Weekly Governance Update: Week of August 25, 2025
No proposals went up for a vote this week. August’s governance call was hosted on Thursday.
Contributor Updates
Forum post: [Anthias Labs] Weekly Market Updates
Author: Anthias
Summary: Anthias posted a weekly update on Friday for the Moonwell markets covering the previous week.
- Base: Notable week-over-week shifts included VIRTUAL supply down ~25% (2.50M → 1.87M), tBTC supply up ~50% (9.50 → 14.29 tBTC), cbXRP borrows up ~28% (257.11K → 328.32K), and wstETH borrows down 54% (200.91 → 91.92 wstETH). Liquidations on Base totaled 119 events, with $1,971,411.93 in collateral seized; USDC made up the bulk of seized collateral (~$1.84M across 34 events).
- OP Mainnet: DAI was the standout; borrows up ~75% and supply up ~62%, with utilization rising ~8% to 90.07%. Other moves: rETH borrows down ~38% (supply down ~16%), WETH borrows/supply up ~6-7%, USDC borrows/supply down ~4%, USDT borrows/supply down ~6-7%, OP borrows down ~1% while supply up ~5%, and wstETH borrows up ~14% (supply down ~7%). Liquidations on OP Mainnet totaled 3 events, with $498.15 in collateral seized.
- Moonbeam: No notable changes were reported for Moonbeam this week, although there were a few moves (e.g. xcUSDC borrow and supply down 7% and 14% respectively and xcUSDT borrow and supply down 8% and 22% respectively). There was 1 liquidation event, totalling $128.83.
- Moonriver: Moonriver had no notable changes, nor liquidation events.
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Forum post: Monthly Governance Calls
Author: Boardroom
Summary: Boardroom hosted the August governance call on Thursday. Head over to the forum post to read a summary and to watch the YouTube recording.
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Forum post: Monthly Governance Report
Author: Boardroom
Summary: Boardroom posted the governance report for August on the final day of the month. Here, you can read more about the month’s main governance initiatives, proposal turnout, delegate voting rate, and more.
Upcoming Events in Governance
Monthly Governance Call
Look for the next Monthly Governance Call on X on the last Thursday of the month, September 25th.
Weekly Governance Update: Week of September 1st, 2025
No proposals went up for a vote this week.
Contributor Updates
Forum post: [Anthias Labs] - Risk Parameter Recommendations
Author: Anthias
Summary: Anthias Labs shared their monthly risk parameter recommendations for Moonwell’s Core Markets on Wednesday.
- Base: Anthias recommended an increase in Supply Caps for weETH, cbXRP, and WELL, as well as an increase in the Borrow Cap for WELL. They also included changes to the IR parameters of USDC.
- OP Mainnet: The main notable changes on OP Mainnet included an increase in VELO’s supply cap and adjustments to USDT’s and USDC’s IR parameters.
- Moonbeam: There were no parameter recommendations for Moonbeam.
- Moonriver: There were no parameter recommendations for Moonriver.
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Forum post: [Anthias Labs] Weekly Market Updates
Author: Anthias
Summary: Anthias posted a weekly update on Friday for the Moonwell markets covering the previous week.
- Base: Some notable week-over-week changes include a 15% increase in cbXRP supply, a 65% decrease in VIRTUAL borrows, and a 22% increase in WELL borrows. There was $163,003.16 in collateral seized across 64 liquidation events (driven mostly by weETH and AERO).
- OP Mainnet: Notable changes this week include sharp growth in USDT (borrows +47%, supply +38%) and a 76% increase in rETH supply. No liquidation events occurred on OP Mainnet this week.
- Moonbeam: Moonbeam’s core markets saw minimal week-over-week changes. There was only $57.51 in liquidations across 13 events (all GLMR).
- Moonriver: Moonriver had virtually no week-over-week changes in supply or borrow levels. There were $189.80 in liquidations across 2 events (both xcKSM).
Upcoming Events in Governance
Monthly Governance Call
Look for the next Monthly Governance Call on X on the last Thursday of the month, September 25th.
1 Like
Weekly Governance Update: Week of September 8th, 2025
One onchain proposal went up for a vote this week.
Proposals
Summary: The regular monthly reward speed proposal went onchain on Thursday. It made changes to the following markets:
- Base:
- ETH: Decreased WELL Supply and Borrow APR
- USDC: Increased WELL Supply APR
- AERO: Increased WELL Supply and Borrow APR
- cbBTC: Decreased WELL Supply and Borrow APR
- EURC: Increased WELL Supply and Borrow APR
- WELL: Increased WELL Supply and Borrow APR
- tBTC: Increased WELL Supply and Borrow APR
- LBTC: Increased WELL Supply and Borrow APR
- VIRTUAL: Increased WELL Supply and Borrow APR
- MORPHO: Increased WELL Supply and Borrow APR
- cbXRP: Increased WELL Supply and Borrow APR
- Optimism Mainnet:
- USDC: Decreased WELL Supply APR; decreased OP Supply APR
- USDT: Decreased WELL Supply APR; decreased OP Supply APR
- DAI: Decreased WELL Supply APR; decreased OP Supply APR
- ETH: Decreased WELL Supply APR; decreased OP Supply ARR
- wstETH: Decreased WELL Supply APR; increased OP Supply APR
- rETH: Increased WELL Supply APR; increased OP Supply APR
- OP: Increased WELL Supply APR; increased OP Supply APR
- weETH: Increased WELL Supply APR; increased OP Supply APR
- VELO: Increased WELL Supply APR; increased OP Supply APR
- wrsETH: Decreased WELL Supply APR; increased OP Supply APR
- USDT0: Decreased WELL Supply APR; decreased OP Supply APR
- Moonbeam:
- GLMR: Increased WELL Supply and Borrow APR; decreased GLMR Supply and Borrow APR
- DOT: Increased WELL Supply APR; increased GLMR Supply APR
- FRAX: Increased WELL Supply and Borrow APR; decreased GLMR Supply and Borrow APR
- USDC.wh: Increased WELL Supply and Borrow APR; decreased GLMR Supply and Borrow APR
- xcUSDT: Increased WELL Supply and Borrow APR; decreased GLMR Supply and Borrow APR
- xcUSDC: Increased WELL Supply and Borrow APR; decreased GLMR Supply and Borrow APR
- Reserves to Auction: ~$78.09K
Contributor Updates
Forum post: [Anthias Labs] Weekly Market Updates
Author: Anthias
Summary: Anthias posted a weekly update on Friday for the Moonwell markets covering the previous week.
- Base: Notable changes this week include sharp declines in cbXRP borrows (~50%) and cbBTC borrows (~66%), while wstETH borrows more than doubled (~102%). There was $667,116.08 in liquidations across 46 events
- OP Mainnet: Broad deleveraging across majors: WETH borrows/supply fell ~84–85%, USDC ~83% on both borrow and supply, DAI ~42–44%, and USDT ~56%. No liquidation events occurred on OP Mainnet this week
- Moonbeam: Markets were mostly flat week-over-week; xcUSDC supply rose ~8% while ETH.wh supply fell ~7%. There was only $0.89 in liquidations across 3 events.
- Moonriver: Moonriver saw virtually no week-over-week changes in supply or borrow levels. Likewise, no liquidation events occurred on Moonriver this week.
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Forum post: [Anthias Labs] Minimum Reserves Recommendations
Author: AnthiasLabs
Summary: On Monday, Anthias posted minimum recommended reserves for the Base markets. Their calculations include parameters like probability of position liquidation and the maximum liquidation amount.
Upcoming Events in Governance
Monthly Governance Call
Look for the next Monthly Governance Call on X on the last Thursday of the month, September 25th.
Weekly Governance Update: Week of September 15th, 2025
Two proposals went up for a vote this week.
Proposals
Summary: Monday, 0xMims, BlockAnalitica, and B.Protocol co-authored a proposal to distribute 3.33 million WELL tokens across four popular Morpho vaults on Base as rewards for depositors: USDC (50%), ETH (24%), EURC (13%), and cbBTC (13%).
Summary: In a previous weekly update, we summarized Anthias’ monthly recommendations for September. This week, on Tuesday, the proposal went up for an onchain vote.
Contributor Updates
Forum post: [Anthias Labs] Weekly Market Updates
Author: Anthias
Summary: Anthias posted a weekly update on Thursday for the Moonwell markets covering the previous week.
- Base: Notable week-over-week moves include a sharp +42% increase in WETH supply, +147% cbXRP borrows, +155% cbBTC borrows, and outsized jumps in BTC wrappers (LBTC borrows +1216%, tBTC borrows +2437%), while wstETH borrows fell ~52%. MORPHO supply declined ~73% even as its borrows rose ~227%. There were $232,147.87 in liquidations across 61 events.
- OP Mainnet: WETH and stables saw broad expansion. WETH borrows +142% (supply +144%), USDC borrows +58% (supply +57%), and USDT borrows +82% (supply +72%). Meanwhile, DAI cooled with borrows -35% and utilization down to ~64%; USDT0 borrows slipped -16%. Liquidations were minimal: 1 event totaling $103.17 seized.
- Moonbeam: Mostly steady week: xcUSDC supply -12% while USDC.wh supply +7%; other core markets were flat to ±1%. No liquidation events occurred on Moonbeam.
- Moonriver: Markets were virtually unchanged (xcKSM, FRAX, MOVR all ~0% WoW). No liquidation events occurred on Moonriver.
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Forum post: [Anthias Labs] Minimum Reserves Recommendations
Author: AnthiasLabs
Summary: On Wednesday, Anthias posted minimum recommended reserves for the Base markets. Their calculations include parameters like probability of position liquidation and the maximum liquidation amount.
Upcoming Events in Governance
Monthly Governance Call
Look for the next Monthly Governance Call on X on the last Thursday of the month, September 25th.
Weekly Governance Update: Week of September 22nd, 2025
One proposal went up for a vote this week.
Proposals
Summary: On Thursday, Anthias Labs submitted an onchain proposal which sought to take ownership of a Moonwell Ecosystem USDC (meUSDC) Vault on Base, powered by Morpho, and set Anthias Labs as the curator.
Contributor Updates
Forum post: [Anthias Labs] Weekly Market Updates
Author: Anthias
Summary: Anthias posted a weekly update on Friday for the Moonwell markets covering the previous week.
- Base: Notable week-over-week shifts include sharp growth in MORPHO supply (+272%), USDC supply and borrows (+17% each), and a decrease in wstETH borrows (-55%). Liquidations totaled $1,316,794.81 across 145 events, indicating a volatile week.
- OP Mainnet: USDT supply and borrows jumped 53% and 56%, respectively. wstETH supply (-29%) contracted. Liquidations were minimal at 4 events totaling $2,581.93 seized.
- Moonbeam: Mostly flat week; small moves such as GLMR supply/borrow ~+1% and xcUSDT utilization down -27%. Liquidations were just $352.52 across 10 events.
- Moonriver: Virtually unchanged across xcKSM, FRAX, and MOVR (sub-3% WoW deltas). Liquidations were just $0.63 across 1 event.
Community & Integrations
Forum post: Block Analitica & B.Protocol: Moonwell Flagship ETH - weETH/ETH Market Listing
Author: BlockAnalitica
Summary: On Thursday, Block Analitica and B.Protocol proposed listing a market for EtherFi’s weETH/ETH to the Moonwell Flagship ETH vault on Base. The post noted the favorable risk profile, distribution, lindyness, and its status as the first LRT asset supported by the Moonwell Flagship vaults. Included in the proposal were parameters, a risk assessment, oracle settings, and more.
Upcoming Events in Governance
Monthly Governance Call
Look for the next Monthly Governance Call on X on the last Thursday of the month, October 30th.
Weekly Governance Update: Week of September 29th, 2025
No proposals went up for a vote this week.
Delegate Updates
Forum post: Moonwell Governance Dashboard Update
Author: Jor-El
Summary: New Moonwell delegate Jor-El shared a Moonwell governance data dashboard built with Dune to the forums on Monday. The dashboard covers multi-chain governance data across Moonwell’s four deployments, and future planned updates include independent indexing and an ETL pipeline to keep data accurate and up-to-date.
Contributor Updates
Forum post: [Anthias Labs] - Risk Parameter Recommendations
Author: Anthias
Summary: Anthias Labs shared their monthly risk parameter recommendations for Moonwell’s Core Markets on Wednesday.
- Base: Anthias recommended a decrease in cbXRP’s Reserve Factor and increase in EURC’s Reserve Factor. They also included changes to the IR parameters of USDC and EURC (increases in Multipliers).
- OP Mainnet: The main notable changes on OP Mainnet included adjustments to USDC’s, USDT’s, and USDT0’s IR parameters (increases in Multipliers).
- Moonbeam: There were no parameter recommendations for Moonbeam.
- Moonriver: There were no parameter recommendations for Moonriver.
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Forum post: [Anthias Labs] Weekly Market Updates
Author: Anthias
Summary: Anthias posted a weekly update on Thursday for the Moonwell markets covering the previous week.
- Base: Some notable week-over-week changes include decreases in weETH supply, WETH borrows, and VIRTUAL borrows (-61%, -31%, and -28%, respectively). There were increases in WELL borrows, VIRTUAL supply, and cbXRP borrows (+48%, +44%, and +29%, respectively). There was $81,144.43 in liquidations across 68 events.
- OP Mainnet: DAI borrows and supply increased by +134% and +85%, respectively, while weETH supply (-57%) and USDT borrows (-26%) fell. There was $3,302.65 in liquidations across 16 events.
- Moonbeam: Moonbeam Core Markets had mostly insignificant changes week-over-week. There were 105 liquidations, totaling only $78.04 seized.
- Moonriver: Moonriver reported just one liquidation of $1.81.
Community & Integrations
Forum post: Announcing a New Moonwell Onchain Governance Dashboard
Author: Wheelhaus
Summary: New Moonwell community member Wheelhaus Labs published a governance dashboard built specifically for Moonwell on Wednesday. With it, users can find live voting stats, delegates lists and profiles, and different governance related stats and analytics.
Upcoming Events in Governance
Monthly Governance Call
Look for the next Monthly Governance Call on X on the last Thursday of the month, October 30th.
1 Like
Weekly Governance Update: Week of October 6th, 2025
Four onchain proposals went up for a vote this week.
Proposals
Summary: The regular monthly reward speed proposal went onchain on Sunday. It made changes to the following markets:
- Base:
- ETH: Increased WELL Supply and Borrow APR
- USDC: Decreased WELL Supply APR
- AERO: Decreased WELL Supply and Borrow APR
- cbBTC: Increased WELL Supply and Borrow APR
- EURC: Decreased WELL Supply and Borrow APR
- WELL: Decreased WELL Supply and Borrow APR
- tBTC: Increased WELL Supply and Borrow APR
- LBTC: Increased WELL Supply and Borrow APR
- VIRTUAL: Decreased WELL Supply and Borrow APR
- MORPHO: decreased WELL Supply and Borrow APR
- cbXRP: Increased WELL Supply and Borrow APR
- Optimism Mainnet:
- USDC: Decreased WELL Supply APR; decreased OP Supply APR
- USDT: Increased WELL Supply APR; increased OP Supply APR
- DAI: Increased WELL Supply APR; increased OP Supply APR
- ETH: Increased WELL Supply APR; increased OP Supply ARR
- wstETH: Decreased WELL Supply APR; decreased OP Supply APR
- rETH: Decreased WELL Supply APR; increased OP Supply APR
- OP: Decreased WELL Supply APR; increased OP Supply APR
- weETH: Decreased WELL Supply APR; decreased OP Supply APR
- VELO: Increased WELL Supply APR; increased OP Supply APR
- wrsETH: Decreased WELL Supply APR; increased OP Supply APR
- USDT0: Decreased WELL Supply APR; decreased OP Supply APR
- Moonbeam:
- GLMR: Decreased WELL Supply and Borrow APR; decreased GLMR Supply and Borrow APR
- DOT: Increased WELL Supply APR; increased GLMR Supply APR
- FRAX: Decreased WELL Supply and Borrow APR; decreased GLMR Supply and Borrow APR
- USDC.wh: Decreased WELL Supply and Borrow APR; decreased GLMR Supply and Borrow APR
- xcUSDT: Decreased WELL Supply and Borrow APR; decreased GLMR Supply and Borrow APR
- xcUSDC: Decreased WELL Supply and Borrow APR; decreased GLMR Supply and Borrow APR
- Reserves to Auction: ~$72K
Summary: In our previous weekly update, we summarized Anthias’ monthly recommendations for October. This week, on Monday, the proposal went up for an onchain vote.
Summary: On Friday, a new onchain proposal was submitted, seeking to add MAMO to the Base Core Markets. In the previous governance call, Moonwell contributor 0xMims noted Mamo’s passing of a Halborn audit with no outstanding issues, meeting risk assessment parameters (liquidity, swap size testing, etc.), and its Chainlink price feed going live on October 9th.
Summary: In September’s governance call, Moonwell contributor Luke Youngblood announced an upcoming proposal to introduce the Moonwell Ecosystem Vault (meUSDC), a public credit facility with 0% performance fee. This facility establishes infrastructure to enable the DAO to fund operations and expansion in a capital-efficient way that preserves long-term alignment. This week, on Friday, the proposal was re-submitted, seeking to accept ownership on behalf of the temporal governor and set Anthias Labs as the allocator.
Contributor Updates
Forum post: [Anthias Labs] Weekly Market Updates
Author: Anthias
Summary: Anthias posted a weekly update on Friday for the Moonwell markets covering the previous week.
- Base: Some notable week-over-week changes include an increase in WETH supply and borrows and decreases in the supply of weETH, AERO, and cbBTC. There was $124,422.94 in liquidations across 58 liquidation events.
- OP Mainnet: Notable changes on OP Mainnet include a jump in USDC supply and borrows, but a decrease in USDT supply and borrows. There was $45.19 in liquidations across 2 events.
- Moonbeam: xcDOT supply increased by over 140%, while xcUSDT supply decreased 28%. There was $2,070.35 in liquidations across 12 events in the past week.
- Moonriver: There were no liquidations nor notable changes reported.
Upcoming Events in Governance
Monthly Governance Call
Look for the next Monthly Governance Call on X on the last Thursday of the month, October 30th.
Weekly Governance Update: Week of October 13th, 2025
One onchain proposal went up for a vote this week.
Proposals
Summary: On Tuesday, MIP-B50 was submitted for onchain voting. Co-authored by Moonwell delegates Chidi and Joel, along with Lunar Labs, this proposal sought to create Merkle incentive campaigns for Moonwell’s MetaMorpho vaults (USDC, WETH, EURC, and cbBTC) and introduce a new incentive campaign for stkWELL holders to encourage participation in the safety module.
Delegate Updates
Forum post: Moonwell Q3 2025 Report
Author: Jor-El
Summary: Moonwell delegate Jor-El posted to the forums on Monday an analysis of protocol growth, asset diversification, revenue dynamics, and governance statistics.
Contributor Updates
Forum post: [Anthias Labs] Weekly Market Updates
Author: Anthias
Summary: Anthias posted a weekly update on Friday for the Moonwell markets covering the previous week.
- Base: Some notable week-over-week changes include a decrease in WETH supply and borrows (25% and 35%, respectively), an increase in cbBTC supply and borrows (10% and 37%), and an increase in WELL supply (+59%). There was ~$12.69M in liquidations across 1151 events.
- OP Mainnet: Notable changes on OP Mainnet include an increase in WETH supply and borrows, and decreases in OP and weETH supply. There was ~$401K in liquidations across 212 events.
- Moonbeam: Moonbeam saw reductions in the supply and borrows of xcUSDC and the borrows of USDT. There was ~$71.5K in liquidations across 644 events.
- Moonriver: A decrease in FRAX borrows was the most significant change week-over-week. There was ~$11K in liquidations across 74 events.
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Forum post: [Anthias Labs] Report on the Events of October 10th, 2025
Author: Anthias
Summary: On Friday, Anthias posted a report detailing the macro shock that took place on October 10th (U.S. announcement of 100% China tariffs), which triggered a market-wide crash (BTC -14.6%, ETH -21.3%) and cascading liquidations exacerbated by Binance Unified Account valuation issues (~$19B liquidations). Moonwell saw ~$12M liquidations across chains; on Base, an attacker used flash loans to exploit large oracle/DEX price gaps in VIRTUAL/MORPHO/AERO, leading to ~$1.7M in bad debt while extracting ~267 ETH. Liquidations largely failed as the 7% bonus couldn’t overcome 20-36% price divergences. Mitigations employed included immediately reducing/pausing borrow caps for VIRTUAL/MORPHO/AERO via cap guardian; Base reserves (~$2.7M) can cover the ~$1.7M shortfall (AERO covered by market reserves; VIRTUAL/MORPHO need broader reserves). Moonbeam has a few under-water USDC.wh borrowers pending liquidation due to limited USDC.wh liquidity/bridging. DAO guidance requested on covering bad debt.
Upcoming Events in Governance
Monthly Governance Call
Look for the next Monthly Governance Call on X on the last Thursday of the month, October 30th.
1 Like
Weekly Governance Update: Week of October 20th, 2025
No proposals went up for a vote this week.
Contributor Updates
Forum post: [Anthias Labs] Weekly Market Updates
Author: Anthias
Summary: Anthias posted a weekly update on Thursday for the Moonwell markets covering the previous week.
- Base: Some notable week-over-week changes include an increase in WETH supply and borrows and decreases in USDC and cbBTC supply and borrows. There was $100,003.79 in liquidations across 91 events.
- OP Mainnet: Notable changes on OP Mainnet include decreases in USDC supply and borrows, and a sharp increase in VELO borrows. There was $60.02 in liquidations across 5 events.
- Moonbeam: xcDOT supply dropped slightly, USDC.wh borrows dropped ~34%, and xcUSDC supply increased. There were no liquidations reported.
- Moonriver: Moonriver markets were mostly flat on the week; no liquidations were reported.
Upcoming Events in Governance
Monthly Governance Call
Look for the next Monthly Governance Call on X on the last Thursday of the month, October 30th.
Weekly Governance Update: Week of October 27th, 2025
Two onchain proposals went up for a vote this week.
Proposals
Summary: On Tuesday, MIP-B51 was submitted onchain, seeking to update the Moonwell USDC Ecosystem Vault Timelock to a 72-hour delay. This adjustment aligns with the latest risk recommendations set by Anthias Labs.
Summary: The regular monthly reward speed proposal went onchain on Saturday. It made changes to the following markets:
- Base:
- ETH: Decreased WELL Supply and Borrow APR
- USDC: Increased WELL Supply APR
- AERO: Decreased WELL Supply and Borrow APR
- cbBTC: Decreased WELL Supply and Borrow APR
- EURC: Decreased WELL Supply and Borrow APR
- WELL: Increased WELL Supply and Borrow APR
- tBTC: Decreased WELL Supply and Borrow APR
- LBTC: Decreased WELL Supply and Borrow APR
- VIRTUAL: Increased WELL Supply and Borrow APR
- MORPHO: Increased WELL Supply and Borrow APR
- cbXRP: Decreased WELL Supply and Borrow APR
- Optimism Mainnet:
- USDC: Increased WELL Supply APR; decreased OP Supply APR
- USDT: Decreased WELL Supply APR; increased OP Supply APR
- DAI: Decreased WELL Supply APR; Decreased OP Supply APR
- ETH: Increased WELL Supply APR; increased OP Supply ARR
- wstETH: Increased WELL Supply APR; decreased OP Supply APR
- rETH: Increased WELL Supply APR; increased OP Supply APR
- OP: Decreased WELL Supply APR; decreased OP Supply APR
- weETH: Decreased WELL Supply APR; decreased OP Supply APR
- VELO: Decreased WELL Supply APR; increased OP Supply APR
- wrsETH: Decreased WELL Supply APR; increased OP Supply APR
- USDT0: Decreased WELL Supply APR; decreased OP Supply APR
- Moonbeam:
- GLMR: Decreased WELL Supply and Borrow APR; decreased GLMR Supply and Borrow APR
- DOT: Increased WELL Supply APR; increased GLMR Supply APR
- FRAX: Increased WELL Supply and Borrow APR; increased GLMR Supply and Borrow APR
- USDC.wh: Decreased WELL Supply and Borrow APR; decreased GLMR Supply and Borrow APR
- xcUSDT: Decreased WELL Supply and Borrow APR; decreased GLMR Supply and Borrow APR
- xcUSDC: Decreased WELL Supply and Borrow APR; decreased GLMR Supply and Borrow APR
- Reserves to Auction: ~$324K
Contributor Updates
Forum post: [Anthias Labs] Weekly Market Updates
Author: Anthias
Summary: Anthias posted a weekly update on Thursday for the Moonwell markets covering the previous week.
- Base: Some notable week-over-week changes include an increase in AERO supply and MAMO borrows, along with a decrease in LBTC supply. There was ~$415K in liquidations across 121 events.
- OP Mainnet: Notable changes on OP Mainnet include decreases in USDT supply and VELO borrows; USDC supply increased. There was only ~$40 in liquidations across 2 events.
- Moonbeam: xcUSDC supply decreased by 37%. There was ~$345 in liquidations across 18 events.
- Moonriver: No notable changes occurred on the Moonriver markets. There was only ~$36 in liquidations across 3 events.
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Forum post: [Anthias Labs] - Risk Parameter Recommendations (10/29/2025)
Author: AnthiasLabs
Summary: Anthias Labs shared their monthly risk parameter recommendations for Moonwell’s Core Markets on Wednesday.
- Base: MAMO borrow cap was reduced from 12M to 3M. Collateral Factors for tBTC and LBTC were decreased slightly to 84%. USDC IR parameters for USDC were adjusted (increase in Multiplier).
- OP Mainnet: The main notable changes on OP Mainnet were adjustments to USDT0’s and DAI’s IR parameters (slight bump in Multiplier).
- Moonbeam: There were no parameter recommendations for Moonbeam.
- Moonriver: There were no parameter recommendations for Moonriver, although Anthias noted the depreciation of Chainlink oracles used by Moonwell for MOVR, FRAX, and xcKSM. They recommended possibly servicing those price feeds by API3, otherwise the markets will need to be deprecated.
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Forum post: [Anthias Labs] Minimum Reserve Recommendations (10/29/25) (Base)
Author: AnthiasLabs
Summary: On Wednesday, Anthias posted minimum recommended reserves for the Base markets. Their calculations include parameters like probability of position liquidation and the maximum liquidation amount.
Upcoming Events in Governance
Monthly Governance Call
Look for the next Monthly Governance Call on X on the last Thursday of the month, November 27th.
Weekly Governance Update: Week of November 3rd, 2025
Three onchain proposals went up for a vote this week.
Proposals
Summary: In our previous weekly update, we summarized Anthias’ monthly recommendations for November. This week, on Thursday, the proposal went up for an onchain vote.
Summary: MIP-X36 was also submitted on Thursday in response to the oracle malfunction involving the wrsETH/ETH feed on November 4, 2025. This proposal sought to formally disable minting and borrowing in the wrsETH markets on both Base and OP Mainnet and transition these markets to use an exchange-rate feed rather than a market price oracle.
Summary: The third proposal submitted Thursday, MIP-R32, sought to pause supplying and borrowing across Moonwell markets on Moonriver (xcKSM, MOVR, and FRAX) due to the scheduled deprecation of Chainlink price feeds used to secure these markets. All users can still safely repay their loans and withdraw collateral until a new oracle can be found.
Contributor Updates
Forum post: wrsETH Oracle Malfunction 11/4/25
Author: AnthiasLabs
Summary: On November 4th, an oracle malfunction led to wrsETH collateral being drastically overvalued, enabling an attacker (same user responsible for the Oct 10th exploit) to borrow millions in various assets using minimal wrsETH collateral. The attacker atomically swapped the borrowed tokens to WETH and sent it to their address, leading to a total of $3.7M bad debt on Moonwell. Anthias responded by immediately zero-ing the supply and borrow caps for wrsETH (pausing activity in the wrsETH markets on both Base and Optimism Mainnet) and temporarily reduced borrow caps in all markets on those two networks.
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Forum post: [Anthias Labs] Weekly Market Updates
Author: Anthias
Summary: Anthias posted a weekly update on Thursday for the Moonwell markets covering the previous week.
- Base: Some notable week-over-week changes include decreases in the supply of WETH, cbBTC, USDC, and AERO. There were 483 liquidations, totaling $959,271.53.
- OP Mainnet: Notable changes on OP Mainnet include decreases in the supply of WETH, USDC, wstETH, and VELO. There was $17,431.76 in liquidations across 63 events.
- Moonbeam: There were 120 liquidations, totaling $2,432.12.
- Moonriver: There were no liquidations nor notable changes reported.
Upcoming Events in Governance
Monthly Governance Call
Look for the next Monthly Governance Call on X on the last Thursday of the month, November 27th.
Weekly Governance Update: Week of November 10th, 2025
One Snapshot proposal went up for a vote this week.
Proposals
Summary: On Monday, a forum post submitted by 0xMims and corresponding Snapshot proposal submitted by Fechuky sought to use protocol reserves on Base to cover ~$1.7M in bad debt resulting from the October 10th flash-crash event caused by extreme market dislocation and oracle mispricing. This proposal prioritizes repayment in markets with the highest user interest and activity, including VIRTUAL and cbXRP; the long-term goal is to repay all remaining bad debt (incurred during both the October 10th and wrsETH incidents) through ongoing protocol revenue over time.
Contributor Updates
Forum post: [Anthias Labs] Weekly Market Updates
Author: Anthias
Summary: On 11/12, borrows were re-enabled after the oracles in the wrsETH markets were replaced. Most markets had borrow caps fully restored, but some were only increased slightly. weETH, MORPHO, WELL, VIRTUAL, rETH, tBTC, and LBTC are among the adjustments made, each with lower borrow caps.
- Base: Some notable week-over-week changes include WETH supply and cbBTC borrows increasing by 11% and 52%, respectively. There was ~$20K in liquidations across 106 events.
- OP Mainnet: Notable changes on OP Mainnet include an increase in WETH supply and borrows and an increase in USDC supply and VELO borrows. There was ~$1.9K in liquidations across 3 events.
- Moonbeam: There was ~$2 in liquidations across 2 events.
- Moonriver: There was ~$1.6K in liquidations across 2 events.
Upcoming Events in Governance
Monthly Governance Call pushed back by one week
The next Monthly Governance Call has been pushed back by one week from the typical last Thursday of the month, November 27th, to December 4th to account for the US holiday.
Weekly Governance Update: Week of November 17th, 2025
One onchain proposal went up for a vote this week.
Proposals
Summary: After a successful Snapshot proposal, MIP-B52 was submitted onchain on Wednesday. It sought to implement Anthias Labs’ recommended actions to remediate the outstanding bad debt within select markets on Moonwell’s Base implementation resulting from events which took place on October 10th, 2025 and November 4th, 2025.
Contributor Updates
Forum post: [Anthias Labs] Weekly Market Updates
Author: Anthias
Summary: Anthias posted a weekly update on Thursday for the Moonwell markets covering the previous week.
- Base: Some notable week-over-week changes include an increase in WETH borrows and an increase in the supply of WETH and AERO. There was ~$467.6K in liquidations across 234 events.
- OP Mainnet: Decreases among WETH supply, USDC borrows and supply, and rETH supply. There was ~$500 in liquidations across 7 events.
- Moonbeam: There was $150 in liquidations across 3 events.
- Moonriver: There were no liquidations nor notable changes reported.
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Forum post: [Anthias Labs] Minimum Reserve Recommendations (11/19/25) (Base)
Author: AnthiasLabs
Summary: Anthias posted to the forums on Wednesday a recommendation that the protocol pause all reserve auctions and redirect 100% of future reserve accruals toward repaying the bad debt originating from the events on October 10, 2025 and November 4, 2025.
Upcoming Events in Governance
Monthly Governance Call pushed back by one week
The next Monthly Governance Call has been pushed back by one week from the typical last Thursday of the month, November 27th, to December 4th to account for the US holiday.
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Weekly Governance Update: Week of November 24th, 2025
One onchain proposal went up for a vote this week.
Proposals
Summary: This Moonriver proposal (and its corresponding forum discussion) were submitted on Wednesday, seeking to suspend rewards on the Moonriver markets. This comes after MIP-R32 was passed earlier this month, pausing supplying and borrowing across the the xcKSM, MOVR, and FRAX markets on Moonriver due to the scheduled deprecation of Chainlink price feeds. With borrowing and supplying halted, continuing emissions provides no meaningful benefit. The markets remain in withdraw/repay-only mode. This proposal also lowers collateral factors as part of a phased wind-down of these markets.
Contributor Updates
Forum post: [Anthias Labs] Weekly Market Updates
Author: Anthias
Summary: Anthias posted a weekly update on Thursday for the Moonwell markets covering the previous week.
- Base: Notable increases across WETH, AERO, and cbXRP supply. There was ~$368.5K in liquidations across 242 events.
- OP Mainnet: Notable changes on OP Mainnet include increases in WETH and USDC borrows, as well as USDT supply. There was ~$22.3K in liquidations across 37 events.
- Moonbeam: There was $1.6K in liquidations across 45 events.
- Moonriver: There was ~$19 in liquidations across 2 events.
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Forum post: [Anthias Labs] - Risk Parameter Recommendations (11/27/2025)
Author: AnthiasLabs
Summary: Anthias Labs shared their monthly risk parameter recommendations for Moonwell’s Core Markets on Thursday.
- Base: Reserve factors for AERO, VIRTUAL, and cbXRP were all increased. The collateral factor and supply cap for tBTC were both decreased. VIRTUAL’s IR parameters were also recommended to be adjusted (slight increase in kink).
- OP Mainnet: weETH supply cap and borrow cap were both decreased given the asset’s decreased DEX liquidity on the network.
- Moonbeam: There were no parameter recommendations for Moonbeam.
- Moonriver: Collateral factors for MOVR, xcKSM, and FRAX were all decreased as part of a phased wind-down.
Upcoming Events in Governance
Monthly Governance Call
Look for the next Monthly Governance Call on X on the this Thursday, December 4th.
Weekly Governance Update: Week of December 1st, 2025
Two onchain proposals went up for a vote this week.
Proposals
Summary: The regular monthly reward speed proposal went onchain on Saturday. It made changes to the following markets:
- Base:
- ETH: Decreased WELL Supply and Borrow APR
- USDC: Decreased WELL Supply APR
- AERO: Decreased WELL Supply and Borrow APR
- cbBTC: Decreased WELL Supply and Borrow APR
- EURC: Decreased WELL Supply and Borrow APR
- WELL: Decreased WELL Supply and Borrow APR
- tBTC: Decreased WELL Supply and Borrow APR
- LBTC: Decreased WELL Supply and Borrow APR
- VIRTUAL: Decreased WELL Supply and Borrow APR
- MORPHO: Decreased WELL Supply and Borrow APR
- cbXRP: Decreased WELL Supply and Borrow APR
- Optimism Mainnet:
- USDC: Increased WELL Supply APR
- USDT: Decreased WELL Supply APR
- DAI: Decreased WELL Supply APR
- ETH: Decreased WELL Supply APR
- wstETH: Decreased WELL Supply APR
- rETH: Decreased WELL Supply APR
- OP: Decreased WELL Supply APR
- weETH: Decreased WELL Supply APR
- VELO: Decreased WELL Supply APR
- wrsETH: Decreased WELL Supply APR
- USDT0: Decreased WELL Supply APR
- Moonbeam:
- GLMR: Decreased WELL Supply and Borrow APR; decreased GLMR Supply and Borrow APR
- DOT: Increased WELL Supply APR; increased GLMR Supply APR
- FRAX: Increased WELL Supply and Borrow APR; increased GLMR Supply and Borrow APR
- USDC.wh: Increased WELL Supply and Borrow APR; decreased GLMR Supply and Borrow APR
- xcUSDT: Increased WELL Supply and Borrow APR; decreased GLMR Supply and Borrow APR
- xcUSDC: Increased WELL Supply and Borrow APR; decreased GLMR Supply and Borrow APR
- Reserves to Auction: N/A
Summary: In our previous weekly update, we summarized Anthias’ monthly recommendations for December. This week, on Wednesday, the proposal went up for an onchain vote for Base’s portion of the recommendations.
Contributor Updates
Forum post: [Anthias Labs] Weekly Market Updates
Author: Anthias
Summary: Anthias posted a weekly update on Thursday for the Moonwell markets covering the previous week.
- Base: USDC supply is down 11%; AERO borrows and VIRTUAL supply are up 28% and 29%, respectively. There was ~$49K in liquidations across 89 events.
- OP Mainnet: OP supply and borrows are up 12% and 48%, respectively. There was ~$124 in liquidations across 12 events.
- Moonbeam: There was ~$5.4K in liquidations across 66 events.
- Moonriver: There was ~$2.1K in liquidations across 17 events.
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Forum post: Moonriver Chain Sunset
Author: Anthias
Summary: Following the passage of MIP-R32 and MIP-R33 last month, Anthias informed the community that the winding down of collateral factors on the chain’s markets could result in liquidations for certain users. The team provided a table of possibly affected addresses.
Upcoming Events in Governance
Monthly Governance Call
December will not have a governance call on the last Thursday of the month due to the holidays and seasonal reduced governance activity. The next governance call will be in January, continuing our schedule of the last Thursday of each month. That falls on January 29th, 2026 at 17:00 UTC.
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Weekly Governance Update: Week of December 8th, 2025
Three onchain proposals went up for a vote this week.
Proposals
Summary: The first of three proposals posted to the forums by 0xMims on Monday, MIP-R35 proposed changes to Moonriver collateral factors (setting each at 25%) to further wind-down the chain’s markets. This effort comes after MIP-R32 and MIP-R33 were passed last month. For a list of addresses that could be affected by this process, see Anthias’ forum post.
Summary: The second proposal suggested deploying a new ownership wrapper for the WETH market on Base. With this wrapper, the protocol can reduce WETH reserves without additional execution hiccups, allowing the protocol to receive and manage funds during reserve operations. The wrapper has been audited by Halborn.
Summary: The third and final proposal authorized the deployment of new Chainlink OEV wrapper contracts across Moonwell core and isolated markets. The new contracts ensure that liquidators and the protocol receive liquidation bonuses and intended OEV-generated revenue, respectively, creating a more efficient framework for OEV-enabled liquidations and improved reserve growth. MIP-X38 specifically addressed the ETH Core oracle and the WELL isolated oracle to validate the new wrapper in production before expanding to additional markets.
Contributor Updates
Forum post: [Anthias Labs] Weekly Market Updates
Author: Anthias
Summary: Anthias posted a weekly update on _ for the Moonwell markets covering the previous week.
- Base: WETH supply is down 11%; AERO borrows and supply are up 13% and 4%, respectively. There was ~$3.2K in liquidations across 40 events.
- OP Mainnet: WETH borrows and supply are down 10% and 6%, respectively; USDC borrows and supply are down 11% and 10%, respectively. wstETH supply is up 6%. There was only ~$12 in liquidations across 4 events.
- Moonbeam: There was ~$11 in liquidations across 12 events.
- Moonriver: There was ~$64 in liquidations across 6 events. The deprecation of Moonriver markets continues this month through the gradual reduction in collateral factors. Anthias posted a list of addresses likely to be affected here.
Upcoming Events in Governance
Monthly Governance Call
Look for the next Monthly Governance Call on X on the last Thursday of next month, January 29th.