The clock is ticking for users on Moonbeam, with a shutdown date set for July 31, 2026. All assets connected to the network must be withdrawn before that date, or they will be irretrievably lost.
Wormhole, a protocol that facilitates interoperability between blockchains, has issued an urgent notice. Any assets that were bridged to Moonbeam need to be moved elsewhere before the network ceases operations. After the parachain closes, there will be no option for recovery of stuck assets.
Moonwell's Action Plan
Moonwell, a decentralized lending platform operating on Moonbeam, is responding to the impending closure by initiating governance proposal MIP-M45. This proposal aims to suspend all lending and borrowing activities on Moonbeam, urging users to withdraw their funds. Affected assets on Moonwell include GLMR, xcDOT, USDC, FRAX, and ETH. Users are required to close any open positions manually, as there is no automated migration process available.
Earlier this year, Moonwell deprecated its deployment on Moonriver, indicating a shift away from the Polkadot ecosystem. On May 21, 2026, the governance was migrated from Moonbeam to the Ethereum mainnet. MIP-M45 is thus the final step in this strategic transition.
As for GLMR holders, the native token is set for migration to an ERC-20 token on Base, Coinbase’s Layer-2 solution. A migration bridge has been established, but like the rest of the operations, it will only be functional until the July 31 deadline. Any remaining GLMR on Moonbeam will become unrecoverable after that date.
Moonbeam was the first parachain to offer full Ethereum-compatible smart contracts, officially launching on January 11, 2022. Users still holding assets on the platform need to act quickly and prioritize their withdrawals to avoid permanent losses.
This article is for informational purposes only and does not constitute financial advice.
