New Moon Update: 10/25/22
In an effort to keep the community informed of everything that’s taking place in the Moonwell universe, we are going to be putting out bi-monthly “New Moon” and “Full Moon” updates.
The New Moon marks the first phase of the lunar cycle and is seen by many as a time for new beginnings and setting intentions. With this sentiment in mind, let’s take a look at what’s new with Moonwell.
Moonbeam Ignite: Re-igniting DeFi On Moonbeam
Following the arrival of Wormhole’s Portal Bridge and the successful passage of Moonwell and StellaSwap ecosystem grants proposals through Moonbeam Governance, a new ecosystem incentives campaign, dubbed Moonbeam Ignite, has begun!
Over the next six months, a total of 12,000,000 GLMR tokens will be rewarded to liquidity providers on the Moonwell and StellaSwap protocols in an effort to create a solid foundation of liquidity for Wormhole-wrapped assets (wBTC.wh, ETH.wh, USDC.wh, BUSD.wh) and native XC-20s like xcUSDT.
Increased liquidity supports core DeFi primitives, such as decentralized exchanges (StellaSwap) and lending protocols (Moonwell). This in turn fosters an environment where builders creating new dApps have an increased chance to succeed and thrive. As the flywheel below builds up momentum, it leads the entire ecosystem to further growth and success.
Moonbeam Ignite GLMR rewards are currently live on StellaSwap for the following farms: xcDOT-GLMR, USDC.wh:GLMR, ETH.wh:GLMR, wBTC.wh:GLMR, and Base4Pool.
After sufficient liquidity has been built up on StellaSwap, the Moonwell community will have the ability to add new markets for xcUSDT & Wormhole-wrapped assets through governance proposals!
Wormhole will be hosting a Twitter Space with Moonwell, Moonbeam, and StellaSwap this Thursday at 12:00 pm EST. The topic of this “fireside chat” is the Moonbeam Ignite campaign and what the arrival of Wormhole’s Portal Bridge means for the Moonbeam ecosystem. Be sure to tune in!
Moonwell Apollo Governance Has Launched!
Moonwell Apollo has followed in the footsteps of its sister protocol, Moonwell Artemis, and decentralized through governance!
Community members with delegated MFAM tokens are now able to vote upon and propose changes to the Moonwell Apollo protocol through Moonwell Improvement Proposals. This opens up a new avenue for the community to actively shape the future of Moonwell!
The Moonwell Governance Portal has been updated to support both Moonwell Apollo and Moonwell Artemis. Please note that Moonwell Apollo Governance utilizes a separate snapshot voting portal from Moonwell Artemis.
For more information regarding the launch of Moonwell Apollo Governance and how to get involved, please read the Lunar Technology Foundation’s “Introducing: Moonwell Apollo Governance” Medium article and Twitter thread.
Moonwell Developer Grants Are Now Live!
Developers, builders, and other Dotsama ecosystem projects that would like to contribute to the Moonwell protocol and its broader ecosystem are now able to submit proposals to receive grant funding, which will go through the governance process.
A new proposal generator has also been added to the Moonwell Governance Portal to allow for the easy creation and submission of Moonwell Improvement Proposals, which are the vehicle used for requesting and receiving grants.
Moonwell Community NFTs Are Available On Galxe!
Community members who have participated in Moonwell Governance voting are now eligible to mint exclusive “Moonwell Community NFTs”. These NFTs are Moonbeam native ERC-721s and are hosted on Moonwell’s new Galxe space.
The Second Moonwell Improvement Proposal (MIP-2) Was Passed!
MIP-2 "Re-balancing of WELL Token Liquidity Incentives" was voted on in the Moonwell Governance Portal and passed unanimously, with over 244 million votes cast!
Thank you to everyone who participated in voting and congratulations to Moonwell community member “not-taco” on the passage of his first governance proposal!
Gauntlet Network Has Submitted Their First Moonwell Improvement Proposals!
The economic simulation and quantitative risk management experts at Gauntlet Network have provided their latest analysis and recommended risk parameter updates for Moonwell Apollo and Moonwell Artemis on the Governance Forum!
For Moonwell Artemis (MIP-3) they have recommended that:
- The collateral factor of xcDOT be raised from 60% -> 62%
For Moonwell Apollo (MIP-4) they have recommended that:
- The collateral factor of ETH.multi be raised from 60% -> 62%
- The collateral factor of USDC.multi be raised from 60% -> 62%
- The collateral factor for FRAX be decreased from 60% -> 59.50%.
Voting for MIP-3, Gauntlet’s risk parameter updates for Moonwell Artemis, is now active on the Moonwell Governance Portal, with MIP-4 to follow suit in the coming hours!
Moonwell is an open lending and borrowing DeFi protocol on Moonbeam & Moonriver. Moonwell’s composable design can accommodate a full range of DeFi applications in the greater Polkadot and Kusama (DotSama) ecosystem.
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