Moonwell Activates Multichain Governance and Native WELL Token on Base Network

Moonwell has launched unified governance across Ethereum Mainnet and multiple Layer 2 networks. WELL token holders can now propose, vote, and execute governance decisions from Ethereum Mainnet, with voting power recognized across Base, Optimism Mainnet, and Moonbeam. This follows the execution of **MIP-X58**, which establishes Ethereum Mainnet as the primary governance hub while maintaining full connectivity with existing networks. The upgrade represents a significant architectural shift for the protocol. Key features: - Unified governance from Ethereum Mainnet - Cross-chain voting power recognition - Seamless WELL token bridging between networks - In-app bridging functionality coming soon The governance upgrade builds on **MIP-X55**, which enabled WELL token movement between Base, Optimism Mainnet, Moonbeam, and Ethereum. The community-driven proposal process began in early May 2026, with initial discussions about Ethereum Mainnet activation and market selection. This infrastructure upgrade positions Moonwell for long-term scalability across multiple blockchain networks.

Moonwell has integrated with Base MCP to enable AI agents to perform DeFi operations through natural language prompts. **Key Features:** - AI agents can read market data, supply assets, and borrow funds - Agents can generate Moonwell credit reports for any blockchain address - Full lending and borrowing capabilities accessible via conversational interface - Onchain reputation tracking through AI prompts The integration is available at [agents.moonwell.fi](http://agents.moonwell.fi) and represents a step toward making DeFi operations more accessible through AI-powered interfaces. Users can now instruct agents to handle complex DeFi tasks without manually navigating protocols.

Centrifuge's tokenized S&P 500 product, deSPXA, may become available as collateral on the Moonwell lending platform, pending governance approval. **Key Points:** - deSPXA provides onchain exposure to the S&P 500 through the J.H. Investors S&P 500 Index Fund - Integration would enable users to borrow against their tokenized index holdings - Opens possibilities for structured strategies using traditional market exposure in DeFi - Currently live on Base network - Requires community governance vote to proceed The proposal represents a step toward bridging traditional finance indices with decentralized lending protocols.

**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.