Joel Obafemi · Moonwell Super Delegate
Monthly and quarterly intelligence on the Moonwell protocol across Base, Optimism, Moonbeam, and Ethereum.
Combined supply eased 5.6 percent to $94.4 million as Base Core gave back May's gain on a $7.1 million outflow, yet protocol revenue climbed to roughly $44,000 and OEV capture reached 69.9 percent under the corrected fee split as renewed volatility drove liquidations past 1,000 events; Ethereum drew its first real liquidity at $2.9 million and the vaults bled a sixth straight month.
Core lending posted its first net inflow of the year and retention hit 91.8 percent as USDC yields cleared 9 percent, while the vaults bled a fifth straight month, protocol take rate fell to 0.29 percent, and Moonwell launched on Ethereum.
12 min readCombined supply held flat at $103.4 million as Core rose 4.7 percent on price not deposits, the vaults kept bleeding, supply concentrated into fewer wallets, and bad debt finally began to erode.
11 min readMoonwell entered 2026 at $172.9 million supplied and exited Q1 at $102.9 million, a 40 percent decline driven by a February oracle incident and deleveraging that left the December cohort holding under half its dollars and $6.4 million of bad debt stuck on the books.
14 min readMoonwell Brief pairs prose analysis with on-chain data across Moonwell's markets, vaults, financials, risk, and governance. Each issue is anchored to an end-of-period snapshot, valued from the Moonwell oracle, and reconciliation-gated before publication. Read the full methodology.
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