WELL Transparency Report

Moonwell's native governance token, WELL, empowers community members to actively shape the protocol's future. By delegating WELL to an ERC-20 wallet address, community members have the ability to vote on and submit both Snapshot and onchain proposals, otherwise known as Moonwell Improvement Proposals. This report provides comprehensive information about the WELL token, its initial distribution, and recent upgrades.

Token Overview

• Name: WELL

• Total Supply: 5,000,000,000

• Decimals: 18

• Token Contract (Moonbeam): 0x511aB53F793683763E5a8829738301368a2411E3

• Token Contract (Base): 0xA88594D404727625A9437C3f886C7643872296AE

• Token Contract (Optimism): 0xA88594D404727625A9437C3f886C7643872296AE

Token Upgrade: xERC20 Standard

As of April 3rd, 2024, WELL has been upgraded to the xERC20 token standard. This upgrade brings several benefits:

1. Multichain Functionality: The xERC20 standard allows WELL to operate seamlessly across multiple blockchain networks.

2. Improved Governance: Enables unified governance across bespoke networks, allowing token holders to participate in the Moonwell DAO regardless of their preferred network.

3. Enhanced Interoperability: The xERC20 standard facilitates easier integration with various DeFi protocols and applications.

4. Future-Proofing: Prepares WELL for potential expansion to other Layer 1 and Layer 2 networks.

Token Utility

1. Governance Participation: WELL holders can vote on and submit both Snapshot and onchain Moonwell Improvement Proposals or choose to delegate their voting power to another DAO member who may vote on their behalf.

2. Staking Rewards: WELL can be staked in the Moonwell Safety Module to self delegate voting power and receive additional rewards for helping to backstop the protocol.

3. Protocol Safeguard: The Safety Module acts as a safeguard for the Moonwell protocol in the event of a shortfall event.

Initial Distribution

Ecosystem Development (49.63%): 2,481,465,671 WELL

• Liquidity Incentives: Incentives for liquidity providers, WELL stakers, and ecosystem participants to be allocated over a 4 year period beginning June 2022.

  • Address: 0x6972f25AB3FC425EaF719721f0EBD1Cdb58eE451

• Long-Term Protocol & Ecosystem Development: Grants for protocol improvements, DAO governance, and ecosystem growth.

  • Address: 0xF130e4946F862F2c6CA3d007D51C21688908e006

• Application Development: Reserved for ongoing application development and support.

  • Address: 0x519ee031E182D3E941549E7909C9319cFf4be69a

Category	Allocation	Amount (WELL)	Vesting Schedule	Vesting Status
Liquidity Incentives	19.35%	967,500,000	N/A	N/A
Long-Term Protocol & Ecosystem Development	10.00%	500,000,000	N/A	N/A
Application Development	20.28%	1,013,965,671	N/A	N/A

Early Purchasers (30.37%): 1,518,534,329 WELL

• Bootstrap: Initial protocol development and audits.

  • Address: 0xf2248FA0B30E5f8c6E4501E3222e935Ca38B4B0F

• Private Sale: Early token purchasers.

  • Address: 0xf2248FA0B30E5f8c6E4501E3222e935Ca38B4B0F

• Strategic Sale: Additional sales at public sale valuation.

  • Address: 0x1Bc67c936E4c1B99F980bd6Dd15C0Bf169df0EBA

• Public Sale: Tokens allocated for public purchase by eligible participants.

  • Address: 0x1Bc67c936E4c1B99F980bd6Dd15C0Bf169df0EBA

Category	Allocation	Amount (WELL)	Vesting Schedule	Vesting Status
Bootstrap	8.00%	400,000,000	1 year lock, 1 year monthly vest	Complete
Private Sale	11.49%	574,320,018	1 year lock, 1 year monthly vest	Complete
Strategic Sale	1.86%	93,200,682	1 year lock, 1 year monthly vest	Complete
Public Sale	9.02%	451,013,629	10% unlock, 1 year monthly vest	Complete

Contributors (20.00%): 1,000,000,000 WELL

• Key Partners: Allocation for strategic partnerships and external project support.

  • Address: 0xE4b19A9944060b14504936B5e58bcc06A747B738

• Advisors: Compensation for expert advisors providing periodic support.

  • Address: 0xE4b19A9944060b14504936B5e58bcc06A747B738

• Founding Contributors: Tokens allocated to founding contributors.

  • Address: 0xE4b19A9944060b14504936B5e58bcc06A747B738

• Core Contributors: Allocation for current and future core contributors.

  • Address: 0xE4b19A9944060b14504936B5e58bcc06A747B738

Category	Allocation	Amount (WELL)	Vesting Schedule	Vesting Status
Key Partners	8.00%	400,000,000	1 year cliff, 2 year monthly vest	Vesting
Advisors	1.50%	75,000,000	1 year cliff, 6 month monthly vest	Complete
Founding Contributors	8.00%	400,000,000	1 year cliff, 2 year monthly vest	Vesting
Core Contributors	2.50%	125,000,000	1 year cliff, 2 year monthly vest	Vesting

Note: This report is for informational purposes only and should not be considered financial advice. Always conduct your own research before making investment decisions.