executedEnds a year ago · Onchain
MIP-B41: Add VIRTUAL Market to Moonwell on Base
By 0x10b8...004bE5
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Summary
This proposal seeks to onboard $VIRTUAL, the governance and utility token of the Virtuals Protocol, as a new collateral asset on Moonwell’s Base deployment. $VIRTUAL powers the onchain co-ownership of AI agents, enabling tokenized interactions across Base and Ethereum while aligning incentives for participants in the AI agent economy. Adding $VIRTUAL to Moonwell introduces an innovative, high-utility asset tied to the rapidly expanding onchain AI sector. For additional details, please review the Virtuals Protocol documentation and the Virtuals asset listing forum post.
Token Information
- Name: VIRTUAL
- Token Standard: ERC20
- Total Supply: 1,000,000,000 VIRTUAL
- Circulating Supply (Base): 486,900,666 VIRTUAL
- Token Contract: 0x0b3e328455c4059EEb9e3f84b5543F74E24e7E1b
- Price Feed: Chainlink VIRTUAL/USD
Gauntlet’s Risk Analysis and Recommendations
Initial Risk Parameters
| Parameter | Value |
|---|---|
| Collateral Factor (CF) | 65% |
| Supply Cap | 4,500,000 VIRTUAL |
| Borrow Cap | 2,300,000 VIRTUAL |
| Protocol Seize Share | 30% |
| Reserve Factor | 30% |
Interest Rate Model
| Parameter | Value |
|---|---|
| Base Rate | 0% |
| Multiplier | 23% |
| Jump Multiplier | 5x |
| Kink | 45% |
Interest Rate Curve
| Utilization | Borrow APR | Supply APR |
|---|---|---|
| 0% | 0% | 0% |
| 45% (Kink) | 10.35% | 3.26% |
| 100% | 285.35% | 199.7% |
Gauntlet recommends an IR curve with a borrow APR of 10.35% at kink.
Supporting Data
- Volatility: Over the past 180 days, VIRTUAL’s daily log returns ranged from +102.88% to -36.8%. The annualized 30-day log volatility stands at 246.93%, indicating extended periods of high price fluctuation. In light of this volatility, Gauntlet recommends setting the Collateral Factor at a more conservative 65%.
- Liquidity: The total DEX TVL of VIRTUAL on Base currently stands at $132M. However, we’ve discounted other sources of liquidity such as AGENT-VIRTUAL pairs. Virtuals’ recent announcement of its expansion to Solana may introduce short-term variance to DEX TVL on Base.
Liquidity Sources
| Exchange | Pair | TVL (USD) | 24H Volume (USD) |
|---|---|---|---|
| Aerodrome (Base) | VIRTUAL / cbBTC | $34.6M | $7.93M |
| Aerodrome (Base) | VIRTUAL / WETH | $34.6M | $2.39M |
| Uniswap V2 (Base) | VIRTUAL / WETH | $11.96M | $10.99M |
| Aerodrome Slipstream | VIRTUAL / WETH 0.7% | $4.76M | $17.19M |
| Uniswap V3 (Base) | VIRTUAL / WETH 0.3% | $2.44M | $2.36M |
| Uniswap V3 (Base) | VIRTUAL / WETH 0.05% | $2.07M | $23.29M |
| Aerodrome Slipstream | VIRTUAL / WETH 0.05% | $0.49M | $11.77M |
Voting Options
- Aye: Approve the proposal to activate a core lending market for $VIRTUAL on Base with Gauntlet’s specified initial risk parameters.
- Nay: Reject the proposal.
- Abstain: Abstain from voting on this proposal.
Connect Wallet to Add Note
0Votes 414
| Voter | Cast Power | Vote & Rationale |
|---|---|---|
 0xb6cb...82E698 | 42.239M | FOR |
 0x5027...087ff8 | 11.724M | FOR |
 0xcCa6...822738 | 6.044M | FOR |
 0xd60b...aB07c8 | 6.018M | FOR |
 0x3412...1317De | 5.632M | FOR |
VOTE POWER
0
Connect Wallet
Proposal Status
- Wed January 29 2025, 09:17 pmVoting Period Starts
- Sat February 01 2025, 09:17 pmEnd Voting Period
- Queue Proposal
- Sun February 02 2025, 09:19 pmExecute Proposal
Current Results
1-FOR
134.854M
2-ABSTAIN
7.4M
3-AGAINST
1.024M
Quorum 143.277M/100M