Weekly Governance Recaps

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.

Weekly Governance Update: Week of November 18th, 2024

One Snapshot and two onchain proposals were passed by the community this week. The Snapshot involved a potential integration of RedStone’s OEV technology, while the onchain proposals were the standard monthly reward speed adjustments.

Proposals

Additional revenue stream for Moonwell ecosystem via OEV implementation

Summary: This proposal sought to implement Oracle Extractable Value (OEV) technology built by RedStone, introducing a new revenue stream for the Moonwell DAO. The idea entailed Moonwell capturing the extra value generated during liquidations, redirecting it back into the protocol reserves instead of being lost to bots. The team plans on initially testing the rollout on the AERO market on Moonwell’s Base deployment. The Snapshot passed and an onchain proposal is expected to be posted in the future.

MIP-X06 Automated Liquidity Incentive Proposal

Summary: The first of two monthly reward speed proposals, MIP-X06 made changes to the following markets:

  • Base:
    • ETH: Decreased WELL Supply APR and Borrow APR
    • cbETH: Decreased WELL Supply APR and Borrow APR
    • USDC: Increased WELL Supply APR and decreased WELL Borrow APR
    • wstETH: Decreased WELL Supply APR and Borrow APR
    • rETH: Decreased WELL Supply APR and Borrow APR
    • AERO: Decreased WELL Supply APR and Borrow APR
    • weETH: Decreased WELL Supply APR and Borrow APR
    • cbBTC: Increased WELL Supply APR and Borrow APR
    • EURC: Decreased WELL Supply APR and Borrow APR
    • wrsETH: Decreased WELL Supply APR and Borrow APR
  • Optimism:
    • USDC: Decreased WELL Supply APR and Borrow APR; decreased OP Supply APR and Borrow APR
    • USDT: Decreased WELL Supply APR and Borrow APR; decreased OP Supply APR and Borrow APR
    • DAI: Decreased WELL Supply APR and Borrow APR; decreased OP Supply APR and Borrow APR
    • ETH: Increased WELL Supply APR and Borrow APR; increased OP Supply APR and Borrow APR
    • wstETH: Decreased WELL Supply APR and Borrow APR; decreased OP Supply APR and Borrow APR
    • cbETH: Decreased WELL Supply APR; decreased OP Supply APR
    • rETH: Decreased WELL Supply APR and Borrow APR; decreased OP Supply APR and Borrow APR
    • OP: Decreased WELL Supply APR and Borrow APR; decreased OP Supply APR and Borrow APR
    • weETH: Decreased WELL Supply APR and Borrow APR; decreased OP Supply APR and Borrow APR
    • VELO: Decreased WELL Supply APR and Borrow APR; decreased OP Supply APR and Borrow APR
    • wrsETH: Decreased WELL Supply APR and Borrow APR; decreased OP Supply APR and Borrow APR
  • Moonbeam:
    • GLMR: Decreased WELL Supply APR and Borrow APR; increased GLMR Supply APR and Borrow APR
    • DOT: Decreased WELL Supply APR and Borrow APR; increased GLMR Supply APR and Borrow APR
    • FRAX: Decreased WELL Supply APR and Borrow APR; decreased GLMR Supply APR and Borrow APR
    • ETH.wh: Decreased WELL Supply APR and Borrow APR; decreased GLMR Supply APR and Borrow APR
    • USDC.wh: Decreased WELL Supply APR and Borrow APR; decreased GLMR Supply APR and Borrow APR
    • xcUSDT: Decreased WELL Supply APR and Borrow APR; decreased GLMR Supply APR and Borrow APR
    • xcUSDC: Increased WELL Supply APR and Borrow APR; increased GLMR Supply APR and Borrow APR

MIP-R28 Rebalancing of Moonriver Token Liquidity Incentives

Summary: The second monthly reward speed proposal made changes to the following markets:

  • Moonriver:
    • MOVR: No Supply-side or Borrow-side changes
    • xcKSM: No Supply-side or Borrow-side changes
    • FRAX: No Supply-side or Borrow-side changes

Contributor Updates

Forum post: Gauntlet Weekly Market Update

Author: Gauntlet

Summary: Gauntlet posted a weekly update on November 18th for the Moonwell markets covering the previous week.

  • Base: Three assets had an average cap usage of over 75%: DAI (75.69% supply cap), USDbC (82.65% borrow cap), and rETH (86.83% borrow cap and 99.96% supply cap). The deployment had eight asset liquidations in the past week: mAERO ($401.17K), mWETH ($351.67K), mUSDC ($192.80K), mcbBTC ($48.24K), mEURC ($1.96K), mcbETH ($627.96), mwstETH ($402.35), and mDAI ($26.98).
  • Optimism: Four assets had an average utilization greater than 75%: USDC (90.41%), USDT (90.11%), DAI (89.35%), and WETH (89.42%). The deployment had five asset liquidations in the past week: mVELO ($15.20K), mWETH ($5.94K), mrETH ($1.20K), mUSDC ($814.67), and mOP ($660.11).
  • Moonbeam: No asset had an average utilization greater than 75%. The deployment had five asset liquidations in the past week: mGLMR ($10.57K), mETH.wh ($2.97K), mDOT ($1.38K), mWBTC.wh ($1.13K), and mFRAX ($4.93).
  • Moonriver: One asset had an average utilization greater than 75%: FRAX (82.98%). The deployment had two asset liquidations in the past week: mxcKSM ($11.73K) and mMOVR ($30.00).

Forum post: Gauntlet - Cap Recommendations

Author: Gauntlet

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

  • weETH (Base) Supply Cap from 1400 to 2800 and Borrow Cap from 350 to 700

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. rETH Reserve Factor was increased. IR parameters were recommended to be adjusted for USDC.
  • Optimism: Supply Cap and Borrow Cap for WBTC were decreased. The Collateral Factor WBTC was decreased and its Reserve Factor was increased. IR parameters were recommended to be adjusted for USDC, USDT, DAI, wstETH, and cbETH.
  • Moonbeam: Borrow Cap for WBTC.wh was decreased. Collateral Factors for USDC.wh, WETH.wh, and WBTC.wh were decreased. WBTC.wh Reserve Factor was increased.
  • Moonriver: IR parameters were recommended to be adjusted for FRAX, xcKSM, and MOVR.

Community & Integrations

Forum post: MIP-B38: Renewal of Moonwell Flagship Vaults Incentives Program

Author: BlockAnalitica

Summary: Block Analitica proposed renewing the Moonwell Flagship Vaults incentives program. If successful, the upcoming proposal would extend and optimize the program for an additional 6-month period. The team noted the progress since launching on Base in July, adding that the Moonwell Flagship Vaults have emerged as the dominant market leader on Morpho’s Base deployment. The revised incentive program is requesting 18M WELL tokens, reduced from 50M.

Forum post: Switch Moonwell Optimism’s Markets to using API3’s OEV Enabled Data Feeds

Author: dav3

Summary: Dave Connor from API3 posted a proposal for Moonwell to switch to API3’s data feeds on the Optimism deployment. The proposal outlines the benefits such as increased revenues for the protocol and the technical simplification of switching due to no code changes being required. OEV accrued will be distributed to the WETH core market on Optimism’s reserves using the addReserve function. The voting options presented include a “Yay” to proceed with the switch, or a “Nay” to uphold the current system with no changes.

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’s governance call ca be found on YouTube, and a recap is provided here.

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Weekly Governance Update: Week of November 25th, 2024

One Snapshot proposal and two onchain proposals went up for a vote this week. Gauntlet was active in the forums, providing market updates, cap recommendations, and risk analysis for new markets.

Proposals

MIP-X07: Gauntlet’s Monthly Recommendations

Summary: Monday, Gauntlet submitted the first of two proposals which regularly make adjustments to several risk parameters across all Moonwell deployments. This first multichain proposal adjusted parameters on Base, Optimism, and Moonbeam. For the exact parameter adjustments, see our previous update here. The proposal was successful.

MIP-R29: Gauntlet’s Moonriver Recommendations

Summary: The second of the two Gauntlet monthly recommendation proposals was posted shortly after MIP-X07. This proposal only adjusted parameters on Moonriver. For the exact parameter adjustments, see our previous update here. The proposal was successful

MIP-B38: Renewal of Moonwell Flagship Vaults Incentives Program

Summary: Tuesday, B.Protocol and Block Analitica submitted a Snapshot proposal to renew the Moonwell Flagship Vaults incentives program. The proposal sought to extend and optimize the program for an additional 6-month period. The revised incentive program requested 18M WELL tokens, reduced from 50M. The Snapshot was successful and it will soon move to an onchain vote.

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: One asset had an average cap usage of over 75%: rETH (95.05% supply cap). The deployment had nine asset liquidations in the past week: mAERO ($172.83K), mcbBTC ($23.57K), mwstETH ($23.07K), mWETH ($7.59K), mUSDC ($3.38K), mrETH ($1.45K), mEURC ($1.21K), mcbETH ($529.97), and mDAI ($10.25).
  • Optimism: Four assets had an average utilization greater than 75%: USDC (90.49%), USDT (90.19%), DAI (89.05%), and WETH (87.73%). The deployment had five asset liquidations in the past week: mVELO ($7.23K), mUSDC ($272.56), mWETH ($22.47), mOP ($5.54), and mDAI ($0.23).
  • Moonbeam: No asset had an average utilization greater than 75%. The deployment had six asset liquidations in the past week: mxcUSDT ($35.42K), mGLMR ($14.03K), mUSDC.wh ($4.52K), mWBTC.wh ($2.76K), mFRAX ($1.07K), and mDOT ($266.81).
  • Moonriver: One asset had an average utilization greater than 75%: FRAX (84.46%). The deployment had three asset liquidations in the past week: mxcKSM ($14.31K), mMOVR ($1.83K), and mFRAX ($1.41K).

Forum post: Gauntlet - Cap Recommendations

Author: Gauntlet

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

  • weETH (Base) Supply Cap from 1400 to 2800 and Borrow Cap from 350 to 700

Forum post: Capturing OEV in the Moonwell Protocol

Author: elliot

Summary: Tuesday, Elliot from Solidity Labs created a forum discussion around a potential way to improve how liquidations occur on Moonwell, resulting in a more efficient capture of revenue from liquidation events. He noted the current state of MEV capture for the protocol - professional liquidators compete using bots to earn fees by liquidating risky underwater loans - before proposing the idea that Moonwell could introduce an “MEV tax,” charging liquidators for priority access to update price feeds and execute liquidations. Some of the benefits he discusses include additional revenue remaining within the protocol and maintaining the usage of Chainlink oracles. He recommends a phased approach, beginning with a single market before expanding.

Community & Integrations

Forum post: Add wUSDM Market to Moonwell on Base

Author: julianMP

Summary: After a successful Snapshot vote in mid-November, Gauntlet has posted their market risk analysis for wUSDM. The team recommended delaying the onboarding of wUSDM on Moonwell on Optimism until liquidity deepens and the distribution of liquidity providers becomes more diversified.

Forum post: Add pufETH Market to Moonwell on Base

Author: Puffer

Summary: After a successful Snapshot vote in mid-November, Gauntlet has posted their market risk analysis for pufETH. The team recommended delaying the onboarding of pufETH on Moonwell on Base until there’s deeper DEX liquidity.

Upcoming Events in Governance

Monthly Governance Call

The first Thursday of each month

Look for the next Monthly Governance Call in Discord this Thursday, December 5th.

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Weekly Governance Update: Week of December 2nd, 2024

No onchain nor Snapshot proposals were created this week. Super Delegate 0xMims created a forum proposal, Gauntlet offered their regular risk analysis, and the debate surrounding OEV continued following an in-depth discussion on Thursday’s governance call.

Delegate Updates

Forum post: WELL Asset Listing

Author: 0xMims

Summary: Thursday, Super Delegate 0xMims created a forum proposal to add WELL Core Markets to the protocol. A few of the factors that preceded this effort included the token’s liquidity on Aerodrome, its circulating market cap, and the Chainlink price feed for WELL on Base going live. 0xMims followed the Asset Listing Framework, including information on asset decentralization, risk, oracle assessment, etc. The proposal is expected to move to a Snapshot vote shortly.

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: One asset had an average cap usage of over 75%: rETH (80.45% supply cap). The deployment had ten asset liquidations in the past week: mcbBTC ($20.99K), mUSDC ($15.79K), mAERO ($9.35K), mDAI ($5.23K), mWETH ($3.46K), mwstETH ($1.00K), mweETH ($647.18), mEURC ($241.21), mcbETH ($152.64), and mrETH ($129.91).
  • Optimism: Four assets had an average utilization greater than 75%: USDC (90.84%), USDT (90.57%), DAI (90.10%), and WETH (87.73%). The deployment had five asset liquidations in the past week: mUSDC ($16.07K), mUSDT ($2.11K), mrETH ($330.46), mVELO ($50.80), and mWETH ($12.99).
  • Moonbeam: No asset had an average utilization greater than 75%. The deployment had five asset liquidations in the past week: mUSDC.wh ($12.97K), mGLMR ($7.08K), mETH.wh ($1.55K), mWBTC.wh ($1.23K), and mDOT ($23.01).
  • Moonriver: One asset had an average utilization greater than 75%: FRAX (89.25%). 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:

  • cbETH (Optimism) Supply Cap from 2 to 10

Community & Integrations

Forum post: Proposal: Introduction of a Fee-Sharing Mechanism for WELL Holders

Author: gopack

Summary: First-time poster gopack created a forum discussion early in the week, which was centered around activating a fee-sharing mechanism for WELL. Gopack argues that distributing a portion of the protocol’s fees to tokenholders would incentivize long-term holding and strengthen community alignment with the protocol’s growth.

Forum Discussion: Continuing the Great OEV Debate

Summary: Last week, Elliot from Solidity Labs created a forum discussion around a potential way to improve how liquidations occur on Moonwell, resulting in a more efficient capture of revenue from liquidation events. The proposal entailed introducing an “MEV tax,” charging liquidators for priority access to update price feeds and execute liquidations. The system would rely on existing Chainlink oracles. In the recent replies, Jacob from Fastlane expressed an alternative viewpoint on the MEV tax system and argued in favor of RedStone’s proposed solution.

API3’s proposal was also further discussed this week. In the most recent reply, Dave addressed concerns which included possible added risks of bad debt from data feed delays, onboarding hurdles for liquidators, and perceived poor capital efficiency for liquidators. He provides detailed responses to each, arguing that a 30-second delay is inconsequential in historical data, that OEV auctions can foster secondary markets for liquidation opportunities similar to Arbitrum’s Timeboost, and that flashloans are possible for paying winning bids with API3. Dave also mentions that there’s a possibility of tweaking the locking collateral amount to optimize performance and searcher quality of life.

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, January 2nd.

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Weekly Governance Update: Week of December 9th, 2024

One Snapshot and one onchain proposal went up for a vote this week.

Proposals

MIP-X08: Renewal of Moonwell Vaults Incentives Program and Frontier cbBTC Vault Ownership Transfer

Summary: On Monday, Block Analitica and B.Protocol submitted an onchain proposal that sought to extend and optimize the Moonwell Morpho Vaults Incentives Program for an additional six-month period, and transfer ownership of a new Moonwell Frontier cbBTC Vault to the Moonwell DAO. The new Vault is designed to capitalize on the growing demand for borrowing cbBTC within the Base ecosystem. On Thursday, the proposal was successfully passed.

Evaluating OEV Solutions for Moonwell: Community Temperature Check

Summary: Following the “Great OEV Debate,” Moonwell Delegate PGov created a forum post that outlined an upcoming Snapshot proposal which sought to help the community assess the best path forward in addressing Oracle Extractable Value (OEV). Covered in our last Monthly Report, three distinct OEV solution proposals from different teams (Solidity Labs, RedStone, and API3) were posted to the forums over the last month. Each proposal offers a distinct approach to improving the way liquidations are handled and subsequent revenue is captured, with varying trade-offs in terms of implementation, complexity, and security. The results of the Snapshot proposal will inform how the community will proceed through an onchain vote.

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: One asset had an average cap usage of over 75%: weETH (75.24% supply cap). The deployment had nine asset liquidations in the past week: mcbETH ($525.93K), mcbBTC ($46.60K), mUSDC ($38.55K), mAERO ($38.44K), mWETH ($36.46K), mEURC ($1.36K), mDAI ($470.36), mwstETH ($293.11), and mrETH ($21.20).
  • Optimism: The deployment had three asset liquidations in the past week: mUSDC ($3.79K), mOP ($589.21), and mWBTC ($56.94).
  • Moonbeam: The deployment had two asset liquidations in the past week: mETH.wh ($11.17K) and mUSDC.wh ($576.89).
  • Moonriver: No liquidations were reported.

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

Author: Gauntlet

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

  • Base: Supply and borrow caps for USDbC were decreased. The collateral factor for USDbC was decreased while the collateral factor for weETH was increased. IR parameters were recommended to be adjusted for USDC, EURC, and cbBTC.
  • Optimism: Both supply and borrow caps for WBTC decreased, while WETH’s supply cap increased. The Collateral Factor for WBTC was decreased. IR parameters were recommended to be adjusted for USDC, USDT, and DAI.
  • Moonbeam: Borrow Cap for WBTC.wh was decreased. Collateral factors for USDC.wh, WETH.wh, and WBTC.wh were decreased. Reserve factors for xcDOT and WGLMR were increased.
  • Moonriver: No changes were recommended.

Community & Integrations

Forum post: Proposal to Launch Moonwell Frontier cbBTC Morpho Vault on Base

Author: BlockAnalitica

Summary: Block Analitica created a forum proposal to launch a fourth Vault - following the success of the ETH, USDC, and EURC Vaults - called “Moonwell Frontier cbBTC.” The Vault’s aim is to attract Coinbase’s cbBTC token depositors. The same role assignments would apply; the Owner is the Moonwell DAO, the Curator is Block Analitica & B.Protocol, the Allocator is Block Analitica & B.Protocol, and the Guardian is Moonwell Security Council.

Forum post: Add LBTC to Moonwell Core Market on Base

Author: Maksym

Summary: Monday, first-time poster Maksym (Head of DeFi at Lombard) created a forum discussion around potentially listing Lombard’s LBTC to Moonwell on Base. LBTC is a 1:1 BTC-backed liquid-staked token built on Babylon. Maksym discussed LBTC’s security, oracles, smart contract audits, bug bounties, and other details.

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, January 2nd.

December 5th’s governance call can now be found on YouTube, and a recap is provided here.

1 Like

Weekly Governance Update: Week of December 16th, 2024

Two Snapshot proposals and three onchain proposals went up for a vote this week.

Proposals

Add WELL to Market Core Market on Base
Summary: Last Monday, Moonwell Super Delegate @0xMims created a Snapshot proposal for adding a WELL Core Market to Moonwell on Base. Earlier this month, he posted a forum discussion that laid out the token information, risk assessment, decentralization, and more. The Snapshot was successful.

Add LBTC to Moonwell Core Market on Base
Summary: Last Monday, Lombard Finance created a Snapshot proposal for adding an LBTC Core Market to Moonwell on Base. Earlier this month, @Maksym posted a forum discussion that laid out the token information, risk assessment, decentralization, and more. The Snapshot was successful.

MIP-X09 Automated Liquidity Incentive Proposal
Summary: The first of two monthly reward speed proposals, MIP-X09 made changes to the following markets:

  • Base:
    • ETH: Increased WELL Supply APR and Borrow APR
    • cbETH: Decreased WELL Supply APR and Borrow APR
    • USDC: Increased WELL Supply APR
    • wstETH: Decreased WELL Supply APR and Borrow APR
    • rETH: Decreased WELL Supply APR and Borrow APR
    • AERO: Increased WELL Supply APR and Borrow APR
    • weETH: Decreased WELL Supply APR and Borrow APR
    • cbBTC: Decreased WELL Supply APR and Borrow APR
    • EURC: Increased WELL Supply APR and Borrow APR
    • wrsETH: Increased WELL Supply APR and Borrow APR
  • Optimism:
    • USDC: Decreased WELL Supply APR and Borrow APR; decreased OP Supply APR and Borrow APR
    • USDT: Decreased WELL Supply APR and Borrow APR; decreased OP Supply APR and Borrow APR
    • DAI: Decreased WELL Supply APR and Borrow APR; decreased OP Supply APR and Borrow APR
    • ETH: Increased WELL Supply APR and Borrow APR; decreased OP Supply APR and Borrow APR
    • wstETH: Decreased WELL Supply APR and Borrow APR; decreased OP Supply APR and Borrow APR
    • cbETH: Increased WELL Supply APR; increased OP Supply APR
    • rETH: Increased WELL Supply APR and Borrow APR; decreased OP Supply APR and Borrow APR
    • OP: Increased WELL Supply APR and Borrow APR; decreased OP Supply APR and Borrow APR
    • weETH: Increased WELL Supply APR and Borrow APR; increased OP Supply APR and Borrow APR
    • VELO: Decreased WELL Supply APR and increased WELL Borrow APR; decreased OP Supply APR and Borrow APR
    • wrsETH: Increased WELL Supply APR and Borrow APR; decreased OP Supply APR and Borrow APR
  • Moonbeam:
    • GLMR: Increased WELL Supply APR and Borrow APR; decreased GLMR Supply APR and Borrow APR
    • DOT: Increased WELL Supply APR and decreased WELL Borrow APR; increased GLMR Supply APR and decreased GLMR Borrow APR
    • FRAX: Decreased WELL Supply APR and Borrow APR; decreased GLMR Supply APR and Borrow APR
    • ETH.wh: Increased WELL Supply APR and Borrow APR; decreased GLMR Supply APR and Borrow APR
    • USDC.wh: Decreased WELL Supply APR and Borrow APR; decreased GLMR Supply APR and Borrow APR
    • xcUSDT: Decreased WELL Supply APR and Borrow APR; decreased GLMR Supply APR and Borrow APR
    • xcUSDC: Increased WELL Supply APR and Borrow APR; decreased GLMR Supply APR and Borrow APR

MIP-X10: Gauntlet’s Monthly Recommendations

Summary: Wednesday, Gauntlet submitted a regular multichain proposal which made adjustments to several risk parameters across Moonwell’s Base, Optimism, and Moonbeam deployments. For the exact parameter adjustments, see our previous update here. The proposal was successful.

MIP-R30 Rebalancing of Moonriver Token Liquidity Incentives
Summary: The second of two monthly reward speed proposals, MIP-R30 sought to make changes to the following markets:

  • Moonriver:
    • MOVR: Increased MFAM Supply APR; increased MOVR Supply APR
    • xcKSM: Decreased MFAM Supply APR; decreased MOVR Supply APR
    • FRAX: Decreased MFAM Supply APR; decreased MOVR Supply APR

The proposal failed to reach quorum.

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: One asset had an average cap usage of over 75%: weETH (82.13% supply cap). The deployment had nine asset liquidations in the past week: mWETH ($726.30K), mcbBTC ($163.91K), mAERO ($115.75K), mEURC ($43.12K), mwstETH ($15.42K), mUSDC ($454.87), mcbETH ($369.38), mDAI ($56.16), and mrETH ($44.30).
  • Optimism: Four assets had an average utilization of over 75%: USDC (91.21%), USDT (90.09%), DAI (90.14%), and WETH (87.35%). The deployment had 11 asset liquidations in the past week: mWETH ($1.80M), mUSDC ($1.78M), mVELO ($53.24K), mwstETH ($37.75K), mOP ($16.81K), mweETH ($9.49K), mrETH ($5.76K), mWBTC ($1.14K), mUSDT ($1.11K), mwrsETH ($159.95), and mcbETH ($26.87).
  • Moonbeam: No assets had an average utilization of over 75%. The deployment had three asset liquidations in the past week: mGLMR ($81.94K), mDOT ($384.56), and mWBTC.wh ($267.84).
  • Moonriver: One asset had an average utilization of over 75%: FRAX (91.14%). The deployment had three asset liquidations in the past week: mFRAX ($2.33K), mMOVR ($1.86K), and mxcKSM ($1.74K).

Forum post: Gauntlet - Cap Recommendations
Author: Gauntlet
Summary: Gauntlet announced they would use Cap Guardian to change caps throughout the week:

  • wrsETH (Optimism) Supply Cap from 400 to 800
  • rETH (Base) Supply Cap from 1200 to 2000

Community & Integrations

Forum post: Block Analitica & B.Protocol: Moonwell Flagship Vaults - Monthly Recap
Author: BlockAnalitica
Summary: The combined TVL of the ETH, USDC, and EURC vaults hit an all-time high in November and Morpho’s allocation model optimization upgrade worked as intended. The teams executed parameter adjustments, including increasing the wstETH/ETH supply cap and reducing the supply cap for rETH/ETH on the vaults on Morpho’s Base deployment.

Upcoming Events in Governance

Monthly Governance Call

Look for the next Monthly Governance Call in Discord on the second Thursday of the month, January 9th.

1 Like

Weekly Governance Update: Week of December 30th, 2024

One Snapshot proposal went up for a vote this week.

Proposals

Add USDS to Moonwell Core Market on Base

Summary: Monday, Super Delegate 0xMims created a forum post outlining a proposal to add a Core Market for USDS - Sky Protocol’s Sky Dollar - to Moonwell on Base. USDS is a stablecoin that maintains a soft peg to the U.S. dollar and is backed by surplus capital. The proposal outlines the benefits, risk assessment, decentralization, and other key factors that the community should be aware of. It progressed to a Snapshot vote on Wednesday. The Snapshot was successful.

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%: weETH (99.76%) and rETH (86.68%). The deployment had eight asset liquidations in the past week: mAERO ($31.77K), mweETH ($10.55K), mcbBTC ($9.28K), mUSDC ($4.12K), mcbETH ($2.28K), mWETH ($1.80K), mwstETH ($34.27), and mEURC ($17.53).
  • Optimism: Four assets had an average utilization of over 75%: USDC (89.38%), USDT (82.28%), DAI (92.73%), and WETH (87.89%). The deployment had six asset liquidations in the past week: mWETH ($107.21), mWBTC ($101.06), mrETH ($24.35), mwstETH ($3.99K), mUSDC ($1.26), and mOP ($0.26).
  • Moonbeam: No assets had an average utilization of over 75%. The deployment had three asset liquidations in the past week: mDOT ($1.93K), mWBTC.wh ($1.18K), and mFRAX ($30.60).
  • Moonriver: One asset had an average utilization of over 75%: FRAX (88.50%). No liquidations were reported.

Community & Integrations

Forum post: tBTC Asset Listing

Author: citizen42

Summary: Saturday, @citizen42 created a forum post centered on adding a tBTC Core Market to Moonwell. tBTC is the Bitcoin-backed permissionless derivative token issued by Threshold Network, allowing Bitcoin’s value to be used in applications on other blockchains. The forum post lays out the protocol’s progress, including chain expansions, market cap, integration with other lending protocols, and more.

Upcoming Events in Governance

Monthly Governance Call

Look for the next Monthly Governance Call in Discord on the second Thursday of the month, January 9th.

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Weekly Governance Update: Week of January 6th, 2024

One Snapshot and one onchain proposal went up for a vote this week.

Proposals

Add tBTC to Moonwell Core Market on Base

Summary: Last week, we covered Threshold Network’s tBTC asset listing forum discussion. This week, the proposal progressed to a Snapshot signal vote. On January 9th, the proposal successfully passed.

MIP-B37: Add WELL Market to Moonwell on Base

Summary: Following a successful Snapshot proposal and the posting of Gauntlet’s recommendations, the proposal to add a WELL Core Market to Moonwell on Base went onchain on January 8th. The proposal was successful.

Delegate Updates

Forum post: VIRTUAL Asset Listing

Author: 0xMims

Summary: On Sunday, Super Delegate 0xMims proposed adding VIRTUAL, the governance and utility token of Virtuals Protocol, to Moonwell. Included in his proposal are benefits to the Moonwell community, market metrics, decentralization, and more.

Contributor Updates

Forum post: Gauntlet Weekly Market Update

Author: Gauntlet

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

  • Base: Two asset had an average supply cap usage of over 75%: weETH (99.77%) and rETH (84.04%). The deployment had nine asset liquidations in the past week: mWETH ($66.41K), mAERO ($43.17K), mwstETH ($13.34K), mcbETH ($3.38K), mcbBTC ($971.81), mUSDC ($431.49), mEURC ($13.06), mDAI ($11.96), and mrETH ($7.75).
  • Optimism: Four assets had an average utilization of over 75%: USDC (90.35%), USDT (83.14%), DAI (90.00%), and WETH (87.05%). The deployment had five asset liquidations in the past week: mwrsETH ($51.66K), mWETH ($3.88K), mVELO ($3.43K), mrETH ($293.57), and mDAI ($3.99).
  • Moonbeam: No assets had an average utilization of over 75%. The deployment had two asset liquidations in the past week: mGLMR ($3.45K) and mDOT ($3.01K).
  • Moonriver: One asset had an average utilization of over 75%: FRAX (87.94%). The deployment had one asset liquidation in the past week: mMOVR ($2.76).

Forum post: Gauntlet’s WELL Recommendations

Author: Gauntlet

Summary: Following a successful Snapshot proposal from 0xMims, Gauntlet has offered their recommendations for the proposed WELL Core Market on Base. Included in the comment are recommended supply/borrow caps, collateral factors, IR curve parameters, and more.

Community & Integrations

Forum post: Lombard LBTC Risk Assessment by Block Analitica

Author: BlockAnalitica

Summary: Following last month’s successful Snapshot, Block Analitica offered their risk analysis for Lombard Finance’s proposed LBTC Core Market on Base.

Upcoming Events in Governance

Monthly Governance Call

The governance call for January is now available on YouTube.

Look for the next Monthly Governance Call in Discord on the first Thursday of each month. The next call is on February 6th.

Weekly Governance Update: Week of January 13th, 2025

Two onchain proposals and one Snapshot went up for a vote this week.

Proposals

MIP-O12: Solidity Labs’ Oracle Extracted Value (OEV) Solution on ETH Core Market on Optimism
Summary: This proposal sought to implement Solidity Labs’ OEV Solution on the ETH Core Market on Optimism. The solution seeks to improve how liquidations occur on Moonwell, ensuring a more efficient capture of revenue from liquidation events. With this proposal, Moonwell would introduce an “MEV tax”, charging liquidators for priority access to update price feeds and execute liquidations. It is initially limited to the ETH Core Market on Optimism as a test. The proposal was successful.

Add VIRTUAL to Moonwell Core Market on Base
Summary: Wednesday, 0xMims’ previous discussion on adding a Core Market for the governance and utility token of Virtuals Protocol progressed to a Snapshot signal vote. The Snapshot was successful.

MIP-X11 Automated Liquidity Incentive Proposal
Summary: The regular monthly reward speed proposal went onchain on Wednesday. It made changes to the following markets:

  • Base:
    • ETH: Increased WELL Supply APR and Borrow APR
    • USDC: Increased WELL Supply APR
    • AERO: Decreased WELL Supply APR and Borrow APR
    • cbBTC: Decreased WELL Supply APR and Borrow APR
    • EURC: Increased WELL Supply APR and Borrow APR
    • WELL: Increased WELL Supply APR and Borrow APR; increased USDC Borrow APR
  • Optimism:
    • USDC: Increased WELL Supply APR and Borrow APR; decreased OP Supply APR and Borrow APR
    • USDT: Decreased WELL Supply APR and Borrow APR; decreased OP Supply APR and Borrow APR
    • DAI: Increased WELL Supply APR and Borrow APR; decreased OP Supply APR and Borrow APR
    • ETH: Increased WELL Supply APR and Borrow APR; decreased OP Supply APR and Borrow APR
    • VELO: Increased WELL Borrow APR; decreased OP Borrow APR
  • Moonbeam:
    • GLMR: Decreased WELL Supply APR and Borrow APR; decreased GLMR Supply APR and Borrow APR
    • DOT: Increased WELL Supply APR; increased GLMR Supply APR
    • FRAX: Decreased WELL Supply APR and Borrow APR; decreased GLMR Supply APR and Borrow APR
    • ETH.wh: Decreased WELL Borrow APR; decreased GLMR Borrow APR
    • USDC.wh: Decreased WELL Supply APR and Borrow APR; decreased GLMR Supply APR and Borrow APR
    • xcUSDT: Increased WELL Supply APR and Borrow APR; decreased GLMR Supply APR and Borrow APR
    • xcUSDC: Increased WELL Supply APR and Borrow APR; decreased GLMR Supply APR and Borrow APR

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: Three assets had an average supply cap usage of over 75%: weETH (98.37%), rETH (79.64%), and wrsETH (91.82%). The deployment had eight asset liquidations in the past week: mAERO ($369.01K), mcbBTC ($185.97K), mWETH ($27.84K), mcbETH ($19.68K), mUSDC ($16.64K), mrETH ($1.78K), mwstETH ($11.06), and mDAI ($0.34).
  • Optimism: Four assets had an average utilization of over 75%: USDC (89.24%), USDT (89.71%), DAI (90.96%), and WETH (86.73%). The deployment had six asset liquidations in the past week: mVELO ($32.00K), mWETH ($12.43K), mOP ($1.25K), mwstETH ($68.84), mrETH ($0.88), and mweETH ($0.17).
  • Moonbeam: No assets had an average utilization of over 75%. The deployment had two asset liquidations in the past week: mGLMR ($82.13K) and mDOT ($1.67K).
  • Moonriver: One asset had an average utilization of over 75%: FRAX (88.51%). The deployment had one asset liquidation in the past week: mMOVR ($975.72).

Forum post: Gauntlet Monthly Recommendations
Author: Gauntlet
Summary: Wednesday, Gauntlet offered their monthly recommendations on risk parameters across the four Moonwell deployments.

  • Base: Supply caps for wrsETH and rETH were increased. The reserve factor for DAI was increased to 100%. IR parameters were recommended to be adjusted for USDC and cbBTC.
  • Optimism: Supply caps for weETH and VELO were increased. Borrow cap for WEETH was increased. Collateral factor for weETH was increased while the collateral factor for WBTC was decreased. IR parameters were recommended to be adjusted for USDC, USDT, and DAI.
  • Moonbeam: Collateral factors for USDC.wh, WETH.wh, and WBTC.wh were decreased.
  • Moonriver: No changes were recommended.

Forum post: [Gauntlet] - Various Asset Recommendations
Author: Gauntlet
Summary: Following a successful Snapshot vote last month, Gauntlet added their recommendations for an LBTC Core Market on Base. Included in the post are recommended supply/borrow caps, collateral factor, IR curve parameters, and more. Around the same time, the team published similar recommendations for Threshold Network’s tBTC. This comes after a successful Snapshot earlier this month. Finally, Gauntlet added their recommendations for a USDS market on Base following a Snapshot from Super Delegate 0xMims.

Forum post: Gauntlet - Cap Recommendations
Author: Gauntlet
Summary: Gauntlet announced they would use Cap Guardian to change caps throughout the week:

  • weETH (Optimism) Supply Cap from 540 to 1100

Upcoming Events in Governance

Monthly Governance Call

Look for the next Monthly Governance Call in Discord on the first Thursday of the month, February 6th.

1 Like

Weekly Governance Update: Week of January 20th, 2025

Four onchain proposals went up for a vote this week. All successfully passed their voting periods.

Proposals

MIP-X12

Summary: Gauntlet’s Monthly Recommendations post was covered in the last weekly report. This week on Wednesday, MIP-X12 went live. These regular multi-chain proposals address risk parameters on Moonwell’s Base, Optimism, and Moonbeam deployments, including collateral factors and IR curves.

MIP-B38

Summary: Following a successful Snapshot at the start of the month, the proposal to add a USDS Core Market to Moonwell on Base was the first of three proposals to go live on Thursday.

MIP-B39

Summary: The second proposal to be submitted on Thursday was MIP-B39, which proposed adding a tBTC Core Market to Moonwell on Base. It previously passed a Snapshot vote earlier this month.

MIP-B40

Summary: The third and final onchain proposal submitted Thursday was a progression of last month’s LBTC Snapshot. MIP-B40 sought to add a LBTC Core Market to Moonwell on Base.

Contributor Updates

Forum post: Gauntlet 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 supply cap usage of over 75%: weETH (97.60%), rETH (84.4%), and wrsETH (93.04%). The deployment had 11 asset liquidations in the past week: mAERO ($1.75M), mWETH ($1.01M), mcbBTC ($175.06K), mweETH ($43.40K), mwstETH ($19.77K), mUSDC ($4.82K), mcbETH ($144.24), mwrsETH ($103.66), mrETH ($45.35), mDAI ($32.69), and mEURC ($2.64).
  • Optimism: Four assets had an average utilization of over 75%: USDC (90.09%), USDT (89.91%), DAI (90.31%), and WETH (88.97%). The deployment had eight asset liquidations in the past week: mVELO ($170.60K), mrETH ($7.08K), mwstETH ($6.25K), mWETH ($5.43K), mwrsETH ($1.36K), mOP ($1.09K), mDAI ($435.16), and mUSDT ($11.08).
  • Moonbeam: No assets had an average utilization of over 75%. The deployment had three asset liquidations in the past week: mGLMR ($152.15K), mDOT ($2.50K), and mETH.wh ($206.38).
  • Moonriver: One asset had an average utilization of over 75%: FRAX (87.22%). The deployment had two asset liquidations in the past week: mMOVR ($1.41K) and mxcKSM ($1.13K).

Forum post: Gauntlet - Cap Recommendations

Author: Gauntlet

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

  • WELL (Base) Supply Cap from 75M to 150M

Community & Integrations

Forum post: Add vDOT Market to Moonwell on Moonbeam

Author: 0xTPP

Summary: Early in the week, a forum post was created to discuss the possibility of adding a vDOT Core Market to Moonwell on Moonbeam. Bifrost, one of the largest Polkadot parachains, is a Liquid Staking app-chain. vDOT is a yield-bearing Liquid Staking Token (LST) issued by the Bifrost Staking Liquidity Protocol pallet and it represents staked DOT on the Polkadot Relay chain.

Upcoming Events in Governance

Monthly Governance Call

Look for the next Monthly Governance Call in Discord on the first Thursday of the month, February 6th.

Weekly Governance Update: Week of January 27th, 2025

One onchain proposal went up for a vote this week.

Proposals

Add VIRTUAL Market to Moonwell on Base

Summary: In mid-January, 0xMims proposed adding VIRTUAL, the governance and utility token of Virtuals Protocol, to Moonwell. It progressed to a Snapshot vote, which was successful; Gauntlet offered recommendations for the VIRTUAL Core Market before it moved to an onchain vote on January 29th.

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: Three assets had an average supply cap usage of over 75%: weETH (96.42%), rETH (90.49%), and wrsETH (90.75%). The deployment had nine asset liquidations in the past week: mAERO ($1.21M), mWELL ($117.40K), mcbBTC ($93.18K), mUSDC ($15.17K), mWETH ($2.99K), mwstETH ($1.30K), mcbETH ($865.09), mEURC ($259.20), and mDAI ($3.72).
  • Optimism: Four assets had an average utilization of over 75%: USDC (90.15%), USDT (89.94%), DAI (90.49%), and WETH (89.80%). The deployment had five asset liquidations in the past week: mwstETH ($143.79K), mVELO ($37.54K), mOP ($283.24), mWETH ($116.98), and mUSDT ($15.12).
  • Moonbeam: No assets had an average utilization of over 75%. The deployment had four asset liquidations in the past week: mGLMR ($3.71K), mWBTC.wh ($80.70), mUSDC.wh ($63.74), and mETH.wh ($24.94).
  • Moonriver: One asset had an average utilization of over 75%: FRAX (88.62%). The deployment had seven asset liquidations in the past week: mxcKSM ($2.30K), mMOVR ($535.67), mUSDC ($87.35), mETH ($32.80), mUSDT ($25.88), mWBTC ($20.64), and mFRAX ($1.14).

Forum post: Increasing Governance Participation (and Rewarding Voters) Part 2

Author: Luke

Summary: On Monday, Luke created a forum discussion about a proposal that is acting as a follow-up to October’s “Increasing Governance Participation” proposal. He first brought up the protocol’s status as a top revenue generator in DeFi before proposing that excess revenue could be used to reward Safety Module stakers. It would be auctioned off for WELL and used to bolster the Safety Module Ecosystem Reserve.

Community & Integrations

Forum post: Switching Moonwell’s GLMR Market to using API3’s OEV Enabled Data Feed for GLMR

Author: dav3

Summary: On January 28th, dav3 from API3 - a previous guest on the Great OEV Debate governance call - created a forum discussion on potentially integrating a proof of concept alternative oracle on the GLMR market on Moonbeam.

Forum post: Block Analitica & B.Protocol: Moonwell Flagship Vaults - Monthly Recap (December and January)

Author: BlockAnalitica

Summary: Block Analitica posted their monthly recaps for Moonwell’s Flagship Vaults this week. In December, the teams launched the Moonwell Frontier cbBTC vault and the community voted to extend the WELL token reward program for another six months. In this recap, the team highlights the automated reallocations and parameter adjustments which were executed for growth and security reasons. Those adjustments included increasing the cbBTC/USDC Supply Cap for the Flagship Vaults on Morpho’s Base deployment and increasing the Supply Cap for cbETH, cbBTC, WETH, and wstETH for the USDC vault. In January, the summary notes increased borrowing demand for ETH and the resultant increase in APY on the Flagship ETH Vault. They also noted the increase in USDC demand after the Coinbase integration on January 16th.

Forum post: Add AVAIL Market to Moonwell on Base

Author: ri5hitripathi

Summary: On Friday, a forum proposal was created which sought to create a Core Market for AVAIL on Base. AVAIL is the utility token of Avail Network, a modular data availability layer. Included in the post is the market risk assessment, decentralization, smart contract risk, and other MALF factors.

Forum post: Proposal to Launch Moonwell Flagship USDC Vault on Optimism

Author: BlockAnalitica

Summary: Coming after the successful launch of the Moonwell Flagship and Frontier Vaults on Base, Block Analitica has proposed an activation of the Flagship USDC Vault on Optimism. Some of the leading reasons behind the proposal include deepening the network liquidity for the stablecoin on OP mainnet and maintaining Moonwell’s position as a leading contributor to the Morpho ecosystem.

Upcoming Events in Governance

Monthly Governance Call

Look for the next Monthly Governance Call on Twitter on the first Thursday of the month, February 6th.

1 Like

Weekly Governance Update: Week of February 3rd, 2025

Two Snapshot proposals went up for a vote this week.

Proposals

Bolstering Moonwell’s Safety Module: Rewarding Stakers via Reserve Auctions
Summary: Two weeks ago, Luke created a forum proposal that is acting as a follow-up to October’s “Increasing Governance Participation” proposal. Excess revenue would be auctioned off for WELL and used to bolster the Safety Module Ecosystem Reserve. This week, Gauntlet signaled support for the proposal and recommended minimum reserves for each asset. It went up for a Snapshot vote shortly after. It was successfully passed.

Add USDe to Moonwell Core Market on Base and Optimism
Summary: Azgardadmin.eth created a forum proposal to add USDe to Moonwell Core Markets on Base and Optimism at the end of January. This week, it was submitted as a Snapshot vote, which was successful.

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%: weETH (99.38%) and rETH (79.60%). The deployment had 11 asset liquidations in the past week: mWETH ($972.63K), mAERO ($385.28K), mUSDC ($12.95K), mcbBTC ($6.52K), mwstETH ($3.77K), mWELL ($1.59K), mweETH ($1.31K), mcbETH ($701.50), mEURC ($365.29), mwrsETH ($109.11), and mrETH ($83.07).
  • Optimism: Four assets had an average utilization of over 75%: USDC (89.86%), USDT (89.61%), DAI (89.56%), and WETH (89.75%). The deployment had nine asset liquidations in the past week: mVELO ($132.78K), mOP ($75.84K), mWETH ($17.98K), mwstETH ($1.07K), mcbETH ($1.03K), mUSDC ($475.45), mrETH ($198.55), mweETH ($150.56), and mWBTC ($27.00).
  • Moonbeam: No assets had an average utilization of over 75%. The deployment had seven asset liquidations in the past week: mDOT ($126.51K), mGLMR ($99.85K), mETH.wh ($1.91K), mxcUSDT ($785.10), mWBTC.wh ($159.96), mxcUSDC ($148.76), and mUSDC.wh ($0.62).
  • Moonriver: One asset had an average utilization of over 75%: FRAX (89.66%). The deployment had two asset liquidations in the past week: mMOVR ($2.34K) and mxcKSM ($1.18K).

Forum post: Gauntlet - Cap Recommendations
Author: Gauntlet
Summary: Gauntlet announced they would use Cap Guardian to change caps throughout the week:

  • rETH (Base) Borrow Cap from 450 to 900
  • WELL (Base) Borrow Cap from 37.5M to 75M

Community & Integrations

Forum post: Add IDRX to Moonwell Ecosystem on Base
Author: luthfixbt
Summary: On Thursday, @luthfixbt proposed the addition of an IDRX (Indonesian Rupiah stablecoin) Core Market on Base. Included in the proposal are a market risk assessment, decentralization info, oracle assessment, and more.

Upcoming Events in Governance

Monthly Governance Call

Look for the next Monthly Governance Call in Discord on the last Thursday of next month, March 27th.