were decreased. The Reserve Factor for FRAX was increased.
  • Moonriver: One IR curve was recommended to be adjusted: FRAX (decreased Multiplier & Jump Multiplier).

For the exact quantitative changes and motivations behind these decisions, check out the forum post above.

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Proposals: MIP-M35, MIP-B23, MIP-O02, and MIP-R22 - Automated Liquidity Incentives Proposals

Summary: On Wednesday, monthly “Reward Speed” proposals for Base, Optimism, Moonbeam, and Moonriver were submitted. These proposals rebalance liquidity incentives in an effort to maintain healthy levels of rewards on the networks. All proposals originally were passed, but MIP-B23 and MIP-O02 contained misconfigured calldata which prevented execution; both were re-submitted on Sunday.

  • The GLMR market (Moonbeam) WELL supply side incentives were decreased and borrow side incentives were increased. The GLMR supply side incentives were decreased and the borrow side incentives were increased. The total Supply APR and the total Borrow APR were increased.
  • The xcDOT market (Moonbeam) WELL supply side incentives were decreased and borrow side incentives were increased. The GLMR supply side incentives were decreased and the borrow side incentives were increased. The total Supply APR was decreased and the total Borrow APR was increased.
  • The FRAX market (Moonbeam) WELL supply side incentives were decreased and borrow side incentives were increased. The GLMR supply side incentives were decreased and the borrow side incentives were increased. The total Supply APR was decreased and the total Borrow APR was increased.
  • The ETH.wh market (Moonbeam) WELL supply side incentives were decreased and borrow side incentives were increased. The GLMR supply side incentives were decreased and the borrow side incentives were increased. The total Supply APR was decreased and the total Borrow APR was increased.
  • The WBTC.wh market (Moonbeam) WELL supply side incentives were decreased. The GLMR supply side incentives were increased. The total Supply APR was decreased.
  • The USDC.wh market (Moonbeam) WELL supply side incentives were decreased and borrow side incentives were increased. The GLMR supply side incentives were decreased and the borrow side incentives were increased. The total Supply APR was decreased and the total Borrow APR was increased.
  • The xcUSDT market (Moonbeam) WELL supply side incentives were decreased and borrow side incentives were increased. The GLMR supply side incentives were decreased and the borrow side incentives were increased. The total Supply APR was decreased and the total Borrow APR was increased.
  • The xcUSDC market (Moonbeam) WELL supply side incentives were decreased and borrow side incentives were increased. The GLMR supply side incentives were decreased and the borrow side incentives were increased. The total Supply APR was decreased and the total Borrow APR was increased.
  • The USDbC market (Base) WELL supply side and borrow side incentives were increased. The USDC borrow side incentives were increased. The total Supply APR and total Borrow APR were increased.
  • The USDbC market (Base) WELL supply side and borrow side incentives were increased. The USDC borrow side incentives were increased. The total Supply APR and total Borrow APR were increased.
  • The ETH market (Base) WELL supply side incentives were decreased and borrow side incentives were increased. The total Supply APR was decreased and the total Borrow APR was increased.
  • The cbETH market (Base) WELL supply side incentives were decreased and borrow side incentives were increased. The total Supply APR was decreased and the total Borrow APR was increased.
  • The DAI market (Base) WELL supply side incentives were decreased and borrow side incentives were increased. The USDC borrow side incentives were increased. The total Supply APR was decreased and the total Borrow APR was increased.
  • The USDC market (Base) WELL supply side incentives were decreased and borrow side incentives were increased. The total Supply APR was decreased and the total Borrow APR was increased.
  • The wstETH market (Base) WELL supply side incentives were decreased and borrow side incentives were increased. The total Supply APR was decreased and the total Borrow APR was increased.
  • The rETH market (Base) WELL supply side incentives were decreased and borrow side incentives were increased. The total Supply APR was decreased and the total Borrow APR was increased.
  • The AERO market (Base) WELL supply side incentives were decreased and borrow side incentives were increased. The total Supply APR was decreased and the total Borrow APR was increased.
  • The USDC market (Optimism) WELL supply side incentives were increased. The OP supply side incentives were increased. The total Supply APR was increased.
  • The USDT market (Optimism) WELL supply side incentives were increased. The OP supply side incentives were increased. The total Supply APR was increased.
  • The DAI market (Optimism) WELL supply side incentives were increased. The OP supply side incentives were increased. The total Supply APR was increased.
  • The WBTC market (Optimism) WELL supply side incentives were increased. The OP supply side incentives were increased. The total Supply APR was increased.
  • The ETH market (Optimism) WELL supply side incentives were increased. The OP supply side incentives were increased. The total Supply APR was increased.
  • The wstETH market (Optimism) WELL supply side incentives were increased. The OP supply side incentives were increased. The total Supply APR was increased.
  • The cbETH market (Optimism) WELL supply side incentives were increased. The OP supply side incentives were increased. The total Supply APR was increased.
  • The rETH market (Optimism) WELL supply side incentives were increased. The OP supply side incentives were increased. The total Supply APR was increased.
  • The OP market (Optimism) WELL supply side incentives were increased. The OP supply side incentives were increased. The total Supply APR was increased.
  • The MOVR market (Moonriver) MFAM supply side incentives were increased. The total Supply APR was decreased.
  • The xcKSM market (Moonriver) MFAM supply side incentives were decreased. The total Supply APR was decreased.
  • The FRAX market (Moonriver) total Supply APR was decreased.

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Integration Updates

Forum post: Block Analitica & B.Protocol: Moonwell Flagship USDC - wstETH/USDC Market Listing with Market Price Oracle

Summary: As Block Analitica’s and B.Protocol’s roles as Curator and Allocator of the Moonwell Flagship USDC Vault, the teams have decided to transition from the wstETH/USDC market using an exchange rate oracle to the new wstETH/USDC market which uses a market price oracle. This is the teams’ second action which exercises their respective roles following a similar forum post earlier in July. For more on the rationale behind this decision, the intended benefits, market parameters, and the explanation of an option to veto, see the forum post above.

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Forum post: Add wrsETH market to Moonwell on Base

Summary: A representative for Kelp DAO created a forum post on Tuesday with the intention of adding Kelp DAO’s liquid restaking token (LRT), wrsETH, to the Moonwell markets on Base. KelpDAO is a liquid restaking protocol built on top of EigenLayer; users can stake and restake on the platform to earn rewards and DeFi yields. For more information on the token’s traction, benefits to the community, market risk assessment, and other metrics, see the forum post above.

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Forum post: Add ezETH Market to Moonwell on Base

Summary: A representative for Renzo created a forum post on Thursday with the intention of adding Renzo’s liquid restaking token (LRT), ezETH, to the Moonwell markets on Base. Renzo is a strategy manager and liquid restaking protocol built on top of EigenLayer and Symbiotic; users can restake on the platform to earn rewards through ezETH and pzETH, for EigenLayer and Symbiotic respectively. For more information on the token’s traction, benefits to the community, market risk assessment, and other metrics, see the forum post above.

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Forum post: Add weETH Market to Moonwell on Base

Summary: In the first half of June, Justin from Ether.fi created a forum discussion with the intention of adding a weETH market to Moonwell’s Base deployment. On July 25th, the team submitted a successful Snapshot to gauge the community’s sentiment on this proposal.

This week, Gauntlet created their initial weETH recommendations. In short, they recommend onboarding the asset as collateral on the Base deployment. For their recommended risk parameters, IR parameters, support data, and more, see the forum post above.

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Upcoming Events in Governance

Monthly Governance Call

The first Thursday of each month

Look for the next Monthly Governance Call in Discord on the first Thursday of the month, September 5th.

August’s Governance Participant Galxe campaign

Winners of the random drawing for July’s campaign were sent funds last week. Don’t miss out on the final opportunity to win a share of the $2000 prize pool for this month’s governance campaign!

28

Weekly Governance Update: Week of August 5th, 2024

The first week of August included onchain proposals for Gauntlet’s recommendations, a proposal to activate a VELO market on Optimism, and proposals to activate markets for EtherFi’s weETH on Base and Optimism.

Here are the highlights:

Contributor Updates

Forum post: Gauntlet Base/Moonbeam/Moonriver 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 borrow/supply cap usage of over 75%: AERO (83.12% borrow cap and 84.08% supply cap) and rETH (99.17% supply cap). The deployment had $259,946.47 in liquidations across five assets in the past week: mWETH ($141.79K), mAERO ($62.58K), mwstETH ($43.45K), mcbETH ($11.96K), and mUSDC ($166.67).
  • Moonbeam: No asset had an average utilization greater than 75%. The deployment had $40,568.52 in liquidations across three assets in the past week: mDOT ($23.61K), mGLMR ($14.41K), mETH.wh ($2.54K, and mFRAX ($8.52).
  • Moonriver: One asset had an average utilization greater than 75%: FRAX (82.91%). The deployment had $6,448.17 in liquidations across two assets in the past week: mMOVR ($5.78K) and mxcKSM ($668.17).

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Forum post: Gauntlet Base/Moonbeam/Moonriver Recommendations

Author: Gauntlet

Summary: Last week, Gauntlet offered their monthly recommendations on risk parameters across the four Moonwell deployments. This week, the recommendations were implemented into four onchain proposals: MIP-B24, MIP-O03, MIP-M36, and MIP-R23.

Outcome: All four proposals passed their onchain voting period.

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Forum post: Gauntlet - cbETH Cap Recommendation for Optimism

Author: Gauntlet

Summary: On Sunday, Gauntlet announced they would use Cap Guardian to increase Supply Cap for AERO from 30 to 50. For the rationale behind these changes, see the forum post above.

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Integration Updates

Proposal: MIP-O04: Activate Velo Market on Optimism

Summary: On Monday, MIP-O04 was submitted for onchain voting. The proposal sought to activate a VELO market on Moonwell’s Optimism deployment. On Wednesday, the onchain proposal was re-submitted.

Outcome: MIP-O04 was overwhelmingly passed by the community.

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Forum post: Add weETH Market to Moonwell on Base

Summary: In June, Justin from Ether.fi created a forum discussion with the intention of adding a weETH market to Moonwell’s Base deployment. On July 25th, the team submitted a successful Snapshot to gauge the community’s sentiment on this proposal. After Gauntlet gave their initial parameter recommendations (see the first comment for updated recommendations), the proposal progressed to two onchain votes (one for Moonwell’s Optimism deployment and one for Moonwell’s Base deployment) on Wednesday.

Outcome: MIP-B25 and MIP-O05 passed their voting period.

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Upcoming Events in Governance

Monthly Governance Call

The first Thursday of each month

Look for the next Monthly Governance Call in Discord on the first Thursday of the month, September 5th.

August’s Governance Participant Galxe campaign

Don’t miss out on the final opportunity to win a share of the $2000 prize pool for this month’s governance campaign!

29

Weekly Governance Update: Week of August 12th, 2024

The second week of August included updates from Gauntlet and proposals to add a new stablecoin market and an alternative to WBTC on Moonwell.

Here are the highlights:

Contributor Updates

Forum post: Gauntlet Base/Moonbeam/Moonriver 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 borrow/supply cap usage of over 75%: AERO (81.63% supply cap) and rETH (80.76% supply cap). The deployment had $3,950,780.50 in liquidations across seven assets in the past week: mWETH ($3.12M), mwstETH ($492.27K), mcbETH ($206.54K), mUSDC ($47.77K), mAERO ($42.11K), mrETH ($41.66K), and mDAI ($430.50).
  • Moonbeam: No asset had an average utilization greater than 75%. The deployment had $159,287.72 in liquidations across seven assets in the past week: mDOT ($96.60K), mGLMR ($54.49K), mETH.wh ($4.73K), mUSDC.wh ($1.64K), mWBTC.wh ($1.16K), mFRAX ($483.67), and mxcUSDC ($184.05).
  • Moonriver: One asset had an average utilization greater than 75%: FRAX (77.80%). The deployment had $6,140.00 in liquidations across three assets in the past week: mMOVR ($2.86K), mxcKSM ($2.07K), and mFRAX ($1.21K).

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Forum post: Gauntlet’s WBTC Recommendations

Author: Gauntlet

Summary: On Thursday, Gauntlet offered an (ongoing) updated risk profile on WBTC in response to speculations surrounding BitGo’s joint venture with BiTGlobal and unclear regulatory frameworks for the asset. The team recommended reducing caps on Optimism due to underutilization. The Supply Cap was reduced from 66 to 25 and the Borrow Cap was reduced from 40 to 18. For the rationale behind these changes, see the forum post above.

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Integration Updates

Forum post: Integrate iBTC from Interlay as an Alternative to wBTC on Moonwell

Author: nomishow

Summary: @nomishow in the forums proposed integrating iBTC from Interlay as an alternative to wBTC to enhance the platform’s decentralization and security. The proposal outlines three main advantages of iBTC: decentralization, overcollateralization, and its trustless nature. wBTC depends on centralized custodians, while iBTC is minted through a decentralized network of vaults, ensuring no single entity controls the collateral or minting process. Others generally agreed that while having an alternative to wBTC could be a net positive for Moonwell, iBTC lacks liquidity and volume.

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Forum post: Add EURC on Base

Author: 0xMims

Summary: Friday, @0xMims created a forum proposal to add a EURC market to Moonwell’s Base deployment. EURC is a euro-backed stablecoin developed by Circle, the issuer of USDC. 0xMims covered the benefits to the Moonwell community, social metrics, market risk, decentralization, smart contract risk, and more as per the proposal template. To read more about the details and to discuss the prop’s merits, visit the forum post above.

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Upcoming Events in Governance

Monthly Governance Call

The first Thursday of each month

Look for the next Monthly Governance Call in Discord on the first Thursday of the month, September 5th.

August’s Governance Participant Galxe campaign

Don’t miss out on the final opportunity to win a share of the $2000 prize pool for this month’s governance campaign!

1 Like
30

Weekly Governance Update: Week of August 26th, 2024

The final week of August included monthly recommendations from Gauntlet, automated risk parameter proposals, and Snapshots to potentially add Kelp DAO’s wrsETH LRT and Circle’s EURC stablecoin to Moonwell markets.

Here are the highlights:

Contributor Updates

Forum post: Gauntlet Base/Moonbeam/Moonriver Weekly Market Update

Author: Gauntlet

Summary: Gauntlet posted a weekly update on Monday for the Moonwell markets covering the previous week.

  • Base: Three assets had an average borrow/supply cap usage of over 75%: AERO (92.25% supply cap and 87.22% borrow cap), USDbC (89.56% supply cap), and rETH (76.47% supply cap). The deployment had $20,197.79 in liquidations across four assets in the past week: mAERO ($18.85k), mUSDC ($1.12k), mWETH ($133.19), and mrETH ($14.60).
  • Optimism: No asset had an average utilization greater than 75%. No liquidations were reported.
  • Moonbeam: No asset had an average utilization greater than 75%. The deployment had $27.94 in liquidations across one asset in the past week: mETH.wh.
  • Moonriver: One asset had an average utilization greater than 75%: FRAX (81.69%). No liquidations were reported.

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Forum post: Gauntlet Base/Moonbeam/Moonriver Monthly Recommendations

Author: Gauntlet

Summary: Wednesday, Gauntlet offered their monthly recommendations on risk parameters across the four Moonwell deployments.

  • Base: Both supply and borrow caps for AERO were increased. Collateral Factors for WETH, cbETH, wstETH, and rETH were increased while the Collateral Factor USDbC was decreased. The Reserve Factor for USDbC was increased. IR parameters were recommended to be adjusted: AERO (increased Jump Multiplier) and USDC (decreased Multiplier).
  • Optimism: WBTC Borrow Cap was decreased, WBTC Reserve Factor was increased, and WBTC Collateral Factor was decreased. IR parameters were recommended to be adjusted: USDC (increased Kink, decreased Multiplier, and increased Jump Multiplier), USDT (increased Kink, decreased Multiplier, and increased Jump Multiplier), and DAI (increased Kink, decreased Multiplier, and increased Jump Multiplier).
  • Moonbeam: Borrow caps for USDC.wh, xcDOT, WETH.wh, and FRAX were decreased. Collateral Factors for USDC.wh, WETH.wh, WBTC.wh, and FRAX were decreased. One IR curve was recommended to be adjusted: FRAX (decreased Kink and increased Multiplier).
  • Moonriver: Borrow caps for WMOVR and FRAX were decreased.

For the exact quantitative changes and motivations behind these decisions, check out the forum post above.

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Proposals: MIP-B26, MIP-O06, MIP-O07, MIP-M37, and MIP-R24 - Automated Liquidity Incentives Proposals

Summary: On Wednesday, monthly Reward Speed proposals for Base, Optimism, Moonbeam, and Moonriver were submitted. These proposals rebalance liquidity incentives in an effort to maintain healthy levels of rewards on the networks.

  • The USDbC market (Base) WELL supply and borrow APR were decreased. The USDC borrow APR was increased.
  • The ETH market (Base) No changes
  • The cbETH market (Base) WELL supply and borrow APR were decreased.
  • The DAI market (Base) WELL supply and borrow APR were increased. The USDC borrow APR was increased.
  • The USDC market (Base) WELL supply and borrow APR were increased.
  • The wstETH market (Base) WELL supply and borrow APR were decreased.
  • The rETH market (Base) WELL supply and borrow APR were decreased.
  • The AERO market (Base) WELL supply and borrow APR were increased.
  • The weETH market (Base) WELL supply and borrow APR were increased. The USDC borrow APR was increased.
  • The USDC market (Optimism) WELL supply and borrow APR were increased. The OP supply APR was decreased and the OP borrow APR was increased.
  • The USDT market (Optimism) WELL supply and borrow APR were increased. The OP supply APR was decreased and the OP borrow APR was increased.
  • The DAI market (Optimism) WELL supply APR was increased. The OP supply APR was decreased and the OP borrow APR was increased.
  • The WBTC market (Optimism) WELL supply and borrow APR were increased. The OP supply APR was decreased.
  • The ETH market (Optimism) WELL supply and borrow APR were increased. The OP supply APR was decreased and the OP borrow APR was increased.
  • The wstETH market (Optimism) WELL supply APR was decreased and borrow APR was increased. The OP supply APR was decreased and the OP borrow APR was increased.
  • The cbETH market (Optimism) WELL supply APR was decreased. The OP supply APR was decreased.
  • The rETH market (Optimism) WELL supply APR was decreased and borrow APR was increased. The OP supply APR was decreased and the OP borrow APR was increased.
  • The OP market (Optimism) WELL supply and borrow APR were increased. The OP supply APR was decreased and the OP borrow APR was increased.
  • The weETH market (Optimism) WELL supply APR was increased. The OP supply APR was increased.
  • The VELO market (Optimism) WELL supply and borrow APR were increased. The OP supply and borrow APR were increased.
  • The GLMR market (Moonbeam) WELL supply and borrow APR were decreased. The GMLR supply and borrow APR were decreased.
  • The xcDOT market (Moonbeam) WELL supply and borrow APR were decreased. The GMLR supply and borrow APR were decreased.
  • The FRAX market (Moonbeam) WELL supply and borrow APR were decreased. The GMLR supply and borrow APR were decreased.
  • The ETH.wh market (Moonbeam) WELL supply and borrow APR were decreased. The GMLR supply and borrow APR were increased.
  • The WBTC.wh market (Moonbeam) WELL supply APR was decreased. The GMLR supply APR was increased.
  • The USDC.wh market (Moonbeam) WELL supply APR was increased. The GMLR supply and borrow APR were increased.
  • The xcUSDT market (Moonbeam) WELL supply and borrow APR were increased. The GMLR supply and borrow APR were increased.
  • The xcUSDC market (Moonbeam) WELL supply and borrow APR were decreased. The GMLR supply and borrow APR were increased.
  • The MOVR market (Moonriver) MFAM supply APR was decreased. The MOVR supply APR was increased.
  • The xcKSM market (Moonriver) MFAM supply APR was increased. The MOVR supply APR was increased.
  • The FRAX market (Moonriver) MFAM supply APR was decreased. The MOVR supply APR was increased.

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Integration Updates

Forum post: Add wrsETH market to Moonwell on Base

Summary: A representative for Kelp DAO created a forum post one month ago with the intention of adding the DAO’s liquid restaking token (LRT), wrsETH, to the Moonwell markets on Base. Kelp DAO is a liquid restaking protocol built on top of EigenLayer; users can stake and restake on the platform to earn rewards and DeFi yields. On Monday, the poster created a revamped proposal to include Chainlink details, Optimism details, and other feedback. On Wednesday, the proposal went up for a Snapshot vote.

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Forum post: Add EURC on Base

Summary: Two weeks ago, @0xMims presented a proposal to add Circle’s Euro-backed stablecoin, EURC, to Moonwell on Base. On Wednesday, the proposal went up for a Snapshot vote.

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Upcoming Events in Governance

Monthly Governance Call

The first Thursday of each month

Look for the next Monthly Governance Call in Discord on the first Thursday of the month, September 5th.

August’s Governance Participant Galxe campaign

Don’t miss out on the final opportunity to win a share of the $2000 prize pool for this month’s governance campaign!

31

Weekly Governance Update: Week of September 2nd, 2024

The first week of September included the monthly governance call, a new market proposal for Moonwell’s Base deployment, and Gauntlet recommendations.

Here are the highlights:

Contributor Updates

Forum post: Gauntlet Base/Moonbeam/Moonriver Weekly Market Update

Author: Gauntlet

Summary: Gauntlet posted a weekly update on Tuesday for the Moonwell markets covering the previous week.

  • Base: Three assets had an average borrow/supply cap usage of over 75%: AERO (87.28% supply cap and 83.01% borrow cap), USDbC (90.06% supply cap), and rETH (75.20% supply cap). The deployment had $71,068.08 in liquidations across five assets in the past week: mAERO ($69.83k), mwstETH ($806.55), mWETH ($429.11), mDAI ($1.50), and mUSDC ($0.92).
  • Optimism: No asset had an average utilization greater than 75%. No liquidations were reported.
  • Moonbeam: No asset had an average utilization greater than 75%. The deployment had $3.37k in liquidations from one asset in the past week: mGLMR.
  • Moonriver: One asset had an average utilization greater than 75%: FRAX (83.10%). The deployment had $552.96 in liquidations from one asset in the past week: mMOVR.

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Integration Updates

Forum post: Add cbBTC Market to Moonwell on Base

Summary: On Monday, delegate @coolhorsegirl proposed adding cbBTC, an upcoming wrapped BTC asset from Coinbase. She cites Moonwell being an early-adopter of this asset and supporting Base’s vision of becoming a hub for Bitcoin DeFi as two of the motivations for the proposal. For more information on the proposed benefits, roadmap, risk factors, and more, see the post above. The next day, a Snapshot proposal was submitted. The Snapshot successfully passed on Friday and it progressed to an onchain proposal later that day. Gauntlet also updated their recommendations for the proposed market on Friday.

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Forum post: Correcting WELL Rewards Allocation on the VELO Market

Summary: On Tuesday, an onchain proposal was submitted that corrected a mistake in the allocation of September’s WELL rewards to the VELO market on Optimism (MIP-O07 and MIP-O08 last week’s update). WELL rewards were mistakenly applied to the old, deprecated v1 VELO market instead of the more recently established VELO v2 market. MIP-O09 removed the incentives from the deprecated market and reallocated them to the correct VELO v2 market. However, votes for the proposal weren’t emitted properly and quorum was not met. This will be resolved in the next incentives rebalancing proposal.

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Forum post: Add EURC on Base

Summary: Previously, @0xMims submitted a Snapshot signal vote to gather feedback on adding Circle’s EURC stablecoin to Moonwell markets on Base. The Snapshot passed its voting period. Friday, Gauntlet added their risk recommendations for the asset.

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Upcoming Events in Governance

Monthly Governance Call

The first Thursday of each month

Look for the next Monthly Governance Call in Discord on the first Thursday of the month, October 3rd.

1 Like
32

Weekly Governance Update: Week of September 9th, 2024

The second week of September included the launch of a Delegate Rush program and changes to the Moonwell delegate structure, Block Analitica’s cbBTC collateral proposal, and proposals involving the integration of Circle’s EURC on Moonwell’s Base deployment.

Here are the highlights:

Delegate Rush Updates

New Applicant: Kimchiblock

Summary: Sunday, @kimchiblock created a pitch for the Delegate Rush program. The pitch outlines Kimchiblock’s experience in crypto, including managing communities and launching & managing a successful NFT project on Algorand and Avalanche. The post also outlines Kimchiblock’s position as a longtime supporter of Moonwell since the protocol’s launch on Moonbeam. See the forum post above to learn more and consider delegating to the address and check out the linked forum post to learn more about the program.

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Contributor Updates

Forum post: Gauntlet Base/Moonbeam/Moonriver Weekly Market Update

Author: Gauntlet

Summary: Gauntlet posted a weekly update on Monday for the Moonwell markets covering the previous week.

  • Base: Three assets had an average borrow/supply cap usage of over 75%: AERO (90.22% supply cap and 85.14% borrow cap), USDbC (78.77% supply cap), and rETH (76.13% supply cap). The deployment had $155.87k in liquidations across six assets in the past week: mAERO ($106.65k), mcbETH ($34.27k), mWETH ($10.71k), mrETH ($2.62k), mwstETH ($1.52k), and mUSDC ($103.24).
  • Optimism: Two assets had an average utilization greater than 75%: USDT (75.51%) and DAI (78.93%). The deployment had $571.11 in liquidations across three assets in the past week: mWTBC ($499.84), mWETH ($66.50), and mrETH ($4.77).
  • Moonbeam: No asset had an average utilization greater than 75%. The deployment had $4,817.19 in liquidations across five assets in the past week: mDOT ($2.34k), mGLMR ($2.06k), mWBTC.wh ($375.80), mETH.wh ($34.16), and mUSDC.wh ($7.23).
  • Moonriver: One asset had an average utilization greater than 75%: FRAX (84.16%). The deployment had $1,661.44 in liquidations across two assets in the past week: mMOVR ($1.15k) and mxcKSM ($511.44).

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Forum post: Gauntlet Guardian - AERO Cap Recommendations

Author: Gauntlet

Summary: On Monday, Gauntlet announced they would use Cap Guardian to increase Supply and Borrow cap for AERO from 22m to 28.5m and 13.5m to 18.5m, respectively. For the rationale behind these changes, see the forum post above.

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Forum post: Gauntlet - cbBTC Cap Recommendations

Author: Gauntlet

Summary: On Thursday, Gauntlet announced they would use Cap Guardian to set Supply and Borrow cap for cbBTC on Base at 12 and 8, respectively. For the rationale behind these changes, see the forum post above. The next day, Gauntlet offered updated cap changes due to rapidly-changing TVL across DEXs; the supply cap increased from 12 to 120 and the borrow cap increased from 8 to 80.

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Integration Updates

Forum post: Add EURC on Base

Summary: Previously, @0xMims submitted a Snapshot signal vote to gather feedback on adding Circle’s EURC stablecoin to Moonwell markets on Base. The Snapshot passed its voting period. Subsequently, Gauntlet added their risk recommendations for the asset. On Wednesday, MIP-B29 and MIP-B30 were submitted for onchain voting. This pair of proposals sought to officially add a EURC Core Market to Moonwell’s Base deployment and take ownership of a Morpho Flagship EURC Vault on Base. Both proposals successfully passed their onchain voting period.

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Forum post: Adding cbBTC collateral on BlockAnalitica & B.Protocol Flagship Vaults

Author: BlockAnalitica

Summary: To wrap up the week, Block Analitica created a forum post announcing the submission of cbBTC as collateral on five different vaults across Ethereum Mainnet and Base. The post also set the supply caps for all cbBTC-related markets. It includes Block Analitica’s rationale, liquidity/market risk, technical and counterparty risk, market parameters, and more.

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Upcoming Events in Governance

Monthly Governance Call

The first Thursday of each month

Look for the next Monthly Governance Call in Discord on the first Thursday of the month, October 3rd.

1 Like