§ 01Headline finding
pril was a floor, not a recovery. As of April 30, 2026, Moonwell held $103.4 million supplied, essentially flat on March's $102.9 million. Core lending rose 4.7 percent to $77.5 million, but that was price, not deposits: the constant-price net flow stayed negative at $8.6 million. Beneath the flat headline, the vaults kept shrinking (down 10.5 percent to $25.9 million), supply concentrated (top 10 wallets up to 30.9 percent), and the one genuinely positive signal was that bad debt finally began to erode, falling to $5.3 million from $6.4 million.
The split beneath the flat headline was the story: Core lending stabilized in dollar terms while the vaults continued to leak and small depositors continued to leave, leaving a more concentrated book. Governance was a maintenance month, dominated by Wormhole bridge upgrades. The slow decline in shortfall, led by cbXRP and VIRTUAL working off, was the first sign the February damage was healing rather than just sitting.
§ 02Overview
| Metric | Mar 31 | Apr 30 | Change |
|---|---|---|---|
| Combined supplied | $102.9M | $103.4M | +$500K |
| Core lending | $74.0M | $77.5M | +$3.5M |
| Vaults TVL | $29.0M | $25.9M | −$3.0M |
| Active suppliers | 17,975 | 16,545 | −1,430 |
| Bad debt (shortfall) | $6.41M | $5.30M | −$1.1M |
| Protocol revenue | $52.8K | $49.4K | −$3.4K |
These levels are oracle-priced at each month-end, so the change reflects both flows and token price drift; the constant-price net flow is given in the headline.
| Chain | Core supplied | Vaults TVL | Combined | Core borrowed | Core utilization |
|---|---|---|---|---|---|
| Base | $72.1M | $25.9M | $98.0M | $29.2M | 40.5% |
| Optimism | $3.9M | $0 | $3.9M | $1.8M | 46.8% |
| Moonbeam | $1.5M | $0 | $1.5M | $30K | 2.4% |
| Moonwell total | $77.5M | $25.9M | $103.4M | $31.1M | 40.1% |
The combined total moved 0.4 percent, but the halves diverged: Core up 4.7 percent in dollars, vaults down 10.5 percent. At constant prices both still saw net withdrawals, so the flat headline reflects price recovery offsetting continued, slower outflows. All USD figures are constant-price, read from the Moonwell oracle at the end-of-month block on each chain.
Core supply rose 4.7 percent in dollars and fell on deposits in the same month. Only one of those describes what suppliers did, and it was still a small net exit.
§ 03Markets and real yield
MORPHO continued its climb to $11.2 million supplied, the second-largest Base market, having grown every month of the year. USDC fell to $15.4 million while its utilization jumped to 81.1 percent. cbETH's rates fully normalized after the February incident and March restitution, its base supply APY back to 1.26 percent.
| Market | Supplied | Borrowed | Utilization | Base supply APY | Base borrow APY |
|---|---|---|---|---|---|
| USDC | $15.4M | $12.5M | 81.1% | 3.37% | 4.65% |
| MORPHO | $11.2M | $400K | 3.8% | 0.02% | 0.88% |
| cbBTC | $9.3M | $1.7M | 18.2% | 0.18% | 1.12% |
| WETH | $8.9M | $7.5M | 83.8% | 0.89% | 1.18% |
| AERO | $7.0M | $1.9M | 27.0% | 1.09% | 6.40% |
| LBTC | $4.2M | $300K | 7.3% | 0.03% | 0.45% |
| cbETH | $4.0M | $1.8M | 44.0% | 1.26% | 3.63% |
| cbXRP | $3.2M | $1.1M | 34.7% | 1.06% | 4.77% |
USDC's base supply rate recovered to 3.37 percent, and with a 1.23 point WELL boost cleared the 3.72 percent T-bill at 4.61 percent all-in, the first comfortable premium since January. Most other markets still paid well under risk-free.
| Market | Base supply APY | WELL incentive | All-in supply APY |
|---|---|---|---|
| USDC | 3.37% | +1.23% | 4.61% |
| EURC | 2.14% | +0.13% | 2.27% |
| cbXRP | 1.06% | +0.24% | 1.30% |
| WETH | 0.89% | +0.34% | 1.23% |
§ 04Wallets and risk
Concentration reached a new high: the top 10 wallets held 30.9 percent of supplied value and the top 50 held 56.1 percent, up from 25.2 and 51.4 percent in March, as small depositors kept exiting and the largest positions stayed. The risk read improved for the first time: collateral within 10 percent of liquidation eased to $5.1 million, and bad debt fell to $5.3 million from $6.4 million, led by cbXRP working down to $1.0 million. cbETH remained the stubborn pocket at $1.7 million.
| Market | Shortfall |
|---|---|
| cbETH | $1.70M |
| cbXRP | $1.05M |
| VIRTUAL | $860K |
| WETH | $550K |
| Total (all markets) | $5.30M |
Anthias Labs' April recommendations were mostly housekeeping: lowering LBTC and tBTC collateral factors toward 80 percent and trimming Base and Optimism stablecoin rate multipliers to track the bear-market decline in borrow costs, with the thin Optimism weETH market paused.
§ 05Liquidations
Liquidations stayed at baseline for a second month: 244 events seizing $42,400 of collateral against $38,500 of debt repaid, in line with March. The market remained calm, with no forced unwinding.
§ 06Vaults
The vaults were the quarter's persistent leak, falling to $25.9 million from $29.0 million, a fourth straight monthly decline and a constant-price net outflow of $4.3 million. The Flagship ETH vault overtook Flagship USDC as the largest at $11.5 million.
| Vault | TVL |
|---|---|
| Flagship ETH | $11.5M |
| Flagship USDC | $10.3M |
| Frontier cbBTC | $2.3M |
| Flagship EURC | $1.7M |
| Ecosystem USDC | $100K |
| All vaults | $25.9M |
§ 07Financials
Gross fees eased to $198,300 as borrowing softened and the liquidation contribution stayed minimal. Protocol revenue was $49,400 at a 0.58 percent annualized take rate, holding near March's level. With liquidations absent, April's economics were almost entirely interest-driven.
| Line | Amount |
|---|---|
| Gross fees: borrower interest | $183,100 |
| Gross fees: liquidation bonus | $3,900 |
| Gross fees: Morpho vault performance | $11,400 |
| Total gross fees | $198,300 |
| Protocol revenue (all sources) | $49,400 |
| Annualized take rate | 0.58% |
§ 08OEV
OEV recaptured was $7,300 across 8 events, tracking the quiet month. The protocol capture share is omitted pending a correction to how OEV capture was calculated.
§ 09Governance
April was an infrastructure month, nine proposals dominated by cross-chain bridge maintenance: fixing post-audit Wormhole findings and upgrading the xWELL bridge adapter, alongside the recurring incentive and recommendation proposals.
| Proposal | Title | Voters |
|---|---|---|
| MIP-X52 | Upgrade xWELL Bridge Adapter | 335 |
| MIP-X49 | Fix Wormhole Post-V3 Audit Findings | 317 |
| MIP-X50 | Anthias Labs Monthly Recommendations (Apr) | 289 |
| MIP-X51C | Automated Liquidity Incentive Proposal | 181 |
The agenda reflected a protocol no longer in crisis, back to routine cross-chain maintenance and the monthly incentive cadence. None of the executed proposals drew material opposition.
§ 10Cross-deployment and token
Ranked against the other Base lending venues, Moonwell was the third-largest by core lending supply at the April close, behind Morpho Blue and Aave V3 and ahead of Fluid, Compound V3, Euler, and Seamless. Its $72.1 million of Base core lending held third even as the reshaping accelerated: Aave V3 on Base fell to $801 million from $1.18 billion in March while Morpho Blue pushed above $4 billion. The five Moonwell vaults are Morpho Blue deposits, counted under Morpho's total, so they are left out of the ranking to avoid double-counting.
| Rank | Venue | Supplied |
|---|---|---|
| 1 | Morpho Blue | $4.07 billion |
| 2 | Aave V3 | $801 million |
| 3 | Moonwell | $72.1 million |
| 4 | Fluid | $45.3 million |
| 5 | Compound V3 | $39.8 million |
| 6 | Euler V2 | $4.1 million |
| 7 | Seamless | $2.1 million |
WELL closed April at $0.004109, an $18.7 million market cap. Staked stkWELL rose again, to 27.8 percent of circulating supply, a third straight monthly increase even as TVL fell.
Methodology
§ 11Looking ahead
May brings Moonwell's Ethereum launch and the close of the second quarter. Watch whether the constant-price outflow finally turns positive, whether the vaults stop bleeding after four declines, whether bad debt keeps eroding off $5.3 million, and how much early liquidity the new Ethereum deployment attracts.