WELLV1
Moonwell v1
Moonwell v1
WELLV1
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About Moonwell v1
Moonwell (WELL) is a DeFi lending and borrowing platform built on Base, Optimism, Moonbeam, and Moonriver. With non-custodial management, transparent governance, and cross-chain compatibility, it allows users to lend, borrow, stake, and participate in protocol governance. Created by Lunar Labs with input from a range of experts and security firms, Moonwell focuses on accessibility and community-driven decision-making to enhance user control over digital assets. (This page represents the old contract version of Moonwell (WELL), when it was active, the functions were the same as the updated token.)
Moonwell (WELLV1) refers to the original version of the Moonwell decentralised lending and borrowing protocol on the Base network, which used a Wormhole-bridged WELL token. This protocol enabled users to lend digital assets, earn variable interest, and borrow against collateral in a non-custodial, decentralised environment. WELLV1 supported core features like asset lending, borrowing, and staking on EVM-compatible networks, with Base being one of its primary networks before the migration.
Moonwell (WELLV1) incorporated community-driven governance and robust security practices, such as external audits by Halborn Security. The protocol’s design empowered users to retain control of their assets while lending or borrowing, ensuring transparency and security through onchain governance.
With Moonwell (WELLV1), users could:
- Lend and Borrow Assets: Users could deposit assets into liquidity pools, earning interest based on demand, and take out loans backed by collateral as per governance-set parameters.
- Governance Participation: WELLV1 token holders were able to participate in governance, influencing protocol direction and voting on proposals.
- Staking for Security: WELLV1 tokens could be staked in the protocol’s Safety Module, providing an additional security layer and rewards for stakers.
- Liquidity and Cross-Chain Features: While the WELLV1 token provided basic cross-chain functionality, its usage was confined to its initial EVM networks with limited flexibility compared to the upgraded version.
Moonwell (WELL) migrated from the Wormhole-bridged WELLV1 token to a native WELL token on Base, transitioning to a new contract at 0xA88594D404727625A9437C3f886C7643872296AE. This migration enables full multichain functionality and additional benefits, such as seamless governance participation and liquidity provision. Users holding WELLV1 can migrate their tokens through Moonwell’s migration tool, accessing enhanced governance, staking, and liquidity features on the native Base network.
