Moonwell

Authors: Elliot, Ana

Simple Summary

The original proposal was approved but contained an error that prevented successful execution on Moonbeam. This issue has been corrected in this resubmission. If this proposal passes, the community can expect to have rewards enabled for the Safety Module on Base on Thursday.

Summary

This proposal aims to activate reward emissions for the new Safety Module on Base, incentivizing users to help secure the Moonwell protocol through staking and participate in onchain governance.

Overview

The Moonwell community has recently approved the implementation of a new multichain governor contract to govern the Moonwell protocol. Additionally, a new Base native WELL token utilizing the xERC20 token standard has been approved for usage, which is a significant milestone for the community. By adopting this new Base native WELL token, tokenholders will soon be able to stake their WELL directly on Base and vote in onchain governance. A new Safety Module has already been deployed on Base and is registered in the Multichain Vote Collection contract as a source of voting power, allowing users securing the protocol to participate in governance. Initially, rewards were set to 0 on the new Safety Module on Base. This proposal aims to enable rewards for users in the Safety Module with the new Base native WELL token.

Implementation

This proposal will set and fund rewards that will be distributed to all Safety Module stakers on Base. Initial reward speeds will be set to the value recommended by emissions admin Warden Finance of 0.8962755116489610000 WELL per second. Voting

A “Yay” vote indicates your support for enabling reward emissions for the Safety Module on Base, as outlined in this proposal. A “Nay” vote indicates your opposition to enabling reward emissions for the Safety Module on Base.

Conclusion

Adding rewards to the Safety Module on Base creates incentives for users to backstop the protocol with the new Base native WELL token. Staking WELL in the Safety Module not only gives community members the ability to earn native yield on their holdings, but also presents an easy way to get involved in governance as WELL is automatically self delegated.