Moonwell to end operations on Moonbeam by July 31 as Moonbeam network shuts down

Moonwell, a decentralized lending protocol, has proposed to cease all activities on the Moonbeam network by July 31, 2026, coinciding with Moonbeam's planned shutdown. The proposal includes withdrawing reserves from multiple markets and halting new supply and borrowing, urging users to close positions and withdraw funds to avoid losing access. Moonbeam's GLMR token will migrate 1:1 to an ERC-20 token on the Base network, with a bridge available until the end of July to facilitate this. This move follows Moonwell's earlier exit from Moonriver and its governance migration to Ethereum, marking a strategic shift toward Base and Ethereum ecosystems.