WELL Migration

Migration Guide: Moving from Wormhole WELL to Native WELL

This is a comprehensive guide for migrating WELL to its new, native implementation following the execution of MIP-M23 and MIP-M24. With this transition, WELL will shift from a wrapped asset bridged to Base via Wormhole to become a native, multichain WELL token across all networks where it is deployed.

Prerequisites:

Before starting the migration process, ensure that:

  • You possess WELL tokens on Base that have been bridged via Wormhole.

  • Hold a sufficient amount of the source and destination network's gas token to cover transaction fees.

    • ETH is the gas token on Base

    • GLMR is the gas token on Moonbeam

  • You have access to the Moonwell app.

Step 1: Access the WELL Migration Wizard

  • Navigate to the WELL Migration Wizard.

  • Note: If you hold WELL on Base that have been bridged via Wormhole, a banner will appear at the top of the Moonwell app indicating the need to migrate your tokens.

Step 2: Enter Migration Amount

  1. Specify Migration Amount: Within the WELL Migration Wizard, enter the number of WELL tokens you wish to migrate from Base to Moonbeam.

  2. Initiate Migration: Click on the "Migrate" button to start the migration process.

Step 3: Follow Migration WIzard Steps

  • The Migration Wizard will guide you through migration process, which involves a few critical steps:

  1. Bridge Transfer Approval: The wizard will use Wormhole to bridge your WELL tokens from Base to Moonbeam. You will be prompted to approve and confirm the bridge transfer.

  2. Token Redemption on Moonbeam: After approximately 20 minutes, once the tokens have entered the bridge, you will need to redeem the tokens on Moonbeam.

  3. Final Transfer Back to Base: With your WELL tokens now on Moonbeam, the final step is to approve and confirm their transfer back to Base. Unlike the initial tokens that were Wormhole-bridged, you will now receive native WELL tokens on Base.

Token Addresses

Duration

The entire migration process is expected to take approximately 30 minutes to complete.


Following these steps will successfully migrate your WELL tokens to its new native format, allowing you to vote on proposals in Moonwell Governance and stake within the Safety Module on Base. If you are in need of any assistance, please do not hesitate to reach out to our international team of moderators in the Moonwell Discord.

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