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Moonwell Updates: September 2022

Hello, Cryptonauts!

September has been a busy month for Moonwell, and we thought it was only fitting to give a recap of some of the major events that took place. Going forward, we are going to make a concerted effort to put out more frequent updates on Medium to ensure that the community stays in the loop regarding all things Moonwell!

The first Moonwell Improvement Proposal (MIP-1) was passed!

In a historic moment for the protocol, the Moonwell community has successfully passed and executed the first on-chain governance proposal. Following the passage of MIP-1, borrowing has been re-enabled for FRAX, GLMR, and xcDOT on Moonwell Artemis, Nomad assets have had their collateral factors lowered to 0% and reserve factors raised to 100%, and mToken transfers have been re-enabled.

Thank you to all who participated in this landmark vote!

MIP-1 Vote Results

Wormhole Bridge has launched on Moonbeam following a pivotal Moonwell Governance signal vote!

At this point in time, bridging solutions remain one of the most fundamental aspects of blockchain ecosystems and the protocols that comprise them. In the wake of the Nomad Bridge exploit, a void has been left to fill in the Moonbeam ecosystem and Moonwell Artemis protocol.

In a Moonwell Governance signal vote this month, the Moonwell community was polled on their preferred cross-chain bridging solution. The final results showed Wormhole to be the most popular cross-chain bridge amongst the Moonwell community.

Vote Results

Wormhole has since announced it’s support for the Moonbeam Network! From https://www.portalbridge.com, users are now able to bridge over their ETH, WBTC, and USDC from Ethereum and BUSD from Binance Smart Chain to Moonbeam!

Wormhole’s announcement tweet

Moonwell Artemis ecosystem incentives grant proposal has been submitted to Polkassembly!

With the arrival of Wormhole and it’s .wh wrapped assets to Moonbeam, it’s of the utmost importance that a solid foundation of liquidity is built up across the parachain. A strong base of liquidity will enable these assets to be swapped with minimal slippage and also be safely supported on Moonwell Artemis. Moonwell being able to support the lending and borrowing of these new .wh assets will assist in on boarding new users not only to Moonwell, but Moonbeam as a whole.

With this in mind, Moonwell and StellaSwap have both made formal submissions to The Moonbeam Foundation’s new Interim Grant Program. These grant proposals request GLMR incentives that would be used to attract additional liquidity and grow the broader Moonbeam DeFi ecosystem. This idea is outlined below, in an excerpt from the Moonwell Artemis ecosystem incentives grant proposal:

“The success of a new web3 ecosystem like Moonbeam will largely depend on whether the community can successfully bootstrap the flywheel illustrated below. By first building liquidity, next, strong base DeFi primitives such as Decentralized Exchanges and Lending, new and novel applications such as NFT marketplaces and Multichain Dapps using connected contracts can flourish, which in turn should bring more liquidity. As this flywheel builds up momentum in the form of deeper liquidity and more Dapps, this leads the entire ecosystem to more growth and greater success.”

Moonwell Artemis grant proposal: https://moonbeam.polkassembly.network/grant/196

Moonbeam Ecosystem Flywheel

If successfully passed, Moonwell’s grant proposal will provide the protocol with the required ecosystem incentives needed to boost TVL and help bootstrap the ecosystem flywheel illustrated above. The proposal has recently left the community discussion and feedback portion of the proposal lifecycle, and will soon be brought to a vote by the Grants Committee and finally the Moonbeam community.

Delegate your MFAM to prepare for Moonwell Apollo Governance!

MFAM holders are now able to delegate their MFAM tokens in order to be used for voting and proposal submission in Moonwell Apollo Governance! Upon visiting the Moonwell Apollo market page, users with undelegated MFAM tokens will now be prompted to delegate. Users may also check their “Voting Power” or choose to delegate to another wallet address through the wallet modal in the top right of the Moonwell Apollo dApp.

Learn more about Delegating here

Interlay states their case for iBTC support on Moonwell!

Alexei Zamyatin, CEO and co-founder of Interlay, has created a discussion post on the Moonwell Governance Forum that covers the ins and outs of iBTC. InterBTC is Interlay’s flagship product: an interoperable, fully collateralized, wrapped Bitcoin asset. If interested, give the discussion post and associated Twitter thread a read and post your thoughts on the topic!

Interlay’s Tweet Thread discussing iBTC on Moonwell

There’s a new Moonwell Apollo Risk Dashboard!

The economic simulation experts at Gauntlet Network have launched their Moonwell Apollo Risk Dashboard! Through the Dashboard, users will be able to easily view key market statistics, protocol parameter recommendations, and system metrics.

Moonwell Apollo Risk Dashboard

New Moonwell protocol updates have been shipped!

  • An “unfold” feature has been added to Moonwell Apollo and Artemis! For those who utilize recursive lending strategies, this new feature will allow you to unfold your positions easily and efficiently.
Check out this Tweet thread for additional information
  • The Market Information panels on both Moonwell dApps have been updated to include “Reserve Factor”, “Reserves (Asset)”, “Reserves (USD)”, and “Liquidity (Asset)”. Users are also now able to view definitions of each title in the Market Information panel with a quick mouse-over.
GLMR Market Information

Moonwell is going international!

Moonwell Ambassadors have been busy establishing new language-specific social media accounts in an effort to expand Moonwell’s global outreach. This month we have added Thai, Ukrainian, and German Twitter and Medium accounts to our arsenal!

Please find the full list of alternate language accounts below:
Chinese: https://twitter.com/MoonwellCN
https://medium.com/@moonwellchinese

Spanish: https://twitter.com/MoonwellES
https://medium.com/@moonwellespanol
Portuguese: https://twitter.com/MoonwellPT
https://medium.com/@moonwellportuguese
Russian: https://twitter.com/MoonwellRU
https://medium.com/@moonwellrussian

Thai: https://twitter.com/MoonwellTH
https://medium.com/@moonwellthai
Ukrainian: https://twitter.com/MoonwellUKR
https://medium.com/@moonwellukrainian

German: https://twitter.com/MoonwellDE
https://medium.com/@moonwellgerman

Moonwell attended Messari Mainnet 2022!

Moonwell made an appearance in NYC last week for Mainnet 2022! At the conference, Moonwell swag was handed out at the Moonbeam booth and protocol awareness and education was disseminated. Outside of the event, further networking took place and a party was co-sponsored with other ecosystem neighbors (Polkadot + Frens Party).

Our frens at PizzaDAO even delivered dinner!

About Moonwell

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.

Main website | Telegram | Discord | Twitter | Documentation | Gov Portal

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Moonwell

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DeFi’s Liquidity Well built on top of Moonbeam and Moonriver