Executive summary

Moonwell is one of the fastest growing lending projects on Base and Optimism. The project has raised ~$20m in venture capital from crypto-native funds, and its core contributors worked at Coinbase for several years before starting the project. Now, with over $140 million in user deposits, Moonwell recognized the need for reliable, continuous, and data-driven stakeholder reporting.

To improve its existing onchain analytics and stakeholder reporting, Moonwell turned to Token Terminal, a leading onchain data platform trusted by institutional partners like Bloomberg. Token Terminal's dedicated focus on data standardization made it an ideal partner for Moonwell. The decision was further eased by the fact that Token Terminal already had a public track record of reporting standardized financial and usage metrics for other leading lending projects, such as Aave and Morpho.

“By partnering with Token Terminal, we’re able to benchmark our performance against the competition in a fair and accurate way. Having a real-time dashboard on Token Terminal is not only a great tool for our team, but for all Moonwell stakeholders.” - Luke Youngblood, Founding Contributor to Moonwell

Data Partnership

In practice, Moonwell entered into a Data Partnership with Token Terminal.

The Data Partnership consists of four different parts:

1. Smart contract registry

• Since Moonwell isn’t an appchain, but a set of smart contracts running on other chains, this first step did not require a node infrastructure setup. Instead, Token Terminal was able to rely on its existing node infrastructure, which covers both Base and Optimism.
• To start, the Moonwell and Token Terminal teams worked together to build a labeled registry of Moonwell’s smart contracts, across both Base and Optimism.
• A complete smart contract registry is a prerequisite for the next step: the transformation of raw blockchain data into standardized financial and usage metrics.

2. Metric transformations

• Leveraging the information in the smart contract registry, Token Terminal’s research team transformed the raw blockchain data from the smart contracts into standardized financial and usage metrics.
• For a lending project like Moonwell, the standardized metrics include net deposits, active loans, fees, revenue, daily active users, and more.

3. Discovery and reporting

• After the metric transformations, Moonwell was listed on the lending market sector dashboard on Token Terminal, and also featured on the recently launched Discover page.
• As a result, users, developers, and investors can refer to a single source when deciding which protocols to use, integrate with, and/or invest in.
• For Moonwell, the dashboards on Token Terminal streamline the reporting to existing and future stakeholders.

4. Data maintenance

• Standardized onchain metrics require ongoing maintenance work when the goal is completeness and accuracy.
• The maintenance work has only grown in magnitude and importance over the last few years, as more DeFi projects have evolved from single to multichain apps, with often more than one business line.
• A Data Partnership with Token Terminal means that Moonwell can rely on Token Terminal to manage all future updates to its metrics, and instead direct all focus on growing its onchain business.

Future opportunities

In addition to standardized financial and usage metrics, Moonwell and Token Terminal are excited to explore opportunities to create custom dashboards with project-specific metrics that would offer both lenders and borrowers deeper insight into the platform’s features and performance. Some examples include historical deposit and borrow rates, market utilization ratios, and more.

Through its partnership with Token Terminal, Moonwell turns transparency into a competitive advantage and continues to build trust with its growing community.

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