Weekly Governance Update: Week of January 12th, 2026
Two onchain proposals went up for a vote this week.
Proposals
Summary: With Chainlink’s upcoming deprecation of oracles on Moonriver, this proposal sought to further reduce collateral factors on Moonriver markets (xcKSM, MOVR, and FRAX) from 15% to 7.5% as part of an ongoing wind-down of lending activity on the chain.
Summary: On Wednesday, MIP-B55 went up for a vote onchain, seeking to renew and adjust incentive allocations for select Moonwell vaults (USDC, WETH, EURC, and cbBTC) for the upcoming incentive period (January 16th, 2026 through February 2nd, 2026).
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 and LBTC supply are up 11% and 9%, respectively. AERO borrows are up 10%, while cbETH borrows are down 42%. There was ~$34.5K in liquidations across 36 events.
- OP Mainnet: USDT borrows and supply are down 53% and 31%, respectively. DAI supply and borrows are up 141% and 172%, respectively. VELO borrows are up 56%. There was ~$1.5K in liquidations across 2 events.
- Moonbeam: No significant changes were reported.
- Moonriver: There was ~$3.2K in liquidations across 79 events. The deprecation of Moonriver markets continues this month through the gradual reduction in collateral factors.
Upcoming Events in Governance
Monthly Governance Call
Look for the next Monthly Governance Call on X on the last Thursday of the month, January 29th.
Weekly Governance Update: Week of January 19th, 2026
One proposal went up for a vote this week.
Proposals
Summary: Following in the footsteps of MIP-R36 and MIP-R37 earlier this month, this proposal sought to complete the wind-down of Moonriver lending activity, further reducing collateral factors on Moonriver markets from 7.5% to 0%. It was successful.
Contributor Updates
Forum post: [Anthias Labs] - Risk Parameter Recommendations
Author: Anthias
Summary: Anthias Labs shared their risk parameter recommendations for Moonwell’s Core Markets for the month of February.
- Base: LBTC and tBTC Collateral Factors were decreased to 83% and 81%, respectively. WELL borrow cap was raised to 34M. IR parameters were recommended to be changed for cbBTC, LBTC, and tBTC.
- OP Mainnet: IR parameters were recommended to be changed for USDC, USDT, and USDT0.
- 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.
Forum post: [Anthias Labs] Weekly Market Updates
Author: Anthias
Summary: Anthias posted a weekly update for the Moonwell markets covering the previous week.
- Base: USDC supply is up 10%; WETH and EURC supply are down 12% and 17%, respectively. cbETH borrows are up 73%. There was ~$200K in liquidations across 80 events.
- OP Mainnet: VELO borrows are down 47%. USDT borrows and supply are up 86% and 39%, respectively. USDT0 supply is down 37%. There were no liquidations.
- Moonbeam: No significant changes were reported.
- Moonriver: There was ~$1.8K in liquidations across 58 events. The deprecation of Moonriver markets will occur by February 1st. The update includes a list of remaining addresses with debt on Moonriver.
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Upcoming Events in Governance
Monthly Governance Call
Look for the next Monthly Governance Call on X this week on Thursday, January 29th.
Weekly Governance Update: Week of January 26th, 2026
Two onchain proposals went up for a vote this week.
Proposals
Summary: The regular monthly reward speed proposal went onchain on Wednesday. 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: Increased 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: Increased WELL Supply and Borrow APR
- MORPHO: Increased WELL Supply and Borrow APR
- cbXRP: Decreased WELL Supply and Borrow APR
- Optimism Mainnet:
- USDC: Decreased WELL Supply APR
- USDT: Increased WELL Supply APR
- DAI: Increased WELL Supply APR
- ETH: Decreased WELL Supply APR
- wstETH: Decreased WELL Supply APR
- rETH: Decreased WELL Supply APR
- OP: Increased 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; decreased GLMR Supply and Borrow APR
- USDC.wh: Decreased 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: Decreased WELL Supply and Borrow APR; decreased GLMR Supply and Borrow APR
- Reserves to Auction: N/A
Summary: 0xMims posted a proposal to the forums on Thursday after the governance call, seeking to transfer the risk curator role for Moonwell’s Morpho vaults on Base from BlockAnalitica / B.Protocol to Anthias Labs. The measure is meant to unify risk management under a single team already responsible for Moonwell protocol risk and reduce redundant costs.
Delegate Updates
Forum post: Monthly Market Risk Assessment (January 2026)
Author: Jor-el
Summary: Jor-el, as a part of his Data & Analytics Super Delegate role, posted a risk assessment of Moonwell’s Core Markets on Base using onchain data. The report includes metrics such as utilization, liquidity conditions, collateral composition, interest-rate dynamics, and protocol parameters across the core markets on Base. His Optimism Mainnet report went live shortly after.
Contributor Updates
Forum post: [Anthias Labs] Weekly Market Updates
Author: Anthias
Summary: Anthias posted a weekly update for the Moonwell markets covering the previous week.
- Base: cbBTC and WETH supply are down 8% and 7%, respectively; cbETH supply and borrows are up 17% and 44%, respectively. There was ~$42.6K in liquidations across 53 events.
- OP Mainnet: USDC borrows are up 30%. VELO borrows are down 77%. USDT supply is up 31%. There was ~$2.2K in liquidations across 4 events.
- Moonbeam: No significant changes were reported.
- Moonriver: Following the full deprecation of Moonriver markets where collateral factors were reduced to zero, all remaining debt positions were liquidated.
Upcoming Events in Governance
Monthly Governance Call
Look for the next Monthly Governance Call on X on the last Thursday of the month, February 26th.
Weekly Governance Update: Week of February 2nd, 2026
One onchain proposal went up for a vote this week.
Proposals
Summary: We previously covered Anthias Labs’ monthly recommendations forum post. This week, on Wednesday, those recommended changes were formally submitted through an onchain proposal.
Delegate Updates
Forum post: Treasury Fund Usage from Deprecated Aera V2 Apollo Vault
Author: Coolhorsegirl
Summary: Tuesday, Moonwell Super Delegate Coolhorsegirl posted a discussion to the forums seeking community input on the custody and use of the $250–312k USDC held in the Moonwell Apollo Treasury vault, following the wind-down of Moonriver 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: MAMO supply and borrows are up 95% and 91%, respectively; USDC borrows are down 17%. AERO and cbXRP supply are up 12% and 10%, respectively. There was ~$2.96M in liquidations across 1087 events.
- OP Mainnet: WETH borrows are down 8%. VELO and USDC supply are down 9% and 6%, respectively. There was ~$94.4K in liquidations across 130 events.
- Moonbeam: There was ~$10.9K in liquidations across 436 events.
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Forum post: [Anthias Labs] Minimum Reserve Recommendations
Author: Anthias
Summary: Anthias also provided minimum recommended reserves for Base and OP Mainnet. Like last month, the team recommended that the protocol sends no reserves to auction this month in order to accrue reserves to cover bad debt as quickly as possible.
Upcoming Events in Governance
Monthly Governance Call
Look for the next Monthly Governance Call on X on the last Thursday of the month, February 26th.
Weekly Governance Update: Week of February 9th, 2026
One onchain proposal went up for a vote this week.
Proposals
Summary: Submitted onchain on Tuesday, this proposal sought to activate Chainlink OEV Wrapper contracts across all remaining Moonwell non-composite oracle markets on Base and OP Mainnet. This comes after MIP-X38 successfully validated OEV functionality. It also sought to update the OEV fee split on existing and newly deployed wrappers.
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, cbBTC, and AERO supply are down 31%, 34%, and 17%, respectively, while LBTC supply is up 34%. There was ~$1.2M in liquidations across 263 events.
- OP Mainnet: WETH supply and borrows are down 24% and 32%, respectively; USDC borrows are also down 22%. There was ~$34.3K in liquidations across 43 events.
- Moonbeam: There was ~$4.2K in liquidations across 372 events.
Upcoming Events in Governance
Monthly Governance Call
Look for the next Monthly Governance Call on X on the last Thursday of the month, February 26th.
Weekly Governance Update: Week of February 16th, 2026
Two onchain proposals went up for a vote this week.
Proposals
Summary: Submitted onchain on Wednesday, this proposal sought to revert the configured oracle for the cbETH market on Base from the OEV wrapper back to the standard Chainlink-composite pricing model. This restored the oracle behavior that was in place prior to MIP-X43 and ensured cbETH is priced correctly relative to ETH.
Summary: The regular monthly reward speed proposal went onchain on Friday. It made changes to the following markets:
- Base:
- ETH: Decreased WELL Supply and Borrow APR
- USDC: Increased WELL Supply APR
- AERO: Decreased WELL 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: 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: Increased WELL Supply APR
- USDT: Increased 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: Increased 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; increased GLMR Supply and Borrow APR
- xcUSDT: Increased WELL Supply and Borrow APR; increased GLMR Supply and Borrow APR
- xcUSDC: Increased WELL Supply and Borrow APR; increased GLMR Supply and Borrow APR
- Reserves to Auction: N/A
Delegate Updates
Forum post: Recovery Plan: cbETH Incident and Moonwell Apollo Onboarding
Author: Fechuky
Summary: A new forum discussion was posted by Super Delegate Fechuky on Wednesday. It sought to introduce a recovery plan regarding the cbETH incident from 02/14-02/18 and Moonwell Apollo Onboarding. The recovery plan included the immediate partial repayment from the Moonwell Apollo Treasury (~$310K), ongoing repayment via protocol reserves for the remaining balances, and stkWELL compensation for MFAM wind-down participants at a 1:1.5 ratio.
Contributor Updates
Forum post: MIP-X43 cbETH Oracle Incident Summary
Author: Anthias
Summary: On Monday, Anthias Labs shared a forum post outlining an incident that occurred after the execution of MIP-X43. After the Chainlink OEV wrapper contracts were enabled across the core markets on Base and Optimism, a mispricing in cbETH’s reported value was caused by a misconfiguration in one of the oracles. The incident resulted in $1.78M in bad debt (the majority being cbETH) across various markets. Read Anthias’ post to find more information, including a spreadsheet of affected addresses.
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Forum post: [Anthias Labs] - Risk Parameter Recommendations
Author: Anthias
Summary: Anthias Labs shared their risk parameter recommendations for Moonwell’s Core Markets for the month of March.
- Base: LBTC collateral factor was decreased to 82%. Borrow caps for cbBTC, AERO, and wstETH were decreased to 90, 7.5M, and 500, respectively. cbETH reserve factor was increased. IR parameters were recommended to be changed for USDC and cbETH.
- OP Mainnet: There were no parameter recommendations for OP Mainnet.
- Moonbeam: There were no parameter recommendations for Moonbeam.
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Forum post: [Anthias Labs] Weekly Market Updates
Author: Anthias
Summary: Anthias posted a weekly update for the Moonwell markets covering the previous week.
- Base: WETH supply and borrows are down 23% and 25%, respectively; wstETH and AERO supply are also down 28%, each. cbBTC borrows are down 56%. There was ~$3.098M in liquidations across 1182 events.
- OP Mainnet: wstETH supply is down 10%, while DAI supply is up 26%. There was ~$640 in liquidations across 27 events.
- Moonbeam: xcDOT borrows are down 77%. There was ~$50 in liquidations across 13 events.
Upcoming Events in Governance
Monthly Governance Call
Look for the next Monthly Governance Call on X on the last Thursday of the month, February 26th.
Weekly Governance Update: Week of February 23rd, 2026
One onchain proposal went up for a vote this week.
Proposals
Summary: Originally submitted last week, MIP-X44 was cancelled due to an issue with Wormhole VAAs; it was resubmitted this week on Monday. The proposal was successful.
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 and cbETH supply are up 45% and 91%, respectively; cbBTC and wstETH supply are down 10% and 17%, respectively. There was ~$15.5K in liquidations across 252 events.
- OP Mainnet: USDT supply and borrows are down 43% and 56%, respectively. DAI supply and borrows are up 39% and 50%, respectively. There was ~$800 in liquidations across 29 events.
- Moonbeam: There was ~$300 in liquidations across 41 events.
Upcoming Events in Governance
Monthly Governance Call
Look for the next Monthly Governance Call on X on the last Thursday of the month, March 26th.
Weekly Governance Update: Week of March 2nd, 2026
Three onchain proposals went up for a vote this week.
Proposals
Summary: Submitted onchain on Monday, this proposal sought to restore user withdrawals and redemptions on Moonwell’s Moonriver markets by setting placeholder prices in the oracle. Borrowing remained disabl and collateral factors remain set to 0% across all Moonriver markets; the proposal simply restores the ability to withdraw or exit markets.
Summary: The first of two submitted onchain on Wednesday, this proposal sought to upgrade the stkWELL contracts across Moonbeam, Base, and OP Mainnet to remove faulty logic and improve snapshot correctness on Moonbeam.
Summary: Wednesday’s second proposal sought to provide restitution to wallets impacted by the cbETH incident. It also sought to onboard MFAM and stkMFAM holders into the ecosystem through a WELL staking allocation and a targeted stkWELL airdrop.
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: cbETH and AERO supply are up 40% and 10%, respectively, while wstETH supply is down 15%. wstETH and cbBTC borrows are up 78% and 11%, respectively. There was ~$34.8K in liquidations across 171 events.
- OP Mainnet: USDC supply and borrows are down 8% and 20%, respectively. OP borrows are up 191%. There was ~$100 in liquidations across 8 events.
- Moonbeam: There was ~$197 in liquidations across 67 events.
Upcoming Events in Governance
Monthly Governance Call
Look for the next Monthly Governance Call on X on the last Thursday of the month, March 26th.
Weekly Governance Update: Week of March 9th, 2026
One onchain proposal went up for a vote this week.
Proposals
Summary: In our recap for the week of Feb 16th, we summarized Anthias’ risk parameter recommendations for the next month. On March 9th, the crosschain proposal was created. It was successful.
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: cbBTC, WETH, and wstETH supply are down 17%, 11%, and 19%, respectively; wstETH borrows are also down 43%, while borrows for LBTC and cbBTC are up 71% and 10%, respectively. There was ~$10.86K in liquidations across 26 events.
- OP Mainnet: USDT borrows are down 22%, respectively. There was ~$44 in liquidations from a single event.
- Moonbeam: There was ~$44 in liquidations across 6 events.
Community & Integrations
Forum post: Proposal to Add VVV Market to Moonwell on Base
Author: Anthias
Summary: Anthias provided recommended risk parameters for a VVV asset listing on Moonwell on Base. They recommended setting the borrow cap to 0.1, effectively making it a collateral-only market.
Upcoming Events in Governance
Monthly Governance Call
Look for the next Monthly Governance Call on X on the last Thursday of the month, March 26th.