Joel Obafemi · Moonwell Super Delegate
Monthly and quarterly intelligence on the Moonwell protocol across Base, Optimism, Moonbeam, and Ethereum.
Moonwell 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 readMarch's bleed slowed to a net $7.5 million and retention rebounded to 87.5 percent, but $6.4 million of bad debt sat unchanged in illiquid markets even as liquidations returned to normal.
11 min readMoonwell shed more than a third of its supply in February as liquidations quadrupled to 3,627 events, net dollar retention fell to 64 percent, and bad debt grew to $6.3 million even through the unwind.
12 min readMoonwell held $172.9 million supplied at the January close, shed a constant-price net $18.0 million while keeping 88 percent of its suppliers, and carried $4.3 million of already-underwater positions into February.
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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