moonwell

1) Executive summary
Moonwell is an open and decentralized lending project designed to make onchain lending and borrowing accessible. The project emphasizes simplicity through an intuitive user interface that enables users to lend, borrow, and claim rewards in just a few clicks while maintaining complete control over their digital assets. All protocol changes are governed through onchain governance proposals, ensuring alignment with community interests. Token Terminal currently tracks Moonwell on Base and OP Mainnet.
In Q3 2025, Moonwell saw growth in TVL and fees while revenue and MAU remained relatively flat. Base remains the dominant chain, accounting for over 85% of TVL, fees, and user activity.
🔑 Key metrics (Q3 2025)
Total value locked: $393.34M (+21.09% QoQ)Active loans: $202.66M (+10.20% QoQ)Fees: $3.04M (+29.29% QoQ)Revenue: $527.02K (-1.58% QoQ)Monthly active users: 20.80K (-1.42% QoQ)
2) Total value locked
Total value locked (TVL) measures the total USD value of collateral deposited into Moonwell, as well as active loans. Q3 TVL averaged $393.34M, up from $324.81M in Q2, representing a 21.09% increase quarter-over-quarter. Base accounted for the majority of deposits at $341.68M (86.87% of Q3 total), followed by OP Mainnet at $51.66M (13.13%).

👥 Moonwell team commentary
"TVL continued to grow as the Base ecosystem expanded, with more users joining quarter on quarter and bringing additional liquidity. These trends lifted activity in Moonwell markets and increased collateral deposits across the protocol. Moonwell benefited from offering lending markets for several top native assets on Base such as AERO, MORPHO, and VIRTUAL. These markets attracted users who prefer to stay onchain and hold exposure to Base native assets while earning a return on deposits. OP Mainnet activity remained steady, while most new growth concentrated on Base, supported by deeper liquidity, stronger user inflows, and higher onchain participation."
3) Active loans
Active loans measures the total USD value of outstanding borrows across all Moonwell lending markets. Q3 active loans averaged $202.66M, up from $183.90M in Q2, representing a 10.20% increase quarter-over-quarter. Base accounted for the majority of borrowing at $168.08M (82.94% of Q3 total), followed by OP Mainnet at $34.57M (17.06%).

👥 Moonwell team commentary
"Borrow demand increased as Base markets deepened and more users relied on the network for trading, liquidity rotation, and collateralized borrowing. Loans were driven mainly by users seeking stablecoin liquidity against ETH or cbBTC collateral, supported by market conditions that provided opportunities for short term positioning and hedging."
4) Fees
Fees measure the total USD value of fees paid by users across all of Moonwell's lending markets. Q3 fees totaled $3.04M, up from $2.35M in Q2, representing a 29.29% increase quarter-over-quarter. Base generated $2.74M (90.00% of Q3 total), followed by OP Mainnet at $304.34K (10.00%).

👥 Moonwell team commentary
"Fees continued to show real usage across Moonwell markets. TVL by itself does not reflect activity and can be passive, while borrowing demand, fee generation, and revenue show whether capital is working. Total fees reached $3.04M in Q3, a 29% increase from the $2.35M generated in Q2. Base remained the center of fee generation as deeper liquidity and stronger borrowing demand lifted activity, while OP Mainnet held steady with smaller but consistent volumes. Fees support lenders and also drive the Moonwell economic flywheel, where protocol reserves and vault performance fees move through onchain auctions to acquire WELL from the open market that then flow to stkWELL stakers. Higher borrowing leads to higher fees, and higher fees lead to more WELL acquired for stakers who help secure the protocol."
5) Revenue
Revenue measures the total USD value of fees retained by Moonwell. Q3 revenue totaled $527.02K, down from $535.48K in Q2, representing a 1.58% decrease quarter-over-quarter. Base accounted for $494.18K (93.77% of Q3 total), followed by OP Mainnet at $32.84K (6.23%).

👥 Moonwell team commentary
"Protocol revenue followed similar patterns to fees and is directly linked to the usage and capital efficiency. Moonwell recorded $527K in revenue for Q3, slightly below the $535K recorded in Q2, before rising to $854K in Q4. Revenue reflects the share of fees retained by the protocol after lender interest, and the year to date trend has remained upward despite short term shifts in borrowing patterns. Base contributed $494K in Q3, equal to 94% of the total. Strong borrowing demand on Base, deep liquidity in core markets, and the growth of the Moonwell vaults all supported this performance. The vaults were key to generating revenue that flowed back to WELL stakers while helping to provide borrowable liquidity for the Bitcoin and Ethereum backed loans product available in the Coinbase app. Taken together, these trends show Moonwell growth driven by real onchain usage rather than static TVL."
6) Monthly active users
Monthly active users (MAU) measures the number of unique wallet addresses that have interacted with Moonwell over a rolling 30 day period. Q3 MAU averaged 20.80K, down from 21.10K in Q2, representing a 1.42% decrease quarter-over-quarter. Base accounted for the majority of user activity at 17.50K (84.13% of Q3 total), followed by OP Mainnet at 3.50K (16.83%).

👥 Moonwell team commentary
"Monthly active users averaged 20.8K in Q3, a slight decrease from the 21.1K in Q2. Overall activity stayed stable and followed broader Base network patterns rather than any single event. Base accounted for 17.5K monthly active users in Q3, equal to 84% of the total. New applications launched on Base during the quarter which attracted more users to the network, creating additional onchain activity. Moonwell benefited from this growth but also experienced modest seasonal slowdowns during quieter market periods. User retention remained strong as existing users continued to borrow, lend, and manage positions at consistent levels which helped maintain a solid baseline of monthly activity."
7) Outlook
👥 Moonwell team commentary
"Q3 delivered steady progress across Moonwell core metrics. TVL and active loans expanded, fees reached new highs, and protocol revenue remained healthy. The protocol benefited from growth of the Base ecosystem, rising demand for lending and borrowing, strong performance of Moonwell vaults, and the reserve auction mechanism, which converts protocol earnings into rewards for stakers. Looking ahead, the focus remains on deepening capital efficiency and strengthening Moonwell's position as a core lending layer on Base. Key work for the next quarter includes additional integrations with Base native applications that rely on Moonwell for borrowable liquidity, the addition of other Morpho-powered vaults on Base, and ongoing improvements in risk management, monitoring, and transparency. Success will be measured through growth in active loans, consistent fee generation and protocol revenue, reserves accumulated, and the amount of WELL acquired through monthly reserve auctions. These indicators will show whether Moonwell continues to lead in real usage, capital efficiency, and sustainable onchain fundamentals."
8) Definitions
Metrics:
Total value locked: measures the total USD value of collateral deposited into Moonwell, as well as active loans.Active loans: measures the total USD value of outstanding borrows across all Moonwell lending markets.Fees: measures the total USD value of fees paid by users across all of Moonwell's lending markets.Revenue: measures the total USD value of fees retained by Moonwell.Monthly active users: measures the number of unique wallet addresses that have interacted with Moonwell over a rolling 30 day period.
9) About this report
This report is published quarterly and produced leveraging Token Terminal’s end-to-end onchain data infrastructure. All metrics are sourced directly from blockchain data. Charts and datasets referenced in this report can be viewed on the corresponding Moonwell Q3 2025 Report dashboard on Token Terminal.