Moonwell
WELL
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
Moonwell (WELL) is a decentralized lending protocol with deployments on Base, Optimism, Moonbeam, and Moonriver. Active Development (7.5/10) and Team & Governance (7.5/10) are solid, supported by onchain proposals, an active delegate ecosystem, an established Moonwell Foundation, and a formal DAO Constitution. Community Support (7.0/10) shows healthy governance participation and organic engagement across platforms. Conversely, Tokenomics (4.5/10) is constrained by a 48.3% insider allocation and ongoing emissions sell pressure despite near 90% circulating supply. Market and Use Case (5.0/10) is limited by low market capitalization ($11.7M-$16.4M) and fierce competition in the lending sector. Security and Audit History (2.5/10) is the project's weakest area, reflecting a low CertiK Skynet score of 36.48 (Tier D) and a history of repeated security incidents, including a November 2025 oracle manipulation exploit (~$1M lost) and an October 2025 bad debt event (~$1.7M). None of the individual security incidents exceed the $10M threshold for an automatic red-flag cap on the overall score, and no fraudulent intent was found, leaving the final score calculated via standard weighted average.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Moonwell (WELL)
Moonwell (WELL) is the governance and utility token of Moonwell, a decentralized lending and borrowing protocol deployed across networks including Base, Optimism, Moonbeam, and Moonriver, with governance operations extending across Ethereum, Arbitrum, and Avalanche. Governed through a formal DAO framework alongside the Cayman Islands-based Moonwell Foundation and a governance-managed Security Council, the platform allows users to supply, borrow, and stake digital assets. The WELL token is used to vote on Moonwell Improvement Proposals (MIPs), participate in the Safety Module via stkWELL, and access protocol fee mechanisms.
WELL has a maximum supply of 5 billion tokens, with approximately 90% in circulation. Tokenomics features a 48.3% allocation reserved for insiders, two ecosystem allocations without public vesting schedules, and ongoing sell pressure from yield incentives. The protocol's smart contracts have undergone security evaluations by Halborn and a Code4rena audit contest. CertiK Skynet assigns Moonwell a security score of 36.48 (Tier D), reflecting historical protocol vulnerabilities and monitoring weaknesses.
Moonwell has suffered four recorded security and financial incidents with cumulative reported losses exceeding $3.02 million. In 2022, the protocol experienced a cross-chain bridge exploit for an undisclosed amount. In December 2024, a flash loan attack resulted in a $320,000 loss, alongside an input validation exploit on Optimism vault contracts. On October 10, 2025, the protocol incurred approximately $1.7 million in bad debt, which was remediated using governance treasury reserves. On November 4, 2025, an oracle manipulation exploit involving a faulty price feed drained approximately 295 ETH (~$1 million) in wstETH reserves across Base and Optimism. Following the November 2025 incident, total value locked declined significantly from roughly $350 million amid vault withdrawals, and WELL experienced an immediate 15% price drop to 2025 lows.