Weekly Governance Recaps

[Boardroom]

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.

[Boardroom]

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.

[Boardroom]

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.

[Boardroom]

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.

[Boardroom]

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.

[Boardroom]

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.

[Boardroom]

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!

[Boardroom]

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!

[Boardroom]

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!

[Boardroom]

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.

…

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!

[Boardroom]

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.

…

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.

[Boardroom]

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.

[Boardroom]

Weekly Governance Update: Week of September 16th, 2024

The third week of September included a new Delegate Rush applicant, a new market proposal from a yield-bearing asset issuer, and successful proposals regarding KelpDAO’s wrsETH and Circle’s EURC.

Here are the highlights:

Delegate Rush Updates

New Applicant: PGov

Summary: Wednesday, @PGov submitted their delegation pitch for the Moonwell Delegate Rush. PGov is a team of governance professionals with expertise in DeFi going back multiple years (including Moonwell’s early days). See the forum post above to learn more about their values and history; consider delegating to PGov’s address and check out the Delegate Rush 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: One asset had an average borrow/supply cap usage of over 75%: rETH (78.61% supply cap). The deployment had $5,017.04 in liquidations across five assets in the past week: mWETH ($2.09k), mAERO ($2.07k), mUSDC ($850.39), mwstETH ($4,51), and mcbETH ($2.14).
• Optimism: Two assets had an average utilization greater than 75%: USDT (79.35%) and DAI (85.34%). The deployment had $152.97 in liquidations across one asset in the past week: mwstETH.
• Moonbeam: No asset had an average utilization greater than 75%. The deployment had $956.30 in liquidations across three assets in the past week: mDOT ($669.31), mGLMR ($283.08), and mFRAX ($3.91).
• Moonriver: One asset had an average utilization greater than 75%: FRAX (83.06%). No liquidations were reported.

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Forum post: Gauntlet - cbBTC Supply Cap Recommendations

Author: Gauntlet

Summary: Following last week’s cap adjustments for cbBTC, Gauntlet, on Tuesday, announced they would use Cap Guardian to increase the Supply Cap from 110 to 220. For the rationale behind these changes, see the forum post above.

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Integration Updates

Forum post: Add wUSDM Market to Moonwell on Base

Summary: Monday, a representative from Mountain Protocol took to the forums to propose adding a market to Moonwell on Optimism for wrapped USDM (wUSDM). Mountain Protocol is the issuer of USDM, a USD-denominated, regulated, permissionless, yield-bearing stablecoin backed fully by US Treasuries. Should the community decide to move forward through a successful Snapshot proposal, Gauntlet will provide risk assessment before the proposal moves onchain. To learn more about how USDM maintains peg, its rebasing mechanism, its regulatory status, and more, visit the forum post above.

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Forum post: Add wrsETH Markets to Moonwell on Base and Optimism

Summary: KelpDAO created a Snapshot proposal on Tuesday to add markets for their LRT, wrsETH, to Moonwell on Base and Optimism. The proposal passed successfully.

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Proposal: MIP-B31: Add Support for EURC Rewards

Summary: Wednesday, an onchain proposal went live that sought to add support for EURC rewards on Moonwell’s Base deployment, enabling Core Market suppliers & borrowers to receive EURC rewards. This comes after a Core Market for the asset was recently activated on Moonwell. The proposal successfully passed its onchain voting period.

…

Upcoming Events in Governance

Monthly Governance Call

Next Thursday

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

[Boardroom]

Weekly Governance Update: Week of September 23rd, 2024

The fourth week of September included new Delegate Rush applicants, automated rewards speed proposals, and monthly recommendations from Gauntlet.

Here are the highlights:

Delegate Rush Updates

New Applicant: Maylorsan

Summary: Tuesday, @maylosan submitted a delegation pitch for the Moonwell Delegate Rush. He highlights a background as a software engineer with experience in crypto since 2018 and a longtime engagement with Moonwell governance. See the forum post above to learn more about his focus areas and philosophy. You can delegate to Maylorsan’s address and check out the Delegate Rush forum post to learn more about the program.

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New Applicant: FranklinDAO

Summary: Tuesday, @FranklinDAO was the next team to submit a delegate pitch. The team - formerly known as Penn Blockchain - is a well-known student-run DAO comprised of University of Pennsylvania students. The post outlines their contributions to major DAOs including Uniswap and their teams’ experience at crypto firms including Chainlink. For more information, read the post above and consider delegating to FranklinDAO.

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New Applicant: DAOplomats

Summary: @DAOplomats.eth, on Wednesday, submitted a delegation pitch for the Moonwell Delegate Rush. The team is a professional governance organization with experience across many DAOs. Some examples of their contributions include work with 1inch, Gitcoin, and BanklessDAO across multiple aspects of crypto like grants and tokenomics. Consider reading more and delegating to the team’s ENS address at the forum post above.

…

Contributor Updates

Proposals: MIP-X02 and MIP-R25 - Automated Liquidity Incentives Proposals

Summary: This week, the monthly reward speed proposals for Base, Optimism, Moonbeam, and Moonriver were submitted. MIP-X02 covered Base, Optimism, and Moonbeam, while a separate proposal addressed rewards on Moonriver. These proposals rebalance liquidity incentives in an effort to maintain healthy levels of rewards on the networks.

• The USDC market (Optimism) WELL supply and borrow APR were increased. The OP supply and borrow APR were increased.
• The USDT market (Optimism) WELL supply and borrow APR were increased. The OP supply and borrow APR were increased.
• The DAI market (Optimism) WELL supply and borrow APR were increased. The OP supply and borrow APR were increased.
• The WBTC market (Optimism) had no changes.
• The ETH market (Optimism) WELL supply and borrow APR were increased. The OP supply and borrow APR were decreased.
• The wstETH market (Optimism) WELL supply and borrow APR were increased. The OP supply and borrow APR were increased.
• The cbETH market (Optimism) WELL supply APR was increased. The OP supply APR was decreased.
• The rETH market (Optimism) WELL supply and borrow APR were increased. The OP supply and borrow APR were increased.
• The OP market (Optimism) WELL supply and borrow APR were increased. The OP supply and borrow APR were increased.
• The weETH market (Optimism) WELL supply and borrow APR were increased. The OP supply and borrow APR were 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 borrow APR was 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 and borrow APR were decreased. The GMLR borrow APR was decreased.
• The xcUSDT market (Moonbeam) WELL supply and borrow APR were decreased. The GMLR supply and borrow APR were decreased.
• The xcUSDC market (Moonbeam) WELL supply and borrow APR were decreased. The GMLR supply and borrow APR were decreased.
• The USDbC market (Base) had no changes.
• The ETH market (Base) WELL supply and borrow APR were decreased.
• The cbETH market (Base) WELL supply and borrow APR were increased.
• The DAI market (Base) WELL supply and borrow APR were decreased.
• The USDC market (Base) WELL supply and borrow APR were decreased.
• The wstETH market (Base) WELL supply and borrow APR were increased.
• 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 borrow APR was increased. The USDC borrow APR was increased.
• The cbBTC market (Base) WELL supply and borrow APR were increased. The USDC borrow APR was increased.
• The EURC market (Base) WELL 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 decreased. The MOVR supply APR was decreased.
• The FRAX market (Moonriver) MFAM supply APR was decreased. The MOVR supply APR was decreased.

…

Forum post: Gauntlet Base/Optimism/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. Supply cap for cbBTC was increased. Both supply and borrow caps for USDbC and DAI were decreased. Reserve Factor for USDbC was increased. IR parameters were recommended to be adjusted: USDC (decreased Multiplier) and cbBTC (decreased Base and increased Multiplier).
• Optimism: Borrow and supply caps were increased for WETH. Supply cap for Velo was increased. WBTC borrow cap was decreased. WBTC reserve factor was increased while its collateral factor was decreased. IR parameters were recommended to be adjusted: USDC (decreased Multiplier and increased Jump Multiplier), USDT (decreased Multiplier and increased Jump Multiplier), and DAI (decreased Multiplier and increased Jump Multiplier).
• Moonbeam: Borrow caps for WBTC.wh, WETH.wh, and FRAX were decreased. Collateral Factors for USDC.wh, WETH.wh, WBTC.wh, and xcUSDC were decreased. WBTC.wh reserve factor was increased.
• Moonriver: IR parameters were recommended to be adjusted: xcKSM (decreased Multiplier).

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Forum post: Gauntlet - cbBTC Supply Cap Recommendations

Author: Gauntlet

Summary: Gauntlet, on Tuesday, announced they would use Cap Guardian to increase the Supply Cap from 110 to 220. For the rationale behind these changes, see the forum post above.

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Integration Updates

Forum post: Deploy Moonwell on Polkadot AH

Summary: Thursday, @Baer_DAOplomats created a proposal to potentially deploy Moonwell on Polkadot’s AssetHub via PolkaVM. The post explains Polkadot’s in-progress 2.0 upgrade which introduces a virtual machine with EVM compatibility. A few of the primary reasons listed for this effort include continuing Moonwell’s trajectory as a cross-chain DeFi platform and capturing a first-mover advantage. For more information on Polkadot, the proposed markets, and more, visit the forum post above and consider leaving feedback.

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Forum post: ZetaChain x Moonwell

Summary: Saturday, a new poster on behalf of ZetaChain took to the forums to propose an integration between the chain abstraction EVM L1 and Moonwell.

…

Upcoming Events in Governance

Monthly Governance Call

This Thursday

Look for the next Monthly Governance Call in Discord on October 3rd.

[Boardroom]

Weekly Governance Update: Week of September 30th, 2024

The first week of October included Gauntlet recommendations, new market proposals from Puffer Finance and Origin Protocol, and progress on KelpDAO’s previous successful Snapshot regarding wrsETH.

Here are the highlights:

Contributor Updates

Forum post: Gauntlet Base/Optimism/Moonbeam/Moonriver Monthly Recommendations

Author: Gauntlet

Summary: Previously, Gauntlet offered their monthly recommendations on risk parameters across the four Moonwell deployments. Monday, four onchain proposals were created to execute those parameter changes. MIP-B32, MIP-O10, MIP-M39, and MIP-R26 all passed their onchain voting period.

…

Forum post: Gauntlet Base/Optimism/Moonbeam/Moonriver 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 borrow/supply cap usage of over 75%: rETH (87.67% supply cap). The deployment had $512,653.61 in liquidations across six assets in the past week: mUSDC ($383.55K), mAERO ($113.52K), mcbBTC ($15.33K), mWETH ($251.15), mcbETH ($1.88), and mwstETH ($0.58).
• Optimism: Three assets had an average utilization greater than 75%: USDT (84.78%), USDC (84.29%), and DAI (89.23%). The deployment had $1,040.39 in liquidations across two assets in the past week: mOP ($1.04K) and mDAI ($0.39).
• Moonbeam: No asset had an average utilization greater than 75%. The deployment had $9,869.45 in liquidations across two assets in the past week: mxcUSDT ($9.77K) and mGLMR ($99.45).
• Moonriver: One asset had an average utilization greater than 75%: FRAX (82.28%). No liquidations were reported.

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Forum post: Gauntlet - EURC Supply Cap Recommendations and cbBTC Recommendations

Author: Gauntlet

Summary: Gauntlet, on Monday, announced they would use Cap Guardian to increase the EURC Supply and Borrow Caps from 4.2M to 8.6M and 3.9M to 8.2M, respectively. Wednesday, they provided updated recommendations for EURC and new recommendations for cbBTC. EURC’s Borrow cap were increased from 3.9M to 8M. cbBTC’s Supply and Borrow caps were increased from 280 to 560 and 80 to 160, respectively. For the rationale behind these changes, see the forum posts above.

…

Integration Updates

Forum post: Add pufETH Market to Moonwell on Base

Summary: Wednesday, first-time poster @Puffer created a forum post outlining a proposal to add a market for pufETH to Moonwell. The Liquid Restaking Token (LRT) issued by Puffer Finance offers Ethereum liquid staking rewards and integrations across other DeFi platforms. For more on this proposal, including TVL, liquidity, security, and more, visit the forum post above.

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Forum post: Add Wrapped Super OETH market to Moonwell on Base

Summary: Thursday, after speaking on the governance call, @pete from Origin Protocol created a forum post outlining a proposal to add a market for wsuperOETHb to Moonwell. The asset is the next iteration of OETH. This new class of LSTs are meant to be higher yield than staking alone, yet come with less risk than restaking tokens. For more on this proposal, including token design, benefits to Moonwell, security, and more, visit the forum post above.

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Forum post: Add wrsETH Markets to Moonwell on Base and Optimism

Summary: KelpDAO’s previous Snapshot proposal to add markets for their LRT, wrsETH, to Moonwell on Base and Optimism was passed successfully. On Friday, Gauntlet offered their recommendations regarding the risk analysis for the proposed market.

…

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, November 7th.

[Boardroom]

Weekly Governance Update: Week of October 7th, 2024

The second week of October included updates to the KelpDAO wrsETH proposal, the conclusion of the Origin Protocol Super OETH Snapshot, and updates to the Delegate Rush program.

Here are the highlights:

Delegate Rush Updates

Delegation Period: Make sure to delegate to the new applicants. The five prospective delegates need to reach 200K in WELL delegations to be onboarded as mid-tier delegates. See the comment on the original forum post here.

…

Contributor Updates

Forum post: Gauntlet Base/Optimism/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 supply cap usage of over 75%: AERO (76.52% supply cap), USDbC (79.53%), wstETH (77.00%), and rETH (91.27%). The deployment had $175,460.40 in liquidations across eight assets in the past week: mAERO ($134.15K), mcbBTC ($20.55K), mcbETH ($10.79K), mWETH ($8.99K), mDAI ($951.20), mUSDC ($24.96), mrETH ($3.99), and mwstETH ($0.29).
• Optimism: Three assets had an average utilization greater than 75%: USDT (87.66%), USDC (89.69%), and DAI (88.00%). The deployment had $14,342.16 in liquidations across three assets in the past week: mOP ($10.36KK), mWETH ($1.87K), mrETH ($1.61K), and mUSDC ($502.16).
• Moonbeam: No asset had an average utilization greater than 75%. The deployment had $16,970 in liquidations across three assets in the past week: mGLMR ($13.10K), mDOT ($1.97K), and mWBTC.wh ($1.90K).
• Moonriver: One asset had an average utilization greater than 75%: FRAX (82.50%). The deployment had $444.22 in liquidations from one asset in the past week: mMOVR.

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Forum post: Gauntlet - VELO Supply Cap Recommendations

Author: Gauntlet

Summary: Gauntlet, on Tuesday, announced they would use Cap Guardian to increase the VELO Supply Cap from 12.7M to 18M. For the rationale behind these changes, see the forum posts above.

…

Integration Updates

Forum post: Add Wrapped Super OETH market to Moonwell on Base

Summary: Last week, Origin Protocol created a forum post outlining a proposal to add a market for wsuperOETHb to Moonwell. On Wednesday, the proposal progressed to a Snapshot signal vote. The proposal was unsuccessful.

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Forum post: Add wrsETH Markets to Moonwell on Base and Optimism

Summary: KelpDAO’s previous Snapshot proposal to add markets for their LRT, wrsETH, to Moonwell on Base and Optimism was passed successfully. Last week, Gauntlet offered their recommendations for the proposed market on Base. This Wednesday, they did the same for Optimism.

…

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, November 7th.

[Boardroom]

Weekly Governance Update: Week of October 14th, 2024

The third week of October included successful proposals surrounding wrsETH and activating USDC rewards on Base, as well as new forum discussions on protecting Moonwell against governance attacks and exploring more Superchain-aligned integrations.

Here are the highlights:

Delegate Rush Updates

Delegation Period: Make sure to delegate to the new applicants. The five prospective delegates need to reach 200K in WELL delegations to be onboarded as mid-tier delegates. See the comment on the original forum post here.

…

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: Four assets had an average supply cap usage of over 75%: AERO (78.28% supply cap), USDbC (97.39%), wstETH (80.39%), and rETH (95.23%). The deployment had $34,777.93 in liquidations across seven assets in the past week: mAERO ($12.89K), mWETH ($11.44K), mUSDC ($7.70K), mDAI ($1.27K), mcbBTC ($906.62), mcbETH ($556.16), and mwstETH ($15.15).
• Optimism: Three assets had an average utilization greater than 75%: USDT (88.83%), USDC (89.79%), and DAI (88.24%). The deployment had $8,600.00 in liquidations across one asset in the past week: mWETH
• Moonbeam: No asset had an average utilization greater than 75%. The deployment had $75.08 in liquidations across three assets in the past week: mUSDC.wh ($57.46), mETH.wh ($13.22), and mDOT ($4.40).
• Moonriver: One asset had an average utilization greater than 75%: FRAX (82.06%). No liquidations were reported.

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Forum post: Gauntlet - Cap Recommendations

Author: Gauntlet

Summary: Wednesday, Gauntlet announced they would use Cap Guardian to change three sets of caps:

• wstETH (Base) Supply Cap from 6.3K to 9K
• VELO (Optimism) Supply Cap from 18M to 25M & Borrow Cap from 4.5M to 8M
• EURC (Base) Supply Cap form 8.6M to 13.7M & Borrow Cap from 8M to 11M

Friday, a new set of recommendations were published:

• cbETH (Base) Supply Cap from 8K to 10K
• WETH (Optimism) Supply Cap from 5K to 7.5K
• DAI (Optimism) Supply Cap from 2.4M to 4.8M & Borrow Cap from 2M to 4.5M
• wstETH (Optimism) Supply Cap from 1.5K to 2.5K

For the rationale behind these changes, see the forum posts above.

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Proposal: MIP-B33: Initiating USDC rewards and Assigning Gauntlet as USDC Emissions Admin

Author: Gauntlet

Summary: Monday, an onchain proposal was created to initiate USDC incentives on Moonwell’s USDC market on Base. Secondarily, the proposal sought to assign Gauntlet as the USDC Emissions Admin to dynamically manage rewards without requiring further governance proposals. On Thursday, the proposal successfully passed.

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Forum post: Increasing governance participation

Author: Luke

Summary: On Tuesday, Moonwell contributor Luke published his thoughts on potentially implementing a system to both increase participation in governance and protect against governance attacks. He mentioned the worst-case scenario of a protocol getting taken over by bad actors who wish to extract value from the community, citing a recent attack on Compound. This proposal entails requiring users to vote once in the last 30 days in order to claim rewards from the Safety Module. Be sure to read the forum post above and contribute your thoughts in the comments.

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Forum post: Add wrsETH Markets to Moonwell on Base and Optimism

Summary: KelpDAO’s previous Snapshot proposal to add markets for their LRT, wrsETH, to Moonwell on Base and Optimism was passed successfully. Gauntlet also previously offered their recommendations for the proposed market on Base and Optimism. Monday, MIP-X03 went live. On Thursday, the proposal was successfully passed.

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Forum post: Adding support for BOB

Summary: Community member @nomishow created a forum post on Tuesday to create discussion around potentially activating Moonwell on BOB network. Contributor Luke discussed the need to make data-driven decisions around BOB as well as other new L2s that are aligned with the Superchain, including Soneium, Unichain, SOON, and [REDACTED].

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Forum post: Expanding to Soneium

Summary: Sunday, Delegate Rush applicant @kimchiblock created a forum proposal around potentially activating Moonwell on Soneium, an upcoming OP Stack L2 built by Sony Block Solutions Labs. The post mentions that competitive lending protocols have begun preparing for a launch on the upcoming chain.

…

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, November 7th.

[Boardroom]

Weekly Governance Update: Week of October 21st, 2024

The fourth week of October included a proposal to add a voting requirement to claim Safety Module rewards, a pair of automated liquidity incentives proposals, and Gauntlet’s monthly recommendations.

Here are the highlights:

Delegate Rush Updates

Delegation Period: Make sure to delegate to the new applicants. The five prospective delegates need to reach 200K in WELL delegations to be onboarded as mid-tier delegates. See the comment on the original forum post here.

…

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%: USDbC (93.87%) and rETH (99.93%). The deployment had $228,170 in liquidations across eight assets in the past week: mWETH ($79.11K), mcbBTC ($73.35K), mUSDC ($50.94K), mAERO ($22.83K), mEURC ($1.12K), mDAI ($805.08), mrETH ($13.45), and mwstETH ($1.78).
• Optimism: Three assets had an average utilization greater than 75%: USDT (88.23%), USDC (89.88%), and DAI (88.16%). The deployment had $1,138 in liquidations across two assets in the past week: mVELO ($891.05) and mOP ($246.95).
• Moonbeam: No asset had an average utilization greater than 75%. The deployment had $385.50 in liquidations across one asset in the past week: mGLMR.
• Moonriver: One asset had an average utilization greater than 75%: FRAX (90.77%). No liquidations were reported.

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Forum post: Increasing Governance Participation

Author: Luke

Summary: After last week’s discussion on preventing governance attacks began, MIP-X05 went up for an onchain vote on Wednesday. The proposal sought to accomplish two things:

• Reduce the Safety Module cooldown period from 10 days to 7 days on Base and Optimism
• Require voting at least once in the last 30 days to claim staking rewards

The proposal was successful.

…

Proposals: MIP-X04 and MIP-R27 - Automated Liquidity Incentives Proposals

Summary: This week, the monthly reward speed proposals for Base, Optimism, Moonbeam, and Moonriver were submitted. MIP-X04 covered Base, Optimism, and Moonbeam, while MIP-R27 addressed rewards on Moonriver. These proposals rebalance liquidity incentives in an effort to maintain healthy levels of rewards on the networks.

• The USDbC market (Base) had no changes.
• The ETH market (Base) WELL supply and borrow APR were increased.
• The cbETH market (Base) WELL supply and borrow APR were decreased.
• The DAI market (Base) had no changes.
• 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 decreased.
• The weETH market (Base) WELL supply and borrow APR were increased.
• The cbBTC market (Base) WELL supply and borrow APR were increased.
• The EURC market (Base) WELL supply and borrow APR were increased.
• The wrsETH market (Base) WELL supply and borrow APR were increased.
• The USDC market (Optimism) WELL supply and borrow APR were increased. The OP supply and borrow APR were increased.
• The USDT market (Optimism) WELL supply and borrow APR were increased. The OP supply and borrow APR were increased.
• The DAI market (Optimism) WELL supply and borrow APR were increased. The OP supply and borrow APR were increased.
• The WBTC market (Optimism) had no changes.
• The ETH market (Optimism) WELL supply and borrow APR were decreased. The OP supply and borrow APR were increased.
• The wstETH market (Optimism) WELL supply and borrow APR were increased. The OP supply and borrow APR were increased.
• The cbETH market (Optimism) WELL supply APR was decreased. The OP supply APR was decreased.
• The rETH market (Optimism) WELL supply and borrow APR were decreased. The OP supply and borrow APR were decreased.
• The OP market (Optimism) WELL supply and borrow APR were increased. The OP supply and borrow APR were increased.
• The weETH market (Optimism) WELL supply and borrow APR were decreased. The OP supply and borrow APR were increased.
• The VELO market (Optimism) WELL supply and borrow APR were increased. The OP supply and borrow APR were increased.
• The wrsETH 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 increased.
• The xcDOT market (Moonbeam) WELL supply and borrow APR were decreased. The GMLR borrow APR was increased.
• The FRAX market (Moonbeam) WELL supply and borrow APR were decreased. The GMLR supply and borrow APR were increased.
• The ETH.wh market (Moonbeam) WELL supply and borrow APR were decreased. The GMLR supply and borrow APR were decreased.
• The WBTC.wh market (Moonbeam) had no changes.
• The USDC.wh market (Moonbeam) WELL supply and borrow APR were decreased. The GMLR borrow APR was 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 increased. The GMLR supply and borrow APR were increased.
• The MOVR market (Moonriver) MFAM supply APR was decreased. The MOVR supply APR was decreased.
• The xcKSM market (Moonriver) MFAM supply APR was increased. The MOVR supply APR was increased.
• The FRAX market (Moonriver) had no changes.

The proposals were successful.

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Forum post: Gauntlet - Cap Recommendations

Author: Gauntlet

Summary: Monday, Gauntlet announced they would use Cap Guardian to change four sets of caps:

• wstETH (Base) Supply Cap from 9K to 14.4K
• EURC (Base) Borrow Cap from 8M to 13M
• weETH (Optimism) Supply Cap from 170 to 340 and Borrow Cap from 85 to 110
• rETH (Optimism) Supply Cap from 85 to 170 and Borrow Cap form 350 to 520

For the rationale behind these changes, see the forum posts above.

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Forum post: Gauntlet Base/Optimism/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 DAI and USDbC were decreased. The collateral Factors for USDbC and DAI were decreased while their Reserve Factors were increased. WETH Reserve Factor was decreased. IR parameters were recommended to be adjusted for DAI, cbBTC, WETH, and USDbC.
• Optimism: Both Borrow and Supply Caps for WBTC were decreased. The Collateral Factors for WTH, cbETH, wstETH, and rETH were increased. The Reserve Factor for WBTC was increased while its Collateral Factor was decreased. IR parameters were recommended to be adjusted for WETH.
• Moonbeam: Borrow Caps for xcUSDC and xcUSDT were increased. Collateral Factors for USDC.wh, WETH.wh, and WBTC.wh were decreased. WBTC.wh Reserve Factor was increased.
• Moonriver: No changes were recommended.

…

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, November 7th.

[Boardroom]

Weekly Governance Update: Week of October 28th, 2024

This last week included six proposals passed and/or executed. October saw an 87.5% increase in voter turnout compared to the previous month. Check out our full governance report for October here.

Here are last week’s highlights:

Delegate Updates

Delegate Rush Delegation Period: Reminder that the deadline to delegate to applicants is November 9th. The five prospective delegates need to reach 200K in WELL delegations to be onboarded as mid-tier delegates.

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Forum post: Further Formalizing Governance Procedures

Author: 0xMims

Summary: This proposal suggests that Moonwell formalize its voting schedule to add structure amid increased DAO activity and new delegates. By adopting predictable proposal start dates—similar to Arbitrum DAO’s weekly cycle—it would aid participants and enhance governance procedures.

Proposals

MIP-B36: Enabling Public Allocator Functionality for the Moonwell Flagship EURC Vault

Summary: This proposal seeks approval to activate the Public Allocator function for the Moonwell Flagship EURC Vault. This enhancement will authorize a designated Public Allocator to efficiently manage the vault’s liquidity, ensuring borrowers have improved access to funds by reallocating assets as necessary. The Public Allocator, a smart contract designed to optimize liquidity across markets, will redistribute liquidity in real-time, minimize fragmentation, and enhance borrower accessibility. Nearly 100% of voters supported this proposal, which will be executed in the coming days.

MIP-B35: Create USDC Reward Stream on cbBTC Market and Assign Gauntlet as Emissions Admin

Summary: This proposal seeks to introduce USDC incentives on Moonwell’s cbBTC market on Base, with the assignment of Gauntlet as the Emissions Admin. This role allows Gauntlet to dynamically manage USDC rewards on the cbBTC market without additional governance proposals. An initial four-week reward period will be established with the transfer of 80,000 USDC to the MultiRewardDistributor contract, with specific logistics, such as creating the reward stream and setting supply reward speeds, to be executed. Additionally, the reward stream’s end time has been set for December 3, 2024, aiming to boost liquidity and usage while leveraging Gauntlet’s expertise in optimizing incentive distribution. Nearly 100% of voters supported this proposal, which will be executed in the coming days.

MIP-M41: Reduce Safety Module Cooldown Period to 7 Days on Moonbeam

Summary: This proposal aims to shorten the cooldown period for the Safety Module on Moonbeam from the current 10 days to 7 days, aligning it with recent modifications made on Base and Optimism networks. This adjustment provides consistency across all networks, offering WELL stakers on Moonbeam the same cooldown period as those on Base and Optimism. The proposal was executed on November 1st.

MIP-M40: Gauntlet’s Moonbeam Recommendations

Summary: The proposal suggests adjustments to six key risk parameters. The recommended changes include:

• increasing the borrow cap for xcUSDC from 230,000 to 750,000 and for xcUSDT from 400,000 to 750,000
• reducing collateral factors for:
  • USDC.wh from 50% to 45%,
  • WETH.wh from 43% to 41%
  • WBTC.wh from 25% to 20%
• increasing the reserve factor for WBTC.wh from 40% to 60%

The proposal was executed on November 1st.

MIP-O11: Gauntlet’s Optimism Recommendations

Summary: The proposal outlines adjustments to eight key risk parameters to enhance financial dynamics. It recommends increasing collateral factors for WETH, cbETH, wstETH, and rETH, while suggesting significant changes for WBTC, including increased reserve factors and reduced collateral, supply, and borrowing caps. Additionally, proposed modifications to WETH interest rate parameters include a higher kink and jump multiplier to optimize lending efficiency. The proposal was executed on November 1st.

MIP-B34: Gauntlet’s Base Recommendations

Summary: This proposal recommends adjustments to nine risk parameters related to USDbC, DAI, and WETH. Key changes include decreasing the collateral factor for USDbC from 78% to 76%, updating the supply cap, borrow cap, and reserve factor for both USDbC and DAI, and modifying the WETH reserve factor. Additionally, the proposal outlines interest rate parameter adjustments for these assets, such as altering the kink and multiplier values to optimize performance. The proposal was executed on November 1st.

Contributor Updates

Forum post: Gauntlet Weekly Market Update

Author: Gauntlet

Summary: Gauntlet posted a weekly update on October 28th for the Moonwell markets covering the previous week.

• Base: Three assets had an average supply cap usage of over 75%: USDbC (91.40%), rETH (100%), and weETH (77.09%). The deployment had $129,931 in liquidations across five assets in the past week: mAERO ($117.63K), mWETH ($9.43K), mUSDC ($1.64K), mcbETH ($111.08), and mwstETH ($1.12k).
• Optimism: Three assets had an average utilization greater than 75%: USDT (89.75%), USDC (89.85%), and DAI (87.99%). The deployment had $118,743 in liquidations of three assets in the past week: mVELO ($114.23K), mWETH ($4.47K), and mUSDC ($43.84).
• Moonbeam: No asset had an average utilization greater than 75%. The deployment had $7,563 in liquidations across three assets in the past week: mGLMR ($7.32K), mDOT ($238.22), and mUSDC.wh ($5.57).
• Moonriver: One asset had an average utilization greater than 75%: FRAX (87.17%). No liquidations were reported.

…

Forum post: Gauntlet - Cap Recommendations

Author: Gauntlet

Summary: Gauntlet announced they would use Cap Guardian to change caps throughout the week:

• OP (Optimism) Supply Cap from 1.4M to 2.8M
• USDC (Optimism) Supply Cap from 18.2M to 36M and Borrow Cap from 17M to 34M
• wstETH (Base) Borrow Cap from 2.4K to 2.4K
• cbBTC (Base) Borrow Cap from 160 to 320
• cbETH (Base) Borrow Cap from 3.2K to 6.4K
• WETH (Optimism) Supply Cap from 7.5 to 10K and Borrow Cap from 4K to 9.5K
• EURC (Base) Supply Cap from 13.7M to 21.9M and Borrow Cap from 13M to 21M

Community Updates

Forum post: Add Wrapped Super OETH Market to Moonwell on Base

Summary: Early in October @pete posted this proposal, and @micah has followed up to clarify that, respecting the community’s vote, the team will not pursue a Super OETH market on Moonwell at this time. They remain open to future collaboration as the Base ecosystem evolves.
…

Forum post: New Product Idea - Auctioned Borrowing

Author: bluebullet

Summary: The proposed idea involves a lending pool where 10 participants contribute to a $1,000 fund. Each month, an auction determines who receives the funds based on the lowest bid, with the winner repaying in installments and providing collateral. The claim is that the system benefits all participants by meeting diverse financial needs within a collateral-backed lending platform.

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, November 7th.

[Boardroom]

Weekly Governance Update: Week of November 4th, 2024

This last week was relatively quiet in terms of Moonwell governance. A few contributor updates are highlighted below.

Contributor Updates

Forum post: Gauntlet Weekly Market Update

Author: Gauntlet

Summary: Gauntlet posted a weekly update on November 4th for the Moonwell markets covering the previous week.

• Base: Five assets had an average supply cap usage of over 75%: DAI (90.97%), USDbC (102.74%), cbETH (75.02%), rETH (100%), and weETH (97.44%). The deployment had $486,519 in liquidations across five assets in the past week: mcBTC ($189.36K), mAERO ($146.40K), mUSDC ($134.87K), mWETH ($15.84K), and mDAI ($49.14).
• Optimism: Three assets had an average utilization greater than 75%: USDC (89.86%), USDT (89.57%), and DAI (89.65%). The deployment had $15,517 in liquidations of three assets in the past week: mOP ($14.70K), mwstETH ($764.46), mWETH ($53.44).
• Moonbeam: No asset had an average utilization greater than 75%. The deployment had $16,898 in liquidations across five assets in the past week: mGLMR ($6.02K), mDOT ($4.78K), mWBTC.wh ($3.57K), mETH.wh ($2.51K) and mUSDC.wh ($18.32).
• Moonriver: One asset had an average utilization greater than 75%: FRAX (82.79%). No liquidations were reported.

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Forum post: Gauntlet - Cap Recommendations

Author: Gauntlet

Summary: Gauntlet announced they would use Cap Guardian to change caps throughout the week:

• WETH (Base) Supply Cap from 60K to 96k and Borrow Cap from 40k to 64K
• USDC (Base) Supply Cap from 100M to 200M and Borrow Cap from 92M to 184M
• cbBTC (Base) Supply Cap from 560 to 900
• cbETH (Base) Supply Cap from 10K to 16K
• weETH (Base) Supply Cap from 900 to 1400
• rETH (Optimism) Borrow Cap from 170 to 340
• wstETH (Optimism) Supply Cap from 2500 to 5000 and Borrow Cap from 750 to 1500
• AERO (Base) Supply Cap from 35M to 70M

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Forum post: Block Analitica & B.Protocol: Moonwell Flagship Vaults - Monthly Recap (October 2024)

Author: BlockAnalitica

Summary: In October, Moonwell Flagship vaults on Morpho’s Base deployment experienced significant growth (224% average TVL increase), leading Block Analitica to update the allocation model for yield maximization. Parameter changes included:

• Setting maxIn flow cap to zero for cbETH/USDC (exchange rate) market.
• Adding Idle market to USDC vault’s supply queue.
• Increasing EURC vault’s supply cap to 10 million EURC.
• Enabling Public Allocator for EURC vault via DAO vote.

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Monthly Governance Call

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