Moonwell

Summary

This multi-network proposal seeks to onboard Wrapped rsETH (wrsETH), a liquid restaking token from KelpDAO, as a new collateral asset on Moonwell’s deployments on Base and Optimism.

wrsETH is a wrapped version of KelpDAO’s restaked ETH (rsETH), designed to offer liquidity and DeFi utility for restaked ETH within KelpDAO’s platform. Restakers mint rsETH by staking their liquid staking tokens (LSTs), and wrsETH enables those tokens to be used in other DeFi apps while still earning restaking rewards. The integration of wrsETH into Moonwell’s ecosystem will create new opportunities for users to earn Kelp Miles and EigenLayer points while supplying or borrowing against wrsETH.

For additional details on wrsETH and Gauntlet’s full risk analysis, please refer to the forum post here.

Gauntlet’s Initial Risk Parameters

Parameter	Base	Optimism
Collateral Factor	74%	74%
Supply Cap	1075 wrsETH	400 wrsETH
Borrow Cap	430 wrsETH	160 wrsETH
Protocol Seize Share	3%	3%
Reserve Factor	0.15	0.15
Interest Rate Model
Base Rate	0%	0%
Kink	35%	35%
Multiplier	15%	15%
Jump Multiplier	450%	450%

Token Addresses

• Base: 0xEDfa23602D0EC14714057867A78d01e94176BEA0
• Optimism: 0x87eEE96D50Fb761AD85B1c982d28A042169d61b1

Oracle Addresses

• Base:
  • RSETH/ETH
• Optimism:
  • RSETH/ETH

Voting Options

• Aye: Approve the proposal to onboard Wrapped rsETH on both Base and Optimism with Gauntlet’s specified initial risk parameters.
• Nay: Reject the proposal.
• Abstain: Abstain from voting on this proposal.