Weekly Governance Update: Week of November 11th, 2024
Three Snapshot proposals passed over the last week, as noted below, showing support for adding two new markets and migrating the bug bounty program to Code4rena.
Proposals
Migrate Moonwell’s Bug Bounty Program Provider from Immunefi to Code4rena
Summary: This proposal seeks to replace Immunefi with Code4rena for its bug bounty program to improve submission quality. The focus will be on critical vulnerabilities with mandatory proof of concepts, reducing low-value reports and leveraging Code4rena’s robust judging process and clear scope definitions. Passed on November 16th with nearly 100% voting “for.”
[Temp Check] Add pufETH market to Moonwell on Base
Summary: Puffer Finance proposes listing pufETH, a liquid restaking token, as collateral on the Base deployment. This would enable users to borrow against pufETH, which offers staking and restaking rewards. The token has significant adoption, security audits, and backing from major investors. Snapshot ended on November 14th with 93% voting “yes.”
Add wUSDM Market to Moonwell on Optimism
Summary: Mountain Protocol proposes adding wUSDM—a yield-bearing, USD-pegged stablecoin backed by U.S. Treasuries—as collateral on the Optimism deployment. This aims to enhance capital efficiency, offering users discounted borrowing rates and leveraged exposure, while diversifying Moonwell’s assets with a real-world, regulated token. Snapshot ended on November 14th with 96% voting “yay.”
Contributor Updates
Forum post: Gauntlet Weekly Market Update
Author: Gauntlet
Summary: Gauntlet posted a weekly update on November 11th for the Moonwell markets covering the previous week.
- Base: Three assets had an average supply cap usage of over 75%: DAI (79.46%), USDbC (98.45%), and rETH (99.89%). The deployment had $172,894 in liquidations across nine assets in the past week: mAERO ($106.39K), mcBTC ($41.98K), mWETH ($12.09K), mUSDC ($6.48K), mwstETH ($2.73K), mEURC ($2.49K), mDAI ($691.36), mcbETH ($41.08), and mrETH ($1.71).
- Optimism: four assets had an average utilization greater than 75%: USDC (88.67%), USDT (88.72%), DAI (89.86%), and WETH (79.40%). The deployment had $64,878 in liquidations of five assets in the past week: mOP ($30.47K), mrETH ($13.88K), mDAI ($13.85K), mUSDC ($6.07K), and mwstETH ($608.27).
- Moonbeam: No asset had an average utilization greater than 75%. The deployment had $15,798 in liquidations across four assets in the past week: mUSDC.wh ($8.74K), mWBTC.wh ($3.77K), mxcUSDT ($3.24K), and mDOT ($48.72).
- Moonriver: One asset had an average utilization greater than 75%: FRAX (81.92%). One asset, mMOVR, had a total liquidation of ($136.85).
…
Forum post: Gauntlet - Cap Recommendations
Author: Gauntlet
Summary: Gauntlet announced they would use Cap Guardian to change caps throughout the week:
- cbBTC (Base) Supply Cap from 900 to 1500 and Borrow Cap from 320 to 640
- weETH (Optimism) Supply Cap from 340 to 540
- rETH (Optimism) Supply Cap from 520 to 750
Community Updates
Forum post: Additional revenue stream for Moonwell ecosystem via OEV implementation
Author: Marcin_RedStone
Summary: RedStone proposes implementing its OEV technology on Moonwell’s AERO market to capture liquidation profits usually taken by third-party bots, redirecting 50% back to Moonwell’s reserves. RedStone covers all costs; successful testing may expand to other markets, enhancing protocol revenue and security.
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, December 5th.
November 7th’s governance call can now be found on YouTube, and a recap is provided here.