WELL Migration
WELL Token Migration Guide
This is a comprehensive guide for migrating WELL to its native implementation following the execution of MIP-M23 and MIP-M24. The WELL token has transitioned from a wrapped asset bridged to Base via Wormhole to become a native, multichain WELL token.
Prerequisites:
Before starting the migration process, ensure that:
You hold WELL tokens on Base that have been bridged via Wormhole.
Wormhole WELL (Base): 0xFF8adeC2221f9f4D8dfbAFa6B9a297d17603493D
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
Specify Migration Amount: Within the WELL Migration Wizard, enter the number of WELL tokens you wish to migrate from Base to Moonbeam.
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:
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.
Token Redemption on Moonbeam: After approximately 20 minutes, once the tokens have entered the bridge, you will need to redeem the tokens on Moonbeam.
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
WELL on Base:
0xA88594D404727625A9437C3f886C7643872296AEWELL on Moonbeam:
0x511aB53F793683763E5a8829738301368a2411E3
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.
Last updated
