Moonwell is excited to announce details on the upcoming launch of the Moonwell: Apollo (MFAM) token, as well as additional information regarding the token itself, and details on participation.
First, we’d like to thank the Moonriver community for their warm welcome. Within 2 weeks of open beta launch, the total supplied value has reached a staggering $173m!
The first phase of the Apollo open beta launch distributed MOVR tokens, while preparations were underway for Phase 2 of the launch: Moonwell’s token launch as well as the deployment of the Safety Module mechanism.
Moonwell: Apollo Token Launch
One of the most common questions many users asked was regarding the token. In the coming days, there will be a token launched for Moonwell: Apollo. This means instead of just earning MOVR rewards, the distribution rewards will be earned in both MOVR and Moonwell’s token.
Moonwell’s token is the native governance token of the Moonwell: Apollo protocol. The token can be staked in the Moonwell Safety Module, which backstops the Moonwell: Apollo protocol in the event of a shortfall event.
An allocation of the token distribution for Moonwell: Apollo will be community distributed. The tokens are distributed via Safety Module rewards, rewards from supplying assets, and through Solarbeam’s incentivized pools where users can supply assets to earn both Moonwell’s token and additional rewards from Solarbeam.
For more information regarding the incentivized pool with Solarbeam, please refer to the following article.
Moonwell: Apollo token reward distributions will begin February 22nd, 2022.
What is the Safety Module?
Moonwell’s Safety Module product is a mechanism for users to lock their Moonwell tokens. The locked tokens are used to secure the protocol and ecosystem by mitigating the effects of a shortfall event in the Moonwell ecosystem — an event where the protocol incurs a deficit. The Safety Module also includes a backstop mechanism that prevents excessive flow of Moonwell tokens into the market.
Safety Module Secured by Halborn Security
Safety and security is a top priority for Moonwell, which is why there is a continued cooperation with the experts at Halborn Security. As part of our ongoing partnership with Halborn, they have provided the audit of the Safety Module, which can be viewed here.
Token Information
Token: MFAM
Contract address: 0xbb8d88bcd9749636bc4d2be22aac4bb3b01a58f1
Decimals: 18
Why Is It Called MFAM?
MFAM stands for “Moonriver Family”.
What Can I Do With My MFAM?
Users can stake their MFAM tokens in the Safety Module and recieve increased rewards.
What Are the Rewards?
Moonwell users will now receive rewards in both MOVR and MFAM tokens.
Where Can I Trade MFAM?
MFAM will be tradeable at Solarbeam’s exchange, located here.
Where Can I Farm MFAM?
The Solarbeam exchange currently has a MOVR-MFAM pool available here.
What Now?
Users can check their “Rewards” for the MFAM rewards balance to claim, or stake in the Safety Module for increased rewards.
About Moonwell Finance
Moonwell is an open lending and borrowing DeFi protocol on Moonbeam & Moonriver. Moonwell’s composable design can accommodate a full range of DeFi applications in the greater Polkadot and Kusama (DotSama) ecosystem.
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