Moonwell Announcements

Final reminder for Moonwell Card holders. Cypher, the provider behind Moonwell Card, completes its wind-down tomorrow, September 6. Please withdraw any remaining card balance today. Withdrawn funds will be sent as USDC to your linked wallet on Base. https://x.com/MoonwellDeFi/status/2096226130533740558?s=20

Update: MIP-X66 has entered its vote collection period. Once executed, MIP-X66 will implement the latest risk and reserve recommendations from Anthias Labs across Moonwell markets on Base and OP Mainnet. The proposed changes include: • updating risk parameters for markets with limited liquidity, elevated oracle risk, or undergoing deprecation • adjusting interest rate models across Base markets to reduce future interest accrual on existing bad debt • withdrawing protocol reserves to support USDC market recapitalization The proposed changes would also help establish the conditions needed to consider re-enabling borrowing across Moonwell markets on Base. Any re-enablement would remain subject to further risk assessment. Separately, security firm Zero Shadow has been retained to support ongoing post-incident recovery efforts. Potential recovery options continue to be evaluated, and further updates will be shared as verified information becomes available. https://x.com/MoonwellDeFi/status/2095907100950212675?s=20

A proposal has been submitted to implement the latest risk and reserve recommendations from Anthias Labs across Moonwell markets on Base and OP Mainnet. If approved by governance, MIP-X66 would: • update risk parameters for markets with limited liquidity, elevated oracle risk, or ongoing deprecation • adjust interest rate models across seven Base markets to reduce interest accruing on outstanding bad debt • withdraw protocol reserves to support USDC market recapitalization Anthias Labs estimates the proposed interest rate changes would reduce monthly interest accruing on bad debt across affected markets from approximately $338,785 to $50,273, assuming balances and utilization remain unchanged. The proposal has not yet been approved or executed. The proposed reserve withdrawals apply only to protocol-owned assets. No user funds would be withdrawn or transferred. https://x.com/MoonwellDeFi/status/2094848388185657702?s=20

A post-mortem from Anthias covering yesterday’s incident on Base is now available on the governance forum. We’ll continue sharing updates as more information becomes available. https://x.com/MoonwellDeFi/status/2093383062491156566?s=20

cbETH Remediation Update: Round 3 The third round of remediation distributions is complete. A total of 147.12137 ETH has been distributed to impacted users as part of the ongoing remediation process. https://twitter.com/MoonwellDeFi/status/2087238870983450911