Updated: Moonwell Apollo MFAM Token Transparency Report
The Moonriver Family Token (MFAM) is the native governance token of the Moonwell Apollo protocol. MFAM can be staked in the Moonwell Safety Module, which backstops the Moonwell Apollo protocol in the case of a shortfall event.
The only way to earn MFAM is by using the Moonwell Apollo protocol. MFAM is awarded to users of the Moonwell Apollo protocol, Safety Module stakers, and liquidity providers on the Solarbeam exchange, as consideration for their interaction with and expansion of the Moonwell Safety Module. The following is an example of the initial rewards which will be made available to the Moonwell community and awarded proportionally to each user, who provides liquidity to the Moonwell Protocol:
Supplying and borrowing assets:
- 12,641 MOVR per week
- 3,500,000 MFAM per week
Providing liquidity on Solarbeam’s DEX in the MOVR/MFAM pool:
- 644,000 MFAM per week
Staking MFAM in the Safety Module
- 38,353 MFAM per week
The abovementioned are the initial reward rates, and will change over time.
An aggregate amount of 10% of the MFAM token supply was allocated to the Moonwell team and its advisors. The Moonwell Apollo smart contract will impose technological restrictions such that the allocated tokens could not be transferred and are locked up for 1 year, and will then be released from the lockup on a monthly basis.
Token Name: MFAM
Total Supply: 1,000,000,000
MFAM Token Allocation:
50% Liquidity Incentives — Community incentives & liquidity programs
20% Developer Grants and Incentives: 0x5d6C4DCb86b8A761C062a5274a77AaD5F7209AA3
20% Application Development: 0xceA318618B4b956a84E5feBC1Cae1F4c33A01F8B
10% Team: 0x845B93e3305901923306727085a12D5B22899F0f (Founders, advisors, partners and initial service providers — These allocations will continue to be locked up for a year, after which they will be released from lockup monthly)
As of May 5th, 2022, the MFAM tokens have been migrated to their own addresses. For more information, please read this article.
Moonwell is an open lending and DeFi protocol built on Moonbeam and Moonriver. Moonwell Apollo is Moonwell’s deployment on Moonriver.
Moonwell Apollo is supported by The Lunar Technology Foundation which is responsible for fostering the development of the Moonwell protocol and its ecosystem.