[Temp Check] Add weETH Markets to Moonwell on Base

1. Proposal Submission Title: Add weETH market to Moonwell on Base

Category: Community Proposals 3

Description: Greetings Moonwell family, Justin from Ether.fi here with a proposal for you! This proposal aims to add a new market for weETH on the Base network. This proposal includes a detailed risk assessment, benefits to the Moonwell community, and required information to facilitate the listing process.

Required Information General Token Asset Name: weETH Description of the Project and the Token: Ether.fi is a decentralized, non-custodial liquid staking protocol built on Ethereum, allowing users to stake their ETH and participate in the DeFi ecosystem without losing liquidity. The protocol’s eETH is a liquid restaking token (weETH is the non-rebasing equivalent), serving as a representation of ETH staked on the Beacon Chain, which rebases daily to reflect the associated staking rewards. Users can deposit ETH into the liquidity pool on Ethereum Mainnet to mint eETH, hold eETH to accrue rewards, and use eETH within DeFi or swap it back to ETH at any time via the liquidity pool. The protocol currently employs a permissioned validator set, transitioning to permissionless based on the protocol roadmap. ETH staked through the Ether.fi liquidity pool accrues normal Ethereum staking rewards and will also be natively restaked with EigenLayer. Staking with eETH on Ether.fi automatically natively restakes that ETH to EigenLayer and accrues normal staking rewards while allowing users to keep composability on their eETH in other DeFi protocols. The eETH contract has been live since June 2023, with weETH launching to the open market on November 15th, 2023, and has approximately 1,814,766.66 ETH held within it. Being a liquid representation of staked Ethereum, the price of the token is aligned with the price of ETH. Through these mechanisms, eETH acts as a conduit for individuals to engage in Ethereum’s staking & restaking process with added liquidity, making it easier for them to enter and exit staking positions while also benefiting from boosted rewards. Benefits to the Moonwell Community: Ether.fi is looking to enhance liquidity for weETH on Base. Incentivizing a Moonwell pool will continue to boost the liquidity of the LRT on Base. Higher liquidity ensures that traders and investors can easily enter or exit positions, which is essential for the overall usability and attractiveness of the LRT token within the L2 DeFi ecosystem. Users who deposit into Moonwell will also be able to earn Etherfi points and Eigenlayer points, which count towards our Season 3 community allocations. Having weETH on Moonwell will allow users to earn Etherfi points and Eigenlayer points while supplying and borrowing against weETH. This can be done by depositing weETH onto Moonwell and borrowing against it. Resources: Website: https://www.ether.fi/ Documentation: https://etherfi.gitbook.io/etherfi/ether.fi-whitepaper Whitepaper: https://etherfi.gitbook.io/etherfi/ether.fi-whitepaper Github: https://github.com/etherfi-protocol Discord: Twitter: https://twitter.com/ether_fi Proposal Author’s Contact Information: Justin@ether.fi Relationship between the Author and the Token: Representative of Ether.fi Social Channel Metrics: Twitter: 155,943 Discord: 38,733 members Community Activity: Active Market Risk Assessment Market Cap: $4,501,927,254.00 on mainnet

Total Supply: 1,391,974.6199 weETH

Exchanges and Liquidity:

Centralized Exchanges: Gate.io, Bybit, Mexc Decentralized Exchanges: Uniswap : $176.5 Million Camelot V3: $2.43 Million Balancer: $39.8 Million Base specific liquidity

Total supply: 2,969.97 weETH on Base Velodrome : 289.655 weETH Uniswap: 99.02 weETH Volatility (30 days, 90 days, 1 year): This token is a rebasing version of eETH that is pegged 1:1 with Ethereum.

Average Daily Trading Volume: $54,399,199

Gini Coefficient and Herfindahl Index: N/A

Emission Schedule: This token is minted by wrapping eETH, and is backed by ETH. There is no set emission schedule.

Decentralization Top 10 Token Holders and Percentages: https://etherscan.io/token/0xcd5fe23c85820f7b72d0926fc9b05b43e359b7ee#balances

Privileged Roles in the Token Contract: Multi-signature wallet, transitioning to DAO governance, 4 of 7 multisigs required Is the Token Pausable? No Does the Token Have a Blacklist? No Smart Contract Risks Codebase & On-chain Activity

Github Repository: https://github.com/etherfi-protocol/smart-contracts/tree/master/audits Verified Contracts: https://basescan.org/address/0x04c0599ae5a44757c0af6f9ec3b93da8976c150a#code Age of the Token: 37 days Number of Transactions: 7,249 Security Posture

Audits Performed: https://etherfi.gitbook.io/etherfi/security/audits Active Bug Bounty Program: Yes Emergency Contacts and Availability: Various team members, available around the clock as they are in different geographical locations Upgradability

Is it Upgradeable? Yes Who is Authorized to Make an Upgrade? Governance Token Holders can vote on changes Time-lock Delay for Upgrades: Yes, there is a 3 day timelock period Components Upgradeable: Upgradeability Design and Management: Event Emission on Implementation Update: Yes Oracle Assessment Chainlink Oracle Price Feed Address: 0x35e9D7001819Ea3B39Da906aE6b06A62cfe2c181 Is the Asset Wrapped, Staked, or Synthetic? Wrapped How is the Asset Wrapped, Staked, or Created? Staked in Eigenpods Network of the Underlying Asset: Ethereum Verification of Minted Asset vs. Locked Asset: Proof of Reserves (PoR) Verification: Price Deviation Analysis: Pegged 1:1 with Ethereum Events Causing Price Depegging: None

For: Add weETH Market to Moonwell on Base Against: Make no change