Moonwell, the decentralized lending protocol that built its reputation on Polkadot’s Moonbeam parachain and Coinbase’s Base network, is making its play for the big leagues. The protocol’s governance proposal MIP-E00 would approve the deployment of lending markets for ETH, USDC, USDT, and cbBTC directly on Ethereum mainnet.
The vote and its momentum
MIP-E00 went up for onchain voting around May 28, with a voting window extending through May 30. Early results suggest the proposal is not exactly controversial: approximately 99.9% of votes cast so far have landed in favor.
Around 70 addresses have participated in voting, primarily from Base using stkWELL voting power. For the proposal to officially pass, it needs to clear a quorum threshold of roughly 65.2 million WELL tokens.
Why Ethereum, why now
