WELL Migration (Base)
WELL Token Migration Guide
This guide outlines the process for migrating WELL tokens to their native, multichain implementation following the execution of MIP-M23 and MIP-M24.
This migration is only required if you hold Wormhole WELL on Base.
Prerequisites
Before initiating the migration process, ensure you meet the following requirements:
You possess WELL tokens on Base that were bridged via Wormhole.
| Token | Network | Contract Address |
|---|---|---|
Wormhole WELL | Base |
You have sufficient ETH (on Base) and GLMR (on Moonbeam) to pay for transaction fees.
You can access the Moonwell app.
Step 1: Access the WELL Migration Wizard
Navigate to the WELL Migration Wizard.
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: Initiate Migration
Specify Migration Amount: In the WELL Migration Wizard, enter the amount of WELL tokens you wish to migrate.
Initiate Migration: Review the entered amount and click on the "Migrate" button to begin the process.
Step 3: Complete Migration Steps
The Migration Wizard will guide you through three phases:
Bridge Transfer Approval: The wizard utilizes 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 25 minutes, your tokens will be ready for redemption on Moonbeam.
Final Transfer to Base: With your WELL tokens now on Moonbeam, approve and confirm their transfer back to Base. You will need GLMR (the gas fee token on Moonbeam) to perform this operation. You will receive native WELL tokens on Base, replacing your original Wormhole-bridged tokens.
| Token | Network | Contract Address |
|---|---|---|
WELL | Base | |
WELL | Moonbeam |
Duration
The entire migration process typically takes about 30 minutes to complete.
Post-Migration
After successfully migrating your WELL tokens to the new native format, you'll be able to:
Participate in Moonwell Governance by voting on proposals.
Stake your tokens within the Safety Module.
Support
If you encounter any issues or need assistance during the migration process, please don't hesitate to reach out to our moderators in the Moonwell Discord.
FAQ
Last Updated April 4, 2024
Native vs. Wormhole WELL on Base?
Native WELL: This is the upgraded version of the WELL token, native to the Base network. It leverages the xERC20 token standard for enhanced multichain functionality.
Wormhole WELL: This is the existing version of the WELL token on the Base network, which will be deprecated in favor of the Base native WELL.
| Token | Network | Contract Address |
|---|---|---|
Native WELL | Base | |
Wormhole WELL | Base |
What are the benefits of upgrading to the native WELL token?
Upgrading to native WELL enables tokenholders to participate in governance, stake their tokens in the Safety Module, and provision liquidity on Aerodrome, on Base.
Is migration automatic?: No, users must manually initiate the migration using the Moonwell Migration Wizard.
Migration Deadline: There is no strict deadline for upgrading your Wormhole WELL tokens to native WELL. However, prompt migration is advised to utilize the full functionalities of the Base native WELL token.
I am experiencing "Transfer Buffer" issues during migration
The "Transfer Buffer" is a safety mechanism that limits the number of WELL tokens that can be transferred each day, acting as a hedge against potential vulnerabilities or compromises of the Wormhole protocol.
If you encounter the message "try again once the Transfer Buffer has increased" during migration, it means the Transfer Buffer limit has been temporarily exhausted. The Transfer Buffer refreshes on a minute-by-minute basis, so you shouldn't have to wait long to proceed with your token migration.
Effect on WELL Token Balance: The migration process will not alter the total balance of WELL tokens held by a user. An equivalent amount of Base native WELL tokens will be provided in exchange for Wormhole WELL tokens.
Post-Migration Use of Wormhole WELL
Users will continue to receive Wormhole WELL tokens as rewards in the Moonwell app until the next epoch transition on April 19, 2024. From this date, the Moonwell Emissions Admin, Warden Finance, will update the reward streams to allow users to start receiving native WELL tokens instead of the Wormhole variant.
While Wormhole WELL tokens on Base can still be held and transferred, they will not be eligible for voting, staking, or providing liquidity to the new Aerodrome DEX pool. Migration to native WELL is strongly recommended.
Support: If you need assistance or have any questions regarding the migration process, please join the Moonwell Discord. Moonwell contributors and community members will be happy to help.
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