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:
Multichain Functionality: The xERC20 standard allows WELL to operate seamlessly across multiple blockchain networks.
Improved Governance: Enables unified governance across bespoke networks, allowing token holders to participate in the Moonwell DAO regardless of their preferred network.
Enhanced Interoperability: The xERC20 standard facilitates easier integration with various DeFi protocols and applications.
Future-Proofing: Prepares WELL for potential expansion to other Layer 1 and Layer 2 networks.
Token Utility
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.
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.
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.
Long-Term Protocol & Ecosystem Development: Grants for protocol improvements, DAO governance, and ecosystem growth.
Application Development: Reserved for ongoing application development and support.
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.
Private Sale: Early token purchasers.
Strategic Sale: Additional sales at public sale valuation.
Public Sale: Tokens allocated for public purchase by eligible participants.
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.
Advisors: Compensation for expert advisors providing periodic support.
Founding Contributors: Tokens allocated to founding contributors.
Core Contributors: Allocation for current and future core contributors.
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.
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