Moonwell Submits MIP-X65 Proposal for Recalibration of WELL Rewards on Ethereum and Base

The Moonwell governance has submitted the MIP-X65 proposal to recalibrate the WELL reward rates for the Ethereum (ETH) and Base lending markets based on asset types. According to this proposal, the supply rewards for the ETH and USD Coin (USDC) markets on Ethereum and Base will be reduced, while borrowing rewards will be increased. This change is part of a monthly governance procedure rather than an emergency measure, and MIP-X65 was posted on-chain on August 10, 2026, with 140 participants voting. In the AERO market, both supply and borrowing rewards have increased, while the cbBTC, LBTC, VIRTUAL, and cbXRP markets have all seen decreases. The annual percentage rate (APR) for supply represents the reward rate received when depositing assets, while the borrowing APR is the annualized interest rate applied when borrowing assets. The Moonwell governance forum described this adjustment as an automated procedure to attract capital in line with market conditions. The utilization rate of stablecoins in Ethereum distribution rose from the mid-20% range in early July to 60-80% by mid-August. Moonwell's operations have recently focused on Ethereum and Base, and according to governance procedures, Base proposals must undergo a 24-hour aggregation period after voting before implementation. The metrics to be checked after the execution of MIP-X65 will include utilization rates by market, deposit and borrowing volumes, and liquidity changes following the reward recalibration.

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