We are excited to announce that the upgraded native WELL token is now live on Base. This important development, combined with our new multi-chain governance infrastructure, enables the Moonwell community to vote and stake directly on Base, paving the way for further growth and increased governance participation. Let’s dive into the details and learn how to upgrade your existing WELL tokens on Base!
Overview
Native WELL and new multi-chain governors are now live, giving the Moonwell community the ability to participate in governance from Base.
WELL token holders can seamlessly upgrade their existing tokens to native WELL on Base using Moonwell’s intuitive WELL migration wizard.
Moonwell now offers a convenient in-app transfer tool that enables users to easily transfer WELL between Base and Moonbeam.
WELL staking is now available on Base, allowing token holders to earn rewards while contributing to the stability of the protocol.
New WETH <> Native WELL pool is now live on Aerodrome.
Native WELL
The WELL token, native to Moonbeam, has been a cornerstone of the Moonwell ecosystem, enabling the community to both govern and support the protocol. In August 2022, when Moonwell governance voted to activate the protocol on Base, a Wormhole-wrapped variant of WELL was introduced to provide liquidity incentives for users who provide assets to this new deployment. However, a more adaptive and long-term solution was needed to enable governance participation on this new network.
With this in mind, Moonwell contributors at Solidity Labs upgraded the WELL token on Base using the xERC20 token standard. This decision is in line with the trend of more and more leading projects and protocols adopting xERC20 to upgrade their governance tokens for multi-chain use.
Multichain Governor
Multichain Governor is a groundbreaking advancement developed by the talented team at Solidity Labs that empowers the Moonwell community to participate in governance across multiple networks. This innovative system leverages Wormhole’s advanced universal messaging capabilities to pass proposal creation and vote collection messages between chains. This approach removes the barriers of isolated governance, allowing the Moonwell community to have a unified voice regardless of which network they are on.
Multi-chain governors, combined with the upgraded WELL token, will help protect Moonwell in the future and pave the way for potential expansion to new Layer 1 and Layer 2 networks. By enabling seamless multi-chain governance, Moonwell on Base now has full functional parity and our governance infrastructure is truly scalable.
Upgrading to native WELL
Upgrading existing WELL tokens to native WELL on Base is a simple and user-friendly process designed to ensure a smooth transition for the Moonwell community. The migration wizard is conveniently integrated into the Moonwell app, guiding you step by step through the upgrade process. With just a few clicks, you can start the upgrade process.
Through this series of improvements and upgrades, the Moonwell community will not only be able to enjoy a more efficient governance experience, but also be well positioned for future multi-chain expansion. Let us look forward to a bright future for Moonwell together!