diff --git a/proposals/mips/mip-x68/x68.json b/proposals/mips/mip-x68/x68.json
new file mode 100644
index 000000000..18f55b9d5
--- /dev/null
+++ b/proposals/mips/mip-x68/x68.json
@@ -0,0 +1,36 @@
+{
+    "10": {
+        "markets": [
+            {
+                "collateralFactor": 0.6e18,
+                "irm": "",
+                "market": "MOONWELL_VELO",
+                "reserveFactor": -1
+            }
+        ],
+        "irModels": []
+    },
+    "8453": {
+        "markets": [
+            {
+                "collateralFactor": 0.55e18,
+                "irm": "",
+                "market": "MOONWELL_WELL",
+                "reserveFactor": -1
+            },
+            {
+                "collateralFactor": 0.6e18,
+                "irm": "",
+                "market": "MOONWELL_MORPHO",
+                "reserveFactor": -1
+            },
+            {
+                "collateralFactor": 0.6e18,
+                "irm": "",
+                "market": "MOONWELL_AERO",
+                "reserveFactor": -1
+            }
+        ],
+        "irModels": []
+    }
+}
diff --git a/proposals/mips/mip-x68/x68.md b/proposals/mips/mip-x68/x68.md
new file mode 100644
index 000000000..54c884ca4
--- /dev/null
+++ b/proposals/mips/mip-x68/x68.md
@@ -0,0 +1,16 @@
+# MIP-X68: Base and Optimism Collateral Factor Updates
+
+## Summary
+
+This proposal implements the collateral factor reductions recommended by
+[Anthias Labs on September 15, 2026](https://forum.moonwell.fi/t/anthias-labs-risk-parameter-recommendations/1759/23)
+for WELL, MORPHO, and AERO on Base and VELO on OP Mainnet.
+
+## Proposed Changes
+
+| Network    | Market | Parameter         | Current Value | Proposed Value |
+| ---------- | ------ | ----------------- | ------------- | -------------- |
+| Base       | WELL   | Collateral Factor | 65%           | 55%            |
+| Base       | MORPHO | Collateral Factor | 65%           | 60%            |
+| Base       | AERO   | Collateral Factor | 65%           | 60%            |
+| OP Mainnet | VELO   | Collateral Factor | 62%           | 60%            |
diff --git a/proposals/mips/mip-x68/x68.sh b/proposals/mips/mip-x68/x68.sh
new file mode 100755
index 000000000..db26a500f
--- /dev/null
+++ b/proposals/mips/mip-x68/x68.sh
@@ -0,0 +1,8 @@
+#!/bin/bash
+export JSON_PATH=proposals/mips/mip-x68/x68.json
+export DESCRIPTION_PATH=proposals/mips/mip-x68/x68.md
+export PRIMARY_FORK_ID=3
+
+echo "JSON_PATH=$JSON_PATH"
+echo "DESCRIPTION_PATH=$DESCRIPTION_PATH"
+echo "PRIMARY_FORK_ID=$PRIMARY_FORK_ID"
diff --git a/proposals/mips/mips.json b/proposals/mips/mips.json
index 37be8140a..976db9eef 100755
--- a/proposals/mips/mips.json
+++ b/proposals/mips/mips.json
@@ -1,4 +1,12 @@
 [
+    {
+        "envpath": "proposals/mips/mip-x68/x68.sh",
+        "governor": "MultichainGovernorV2",
+        "id": 0,
+        "path": "MarketUpdateV2.sol/MarketUpdateV2Template.json",
+        "proposalType": "HybridProposalV2",
+        "descriptionUri": "ipfs://bafkreiclk7wvdv5dkngmk5mjtni5ada3vq3zhfdig57zvbmq6zeiq3g35e"
+    },
     {
         "envpath": "proposals/mips/mip-x67/x67.sh",
         "governor": "MultichainGovernorV2",