Delegate Profile

Update Revenue Percentage for DEX Pools, Add Fee Handler for USDe-USDT DEX, Set Launch Limits for LBTC-cbBTC <> cbBTC, LBTC-WBTC <> WBTC Vaults, Adjust Borrow Limits for LBTC-cbBTC <> WBTC and Update Lower Range Percet of wstETH-ETH Pool

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executed

Voted on Fri Apr 11 2025 ‧ 2.5M ·

Offchain

[TEMP CHECK] Establish Uniswap v4 Licensing Process

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closed

Voted on Fri Apr 11 2025 ‧ 57.2M ·

Protocol Governor

[ZIP-9] V27 EVM Emulation Upgrade

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executed

Voted on Thu Apr 10 2025 ‧ 2.5M ·

Offchain

[TEMP CHECK] BoB Uniswap v3 Incentives Package

For $375k

closed

Voted on Thu Apr 10 2025 ‧ 11.5M ·

Offchain

PIP-61: Increase Quorum Threshold

closed

Voted on Wed Apr 09 2025 ‧ 1,001 ·

Onchain

MIP-X19 Automated Liquidity Incentive Proposal

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executed

Voted on Wed Apr 09 2025 ‧ 0.1 ·

Offchain

Bridging & Messaging Partner For GMX

(1st) Wormhole - Axelar, (2nd) Layer Zero, (3rd) Chainlink, (4th) Abstain

closed

Voted on Wed Apr 09 2025 ‧ 50 ·

Offchain

[SGTM 004]: Generating Yield on DAO Treasury Assets to Support Runway

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closed

Voted on Wed Apr 09 2025 ‧ 50 ·

Offchain

[REVOTE] GG23 Pre-Ratification Proposal

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closed

Voted on Wed Apr 09 2025 ‧ 20.6 ·

Offchain

CIP-66: Flash-Loan Router Integration

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closed

Voted on Wed Apr 09 2025 ‧ 20.6 ·

Offchain

CIP-65: Updating the score definition for buy orders

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closed

Voted on Thu Apr 03 2025 ‧ 1M ·

Onchain

Upgrade Proposal #14: Isthmus L1 Contracts + MT-Cannon

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executed

Voted on Thu Apr 03 2025 ‧ 1M ·

Onchain

Upgrade Proposal #15: Isthmus Hard Fork

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executed

Voted on Wed Apr 02 2025 ‧ 1,001 ·

Onchain

MIP-B42: Add MORPHO Market to Moonwell on Base

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executed

Voted on Wed Apr 02 2025 ‧ 1.7M ·

Offchain

Re-endorsement of wstETH on Starknet

Against

closed

Voted on Tue Apr 01 2025 ‧ 1,001 ·

Offchain

Moonwell Asset Listing Framework (MALF) - Implement Additional Review Threshold Requirements

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closed

Voted on Tue Apr 01 2025 ‧ 1,001 ·

Onchain

# **Switching Moonwell's GLMR Market to using API3's OEV Enabled Data Feed for GLMR** \n**Author:** Dave Connor, API3 \n**Related Discussions:** \n[https://forum.moonwell.fi/t/switch-moonwell-moonbeams-markets-to-using-api3-s-oev-enabled-data-feeds/1409](https://forum.moonwell.fi/t/switch-moonwell-moonbeams-markets-to-using-api3-s-oev-enabled-data-feeds/1409) \n[https://youtu.be/UIqNapXXrqA?t=525](https://youtu.be/UIqNapXXrqA?t=525) \n\n**Submission Date:** 28/01/25 \n\n---\n\n## Summary\n\nMoonwell is one of the highest revenue generating protocols in DeFi ([https://defillama.com/fees?category=Lending](https://defillama.com/fees?category=Lending)), currently sitting at 11th over the last year with over $1.2m generated. The yield that Moonwell's Moonbeam deployment generates could be significantly improved by switching to using API3’s dAPIs (data feeds) for all markets. This proposal is to switch Moonwell's oracle on Moonbeam from Chainlink to API3. API3’s OEV data feeds have been used in production without problems for months by many lending markets, including Compound V2 forks (like Moonwell) and have just been integrated by Compound itself. API3’s OEV feeds [can be switched to easily from contracts]([https://www.youtube.com/watch?v=yM54Kiy9uNg](https://www.youtube.com/watch?v=yM54Kiy9uNg)) expecting a push oracle, like Chainlink, without the need to change any code, reducing risks.\n\nThis proposal is intended to act as a proof of concept for Moonwell using an alternative oracle in a comparatively low TVL deployment, and demonstrate the value that OEV can bring. Similarly, demonstrating the value and reliability of API3’s feeds will open up possibilities for Moonwell to deploy on chains where existing oracle infrastructure partners are unavailable.\n\nThis proposal will direct the revenue from OEV to the addReserves function of the GLMR core market on Moonbeam. There are many alternatives that could be explored in future proposals, such reducing effective liquidation penalties, that would make interesting community discussions. API3 will also develop a Dune dashboard to demonstrate the value that OEV is bringing to Moonwell in an easily accessible way for Moonwell users.\n\nOEV solutions introduce complexities so this proposal will be as detailed as possible. Where possible, further resources are linked to, but questions are encouraged and welcomed where something is insufficiently well explained.\n\n---\n\n## Overview\n\nTo ensure any positions eligible for liquidation are promptly liquidated, reducing the risk of protocol level bad debt, Moonwell pays an incentive to whoever is able to trigger them fastest ("searchers"). This process is open to everyone. Triggering a successful liquidation pays 7% of the liquidated position to whichever searcher was able to trigger it.\n\nThis setup for decentralising liquidations is common in defi, with almost every other lending market paying similar incentives to ensure reliable triggering of liquidations. As this is effectively a source of free money, it tends to be incredibly competitive. On various chains it is possible for searchers to bid for priority over other searchers. There are multiple mechanisms that allow searchers to compete for these liquidations - on some chains it takes the form of third-party auctions, and on others it becomes primarily latency-driven. Quite often they are willing to pay a large percentage of what they expect to make as a reward for this - because making some money, even a small amount, is better than none if they are outbid.\n\nWhere the ability to bid for priority exists, searchers are happy with a much smaller amount in exchange for triggering liquidations than lending markets typically pay. From the point of view of the lending market, this can be considered wasted liquidity, as it is effectively not needed, and does not end up with whoever triggered the liquidation, who was happy receiving less.\n\nMoonwell is a Compound V2 fork. Lending markets based on Compound V2 are built expecting "push" oracles. A push oracle can be described as an oracle that keeps an on-chain reference price updated, so that it can be used at any time by smart contracts on the same chain.\n\nPrice updates by push oracles like Chainlink and API3 are pushed on chain based on two criteria - time and deviation. Time is a set frequency of update, regardless of price movement. Deviation based updates allow the on chain price to vary by up to a set percentage of the real time price before an update is triggered. The actual data providers update their prices offchain at a far more granular level. When a Searcher sees one of these more current prices offchain that would trigger a liquidation onchain, they can bid for the right to pull that more current price on chain and to bundle a liquidation with it thus ensuring they get the associated rewards. These additional updates simply provide redundancy and granularity to the existing push updates.\n\nAPI3’s OEV data feeds allow searchers to trigger additional data feed updates which in effect gives them a "fast lane" for liquidations, and gives those willing to pay priority over the other people competing. The searchers are unable to change data values, and can only trigger an earlier update (from the same data providers) than would otherwise occur based on time or deviation alone. There is more information about how this works exactly [here]([https://docs.api3.org/oev-searchers/overview.html](https://docs.api3.org/oev-searchers/overview.html)), but a brief summary is:\n\n* Searchers monitor positions on lending markets that can be liquidated at certain price points \n* Searchers also monitor the aggregated prices from API3’s Data providers \n* When the providers show a price offchain that would trigger a liquidation, searchers are able to bid for the right to trigger an extra update. The winning bid goes to API3, who split this with the dapp that the searchers trigger the update for \n* The winning searcher gets a signed transaction that only they can use, which triggers a data feed update for a specific pair, eg ETH/USD \n* The searcher then bundles this price update transaction in a multicall with the liquidation transaction. As the update is signed, only the winning bidder can issue the update, giving them priority to trigger the liquidation \n* API3’s dAPIs have a 15 second delay for deviation based updates to allow winning searchers time to update the feed. This ensures that searchers know they're able to use the update to trigger the liquidation, which optimises the value they're willing to bid\n\nAPI3 then gives 80% of these bid proceeds back to the dapp, and retains 20% to split with data providers. It can be expected that competition between searchers to win these auctions will have similar effects as the ability to bid for priority on mainnet had, and trend towards the total value of the liquidation incentive.\n\nFor Moonwell, users pay a 10% penalty when they are liquidated, with 3% going into a safety reserve to guard against bad debt. Fully using API3’s OEV feeds would mean that up to 5.6% (80% of 7%) of the total amount liquidated would be returned to Moonwell.\n\nAll of API3’s feeds have OEV functionality built in, and have never had a misreport or downtime on any feed since inception… Large lending markets like Compound, YEI Finance, Init Capital, Silo, Mendi, Ionic and Orbit have switched over. Multiple users (YEI, Orbit, Zerolend) are also Compound V2 forks, similar to Moonwell, further proving compatibility. API3 will assume the costs of operating the necessary data feeds, and of the integration itself where necessary.\n\n---\n\n## Redundancy vs Dependency\n\nThese updates are simply more current prices from the same providers. The OEV Network serves as a layer of redundancy and ensures liquidations happen exactly when they should rather than delaying or waiting for time or deviation-based prices to hit. If the entire OEV Network went down, the regularly pushed prices would update as they currently do and Searchers participating would be able to trigger liquidations exactly as they do now, OEV just adds additional updates from the same sources and additional venues where searchers can compete.\n\n---\n\n## Motivation\n\nOEV represents a new source of income for Moonwell. API3’s OEV solution offers a market leading 80% of OEV back to Moonwell, in comparison to Redstone's 50%, and has the added benefit of demonstrated production usage for many months. API3 will also develop a Dune dashboard to demonstrate the value that OEV is bringing to Moonwell in an easily accessible way for Moonwell users.\n\n---\n\n## Implementation\n\nAPI3 will ensure all feeds needed to support Moonwell on Moonbeam are provided indefinitely. Moonwell will switch from reading prices from Chainlink's data feed to API3’s dAPIs. There is a Quantstamp audited version of the current Chainlink adapter available [here]([https://github.com/api3dao/migrate-from-chainlink-to-api3](https://github.com/api3dao/migrate-from-chainlink-to-api3)). Integration is as simple as updating the oracle source with a more frequent update schedule. API3 is happy to provide all necessary technical assistance for this switch.\n\nOEV accrued will be distributed to the GLMR core market on Moonbeam's reserves using the addReserve function. This process will be visible on chain and verifiable by Moonwell community members.\n\n---\n\n## Voting\n\n**Yay** - Moonwell will switch from using Chainlink to API3 on Moonbeam (GLMR Market). API3 will distribute 80% of the OEV proceeds to Moonwell, via the addReserves function on the GLMR core market on Moonbeam. \n\n**Nay** - No changes will be made.

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closed

Voted on Sun Mar 30 2025 ‧ 3,646.9 ·

Onchain

Set Dust Limits for LBTC, RLP, and wstUSR DEXes and Vaults, Update USDC-USDT DEX Fee Handler, Center Price and Supply Shares of cbBTC-WBTC DEX, Update lower range and Fee Auth for wstETH-ETH DEX, Update Fee for USDC-ETH

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executed

Voted on Sun Mar 30 2025 ‧ 10.4M ·

Offchain

PIP-60 - Expansion of Project Miro token and staking system to Base

closed

Voted on Fri Mar 28 2025 ‧ 50,331 ·

Offchain

TMC ARB Recommendation

YES, Deploy ARB Strategy

closed

Voted on Fri Mar 28 2025 ‧ 50,331 ·

Offchain

TMC Stablecoin Recommendation

YES, Deploy Stablecoin Strategy

closed

Voted on Fri Mar 28 2025 ‧ 50,331 ·

Offchain

OpCo – Oversight and Transparency Committee (OAT) Elections

$100% for undefined

closed

Voted on Thu Mar 27 2025 ‧ 50,331 ·

Offchain

[Non-constitutional] ARB Incentives: User Acquisition for dApps & Protocols

For

closed

Voted on Thu Mar 27 2025 ‧ 2.5M ·

Offchain

[Temp Check] Treasury Delegation Round 2

For

closed

Voted on Wed Mar 26 2025 ‧ 1,001 ·

Onchain

MIP-X18: Gauntlet's Monthly Recommendations (03/18/2025)

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executed

Voted on Wed Mar 26 2025 ‧ 50 ·

Offchain

GG23 Pre Ratification Proposal

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closed

Voted on Wed Mar 26 2025 ‧ 80,000 ·

Offchain

A Growth-Earmarked Treasury Strategy for Compound

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closed

Voted on Tue Mar 25 2025 ‧ 1 ·

Offchain

MIP 99 - Phase 2: Frontend for Compound <> Morpho <> Polygon Collaboration

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closed

Voted on Sun Mar 23 2025 ‧ 50,331 ·

Offchain

[CONSTITUTIONAL] Proposal: For Arbitrum DAO to register the Sky Custom Gateway contracts in the Router

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closed

Voted on Sun Mar 23 2025 ‧ 3,646.9 ·

Onchain

Re: Increase wstETH/ETH Borrow Cap and Update sUSDe-USDT DEX Pool Fee

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executed

Voted on Thu Mar 20 2025 ‧ 50,331 ·

Onchain

[NON-CONSTITUTIONAL] Arbitrum Audit Program

FOR

queued

Voted on Wed Mar 19 2025 ‧ 1,001 ·

Offchain

Moonwell Security Council - Member Replacement (Ana Bittencourt)

For

closed