Moonwell

See this forum thread for background and discussion on this proposal.

Discussion yielded interesting points of tension. I, personally, feel comfortable moving forward, and the accompanying snapshot vote has indicated overwhelmingly that the WELL holders agree as well.

As indicated by the snapshot, this proposal intends to codify immediately moving the collateral factor to 0% and reserve factor to 100% on all Nomad assets in order to re-enable borrowing on Moonwell and move the protocol forwards all at once.

The specific associated governance actions to make this a reality are as follows:

1. Decrease the collateral factor to 0% on USDC.mad, wBTC.mad, and ETH.mad
2. Increase the reserve factor to 100% on USDC.mad, wBTC.mad, and ETH.mad
3. Re-enable borrowing on GLMR, xcDOT, and FRAX
4. Re-enable mToken transfers

The result of these actions should put Moonwell in a place where borrowing and lending with the native assets is working well again.

Note: I’ve shared a draft of this proposal copy and received very well-tested action callData from the Moonwell team (the proposal was thoroughly unit tested on a Moonbeam testnet).