Moonwell Activates Multichain Governance and Native WELL Token on Base Network

The Moonbeam network on Polkadot will shut down on **July 31, 2026** - just one week away. WELL token holders must act immediately to avoid losing access to their assets. **Key Actions Required:** - Transfer all WELL tokens from Moonbeam to Base, Optimism, or Ethereum before July 31 - Transfers are 1:1 and complete in minutes at [moonwell.fi/transfer](http://moonwell.fi/transfer) - Over 25M WELL remains staked on Moonbeam - the 7-day cooldown has been removed for immediate redemption **Critical Details:** - Assets remaining on Moonbeam after July 31 may become permanently inaccessible - This affects only Moonbeam deployments - Base, Ethereum, and Optimism markets remain unaffected - Users should also withdraw any supplied assets and close positions before the deadline The network shutdown was decided independently by the Moonbeam team. Support available at [support.moonwell.fi](http://support.moonwell.fi).

Borrowing activity accelerated across Moonwell's lending markets last week, with notable increases on multiple chains. **Key Metrics:** - USDT borrows on Ethereum: **+236%** - USDC borrows on Ethereum: **+148%** - VELO borrows on OP Mainnet: **+206%** (reaching nearly 6M VELO) This uptick follows recent protocol enhancements, including new borrow incentives for USDC, USDT, ETH, and cbBTC on Ethereum. Users can now earn WELL tokens while borrowing these assets. The growth comes as Moonwell continues expanding across chains. Since launching on Ethereum in June, the protocol has attracted over $3.5M in supplied assets. Supply-side WELL incentives remain active across all Ethereum markets. Moonwell operates on Ethereum, Base, and OP Mainnet, offering lending and borrowing for stablecoins, ETH, cbBTC, and other assets. All smart contracts are audited by Halborn Security. [View Markets](http://moonwell.fi/markets/ethereum)

**Multiple exchanges backing WELL's network move** HTX has joined several major exchanges in supporting WELL token migration from Moonbeam Network to Base. The exchange will handle the token swap process for users holding WELL. **Who's involved:** - HTX (latest to announce) - CoinEx - Gate - KuCoin All exchanges are coordinating the migration through their respective token swap processes. Users should check individual exchange announcements for specific timing and requirements. [HTX announcement](https://www.htx.com/support/45038320763647/) This coordinated support from multiple platforms simplifies the migration process for WELL holders across different exchanges.

Moonwell has partnered with Sherlock to launch a bug bounty program offering rewards up to $250,000 for security researchers who responsibly disclose vulnerabilities in the protocol. **Key Details:** - Maximum reward: $250,000 - Partnership with [@sherlockdefi](https://twitter.com/sherlockdefi) - Focus on responsible disclosure - Aims to strengthen protocol security The program invites security researchers to help identify and report potential vulnerabilities, reinforcing Moonwell's commitment to maintaining a secure DeFi platform. Security researchers interested in participating can review the program details and begin their assessments.

Moonwell has expanded its rewards program to include borrowers on Ethereum. Users can now earn WELL tokens by borrowing USDC, USDT, ETH, or cbBTC across all Ethereum markets. This follows the June launch of supply-side incentives, where lenders earned WELL rewards plus borrower interest. The platform now rewards both sides of the lending equation. **Key Details:** - Borrowing rewards live across all Ethereum markets - Supported assets: USDC, USDT, ETH, cbBTC - Complements existing supply rewards program The dual incentive structure aims to boost liquidity and participation on both lending and borrowing sides of the protocol.