Transparency: the team has been hard at work solving two really difficult problems at the same time:
- The Safety Module bug on Moonwell that we hit Thursday (in short, funds are completely safe but we'll have a proposal up tomorrow that fully repays everyone 100% of the WELL they could have claimed and a future governance proposal in a few weeks that will also distribute the entire rewards due to users from August 14th to September 11th based on their stkWELL balance (no need to unstake, just stake and chill and be rewarded exactly what you expected), total losses only the ~$285K that was intended to be distributed over that time, and no WELL deposits at risk.
- The MAMO drop earlier today is working fine but @mamo (nice 4 letter @X handle btw, looking good mate) can't seem to compound VIRTUAL, which we believe is due to the transfer tax (ask me in the replies if you don't know what this is). We also discussed as a team and we realized that there is a transfer tax (1% when the drop starts, another 1% transfer tax when @mamo claims your rewards, and another 1% transfer tax when MAMO swaps VIRTUAL into more MAMO and compounds them.) The short version is that there is probably a 4-5% transfer tax just for @mamo to do what it does best: compound your VIRTUAL into more MAMO. So tomorrow we're going to fix this and simply swap the VIRTUAL into cbBTC and all MAMO depositors this week will get the same exact amount of the drop ($70K rewards) but you'll get the VIRTUAL in cbBTC instead of VIRTUAL which means going forward we only lose 1% on the initial swap from VIRTUAL to cbBTC and then from that point on @mamo can do what it does best: stack sats and compound them into more MAMO or into Bitcoin (if that's what you want) without paying these 4-5% transfer taxes just to ultimately sell it for you in an automated way.
I'm incredibly proud of the team for executing on two very important projects simultaneously. We've grown a lot in the last few months, but we're still small (about 20 in total, a dozen of us devs) and we're hiring. If you're a world class Solidity dev, or expert in full stack and AI, we're hiring.
Short version: Both @MoonwellDeFi and @Mamo_agent had unplanned work in the last few days, but our team is world class and we rose to the challenge: fixing a new bug that wasn't found after years of audits without losing any customer funds and coming up with a plan to make every stkWELL holder have no reason to unstake, and at the same time working on some unexpected issues in the first of its kind, a brand new finance agent that never takes custody of user funds and is capturing 7 figures of annualized REAL YIELD in the form of trading fees on @AerodromeFi and then fully automating stacking sats for you in a way that makes onchain finance simple and accessible to everyone.
gmamo! keep building team, I'm incredibly proud of all of you... and if you're a best in class solidity dev or AI/backend/fullstack focused engineer, send your CV to careers _at_ moonwell _dot_ fi and let's chat. Come build at the center of stablecoins, decentralized apps, and AI agents. 🌜🌱🌛
- The Safety Module bug on Moonwell that we hit Thursday (in short, funds are completely safe but we'll have a proposal up tomorrow that fully repays everyone 100% of the WELL they could have claimed and a future governance proposal in a few weeks that will also distribute the entire rewards due to users from August 14th to September 11th based on their stkWELL balance (no need to unstake, just stake and chill and be rewarded exactly what you expected), total losses only the ~$285K that was intended to be distributed over that time, and no WELL deposits at risk.
- The MAMO drop earlier today is working fine but @mamo (nice 4 letter @X handle btw, looking good mate) can't seem to compound VIRTUAL, which we believe is due to the transfer tax (ask me in the replies if you don't know what this is). We also discussed as a team and we realized that there is a transfer tax (1% when the drop starts, another 1% transfer tax when @mamo claims your rewards, and another 1% transfer tax when MAMO swaps VIRTUAL into more MAMO and compounds them.) The short version is that there is probably a 4-5% transfer tax just for @mamo to do what it does best: compound your VIRTUAL into more MAMO. So tomorrow we're going to fix this and simply swap the VIRTUAL into cbBTC and all MAMO depositors this week will get the same exact amount of the drop ($70K rewards) but you'll get the VIRTUAL in cbBTC instead of VIRTUAL which means going forward we only lose 1% on the initial swap from VIRTUAL to cbBTC and then from that point on @mamo can do what it does best: stack sats and compound them into more MAMO or into Bitcoin (if that's what you want) without paying these 4-5% transfer taxes just to ultimately sell it for you in an automated way.
I'm incredibly proud of the team for executing on two very important projects simultaneously. We've grown a lot in the last few months, but we're still small (about 20 in total, a dozen of us devs) and we're hiring. If you're a world class Solidity dev, or expert in full stack and AI, we're hiring.
Short version: Both @MoonwellDeFi and @Mamo_agent had unplanned work in the last few days, but our team is world class and we rose to the challenge: fixing a new bug that wasn't found after years of audits without losing any customer funds and coming up with a plan to make every stkWELL holder have no reason to unstake, and at the same time working on some unexpected issues in the first of its kind, a brand new finance agent that never takes custody of user funds and is capturing 7 figures of annualized REAL YIELD in the form of trading fees on @AerodromeFi and then fully automating stacking sats for you in a way that makes onchain finance simple and accessible to everyone.
gmamo! keep building team, I'm incredibly proud of all of you... and if you're a best in class solidity dev or AI/backend/fullstack focused engineer, send your CV to careers _at_ moonwell _dot_ fi and let's chat. Come build at the center of stablecoins, decentralized apps, and AI agents. 🌜🌱🌛
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