Changes to WELL and USDC supply rewards on Base by Warden Finance

**Moonwell's Q4 Performance Shows Strong Growth** Moonwell reported Q4 revenue of **$901.21K**, marking a **71% increase** from Q3. The growth was primarily driven by activity on Base network. **Key Revenue Drivers:** - Fee growth on Base directly converted to protocol revenue - Increased borrowing demand led to higher interest rates - Higher rates generated more revenue for WELL token reserve auctions **Broader Q4 Metrics:** - Fees, revenue, and monthly active users all increased quarter-over-quarter - Capital utilization improved, with less idle assets - Growth sustained despite cooling market conditions The revenue cycle creates a positive feedback loop: more borrowing activity → higher rates → increased revenue → more WELL tokens acquired through monthly reserve auctions. Full Q4 report available on [Binance](https://www.binance.com/en/square/post/35170977363625) and Token Terminal.

Moonwell has officially deprecated its protocol on Moonriver network following Chainlink's decision to discontinue oracle feeds starting February 1st. **Key Actions Taken:** - Proposal MIP-R38 passed, setting all market collateral factors to 0% - Collateral factors were gradually reduced over recent months - Bad debt risk to the protocol has been eliminated **What Users Need to Know:** - Users with supplied collateral can withdraw anytime via the market or Portfolio page - Risk parameters were managed by Anthias Labs, Moonwell's risk manager - Support available on [Discord](https://discord.com/invite/moonwellfi) for withdrawal assistance The decision prioritizes user safety as the underlying oracle infrastructure becomes unavailable. Full details in [MIP-R38](https://moonwell.fi/governance/proposal/moonriver?id=72).

Moonwell's monthly governance call, hosted by Boardroom, takes place tomorrow at 17:00 UTC on X Spaces. **What to Expect:** - Latest governance news and updates from contributors - Current market analysis and insights - Community discussion and Q&A [Set your reminder](https://x.com/i/spaces/1OdKrOBYzDQGX?s=20) to join the conversation and stay informed about protocol developments.

**Moonwell's USDC Vault now supports Ethereum-backed loans** directly in the Coinbase app, expanding beyond Bitcoin lending. **Key developments:** - Curators allocated liquidity to the cbETH/USDC market on Morpho - Higher borrowing activity drives increased utilization and revenue - Vault serves as primary liquidity source for ETH-backed loans **Access points:** - [Explore USDC Vault](https://moonwell.fi/vaults/deposit/base/mwusdc) - [Real-time tracking](https://morpho.blockanalitica.com/base/vaults/vaults?search=moonwell) This expansion follows Moonwell's successful Bitcoin lending integration and represents continued growth in institutional DeFi adoption.

**Moonwell** rolled out several key updates this week: - **New governance dashboard** created by @joel_obafemi to track reserve auctions and vote-to-claim staking rewards - **Mamo account upgrades** for USDC and Bitcoin functionality - **Bitcoin borrowing discussion** on Edge Podcast featuring @LukeYoungblood and @GrafaCrypto about using Moonwell Vaults on Base - **$CYPR airdrop rewards** for Moonwell Card users from Cypher - **DuneCon25 presence** with contributor @danimimm attending in Buenos Aires The governance improvements aim to **increase community participation** through enhanced tracking of reserve auctions and staking rewards.