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Back to Moonwell
Overview
Mechanism map
Delegated Governance
Governance Token
Value Transfer
Yield-Bearing Governance Stake
Moonwell

Moonwell

Mechanism map

  • Delegated Governance
  • Governance Token
  • Value Transfer
  • Yield-Bearing Governance Stake

Token functions

Delegated Governance

Represents value derived from indirectly influencing the decision-making in the Moonwell community governance by delegating the voting power to a suitable representative.

Value drivers

Conditional Action

represents directly participating in the governance

Delegated and self-delegated WELL can be used in onchain and offchain protocol governance.

[82] = binary

Governance

represents value derived from influencing the outcome of voting on the proposals

Reflects the value originating from participating in decicision-making in the Moonwell Governance.

See the VCM section for details on governance.

[32] = ƒ([82], user_vote_allocations, user_strategy_representation)

  • user_vote_allocations — is the representation of allocations of votes by the user during the voting
  • user_strategy_representation — is the representation of the user's governance outcome preferences

Governance Token

Represents value derived from controlling the decision-making in the Moonwell community governance by directly voting on proposals.

The Moonwell governance is split into an offchain and an onchain part, implemented via the long since standard Improvement Proposal mechanism.

Proposals that do not require upgrades or changes to the Moonwell codebase utilize Snapshot voting.

MIPs, which can be created by any user with voting power exceeding the current proposal threshold, are voted for on-chain for three days after the proposal creation. The scope of these proposals are codebase changes and contract upgrades.

Value drivers

Conditional Action

reflects the act of delegating WELL for governance purposes

In order to confer voting power, WELL must be delegated or self-delegated.

[81] = binary

Governance

represents extraction of indirect governance participation value

Represents extraction of tangible and/or intangible governance value derived from voting power delegation, i.e., the realisation of indirect governance participation.

[31] = ƒ([81], delegate_vote_allocations, user_strategy_representation)

  • delegate_vote_allocations — is the representation of allocations of votes by the user's delegate during the voting
  • user_strategy_representation — is the representation of the user's governance outcome preferences

Value Transfer

WELL is used as the sole token accepted as currency for the reserve auctions conducted every 6 hours, which allow the users to purchase reserve tokens (USDC, WETH, cbETH, &c) at a variable discount compared to the present market rates.

Value drivers

Value Transfer

represents spending WELL to purchase discounted reserve tokens in reserve auctions

WELL is used as the sole token accepted as currency for the reserve auctions conducted every 6 hours, which allow the users to purchase reserve tokens (USDC, WETH, cbETH, &c) at a variable discount compared to the present market rates.

[1] = ƒ(exchange_volume, discount_rate)

  • exchange_volume — volume of WELL spent by the user
  • discount_rate — effective discount rate for the user

Yield-Bearing Governance Stake

Moonwell possesses a Safety Module where the users can stake their tokens (WELL among the accepted) to provide insurance to the protocol against shortfalls. In return, they receive an allocation of $WELL rewards.

Value drivers

Transferability Restriction

reflects staking WELL into the Safety Module in order to receive additional rewards

WELL can be staked in the Safety Module on Base, Optimism, or Moonbeam to receive an equivalent quantity of stkWELL. The Safety Module backstops the protocol against "Shortfall Events" (smart contract exploits, liquidation failures, oracle failures). Up to 30% of staked assets may be slashed in such events.

In order to unstake WELL from the Safety Module, there is a required 7-day cooldown period.

Staked tokens are automatically self-delegated.

[7] = ƒ(staking_period, amount_staked, price_at_staking)

  • staking_period — the duration of the lock-up period
  • amount_staked — the amount of tokens locked up by the user
  • price_at_staking — the price of the locked token position at the moment of locking; defines the locked value together with the locked

Cashflow

reflects the rewards a safety module staker receives

Staking tokens into the Safety Module nets the user rewards denominated in $WELL. Details of the rewards computing mechanism are not made available by the protocol.

[2] = ƒ([7], rewards_allocated)

  • rewards_allocated — rewards allocated to the given staker