MIP-28 Rebalancing of Moonbeam Token Liquidity Incentives

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"
  }
}