🌱Mamo

Mamo is an automated yield strategy platform built on Base that uses Moonwell's lending markets as its primary yield source. Each user gets their own strategy contract that holds funds and earns yield - managed by the Mamo backend but fully owned by the user.

Mamo is a good example of what can be built on top of Moonwell: a complete product with its own brand, token, and user experience, powered by Moonwell's open lending infrastructure.

How Mamo Uses Moonwell

Mamo strategies deposit user funds into two Moonwell primitives:

Primitive

How Mamo Uses It

mTokens (Core Markets)

User USDC is supplied to Moonwell via mToken.mint(), earning lending yield. The strategy holds mUSDC.

MetaMorpho Vaults

A configurable split can route funds to Moonwell's MetaMorpho vaults for aggregated yield across Morpho Blue markets.

Reward Compounding

Strategies accumulate WELL rewards, swap them to the base asset, and re-deposit into the strategy.

Architecture

User deposits USDC
        ↓
Strategy Factory deploys a personal proxy contract
        ↓
┌─────────────────────────────────────────────┐
│         User's Strategy Contract            │
│         (UUPS upgradeable proxy)            │
│                                             │
│  ┌──────────────┐    ┌───────────────────┐  │
│  │  Moonwell     │    │  MetaMorpho       │  │
│  │  mUSDC        │    │  Vault            │  │
│  │  (core yield) │    │  (aggregated      │  │
│  │               │    │   yield)          │  │
│  └──────────────┘    └───────────────────┘  │
│                                             │
│  Accumulated rewards: WELL, MAMO         │
└─────────────────────────────────────────────┘
        ↓
Mamo backend monitors + rebalances
        ↓
Bots swap rewards → USDC via CowSwap
        ↓
Compounded back into strategy

Moonwell Primitives Used

1. mToken Supply (Core Yield)

Each strategy contract supplies USDC to Moonwell's core lending market by calling mToken.mint(). The mUSDC held by the strategy earns lending interest as the exchange rate grows over time.

// Simplified - what Mamo's strategy does under the hood
EIP20Interface(usdc).approve(address(mUSDC), amount);
uint err = MErc20(mUSDC).mint(amount);

The strategy can also withdraw via mToken.redeemUnderlying() when users request their funds back.

2. MetaMorpho Vault (Aggregated Yield)

Mamo can split deposits between the mToken market and a MetaMorpho vault. The split ratio is configurable - the backend adjusts it dynamically based on where yield is higher.

// Configurable split between Moonwell core and MetaMorpho
// splitMToken + splitVault = 10000 bps (100%)
uint mTokenAmount = (depositAmount * splitMToken) / 10000;
uint vaultAmount = (depositAmount * splitVault) / 10000;

3. Reward Claiming and Compounding

Strategies accumulate reward tokens (ie WELL). Bots periodically claim these rewards, swap them to the base asset, and re-deposit into the strategy - compounding yield automatically.

Key Design Patterns

These patterns from Mamo's architecture are reusable for any product built on Moonwell:

Per-user strategy contracts - Each user gets an isolated proxy contract. This avoids pooling risk and gives users direct ownership of their position. The factory pattern (one factory deploys many proxies) makes this scalable.

Configurable protocol splits - Rather than committing to a single yield source, the strategy can dynamically allocate between Moonwell core markets and MetaMorpho vaults based on where yield is highest.

Automated reward compounding - Reward tokens (WELL) are claimed, swapped to the base asset, and re-deposited - all without user intervention.

Backend manages, user owns - The Mamo backend can rebalance positions and trigger reward claims, but cannot withdraw user funds. Users retain full custody through contract ownership.