MFAM Token Migration
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Part of Moonwell’s mission is to promote a clear understanding and transparency with the community. On May 5th, 2022, there will be a migration of the token allocations to better reflect the token breakdown outlined in the MFAM Transparency Report.
MFAM Migration
Currently, liquidity incentives are distributed from a single address. Going forward, the liquidity incentives (which total 50% of the total supply, with ~46.25% remaining) will continue to be distributed from this address. The remaining funds will be migrated to new addresses that exactly match the allocations in the transparency report:
- 20% or 200m MFAM will be migrated to 0x5d6C4DCb86b8A761C062a5274a77AaD5F7209AA3 for future Developer Grants and Incentives
- 20% or 200m MFAM will be migrated to 0xceA318618B4b956a84E5feBC1Cae1F4c33A01F8B for future Application Development
- 10% or 100m MFAM will be migrated to 0x845B93e3305901923306727085a12D5B22899F0f which is allocated to the team and advisors (These allocations will continue to be locked up for a year, after which they will be released from lockup monthly).
Note: The majority of the 10% Team allocation has been moved to a vesting contract that will only allow tokens to be released on a pre-determined schedule, with the first release occurring in February 2023. The vesting contract address is 0x8568a675384d761f36ec269d695d6ce4423cfab1.
Each of these wallets are protected by a multi-signature smart contract.
The goal of this migration is to provide more transparency and a clearer understanding of how the various allocations are being distributed. This migration will also assist market data providers, such as CoinGecko and CoinMarketCap, so they can publish accurate market cap and circulating supply data.
About Moonwell
Moonwell is an open lending and borrowing DeFi protocol on Moonbeam and Moonriver. Moonwell Apollo is Moonwell’s deployment on Moonriver.
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Moonwell Apollo is supported by the Lunar Technology Foundation, which is responsible for fostering the development of the Moonwell protocol and its ecosystem. Please see the Moonwell Apollo MFAM Token Transparency Report for more details.
