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WELL Transparency Report

The Moonwell Artemis native governance token (WELL) is used to shape the future state of the Moonwell protocol on Moonbeam. WELL can be staked in the Moonwell Safety Module, which serves as a backstop for the Moonwell Artemis protocol in case of a shortfall event.

Token Information

Token Distribution

Overview

Fundraising [29.43%] 1,471,318,836 WELL

Bootstrap [8.00%], 400,000,000 WELL
1 year lock, 1 year subsequent monthly vest

Private [11.49%], 574,320,018 WELL
1 year lock, 1 year subsequent monthly vest

Strategic Round [1.86%], 93,200,682 WELL
1 year lock, 1 year subsequent monthly vest

Public Sale [9.02%], 451,013,629 WELL
10% unlock, 1 year subsequent vest

Ecosystem Development [29.35%] 1,467,500,000 WELL

Rewards/Liquidity Program [15.00%], 750,000,000 WELL

Exchanges Liquidity [4.35%], 217,500,000 WELL

Long-Term Protocol & Ecosystem Dev [10.00%], 500,000,000 WELL

Team [20.00%] 1,000,000,000 WELL

Key Partners [8.00%], 400,000,000 WELL
1 year cliff, 2 year subsequent vest

Advisors [1.50%], 75,000,000 WELL
1 year cliff, 6 month subsequent vest

Founders [8.00%], 400,000,000 WELL
1 year cliff, 2 year subsequent vest

Employees [2.50%], 125,000,000 WELL
1 year cliff, 2 year subsequent vest

Foundation Treasury [20.28%] 1,013,965,671 WELL

In Depth

The Ecosystem Development and Treasury categories do not have a fixed release schedule. These tokens are not intended to be released on a schedule. They are ear-marked for a variety of reasons such as (but not limited to): marketing, giving grants to developers in the ecosystem, hiring future employees, entering into partnerships, helping with partner integrations, and driving general ecosystem development.

The two categories with a release schedule are Team and Fundraising. The information chart provides a breakdown of the categories which have a release schedule. In this case, “Fundraising” is broken down into several categories: Bootstrap, Private, Strategic Round, and Public Sale.

The Bootstrap category represents angel investments and out of pocket expenses that covered the startup costs to launch Moonwell Apollo (audits, legal expenses, etc.). This amounts to 8%, and has a release schedule of: 1 year lock, 1 year subsequent monthly release. This means token unlocking will not begin until 1 year after the token release date, where the tokens will be distributed per month over the subsequent year.

Private was the private sale round, of which you can find more information here. This round was co-led by Arrington Capital and Hypersphere with additional investments from Haun Ventures and Coinbase Ventures, and additional investors. The list can be found here. The total raised in the private round was $10,260,000. This amounts to 11.40%, with a 1 year lock, and 1 year subsequent monthly release. This means token unlocking will not begin until 1 year after the token release date, where the tokens will be distributed per month over the subsequent year.

Strategic Round was an allocation based on the public sale price, but with the same release schedule as the private round. Some investors were excited for the project, and requested a larger allocation on the condition that they would pay the public price, with the same release schedule as the private round. This was decided for the sake of fairness to the public sale round. This accounts for 1.75%, with a 1 year lock, and 1 year subsequent monthly release. This means token unlocking will not begin until 1 year after the token release date, where the tokens will be distributed per month over the subsequent year.

Public Sale is the amount allocated for purchase by eligible persons. Essentially, investors in this round will begin to receive their tokens before the private round unlocks. This accounts for 9.02%, with a 10% unlock at mainnet launch, with a 1 year subsequent monthly release. This means 10% of the tokens will unlock at the token release date, and the remaining will subsequently distribute on a monthly basis for 1 year.

Note: this includes adjustments that occurred after the public sale completion, where a total of $1,370,870.87 [1.05%] (equivalent to 52,725,802.60 WELL) were refunded after a public audit revealed ineligible transactions.

This covers the Fundraising category of 29.43%

The second category with a release schedule is the “Team” category. This category is broken down into the following categories: Key Partners, Advisors, Founders & Employees.

Key Partners include partnerships with external projects that provide support. This accounts for 8%, and is on a release schedule of a 1 year cliff, with a 2 year subsequent monthly release. This means tokens will not be distributed for 1 year in which the balance for the previous 1 year will be distributed in the first month of unlocking, with the remaining balance distributed over the subsequent 2 years.

Advisors are trusted experts in the field that are periodically utilized for help for a variety of reasons: an expert in marketing would provide us with ongoing support in exchange for tokens rather than taking a full time salary, for example. This accounts for 1.5% with a release schedule of a 1 year cliff, and 6 month subsequent monthly release. This means tokens will not be distributed for 1 year in which the balance for the previous 1 year will be distributed in the first month of unlocking, with the remaining balance distributed over the subsequent 6 months.

Founders & Employees are tokens allocated to team members who founded the project, as well as future employees of Moonwell. This allows fair incentivization to compensate skilled talent, and provide them with the opportunity to lend their skillset to the protocol. This accounts for 10.50% and is on a release schedule of a 1 year cliff. This means tokens will not be distributed for 1 year in which the balance for the previous 1 year will be distributed in the first month of unlocking, with the remaining balance distributed over the subsequent 2 years.

This covers the Team category of 20%.

About Moonwell

Moonwell is an open lending and DeFi protocol built on Moonbeam and Moonriver. Moonwell Artemis is Moonwell’s deployment on Moonbeam.

Moonwell Artemis is supported by The Lunar Technology Foundation which is responsible for fostering the development of the Moonwell protocol and its ecosystem.

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Lunar Technology Foundation

Lunar Technology Foundation

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The Lunar Technology Foundation is responsible for fostering the development of the Moonwell protocol and its ecosystem.