Wormhole urges Moonbeam users to move bridged assets before July 31, 2026 shutdown

Moonwell has proposed formally winding down its Moonbeam deployment before the network shuts down on July 31, 2026, broadening the urgency around Moonbeam’s closure beyond Wormhole’s earlier warning on bridged assets. The governance proposal, MIP-M45, is live for on-chain voting and would withdraw protocol reserves from Moonbeam markets including GLMR, xcDOT, USDC, FRAX and ETH to a Foundation-designated wallet to help settle remaining bad debts. It would also halt new supply and borrowing activity while reducing collateral factors to encourage users to close positions and withdraw funds before the chain goes offline. The update comes as Moonbeam sunsets its parachain operations and migrates GLMR to an ERC-20 token on Base at a 1:1 ratio, with a bridge expected to remain operational through the end of July. Moonwell previously deprecated its Moonriver deployment on Jan. 29, 2026 after Chainlink ended oracle support there, and moved its governance from Moonbeam to Ethereum mainnet on May 21, 2026, followed by a proposal for new Ethereum lending markets on May 29.