Weekly Governance Update: Week of June 1st, 2026
One onchain proposal went up for a vote this week.
Proposals
Summary: Submitted on Wednesday, this proposal sought to update the user experience of the WETH market on Ethereum. It enabled redemptions and borrows to pay out raw ETH directly, rather than requiring the user to unwrap WETH manually.
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 and VIRTUAL supply are up 28% and 17%, respectively; cbETH supply contracted 15%. There was ~$107.3K in liquidations across 77 events.
- OP Mainnet: VELO supply is up 112% and USDC borrows are up 28%, while DAI borrows are down 52%. There was ~$400 in liquidations across 11 events.
- Moonbeam: No liquidations nor notable events.
Upcoming Events in Governance
Monthly Governance Call
Look for the next Monthly Governance Call on X on the last Thursday of the month, June 25th.
Weekly Governance Update: Week of June 8th, 2026
Two onchain proposals 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: Decreased WELL Supply APR
- AERO: Increased WELL Borrow APR
- cbBTC: Increased 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: Decreased WELL Supply and Borrow APR
- MORPHO: Increased WELL Supply and Borrow APR
- cbXRP: Decreased WELL Supply and Borrow APR
- MAMO: Increased WELL Supply and Borrow APR
- VVV: Increased WELL Supply and Borrow APR
- Ethereum:
- ETH: N/A
- USDC: N/A
- USDT: N/A
- cbBTC: N/A
Summary: In our recap for the week of May 18th, we summarized Anthias’ risk parameter recommendations for June. On June 11th, the crosschain proposal was created. This proposal was twofold; the routine half of the proposal involved Anthias’ monthly recommendations as usual. It also implemented the team’s reserve recommendations from last month. It sought to adjust risk parameters on Base and Optimism Mainnet, while also (1) using reserves to repay $538K of bad debt from addresses with zero collateral, and (2) withdrawing 1.45 cbBTC from reserves and swap it to WETH in preparation to distribute to users affected by the cbETH incident.
Delegate Updates
Forum post: Evolving Moonwell’s Risk Management — Accelerating Oracle Safeguards and Parameter Responsiveness
Author: Chidi
Summary: Chidi created a forum discussion on Monday, surfacing the idea of evolving Moonwell’s current risk management systems. Included in his write-up are expanding the Cap Guardian role (held by Anthias) to include more types of parameters, an oracle circuit breaker that automatically pauses a market if an oracle price deviates significantly from a secondary source, a liquidation cascade circuit breaker that pauses excessive liquidations in a certain market for review, and a deployment verification of oracle configurations for new 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: AERO supply is up 29%, while cbETH, VIRTUAL, and VVV supply contracted 41%, 46%, and 40%, respectively; the supply contractions pushed cbETH and VIRTUAL utilization to ~100%. USDC borrows are down 7%. No liquidation events this week.
- OP Mainnet: USDC borrows and supply are down 26% and 18%, respectively; OP borrows are down 54% and VELO borrows are down 36%. There was ~$23.2K in liquidations across 51 events.
- Moonbeam: xcUSDC borrows contracted 19%. No liquidations nor other notable events.
- Ethereum: Now covered in the weekly updates following the initial Ethereum market launches. Markets remain in their infancy, no liquidations.
Upcoming Events in Governance
Monthly Governance Call
Look for the next Monthly Governance Call on X on the last Thursday of the month, June 25th.
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Weekly Governance Update: Week of June 15th, 2026
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 (6/12/26 – 6/18/26).
- Base: LBTC borrows are up 52% and WETH borrows are up 9%, while wstETH supply is up 28%; MAMO supply contracted 62% (utilization +200%) and WELL borrows are down 13%. There were no liquidation events this week.
- Ethereum: Outsized week-over-week supply gains off near-zero bases for USDT, USDC, WETH, and cbBTC due to their recent launch. No liquidations and no positions below a 0.5 health factor.
- OP Mainnet: OP borrows are down 29%. There was ~$5 in liquidations across 9 events.
- Moonbeam: No notable week-over-week movement and no liquidations.
…
Forum post: Monthly Governance Calls - Questions Thread
Author: Boardroom
Summary: Towards the end of the week, Boardroom posted a forum thread containing a link to a Google Form and the scheduled X space for this month’s governance call. Use this Form link to leave any questions you may have for contributors.
Upcoming Events in Governance
Monthly Governance Call
Look for the next Monthly Governance Call on X this Thursday June 25th.
Weekly Governance Update: Week of June 22nd, 2026
One onchain proposal went up for a vote this week.
Proposals
Summary: Following MIP-X60, MIP-X61 sought to similarly adjust risk parameters on Base (see the forum post here), address bad debt and continue cbETH remediation for affected users, and update the supply/borrow cap guardian on Ethereum to Anthias’ multisig. Anthias’ reserve recommendations forum post can be found here.
Delegate Updates
Forum post: Moonwell Chain Expansion
Author: Fechuky
Summary: Kicking off the week, Moonwell Super Delegate Fechuky created a forum discussion outlining ideas for the protocol’s next possible expansion moves after the earlier Ethereum mainnet deployment. Included in this research post are Circle’s Arc network and RWAs, along with other tokenized assets that bring offchain financial instruments onchain.
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 July.
- Base: Collateral factor was decreased to 52% for wrsETH. IR parameters were adjusted for USDC and MAMO.
- OP Mainnet: No recommendations this month.
- Moonbeam: No recommendations this month.
…
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 is up 77% (utilization down 61%) and USDC supply and borrows are each up 3%, while WETH supply contracted 9% (utilization +12%), AERO borrows are down 19%, and cbBTC borrows are down 13%. There were no liquidation events this week.
- Ethereum: The new mainnet markets continued gaining supply across the board: cbBTC +112%, WETH +93%, USDC +72%, and USDT +44%. Similarly, borrows increased for cbBTC (+284%), WETH (+154%), and USDT (off a near-zero base). No liquidations this week.
- OP Mainnet: WETH borrows are down 85% and WETH supply down 61% (utilization -63%), while USDC supply and borrows are each down 41%; wstETH supply is up 29%. There was ~$5.4K in collateral seized across 9 liquidation events.
- Moonbeam: Minimal movement and no liquidations.
Upcoming Events in Governance
Monthly Governance Call
Look for the next Monthly Governance Call on X on the last Thursday of the month, July 30th.
Weekly Governance Update: Week of June 29th, 2026
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: MAMO borrows are up 253% (utilization +318%) and cbBTC borrows are up 74%, while EURC supply is up 26% and USDS supply is up 36%; AERO supply contracted 11% (borrows +17%). There was ~$5.4K in collateral seized across 69 liquidation events.
- Ethereum: USDT supply is up 30%, WETH supply is up 10% (and borrows up 21%), cbBTC borrows up 43%, and USDT borrows up 23%. No liquidations were reported this week.
- OP Mainnet: USDC supply is up 78% and borrows up 69%, USDT supply up 60% and borrows up 95%, and VELO borrows are up 219%; DAI supply and borrows are down ~25%. Liquidations were negligible.
- Moonbeam: xcUSDC borrows down 9% off a small base, otherwise minimal movement and no liquidations.
…
Forum post: Monthly Governance Reports
Author: Boardroom
Summary: On the final day of the month, Boardroom posted their recurring monthly governance report, analyzing voting trends, governance actions, community growth figures, 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, July 30th.
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Weekly Governance Update: Week of July 6th, 2026
Two onchain proposals went up for a vote this week.
Proposals
Summary: Submitted onchain on Wednesday, MIP-M45 sunsetted Moonwell’s Moonbeam deployment. It withdrew the safe portion of protocol reserves from selected Moonbeam markets, transferred them to the Foundation-designated wallet, and paused new supplying and borrowing across all live Moonbeam markets. All withdrawals made will go toward repaying bad debt in the GLMR markets. See the proposal for the full list of reserve withdrawals and all Moonbeam markets that are pausing supplying/borrowing.
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: Decreased WELL Supply APR
- AERO: Increased WELL 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
- MAMO: Decreased WELL Supply and Borrow APR
- VVV: Increased WELL Supply APR; decreased WELL Borrow APR
- Ethereum:
- ETH: Decreased WELL Supply APR; increased WELL Borrow APR
- USDC: Decreased WELL Supply APR; increased WELL Borrow APR
- USDT: Decreased WELL Supply APR; increased WELL Borrow APR
- cbBTC: Decreased WELL Supply APR; increased WELL Borrow APR
As part of the Moonbeam deprecation, it also set the stkWELL withdrawal cooldown on Moonbeam to 0 (previously 7 days).
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 borrows are up 66% (utilization +73%) and VVV supply is up 45%, while USDC supply is up 7% and AERO supply up 9%; EURC supply contracted 28% (utilization +37%) and WETH supply is down 9%. There was $11,666 in collateral seized across 55 liquidation events.
- Ethereum: Mainnet markets kept growing; cbBTC supply +52%, WETH supply +17% and borrows +33%, and USDC borrows +27%. USDT supply pulled back 18%. No liquidations this week.
- OP Mainnet: VELO borrows are down 64% (utilization -65%) and USDC supply down 12%, while wstETH supply is up 23% and WETH borrows up 16%; wrsETH supply fell 85% (utilization +577%). There was ~$136 in collateral seized across 22 liquidation events.
- Moonbeam: xcDOT supply down 51%, otherwise minimal movement and no liquidations.
Upcoming Events in Governance
Monthly Governance Call
Look for the next Monthly Governance Call on X on the last Thursday of the month, July 30th.
1 Like
Weekly Governance Update: Week of July 13th, 2026
One onchain proposal went up for a vote this week.
Proposals
Summary: As part of the Moonriver wind-down process, this proposal sought to withdraw the safe portion of protocol reserves from selected Moonwell markets on Moonriver and transfer the withdrawn tokens to the Foundation-designated wallet. It excluded xcKSM (due to a shortfall) and MOVR (due to a native-asset limitation).
Delegate Updates
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: VIRTUAL supply is up 33%. There was ~$19.1K in liquidations across 53 events.
- Ethereum: WETH supply is up 22%, while USDT borrows surged 236% and USDC borrows 148% (both off low bases, lifting utilization to ~26% and ~25% respectively). No liquidations were reported.
- OP Mainnet: USDC supply is up 21% and VELO borrows up 206% (utilization +207%), while OP borrows are down 33% and USDT0 supply down 18%. There was ~$22 in collateral seized across 2 liquidation events.
- Moonbeam: A broad drawdown in supply (USDC.wh supply down 59%, xcUSDC down 39%, BTC.wh down 37%, ETH.wh down 35%, and xcUSDT down 29%), with no liquidations.
…
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 August.
- Base: Collateral factor was decreased to 46% for wrsETH.
- OP Mainnet: Collateral factor was decreased to 46% for wrsETH.
- Moonbeam: Moonbeam is being deprecated on July 31st. This set of recommendations included setting the collateral factors for BTC.wh, ETH.wh, USD.wh, FRAX, GLMR, xcDOT, xcUSDC, and xcUSDT to 0. It also recommended withdrawing reserves from the remaining markets, swapping to GLMR, and repaying bad debt positions.
- Ethereum: The team proposed launching three new core markets (wstETH, weETH, and rETH) on Ethereum with conservative collateral factors and zero borrow caps initially.
Upcoming Events in Governance
Monthly Governance Call
Look for the next Monthly Governance Call on X on the last Thursday of the month, July 30th.
1 Like
Weekly Governance Update: Week of July 20th, 2026
Three onchain proposals went up for a vote this week.
Proposals
Summary: Submitted on Tuesday, this proposal sought to strengthen the security of Moonwell’s Moonriver governance system as the Moonriver deployment continues through its wind-down process. Specifically, it (1) transferred administration of the Moonriver MOVR market to a designated security contract, (2) enabled the transfer of the protocol-controlled MOVR balance to the Foundation-designated wallet through that contract, (3) increased the Moonriver governance proposal threshold to 100,000,000 WELL, and increased the Moonriver governance quorum requirement to 100,000,000 WELL.
Summary: MIP-X63 implemented Anthias’ previous risk parameter recommendations and reserve recommendations for the month of August, adjusting risk parameters on Base and OP Mainnet and using protocol reserves to repay bad debt held by insolvent accounts (accounts supplying less than $1.00 of assets) on Base and OP Mainnet.
Summary: The second of two proposals submitted Thursday, MIP-X64 sought to begin the sunset of Moonwell’s Moonbeam deployment, specifically executing the “Before Sunset” phase; it removed the routes that point to Moonbeam so that no new governance messages nor xWELL bridge transfers are sent to a chain that is being wound down. Bridging out of Moonbeam remains fully enabled.
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 cbBTC borrows are both up 13%, while AERO supply contracted 10% (utilization +15%), LBTC borrows are down 32%, and EURC supply and borrows are each down ~10%. There was $14.5K in collateral seized across 49 liquidation events.
- Ethereum: cbBTC borrows are up 87% and supply up 23% (utilization +52%), while USDC supply is down 11% and borrows down 21%; WETH supply contracted 6%. No liquidations this week.
- OP Mainnet: WETH supply is down 36% (borrows -19%), USDT0 borrows down 75% (utilization -67%), USDC supply down 20%, and VELO borrows down 70% with supply down 17%. Liquidations were insignificant (~$2 in one event).
- Moonbeam: No notable activity nor liquidations this week.
…
Forum post: [Anthias Labs] Reserve Recommendations
Author: Anthias
Summary: Anthias provided the status of reserves for Base and OP Mainnet for the month of August. These included a bad debt repayment of ~$45.96K on Base and ~$3.98K on OP Mainnet.
Upcoming Events in Governance
Monthly Governance Call Rescheduling
The next Governance Call on X has been pushed back one week to Thursday, August 6th at 17:00 UTC.
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Weekly Governance Update: Week of July 27th, 2026
One onchain proposal went up for a vote this week.
Proposals
Summary: Submitted onchain on Wednesday, this proposal sought to adjust the interest rate model (IRM) curve for the USDC and USDT markets on Ethereum mainnet, correcting the multiplier parameter to be set at 0.067.
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 (7/24/26 – 7/30/26).
- Base: AERO supply is up 5% and cbBTC supply is up 3%. There was $3,491 in collateral seized across 181 liquidation events.
- Ethereum: WETH borrows are up 13% (utilization +7%) and USDC borrows up 14%, while USDT supply contracted 17% and borrows down 20%. No liquidations this week.
- OP Mainnet: VELO supply is down 44% and borrows are down 74%; USDT0 borrows are up 85% (utilization +107%) and OP borrows are up 16%. There was ~$749 in collateral seized across 26 liquidation events.
- Moonbeam: Continued wind down ahead of the July 31st sunset.
Monthly Governance Call Rescheduling
The next Governance Call on X has been pushed back one week to Thursday, August 6th at 17:00 UTC.
Weekly Governance Update: Week of Aug 3rd, 2026
No onchain 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. With the Moonbeam sunset complete, coverage is now Base, Ethereum, and OP Mainnet only.
- Base: AERO borrows are up 24% (utilization +33%) and wstETH borrows up 16%, while VVV borrows surged 446% off a small base (utilization +444%). There was $16,918 in collateral seized across 35 liquidation events.
- Ethereum: USDC borrows up 135% and USDT borrows up 87% (lifting utilization to ~64% and ~55% respectively); WETH supply is up 19%, while cbBTC borrows fell 32%. No liquidations this week.
- OP Mainnet: USDC supply is up 10% and borrows up 15%, while VELO and OP borrows are down on the week (-26% and -12%, respectively). Liquidations were negligible.
…
Forum post: Monthly Governance Calls
Author: Boardroom
Summary: Boardroom hosted the governance call for July on Thursday, publishing a recap of the call shortly after.
Upcoming Events in Governance
Monthly Governance Call
Look for the next Monthly Governance Call on X on the last Thursday of the month, August 27th.
Weekly Governance Update: Week of Aug 10th, 2026
One onchain proposal went up for a vote this week.
Proposals
Summary: The regular monthly reward speed proposal went onchain on Tuesday. It made changes to the following markets:
- Base:
- ETH: Decreased WELL Supply APR; increased WELL Borrow APR
- USDC: Decreased WELL Supply APR; increased WELL Borrow APR
- AERO: Increased WELL Supply and Borrow APR
- cbBTC: Decreased WELL Supply and Borrow APR
- EURC: This market is disabled in this epoch’s configuration.
- WELL: This market is disabled in this epoch’s configuration.
- tBTC: This market is disabled in this epoch’s configuration.
- LBTC: Decreased WELL Supply and Borrow APR
- VIRTUAL: Decreased WELL Supply and Borrow APR
- MORPHO: This market is disabled in this epoch’s configuration.
- cbXRP: Decreased WELL Supply and Borrow APR
- MAMO: This market is disabled in this epoch’s configuration.
- VVV: Decreased WELL Supply APR
- Ethereum:
- ETH: Decreased WELL Supply APR; increased WELL Borrow APR
- USDC: Decreased WELL Supply and Borrow APR
- USDT: Decreased WELL Supply and Borrow APR
- cbBTC: Decreased WELL Supply and Borrow APR
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 (8/7/26 – 8/13/26).
- Base: WETH supply is up 4%, WELL borrows are up 7%, and wstETH borrows up 7%, while USDC supply contracted 4% (utilization +4%), EURC supply is down 8%, and cbBTC borrows down 4%. There was $14,185 in collateral seized across 146 liquidation events.
- Ethereum: USDT supply is up 20% and borrows up 24% (utilization up to ~57%), while USDC supply contracted 15% (utilization rose to ~72%), and borrows eased 5%. No liquidations this week.
- OP Mainnet: USDT0 borrows fell 46% (utilization -46%) and rETH supply is down 14%, while OP borrows are up 6% and DAI supply contracted 13% (utilization +16%). Liquidations were negligible this week.
…
Upcoming Events in Governance
Monthly Governance Call
Look for the next Monthly Governance Call on X on the last Thursday of the month, August 27th.
Weekly Governance Update: Week of Aug 17th, 2026
No onchain 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: USDC and EURC supply are both up 10% and 11%, respectively, while cbBTC borrows contracted 21%, wstETH borrows fell 16%, AERO borrows fell 14%, and LBTC borrows fell 82% off a small base. There was ~$36,870 in collateral seized across 64 liquidation events.
- Ethereum: USDT supply contracted 35% and cbBTC supply down 22% (though both had utilization increased to ~79% and ~39%, respectively), while USDC supply eased 8%; USDT borrows dropped 9%. No liquidations this week.
- OP Mainnet: USDC supply is up 16% and DAI supply up 20%, while OP borrows surged 44% (utilization +47%) and VELO borrows spiked 459% to 2.01M VELO off a small base; weETH borrows fell 72%. There was ~$2,456 in collateral seized across 25 liquidation events.
…
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 September.
- Base: wrsETH collateral factor was decreased to 44% and rETH borrow cap was decreased to 0.01; wrsETH continues its gradual deprecation and rETH’s low utilization has resulted in effectively capping borrows at their current level.
- OP Mainnet: wrsETH collateral factor was decreased to 44%, cbETH collateral factor was decreased to 0%, and VELO borrow cap was decreased to 4M.
Upcoming Events in Governance
Monthly Governance Call
Look for the next Monthly Governance Call on X on the last Thursday of the month, August 27th.
Weekly Governance Update: Week of Aug 24th, 2026
One onchain proposal went up for a vote this week.
Proposals
Summary: Submitted onchain on Thursday, this proposal sought to temporarily extend the unstaking cooldown period for Moonwell’s Safety Module (stkWELL) on Base from 7 days to 30 days. It also sought to update the pause Guardian on Base to the new security council multisig to match mainnet Ethereum. It did not pass its voting period.
Contributor Updates
Forum post: Post Mortem: MAMO Market Incident on Base
Author: Anthias
Summary: Following the August 27th exploit of the MAMO Core Market on Base, Anthias published a full onchain post-mortem of the attack. It includes an outline of the attacker’s methods, the exact amount of assets used, and remaining debt. The underlying evidence has been preserved so recovery and remediation updates can be added without altering the confirmed record.
Upcoming Events in Governance
Monthly Governance Call
August’s Governance Call has been postponed. Its rescheduled date will be announced across the forums, Discord, and X.
1 Like
Weekly Governance Update: Week of Aug 31st, 2026
One onchain proposal went up for a vote this week.
Proposals
Summary: Submitted on Monday, this proposal sought to implement Anthias’ latest risk and reserve recommendations across Moonwell markets on Base and OP Mainnet. However, its scope was larger than past recommendations proposals, including three categories of changes: (1) risk parameter updates for markets with limited liquidity, elevated oracle risk, or ongoing deprecation; (2) interest rate model updates on Base to reduce excessive interest accrual on outstanding bad debt; and (3) the withdrawal of available protocol reserves on Base and OP Mainnet for conversion to USDC and recapitalization of the USDC market. The changes are meant to reduce additional exposure in higher-risk markets, continue deprecating selected assets, reduce expected interest accrual on bad debt, and put available protocol reserves toward recapitalizing the USDC market.
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: Utilization sits near cap across the stablecoin and ETH markets (USDC 98.52%, cbETH 100%, USDS 96.83%, EURC 92.96%). Supply is down across the board for MORPHO (-95%), cbBTC (-45% and borrows +445%), WETH -19%, AERO -21%. There were 918 liquidation events seizing ~$2,394,442 in collateral (604 events, ~$2.01M in MAMO).
- OP Mainnet: USDT increased on both sides (+18% borrows, +14% supply) while VELO and WETH dropped on both (borrows -64%/supply -22% and borrows -11%/supply -15%, respectively). There was ~$165 in collateral seized across 4 liquidation events.
- Ethereum: USDC supply and borrows each roughly halved (-48%/-51%), USDT likewise (-47%/-50%), and cbBTC supply -29%. Utilization held in the 60-73% range and there were no liquidations.
Upcoming Events in Governance
Monthly Governance Call
Look for the next Monthly Governance Call on X on the last Thursday of the month, September 24th.
1 Like
Weekly Governance Update: Week of Sep 7th, 2026
One onchain proposal went up for a vote this week.
Proposals
Summary: The automated monthly liquidity incentive proposal went onchain on Wednesday. It made changes to the following markets:
- Base:
- ETH: Increased WELL Supply APR; decreased WELL Borrow APR
- USDC: Increased WELL Supply APR; decreased WELL Borrow APR
- wstETH: Increased WELL Supply APR; decreased WELL Borrow APR
- cbBTC: Increased WELL Supply APR; decreased WELL Borrow APR
- Ethereum:
- ETH: Increased both WELL Supply and WELL Borrow APR
- USDC: Increased both WELL Supply and WELL Borrow APR
- USDT: Increased both WELL Supply and WELL Borrow APR
- cbBTC: Increased both WELL Supply and WELL Borrow APR
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 (9/4/26 – 9/10/26).
- Base: Utilization remained near the cap on the stablecoin and ETH markets (USDC 99.96%, cbETH 100%, USDS 99.99%, EURC 99.77%). AERO supply is down -60%, WETH supply -47% (borrows -42%), USDC supply and borrows each -21%, MORPHO supply -51%. There were 81 liquidation events totaling ~$36,281.
- OP Mainnet: USDC supply is down -70% (borrows -67%), wstETH supply -68%, WETH supply -23% (borrows -84%), USDT supply -20%. Liquidations were negligable.
- Ethereum: USDC supply is down -56% (borrows -50%), cbBTC supply -42% (borrows -50%), USDT supply -5%. There were no liquidations.
Upcoming Events in Governance
Monthly Governance Call
Look for the next Monthly Governance Call on X on the last Thursday of the month, September 24th.
Weekly Governance Update: Week of Sep 14th, 2026
No onchain 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 (9/11/26 – 9/17/26).
- Base: Borrow caps remain at 0 across all markets, with utilization pinned at the cap on the stablecoin and ETH markets (USDC 100%, cbETH 100%, EURC 100%, USDS 100%). cbXRP supply is down -19%, AERO supply -10% (borrows -9%), WETH supply -7%, USDC supply and borrows each -4%. There were 31 liquidation events seizing ~$8,518 in collateral.
- OP Mainnet: wstETH supply is up +232% and WETH borrows +592% (utilization +673%), while DAI supply is down -21% (utilization rose to ~100%), VELO supply -20%, USDC borrows -19% (supply -7%), WETH supply -10%. There were 3 liquidation events seizing ~$153 in collateral.
- Ethereum: USDC supply is up +69% (borrows +73%) and USDT borrows +32%, while cbBTC supply is down -18%. There were no liquidations.
…
Forum post: Risk Parameter Recommendaitons
Author: Anthias
Summary: Anthias shared their risk parameter recommendations for Moonwell’s Core Markets, along with the conditions they would need to see before supporting the re-enabling of borrowing on Base.
- Base: WELL collateral factor was decreased to 55%, and MORPHO and AERO collateral factors were each decreased to 60%; all three reflect a more conservative stance on thinly-traded collateral assets following the MAMO incident.
- OP Mainnet: VELO collateral factor was decreased to 60% as an initial step toward reducing collateral exposure, citing limited secondary-market liquidity.
Unlike a typical monthly update, this post also lays out why borrowing remains restricted on Base and what conditions would justify reopening: sustained liquidity in USDC and other stressed markets, and evidence that liquidations will function under stress. Anthias explains that reopening prematurely could allow withdrawal pressure in one market to consume liquidity in others, and notes that following MIP-X66’s interest rate updates, borrow APYs sit near 20% in the affected markets (~17.4% USDC, ~19.3% EURC), which is enough to encourage repayment without excessively growing unrecoverable balances.
Upcoming Events in Governance
Monthly Governance Call
Look for the announcement of the next governance call here on the forums, on X, and on Discord.
Weekly Governance Update: Week of Sep 21st, 2026
One onchain proposal went up for a vote this week.
Proposals
Summary: Submitted onchain on Wednesday, this proposal sought to implement the collateral factor reductions recommended by Anthias Labs on September 15, 2026 for WELL, MORPHO, and AERO on Base and VELO on OP Mainnet.
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: Borrow caps remain at 0 across all markets, and utilization is at cap on stablecoin and ETH markets (USDC 100%, cbETH 100%, EURC 100%, USDS 100%). VVV supply is down -93%, cbBTC supply -14% (utilization +15%), AERO supply -7% (borrows -8%), USDC supply and borrows each -3%, and WETH borrows -3%. There were 86 liquidation events seizing ~$80,834 in collateral.
- OP Mainnet: OP borrows are down -34% (supply -5%), WETH borrows -29% (supply -3%), wstETH supply -23%, and USDT0 supply -10%, while USDC borrows are up +4%. There were 6 liquidation events seizing ~$1,292 in collateral.
- Ethereum: USDT supply is down -31% (borrows -18%, utilization +18%), cbBTC supply -19%, USDC borrows -6% (supply -2%), and WETH supply was flat. There were no liquidations.
Upcoming Events in Governance
Monthly Governance Call
Look for the announcement of the next governance call here on the forums, on X, and on Discord.