Authors: Elliot, Ana
Summary: Activate reward emissions for WELL on Base
Overview
The community has recently voted to implement the new Multichain Governor contract to govern the Moonwell Protocol. Additionally, a new multichain WELL token utilizing the xERC20 token standard has been ratified for usage on Base, which is a significant milestone for the community. By adopting this new Base native WELL token, tokenholders can now stake their tokens directly on Base and participate in onchain governance voting. The Safety Module was 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.
Before this configuration is able to occur, ample time should be given to the community to bridge their Wormhole wrapped WELL from Base, to Moonbeam and back in the Base native form. Initial estimates of this migration time are at minimum 6 days if all Wormhole Wrapped WELL was constantly bridged from Base back to Moonbeam and Wormhole did not delay transfers.
Implementation: A proposal will be created by Solidity Labs that sets and funds rewards that will be given to all Safety Module Stakers. Warden Finance will provide recommendations on initial reward speeds.
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.
