MIP-28 Rebalancing of Moonbeam Token Liquidity Incentives

not-taco · February 17, 2023, 10:03pm

MIP-28 Rebalancing of Moonbeam Token Liquidity Incentives

Proposal is live: Moonwell: DeFi's Liquidity Well

This is an automated proposal generated by the Moonwell Market Reward Adjustment Tool.

Submitter: not-taco
Generator Version: 1.0.0
Generated At: Fri, 17 Feb 2023 20:34:07 GMT
Network: Moonbeam
Block Height: 2,970,608

The submitter (not-taco), as part of this proposal, will get 100,000 WELL sent to their wallet at 0x7e4a3edd2F6C516166b4C615884b69B7dbfF3fE5.

This proposal will also turn down the rewards on the BUSD.wh market given the recent announcement from Paxos.

Safety Module

At the time this proposal was generated there was 153,019,928 WELL staked in the Safety Module, with a valuation of $685,120.78 (based on a WELL price of $0.004477 pulled from StellaSwap).

This proposal, if executed, would adjust the rewards on the Safety Module to keep emissions the same and emits 6,057,692 WELL over the next 28 days:

Current (estimated APR = ~51.64%):
- 2.5040 WELL / second
- 216,346.15 WELL / day
- 6,057,692.31 WELL / reward cycle (28 days)
Proposed (estimated APR = ~51.64%):
- 2.5040 WELL / second
- 216,346.14 WELL / day
- 6,057,691.92 WELL / reward cycle (28 days)

DEX Liquidity Pool Rewarder

At the time this proposal was generated there were 44,793,972 WELL and 414,033 GLMR provided by liquidity providers in the StellaSwap WELL/GLMR pool totaling $401,114.83.

This proposal, if executed, would adjust the rewards on the Dex Rewarder to decrease emissions -10.7143% and emits 3,605,769 WELL over the next 28 days:

Current rewards will expire at Fri, 24 Feb 2023 03:30:00 GMT

Current (estimated APR = ~58.80%) days:
- 1.6693 WELL / second
- 144,230.77 WELL / day
- 4,038,461.54 WELL / reward cycle (28 days)
Proposed (estimated APR = ~52.50%):
- 1.4905 WELL / second
- 128,777.46 WELL / day
- 3,605,769.00 WELL / reward cycle (28 days)

Core Protocol Rewards

Below are the current markets supported by the Moonwell Protocol, along with the proposed adjustments to the reward outputs.

GLMR Market


Latest price	$0.4844
Supplied	21,538,581.80 GLMR
Borrowed	11,666,908.16 GLMR
Supplied TVL	$10,433,289.02
Borrowed TVL	$5,651,450.31
Utilization	54.17%
WELL Incentive Share	24%
GLMR Incentive Share	24%

WELL Incentives

	Current	Proposed
Supply Side	0.4471 WELL / sec	0.4722 WELL / sec
+5.30%	38,633.24 WELL / day	40,796.70 WELL / day
	1,081,730.77 WELL / cycle*	1,142,307.62 WELL / cycle*

Borrow Side	0 WELL / sec	0 WELL / sec
+0%	0 WELL / day	0 WELL / day
	0 WELL / cycle*	0 WELL / cycle*

GLMR Incentives

	Current	Proposed
Supply Side	0.0517 GLMR / sec	0.0496 GLMR / sec
-4.17%	4,464.29 GLMR / day	4,285.71 GLMR / day
	125,000.00 GLMR / cycle*	120,000.00 GLMR / cycle*

Borrow Side	0 GLMR / sec	0 GLMR / sec
+0%	0 GLMR / day	0 GLMR / day
	0 GLMR / cycle*	0 GLMR / cycle*

* Reward cycle is 28 days long

Raw Calls:

COMPTROLLER._setRewardSpeed(0, 0x091608f4e4a15335145be0A279483C0f8E4c7955, 472184035714285714, 0)
COMPTROLLER._setRewardSpeed(1, 0x091608f4e4a15335145be0A279483C0f8E4c7955, 49603174603174603, 0)

xcDOT Market


Latest price	$7.36
Supplied	1,027,154.38 xcDOT
Borrowed	771,006.89 xcDOT
Supplied TVL	$7,563,892.97
Borrowed TVL	$5,677,640.78
Utilization	75.06%
WELL Incentive Share	20%
GLMR Incentive Share	20%

WELL Incentives

	Current	Proposed
Supply Side	0.3935 WELL / sec	0.3935 WELL / sec
-0.00%	33,997.25 WELL / day	33,997.25 WELL / day
	951,923.08 WELL / cycle*	951,923.02 WELL / cycle*

Borrow Side	0 WELL / sec	0 WELL / sec
+0%	0 WELL / day	0 WELL / day
	0 WELL / cycle*	0 WELL / cycle*

GLMR Incentives

	Current	Proposed
Supply Side	0.0455 GLMR / sec	0.0413 GLMR / sec
-10.00%	3,928.57 GLMR / day	3,571.43 GLMR / day
	110,000.00 GLMR / cycle*	100,000.00 GLMR / cycle*

Borrow Side	0 GLMR / sec	0 GLMR / sec
+0%	0 GLMR / day	0 GLMR / day
	0 GLMR / cycle*	0 GLMR / cycle*

* Reward cycle is 28 days long

Raw Calls:

COMPTROLLER._setRewardSpeed(0, 0xD22Da948c0aB3A27f5570b604f3ADef5F68211C3, 393486696428571428, 0)
COMPTROLLER._setRewardSpeed(1, 0xD22Da948c0aB3A27f5570b604f3ADef5F68211C3, 41335978835978835, 0)

xcUSDT Market


Latest price	$1.00
Supplied	10,194.56 xcUSDT
Borrowed	6,621.38 xcUSDT
Supplied TVL	$10,195.27
Borrowed TVL	$6,621.85
Utilization	64.95%
WELL Incentive Share	4%
GLMR Incentive Share	4%

WELL Incentives

	Current	Proposed
Supply Side	0 WELL / sec	0.0787 WELL / sec
+100.00%	0 WELL / day	6,799.45 WELL / day
	0 WELL / cycle*	190,384.60 WELL / cycle*

Borrow Side	0 WELL / sec	0 WELL / sec
+0%	0 WELL / day	0 WELL / day
	0 WELL / cycle*	0 WELL / cycle*

GLMR Incentives

	Current	Proposed
Supply Side	0 GLMR / sec	0.0083 GLMR / sec
+100.00%	0 GLMR / day	714.29 GLMR / day
	0 GLMR / cycle*	20,000.00 GLMR / cycle*

Borrow Side	0 GLMR / sec	0 GLMR / sec
+0%	0 GLMR / day	0 GLMR / day
	0 GLMR / cycle*	0 GLMR / cycle*

* Reward cycle is 28 days long

Raw Calls:

COMPTROLLER._setRewardSpeed(0, 0x42A96C0681B74838eC525AdbD13c37f66388f289, 78697339285714285, 0)
COMPTROLLER._setRewardSpeed(1, 0x42A96C0681B74838eC525AdbD13c37f66388f289, 8267195767195767, 0)

FRAX Market


Latest price	$1.00
Supplied	8,338,596.13 FRAX
Borrowed	4,052,831.68 FRAX
Supplied TVL	$8,338,596.13
Borrowed TVL	$4,052,831.68
Utilization	48.60%
WELL Incentive Share	18%
GLMR Incentive Share	18%

WELL Incentives

	Current	Proposed
Supply Side	0.3756 WELL / sec	0.3541 WELL / sec
-6.06%	32,451.92 WELL / day	30,597.53 WELL / day
	908,653.85 WELL / cycle*	856,730.71 WELL / cycle*

Borrow Side	0 WELL / sec	0 WELL / sec
+0%	0 WELL / day	0 WELL / day
	0 WELL / cycle*	0 WELL / cycle*

GLMR Incentives

	Current	Proposed
Supply Side	0.0434 GLMR / sec	0.0372 GLMR / sec
-16.67%	3,750.00 GLMR / day	3,214.29 GLMR / day
	105,000.00 GLMR / cycle*	90,000.00 GLMR / cycle*

Borrow Side	0 GLMR / sec	0 GLMR / sec
+0%	0 GLMR / day	0 GLMR / day
	0 GLMR / cycle*	0 GLMR / cycle*

* Reward cycle is 28 days long

Raw Calls:

COMPTROLLER._setRewardSpeed(0, 0x1C55649f73CDA2f72CEf3DD6C5CA3d49EFcF484C, 354138026785714285, 0)
COMPTROLLER._setRewardSpeed(1, 0x1C55649f73CDA2f72CEf3DD6C5CA3d49EFcF484C, 37202380952380952, 0)

ETH.wh Market


Latest price	$1,714.08
Supplied	1,519.66 ETH.wh
Borrowed	399.91 ETH.wh
Supplied TVL	$2,604,821.34
Borrowed TVL	$685,469.88
Utilization	26.32%
WELL Incentive Share	10%
GLMR Incentive Share	10%

WELL Incentives

	Current	Proposed
Supply Side	0.1073 WELL / sec	0.1967 WELL / sec
+45.45%	9,271.98 WELL / day	16,998.63 WELL / day
	259,615.38 WELL / cycle*	475,961.51 WELL / cycle*

Borrow Side	0 WELL / sec	0 WELL / sec
+0%	0 WELL / day	0 WELL / day
	0 WELL / cycle*	0 WELL / cycle*

GLMR Incentives

	Current	Proposed
Supply Side	0.0124 GLMR / sec	0.0207 GLMR / sec
+40.00%	1,071.43 GLMR / day	1,785.71 GLMR / day
	30,000.00 GLMR / cycle*	50,000.00 GLMR / cycle*

Borrow Side	0 GLMR / sec	0 GLMR / sec
+0%	0 GLMR / day	0 GLMR / day
	0 GLMR / cycle*	0 GLMR / cycle*

* Reward cycle is 28 days long

Raw Calls:

COMPTROLLER._setRewardSpeed(0, 0xb6c94b3A378537300387B57ab1cC0d2083f9AeaC, 196743348214285714, 0)
COMPTROLLER._setRewardSpeed(1, 0xb6c94b3A378537300387B57ab1cC0d2083f9AeaC, 20667989417989417, 0)

BTC.wh Market


Latest price	$24,873.97
Supplied	655.70 BTC.wh
Borrowed	29.87 BTC.wh
Supplied TVL	$16,309,820.85
Borrowed TVL	$742,987.37
Utilization	4.56%
WELL Incentive Share	14%
GLMR Incentive Share	14%

WELL Incentives

	Current	Proposed
Supply Side	0.2504 WELL / sec	0.2754 WELL / sec
+9.09%	21,634.62 WELL / day	23,798.08 WELL / day
	605,769.23 WELL / cycle*	666,346.11 WELL / cycle*

Borrow Side	0 WELL / sec	0 WELL / sec
+0%	0 WELL / day	0 WELL / day
	0 WELL / cycle*	0 WELL / cycle*

GLMR Incentives

	Current	Proposed
Supply Side	0.0289 GLMR / sec	0.0289 GLMR / sec
-0.00%	2,500.00 GLMR / day	2,500.00 GLMR / day
	70,000.00 GLMR / cycle*	70,000.00 GLMR / cycle*

Borrow Side	0 GLMR / sec	0 GLMR / sec
+0%	0 GLMR / day	0 GLMR / day
	0 GLMR / cycle*	0 GLMR / cycle*

* Reward cycle is 28 days long

Raw Calls:

COMPTROLLER._setRewardSpeed(0, 0xaaa20c5a584a9fECdFEDD71E46DA7858B774A9ce, 275440687500000000, 0)
COMPTROLLER._setRewardSpeed(1, 0xaaa20c5a584a9fECdFEDD71E46DA7858B774A9ce, 28935185185185185, 0)

USDC.wh Market


Latest price	$1.00
Supplied	3,465,621.85 USDC.wh
Borrowed	516,004.45 USDC.wh
Supplied TVL	$3,465,621.85
Borrowed TVL	$516,004.45
Utilization	14.89%
WELL Incentive Share	10%
GLMR Incentive Share	10%

WELL Incentives

	Current	Proposed
Supply Side	0.1431 WELL / sec	0.1967 WELL / sec
+27.27%	12,362.64 WELL / day	16,998.63 WELL / day
	346,153.85 WELL / cycle*	475,961.51 WELL / cycle*

Borrow Side	0 WELL / sec	0 WELL / sec
+0%	0 WELL / day	0 WELL / day
	0 WELL / cycle*	0 WELL / cycle*

GLMR Incentives

	Current	Proposed
Supply Side	0.0165 GLMR / sec	0.0207 GLMR / sec
+20.00%	1,428.57 GLMR / day	1,785.71 GLMR / day
	40,000.00 GLMR / cycle*	50,000.00 GLMR / cycle*

Borrow Side	0 GLMR / sec	0 GLMR / sec
+0%	0 GLMR / day	0 GLMR / day
	0 GLMR / cycle*	0 GLMR / cycle*

* Reward cycle is 28 days long

Raw Calls:

COMPTROLLER._setRewardSpeed(0, 0x744b1756e7651c6D57f5311767EAFE5E931D615b, 196743348214285714, 0)
COMPTROLLER._setRewardSpeed(1, 0x744b1756e7651c6D57f5311767EAFE5E931D615b, 20667989417989417, 0)

* Reward cycle is 28 days long

Raw Calls:

COMPTROLLER._setRewardSpeed(0, 0x744b1756e7651c6D57f5311767EAFE5E931D615b, 196743348214285714, 0)
COMPTROLLER._setRewardSpeed(1, 0x744b1756e7651c6D57f5311767EAFE5E931D615b, 20667989417989417, 0)

Definitions

WELL - The Moonwell Artemis governance token

Liquidity Incentives - WELL tokens that have been allocated for use as rewards to incentivize liquidity growth.

Core - Moonwell Artemis lending protocol (Moonwell: DeFi’s Liquidity Well).

DEX LP - StellaSwap’s WELL/GLMR farm (StellaSwap - Leading Moonbeam DEX & DeFi Gateway).

Safety Module - Smart contract that allows users to stake their WELL tokens in order to earn liquidity incentives and help backstop the Moonwell protocol.

Reward Speed - The rate at which WELL tokens (on a per second basis) are distributed proportionally to DEX LPs, wallets staking in the Safety Module, and those supplying/borrowing on Moonwell.

Config Hash: 21dcbc825a47e5e7da0bd9f8e4d318034f4409dff4349d78df3463e916c11992

Proposal Config

{
  "_meta": {
    "generatedAt": "2023-02-17T20:33:40.410Z",
    "generatorVersion": "1.0.0"
  },
  "snapshotBlock": 2970608,
  "safetyModuleInfo": {
    "totalStaked": "153019927.875422612166240225",
    "stakedTVL": "685120.7840679998108574456047975558423303764686",
    "govTokenPrice": "0.004477330460028539185016",
    "emissions": {
      "emissionsPerSecond": "2.50400641025641",
      "lastUpdateTimestamp": 1676665482,
      "emissionAPR": "51.640615565209398183",
      "emissionsPerYear": "79020432.692307684216"
    }
  },
  "dexInfo": {
    "govTokenTotal": "44793971.627716713566729824",
    "nativeAssetTotal": "414032.6457358179299795",
    "govTokenPrice": "0.004477330460028539185016",
    "nextFreeSlot": 10,
    "emissionsPerYear": "52680288.461538561336",
    "poolTVL": "401114.827188860410629369345547755419709221117184",
    "currentPoolAPR": "58.802877426638042444",
    "currentPoolRewardInfo": {
      "startTimestamp": 1674790200,
      "endTimestamp": 1677209400,
      "rewardPerSec": "1.66933760683761"
    }
  },
  "marketData": {
    "assets": {
      "GLMR": {
        "price": "0.4844",
        "totalSuppliedUnderlying": "21538581.80091318446886176596330300285147776",
        "totalSuppliedTVL": "10433289.024362346556716639432623974581255826944",
        "totalBorrows": "11666908.159047412358869696",
        "totalBorrowedTVL": "5651450.3122425665466364807424",
        "utilization": "0.54167485430970962511",
        "govSupplySpeed": "447144001831502000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "51669973544973600",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcDOT": {
        "price": "7.36393",
        "totalSuppliedUnderlying": "1027154.3816471015998213256633335432",
        "totalSuppliedTVL": "7563892.965642540883972254691991778776776",
        "totalBorrows": "771006.8922744759",
        "totalBorrowedTVL": "5677640.784226781314287",
        "utilization": "0.75062415743008529003",
        "govSupplySpeed": "393486721611722000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "45469576719576700",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcUSDT": {
        "price": "1.00007",
        "totalSuppliedUnderlying": "10194.5589159999651863009943",
        "totalSuppliedTVL": "10195.272535124085183864035369601",
        "totalBorrows": "6621.384114",
        "totalBorrowedTVL": "6621.84761088798",
        "utilization": "0.64950177526641139984",
        "govSupplySpeed": "0",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "0",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "FRAX": {
        "price": "1",
        "totalSuppliedUnderlying": "8338596.12708601590435925897881282889609416",
        "totalSuppliedTVL": "8338596.12708601590435925897881282889609416",
        "totalBorrows": "4052831.68245058692157144",
        "totalBorrowedTVL": "4052831.68245058692157144",
        "utilization": "0.48603285501331492488",
        "govSupplySpeed": "375600961538462000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "43402777777777800",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "ETH.wh": {
        "price": "1714.07641",
        "totalSuppliedUnderlying": "1519.66465508967743960699999259294691755",
        "totalSuppliedTVL": "2604821.3364000025337395583581737450437546699955",
        "totalBorrows": "399.906257082881215217",
        "totalBorrowedTVL": "685469.88147716210583559273097",
        "utilization": "0.26315427929675854258",
        "govSupplySpeed": "107314560439560000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "12400793650793700",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "BTC.wh": {
        "price": "24873.96854",
        "totalSuppliedUnderlying": "655.69837895999997491559326839",
        "totalSuppliedTVL": "16309820.8499800372944512561133686364506",
        "totalBorrows": "29.87007742",
        "totalBorrowedTVL": "742987.3660324443668",
        "utilization": "0.04555460006989308898",
        "govSupplySpeed": "250400641025641000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "28935185185185200",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "USDC.wh": {
        "price": "1",
        "totalSuppliedUnderlying": "3465621.85183599525600758777704",
        "totalSuppliedTVL": "3465621.85183599525600758777704",
        "totalBorrows": "516004.448754",
        "totalBorrowedTVL": "516004.448754",
        "utilization": "0.14889231162962410979",
        "govSupplySpeed": "143086080586081000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "16534391534391500",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      }
    },
    "totalTVL": "48726237.4278420625144304193873805647484806569395",
    "govRewardSplits": {
      "GLMR": 0.24,
      "xcDOT": 0.2,
      "ETH.wh": 0.1,
      "BTC.wh": 0.14,
      "FRAX": 0.18,
      "USDC.wh": 0.1,
      "xcUSDT": 0.04
    },
    "nativeRewardSplits": {
      "GLMR": 0.24,
      "xcDOT": 0.2,
      "ETH.wh": 0.1,
      "BTC.wh": 0.14,
      "FRAX": 0.18,
      "USDC.wh": 0.1,
      "xcUSDT": 0.04
    }
  },
  "config": {
    "daysPerRewardCycle": 28,
    "rpc": "https://rpc.api.moonbeam.network",
    "govTokenName": "WELL",
    "nativeTokenName": "GLMR",
    "networkName": "Moonbeam",
    "govTokenUniPoolAddress": "0xb536c1f9a157b263b70a9a35705168acc0271742",
    "dexName": "StellaSwap",
    "ecosystemReserve": "0x7793E08Eb4525309C46C9BA394cE33361A167ba4",
    "treasuryAddress": "0x6972f25AB3FC425EaF719721f0EBD1Cdb58eE451",
    "dexPoolID": 15,
    "submissionRewardAmount": 100000
  },
  "responses": {
    "name": "not-taco",
    "network": "Moonbeam",
    "mipNumber": 28,
    "componentSplits": {
      "ALL_MARKETS": 0.33,
      "SAFETY_MODULE": 0.42,
      "DEX_REWARDER": 0.25
    },
    "emissionAmounts": {
      "0": 14423076,
      "1": 500000
    },
    "submitterWallet": "0x7e4a3edd2F6C516166b4C615884b69B7dbfF3fE5"
  }
}

Topic		Replies	Views
MIP-36 Rebalancing of Moonbeam Token Liquidity Incentives Moonwell Improvement Proposal moonbeam	1	441	April 10, 2023
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MIP-28 Rebalancing of Moonbeam Token Liquidity Incentives

MIP-28 Rebalancing of Moonbeam Token Liquidity Incentives

Safety Module

DEX Liquidity Pool Rewarder

Core Protocol Rewards

GLMR Market

WELL Incentives

GLMR Incentives

xcDOT Market

WELL Incentives

GLMR Incentives

xcUSDT Market

WELL Incentives

GLMR Incentives

FRAX Market

WELL Incentives

GLMR Incentives

ETH.wh Market

WELL Incentives

GLMR Incentives

BTC.wh Market

WELL Incentives

GLMR Incentives

USDC.wh Market

WELL Incentives

GLMR Incentives

Definitions

MIP-28 Rebalancing of Moonbeam Token Liquidity Incentives

MIP-28 Rebalancing of Moonbeam Token Liquidity Incentives

Safety Module

DEX Liquidity Pool Rewarder

Core Protocol Rewards

GLMR Market

WELL Incentives

GLMR Incentives

xcDOT Market

WELL Incentives

GLMR Incentives

xcUSDT Market

WELL Incentives

GLMR Incentives

FRAX Market

WELL Incentives

GLMR Incentives

ETH.wh Market

WELL Incentives

GLMR Incentives

BTC.wh Market

WELL Incentives

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