Moonwell is a non-custodial lending protocol deployed on Base, OP Mainnet, Moonbeam, and other supported networks. WELL is its governance and staking token. The August 2026 MAMO collateral-market incident affected a separate asset market on Base; the post-mortem does not say that WELL itself was exploited.
| Stat | Value |
|---|---|
| Ticker | WELL |
| Price | $0.002102 |
| Market Cap | $9,523,518 |
| 24h Change | -1.60% |
| Circulating Supply | 4.53 billion WELL |
| Max Supply | 5 billion WELL |
CoinGecko snapshot captured 2026-10-24 08:43 UTC; price, market capitalization, and 24-hour change refresh dynamically and may change. Supply figures are the provider’s reported snapshot.
WELL Tokenomics and Distribution
Moonwell’s transparency report gives WELL 5 billion total supply, initially allocated to ecosystem development (49.63%), early purchasers (30.37%), and contributors (20%). It says early-purchaser vesting is complete, while some contributor allocations were still vesting when published. Liquidity incentives were allocated over four years beginning June 2022. CoinGecko reports 4.53 billion circulating and 5 billion maximum supply.
WELL holders can delegate voting power for Snapshot and on-chain proposals. WELL can also be staked in the Safety Module for rewards and to support the protocol shortfall backstop. These uses do not guarantee token value or protocol income.
How the Protocol Works
Users supply supported assets and may borrow against collateral under market-specific parameters. Contracts and governance set collateral factors, borrow limits, and interest rates. Lending has smart-contract, oracle, liquidation, and liquidity risks.
August 2026 MAMO Market Incident
The August 28 post-mortem says an attacker manipulated the MAMO price feed while increasing the MAMO represented by existing mMAMO collateral through direct transfers, then borrowed other assets against it. The report records about $11.03 million gross borrowing and roughly $9.13 million residual borrower obligations after liquidations at its evidence cutoff. These are historical figures, not a current loss estimate. MAMO was the target market; this was not an exploit of WELL.
Risk Measures and Recovery
A September 15 forum update said borrow caps across Base core markets were set to one wei, effectively stopping new borrowing, and described reopening conditions. A September 24 recap said contributors were pursuing recovery with law enforcement and zeroShadow; it reported Ethereum and OP Mainnet Moonwell markets and Base Morpho markets were unaffected. These are dated updates, not guarantees about current status. Check current parameters and withdrawal liquidity.
Last updated: 2026-10-24
Related Terms
See Also
- What the Celsius Collapse Actually Tells Us About Crypto Lending Risk
- Are Layer 2 Networks Actually Decentralized?
- Why Smart Contract Audits Fail: What Post-Mortems Reveal About the Limits of Security Reviews
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Sources
- WELL Transparency Report — Moonwell Docs — The protocol’s report describes the five-billion-token supply, initial allocations, governance, and stated vesting schedules.
- Post-Mortem: MAMO Market Incident on Base — Anthias Labs — The dated post-mortem describes the MAMO collateral incident, oracle manipulation, and residual debt on Base.
- Moonwell (WELL) — CoinGecko — CoinGecko identifies the WELL listing and provides the market and supply figures shown in the dynamic table.