🪙Delegate

Delegate WELL or MFAM tokens to activate their inherent voting power

Introduction

In order to propose changes to the protocol or vote in onchain governance proposals, users are required to delegate their WELL or MFAM tokens. Token delegation is a process whereby a token holder provides an account (delegate) with the permission to vote on their behalf (voting power).

Voting power can be activated through self-delegation (delegating tokens to oneself) or by delegating to another address. Once delegated, voting power remains in effect from the current block onwards, until such a time when the token holder delegates to a different address or transfers their WELL/MFAM tokens.

It's important to note that delegation does not transfer token ownership. Instead, the delegate is granted "Voting Power" equivalent to the number of tokens delegated to them.

Delegation is particularly beneficial for users who lack the time or technical expertise to actively participate in the governance process but still want their tokens to contribute.

How to Delegate

Section 1: Understanding Token Status

WELL or MFAM tokens will initially be in an un-delegated state unless they are staked within the Safety Module. It is the token holder's responsibility to delegate their tokens.

When tokens are staked within the Safety Module, they are automatically delegated to the staker's address. This delegation activates the inherent voting power of one's WELL/MFAM tokens without requiring any further action.

Section 2: Accessing Voting Power

To start the delegation process, WELL and MFAM token holders are required to access "Governance", then choose the "Voting Power" subcategory. In this section, holders can access a comprehensive breakdown of their voting power. The total voting power shown is the sum of the following:

• Delegated WELL or MFAM tokens

• Delegated claims

• Amount of tokens staked in the Safety Module

Navigate to "Governance" and locate the "Voting Power" subcategory

Section 3: Activating Voting Power

To delegate un-delegated tokens, follow these steps:

1. Locate the undelegated tokens on the "Voting Power" page, then click "Activate Voting Power".

2. Enter the address to which the tokens should be delegated. If delegating to the holder's own address, simply click "Self" and the text box will be auto-populated.

3. After ensuring the correct address has been entered, click "Save Changes".

4. Confirm the transaction.

5. Once the transaction is completed, a notification will confirm the successful delegation. Holders can now check their Voting Power for an updated total, which should reflect the newly delegated tokens.

Unclaimed sale tokens can contribute to voting power. To vote with these tokens, they must be delegated through "Claims". If there are any un-delegated WELL tokens, a notice will appear with a prompt to "activate" them.

Activate Voting Power

The "Delegates" page offers a comprehensive list of available representatives for holders to delegate their voting power. This page provides detailed information about each delegate, empowering holders to make well-informed decisions regarding who will best represent their interests in Moonwell Governance.

Moonwell Governance features three types of delegates, and your delegation can help elevate a delegate to a higher tier. In the Delegation Pitch category of the Moonwell Governance Forum, you can identify a delegate's tier by the color of the dot in their pitch title.

1. 🟢 = Junior Delegate

2. 🟡 = Delegate

3. 🔵 = Super Delegate

To select a delegate from the list of representatives, simply click on "Select as Delegate" next to the desired representative. This action will automatically enter the delegate's address into the "Activate Voting Power" panel, as shown above.

Click "Select as Delegate" under the chosen delegate

It is crucial to remember that delegating voting power does not equate to surrendering one's voice. Rather, it involves entrusting it to another holder who can effectively represent the original holder in Moonwell Governance at any given moment. Ultimately, the holder still retains control and has the option to reclaim their direct voting power whenever desired.

Section 4: Changing Delegate

If a holder wishes to change their delegate, they should follow these steps:

1. Locate their delegated tokens on the "Voting Power" page, then click "Change Delegate".

2. Enter the address of the new delegate.

3. Confirm the change and execute the transaction.

Change Delegate

Alternatively,

1. Navigate to the "Delegates" page.

2. Review the list of delegates.

3. Click on "Select as Delegate" for the desired delegate. This action will automatically enter the delegate's address into the "Change Delegate" panel.

Click "Select as Delegate" under the chosen delegate

1. To assign the desired delegate, click "Save Changes" in the "Change Delegate" panel and patiently wait for the transaction to be executed. Upon successful completion, the voting power will be directed to the newly assigned delegate.

With the delegate's address entered, click "Save Changes" to process the change

For further information regarding delegation, please visit the Delegate FAQs.

Becoming a Junior Delegate

To become a Junior Delegate and represent others in Moonwell's decision-making process, you need to nominate yourself. Simply create a post in the "Delegation Pitch" category of the Moonwell Governance Forum. When a token holder decides to delegate their WELL or MFAM tokens to your address, you gain their voting power and represent them in Moonwell Governance.

Step 1: Prepare Your Delegation Pitch

Before creating your post, it is important to prepare these key items:

1. Introduction of yourself - Provide a brief introduction of who you are, detailing your interests, involvement in the Moonwell community, and any relevant experience that makes you a good choice as a delegate.

2. Your vision for the protocol - Outline your vision for the future of the protocol. This should show token holders what type of decisions you might support.

3. Your decision-making framework - Describe your personal rubric for voting on proposals.

4. Why others should delegate to you - Highlight your unique skills, knowledge, or capabilities that make you a good choice as a delegate.

Step 2: Review the Delegate Guidelines

Before creating your post, please read and understand the Delegate Guidelines. These guidelines outline the expectations for delegates in the Moonwell community and provides a framework for effective delegation.

Step 3: Post in the Delegation Pitch Forum

With your Delegation Pitch prepared and the Delegate Guidelines reviewed, you can create your delegate pitch in the "Delegation Pitch" category on the Moonwell Governance Forum. Be sure to format your post clearly and answer all potential questions that members of the community might have.

After you have completed these steps, you can begin to advance to the Junior Delegate role.

Advancing through the Delegate Roles

Moonwell’s delegates are categorized into three tiers, each with specific requirements and contributions. Delegates can advance through these tiers by meeting the minimum qualifications outlined below. Once you have onboarded as a Junior Delegate, you are eligible to progress through the different tiers.

Understand the Delegate Roles

Roles

1. Junior Delegate

2. Delegate

3. Super Delegate

Progression

Participants must meet the following criteria should they choose to progress to a higher-level role:

1. Maintain delegate status for the minimum required number of months in their current role.

2. Fulfill their current role’s minimum participation requirements for the specified number of months.

3. The role they are moving to has available space for new participants. Some roles are resource-limited, so there may be a cap on the maximum number of participants the role can have at any given time.

Roles Explained

Junior Delegate

Requirements

1. Read all of Moonwell’s documentation, including the DAO Constitution

2. Create at least 10 well-informed, insightful, and unique forum replies

3. Create at least one well-informed, insightful, and unique forum post

4. Have at least 50,000 WELL delegated to you

5. Update your "Delegation Pitch" with a 🟢 at the start of your post’s title

Available Contributions

1. Make insightful comments on forum proposals created by other Delegates, Super Delegates, or third party proposers. Indicate your voting preferences and make a case for the community to support your decision.

2. Vote regularly on both Snapshot and onchain Moonwell Improvement Proposals.

Contribution Minimums

1. Complete the Available Contributions above throughout one month of proposals. Vote on at least 80% of proposals during that period.

2. Join that month’s Monthly Governance Call. If you are unable to attend live, participate in the #gov-call-async channel

3. Become a regular on the Moonwell Governance channels of the Moonwell Discord (any of governance, proposals, voting channels). You don’t have to post daily, but you should contribute where it makes sense at least once in the 1-month role period.

Extra Notes on Junior Delegates

For the forum replies and forum post requirements, please remember: it’s quality over quantity. We are looking for organic and unique discussions, not posts that could be written using AI. If you only see the opportunity to make six or seven insightful replies instead of ten, do that! You will still be considered for progression to this role.

Delegate

Requirements

1. Have at least 200,000 WELL delegated to you

2. Submit a successful Snapshot proposal

3. Demonstrate your understanding of the Moonwell ecosystem through a Delegate Quiz

4. Update your "Delegation Pitch" with a 🟡 at the start of your post’s title

Available Contributions

1. Delegates are the backbone of Moonwell Governance. At this stage, it’s your responsibility to complete all of the contributions from the Junior Delegate role, plus start submitting Snapshot proposals. We want to prevent low-quality or malicious proposals, therefore only passed Snapshot proposals will count.

2. Provide governance information and research material. If there’s something new and exciting happening in other ecosystems, bring it up for a discussion on the forums.

Contribution Minimums

1. Complete the Available Contributions above over the course of three months of proposals

2. Submit at least one successful Snapshot proposal within the three-month role period.

3. Join at least two Monthly Governance Calls within these three months. Calls are hosted within the Moonwell Discord. If you’re unable to attend live, participate in the gov-call-async channel of the Moonwell Discord.

Super Delegate

Requirements

1. Receive a nomination from an existing Super Delegate

2. Availability: this tier is resource-limited. There must be space to accommodate your progression to this role. For the foreseeable future, this role is limited to five total Super Delegates.

3. Pass a comprehensive Super Delegate Quiz

4. Have at least 1,000,000 WELL delegated to you

5. Submit at least one successful onchain Moonwell Improvement Proposal

6. Onboard with Moonwell Foundation and conduct KYC

7. Update your "Delegation Pitch" with a 🔵 at the start of your post’s title

Available Contributions

1. Super Delegates are invaluable members of Moonwell Governance. These delegates go above and beyond; nobody knows more about Moonwell Governance than they do. They are active in some capacity in Moonwell Governance on a daily basis. They create proposals regularly. They complete all of the contributions from both the Junior Delegate role and the Delegate role.

2. Forum maintenance - Super Delegates are given moderation rights in the Moonwell Governance Forum and are expected to manage quality forum engagement.

3. Ensure proposals are up to standard and that they follow the templates. Remind delegates to give feedback on proposals. Ensure asset listing proposals conform to MALF (Moonwell Asset Listing Framework).

4. Review contributions from active Junior Delegates and Delegates and assist when/where applicable.

Contribution Minimums

1. Complete the Available Contributions above

2. Join at least three Monthly Governance Call within six months. Calls are hosted within the Moonwell Discord. If you’re unable to attend live, participate in the gov-call-async channel of the Moonwell Discord.

Extra Notes on Super Delegates

The Super Delegate role is when Delegates can begin to receive compensation. To reflect the increased importance of delegates in this tier, Super Delegates will receive a monthly stipend of $1,000.00 per month, paid in USDC from the Moonwell Foundation.

Maintaining status as a Super Delegate is dependent on actively participating and completing the Contribution Minimums. If a Super Delegate does not adequately meet these requirements each month, they may be demoted. We will consider that extraordinary circumstances occur; a two-week grace period will be granted to Super Delegates who may be experiencing other life demands.