WELL is the governance token for a major lending protocol on Base. Stakers earn a share of protocol revenue. The team is financing growth by borrowing against its treasury's WELL tokens, showing confidence but also introducing leverage risk.

A key piece of financial infrastructure on Base with a 'DeFi 2.0' model that returns protocol revenue to participating token holders. The investment thesis is a bet on the growth of Base with a token model that directly rewards long-term, active participants.