Decentralized lending protocol Moonwell saw a 135% week-over-week jump in USDC borrowing on its Ethereum mainnet markets, with USDT borrowing climbing 87% over the same period. These figures represent a moderation compared to earlier weeks, when USDC surged 148% and USDT rocketed 236%. On July 29, 2026, a governance proposal was passed to adjust interest rate model curves for stablecoin markets and introduce WELL token rewards for borrowers. The protocol operates across Ethereum, Base, and Optimism.
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