MIP-36 Rebalancing of Moonbeam Token Liquidity Incentives

not-taco · March 18, 2023, 6:33pm

MIP-36 Rebalancing of Moonbeam Token Liquidity Incentives

Link to governance proposal: MIP-36

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

Submitter: not-taco
Generator Version: 1.0.10
Generated At: Sat, 18 Mar 2023 18:30:40 GMT
Network: Moonbeam
Block Height: 3,167,078

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

Safety Module

At the time this proposal was generated there was 169,238,476 WELL staked in the Safety Module, with a valuation of $1,780,480.63 (based on a WELL price of $0.010521 pulled from StellaSwap).

This proposal, if executed, would adjust the rewards on the Safety Module to increase emissions +7.14% and emits 6,490,384 WELL over the next 28 days:

Current (estimated APR = ~46.69%):
- 2.5040 WELL / second
- 216,346.14 WELL / day
- 6,057,691.92 WELL / reward cycle (28 days)
Proposed (estimated APR = ~50.03%):
- 2.6829 WELL / second
- 231,799.44 WELL / day
- 6,490,384.20 WELL / reward cycle (28 days)

DEX Liquidity Pool Rewarder

At the time this proposal was generated there were 31,206,186 WELL and 774,898 GLMR provided by liquidity providers in the StellaSwap WELL/GLMR pool totaling $656,612.02.

This proposal, if executed, would adjust the rewards on the Dex Rewarder to decrease emissions -20.00% and emits 2,884,615 WELL over the next 28 days:

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

Current (estimated APR = ~75.36%) days:
- 1.4905 WELL / second
- 128,777.54 WELL / day
- 3,605,771.00 WELL / reward cycle (28 days)
Proposed (estimated APR = ~60.29%):
- 1.1924 WELL / second
- 103,021.97 WELL / day
- 2,884,615.20 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	$0.4237
Supplied	23,969,846.19 GLMR
Borrowed	10,287,036.04 GLMR
Supplied TVL	$10,155,463.89
Borrowed TVL	$4,358,376.86
Utilization	42.92%
WELL Incentive Share	30%
GLMR Incentive Share	30%

Estimated APRs	Current	Proposed
Supply Side	10.11%	11.20%
Borrow Side	-6.49%	-6.49%

WELL Incentives

	Current	Proposed
Supply Side	0.4722 WELL / sec	0.6260 WELL / sec
+24.57%	40,796.70 WELL / day	54,086.54 WELL / day
	1,142,307.62 WELL / cycle*	1,514,422.98 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	0.0496 GLMR / sec	0.0541 GLMR / sec
+8.23%	4,285.71 GLMR / day	4,669.94 GLMR / day
	120,000.00 GLMR / cycle*	130,758.30 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

xcDOT Market


Latest price	$6.42
Supplied	1,073,921.23 xcDOT
Borrowed	714,655.32 xcDOT
Supplied TVL	$6,893,500.38
Borrowed TVL	$4,587,372.52
Utilization	66.55%
WELL Incentive Share	20%
GLMR Incentive Share	20%

Estimated APRs	Current	Proposed
Supply Side	14.32%	13.41%
Borrow Side	-9.04%	-9.04%

WELL Incentives

	Current	Proposed
Supply Side	0.3935 WELL / sec	0.4173 WELL / sec
+5.71%	33,997.25 WELL / day	36,057.69 WELL / day
	951,923.02 WELL / cycle*	1,009,615.32 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	0.0413 GLMR / sec	0.0360 GLMR / sec
-14.72%	3,571.43 GLMR / day	3,113.29 GLMR / day
	100,000.00 GLMR / cycle*	87,172.20 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

xcUSDT Market


Latest price	$1.00
Supplied	1,083,506.77 xcUSDT
Borrowed	410,946.84 xcUSDT
Supplied TVL	$1,086,367.23
Borrowed TVL	$412,031.74
Utilization	37.93%
WELL Incentive Share	4%
GLMR Incentive Share	4%

Estimated APRs	Current	Proposed
Supply Side	14.46%	13.30%
Borrow Side	-5.96%	-5.96%

WELL Incentives

	Current	Proposed
Supply Side	0.0787 WELL / sec	0.0835 WELL / sec
+5.71%	6,799.45 WELL / day	7,211.54 WELL / day
	190,384.60 WELL / cycle*	201,923.06 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	0.0083 GLMR / sec	0.0072 GLMR / sec
-14.72%	714.29 GLMR / day	622.66 GLMR / day
	20,000.00 GLMR / cycle*	17,434.44 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

FRAX Market


Latest price	$0.9972
Supplied	5,680,717.75 FRAX
Borrowed	4,086,146.09 FRAX
Supplied TVL	$5,664,735.05
Borrowed TVL	$4,074,649.72
Utilization	71.93%
WELL Incentive Share	16%
GLMR Incentive Share	16%

Estimated APRs	Current	Proposed
Supply Side	16.63%	14.54%
Borrow Side	-9.63%	-9.63%

WELL Incentives

	Current	Proposed
Supply Side	0.3541 WELL / sec	0.3339 WELL / sec
-6.07%	30,597.53 WELL / day	28,846.15 WELL / day
	856,730.71 WELL / cycle*	807,692.26 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	0.0372 GLMR / sec	0.0288 GLMR / sec
-29.05%	3,214.29 GLMR / day	2,490.63 GLMR / day
	90,000.00 GLMR / cycle*	69,737.76 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

ETH.wh Market


Latest price	$1,777.22
Supplied	2,328.38 ETH.wh
Borrowed	697.85 ETH.wh
Supplied TVL	$4,138,024.01
Borrowed TVL	$1,240,222.53
Utilization	29.97%
WELL Incentive Share	12%
GLMR Incentive Share	12%

Estimated APRs	Current	Proposed
Supply Side	9.38%	10.12%
Borrow Side	-5.12%	-5.12%

WELL Incentives

	Current	Proposed
Supply Side	0.1967 WELL / sec	0.2504 WELL / sec
+21.43%	16,998.63 WELL / day	21,634.61 WELL / day
	475,961.51 WELL / cycle*	605,769.19 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	0.0207 GLMR / sec	0.0216 GLMR / sec
+4.40%	1,785.71 GLMR / day	1,867.98 GLMR / day
	50,000.00 GLMR / cycle*	52,303.32 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

BTC.wh Market


Latest price	$27,237.90
Supplied	95.10 BTC.wh
Borrowed	60.56 BTC.wh
Supplied TVL	$2,590,306.31
Borrowed TVL	$1,649,441.50
Utilization	63.68%
WELL Incentive Share	8%
GLMR Incentive Share	8%

Estimated APRs	Current	Proposed
Supply Side	22.53%	13.65%
Borrow Side	-8.73%	-8.73%

WELL Incentives

	Current	Proposed
Supply Side	0.2754 WELL / sec	0.1669 WELL / sec
-65.00%	23,798.08 WELL / day	14,423.08 WELL / day
	666,346.11 WELL / cycle*	403,846.13 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	0.0144 GLMR / sec
-100.75%	2,500.00 GLMR / day	1,245.32 GLMR / day
	70,000.00 GLMR / cycle*	34,868.88 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

USDC.wh Market


Latest price	$0.9997
Supplied	3,201,853.32 USDC.wh
Borrowed	939,408.76 USDC.wh
Supplied TVL	$3,200,990.04
Borrowed TVL	$939,155.48
Utilization	29.34%
WELL Incentive Share	10%
GLMR Incentive Share	10%

Estimated APRs	Current	Proposed
Supply Side	11.90%	10.92%
Borrow Side	-5.06%	-5.06%

WELL Incentives

	Current	Proposed
Supply Side	0.1967 WELL / sec	0.2087 WELL / sec
+5.71%	16,998.63 WELL / day	18,028.85 WELL / day
	475,961.51 WELL / cycle*	504,807.66 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	0.0207 GLMR / sec	0.0180 GLMR / sec
-14.72%	1,785.71 GLMR / day	1,556.65 GLMR / day
	50,000.00 GLMR / cycle*	43,586.10 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

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: 82ac22364624c125bb67922b7a7c87e3509adc1adf2a21868f9187030507efc0

Proposal Config

{
  "_meta": {
    "generatedAt": "2023-03-18T17:44:27.746Z",
    "generatorVersion": "1.0.10"
  },
  "snapshotBlock": 3167078,
  "safetyModuleInfo": {
    "totalStaked": "169238476.241607401077992026",
    "stakedTVL": "1780480.6325663987333706848708880601991070788135921184",
    "govTokenPrice": "0.0105205427991714941331253584",
    "emissions": {
      "emissionsPerSecond": "2.50400625",
      "lastUpdateTimestamp": 1679158920,
      "emissionAPR": "46.691762647513586538",
      "emissionsPerYear": "79020427.635"
    }
  },
  "dexInfo": {
    "govTokenTotal": "31206185.60854512624571972",
    "nativeAssetTotal": "774897.599484334417343097",
    "govTokenPrice": "0.0105205427991714941331253584",
    "nextFreeSlot": 11,
    "emissionsPerYear": "47035994.9196428571156408",
    "poolTVL": "656612.022587177077116320050287251771696364190947648",
    "currentPoolAPR": "75.363255717422712543",
    "currentPoolRewardInfo": {
      "startTimestamp": 1677209400,
      "endTimestamp": 1679628600,
      "rewardPerSec": "1.490480737433862433"
    }
  },
  "marketData": {
    "assets": {
      "GLMR": {
        "price": "0.42367664",
        "totalSuppliedUnderlying": "23969846.188766950686206264963811689272979964",
        "totalSuppliedTVL": "10155463.89457358740977756468681745810390019393484096",
        "totalBorrows": "10287036.039390455272480064",
        "totalBorrowedTVL": "4358376.86472785573791463798250496",
        "utilization": "0.42916570921557664596",
        "baseSupplyAPR": "642162166",
        "baseBorrowAPR": "1995071375",
        "govSupplySpeed": "472184035714285714",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "49603174603174603",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcDOT": {
        "price": "6.419",
        "totalSuppliedUnderlying": "1073921.2304199886995269615834749012",
        "totalSuppliedTVL": "6893500.3780659074622635664043253908028",
        "totalBorrows": "714655.3227317203",
        "totalBorrowedTVL": "4587372.5166149126057",
        "utilization": "0.66546344600360789285",
        "baseSupplyAPR": "1369706732",
        "baseBorrowAPR": "2744366583",
        "govSupplySpeed": "393486696428571428",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "41335978835978835",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcUSDT": {
        "price": "1.00264",
        "totalSuppliedUnderlying": "1083506.77445699894541110516664",
        "totalSuppliedTVL": "1086367.2323415654226269904842799296",
        "totalBorrows": "410946.84457",
        "totalBorrowedTVL": "412031.7442396648",
        "utilization": "0.37927482712412816349",
        "baseSupplyAPR": "592176261",
        "baseBorrowAPR": "1836868426",
        "govSupplySpeed": "78697339285714285",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "8267195767195767",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "FRAX": {
        "price": "0.9971865",
        "totalSuppliedUnderlying": "5680717.754161292077376436983141468981071968",
        "totalSuppliedTVL": "5664735.054759959282116738377689400458093722018032",
        "totalBorrows": "4086146.092101048058332642",
        "totalBorrowedTVL": "4074649.720070921759620523111733",
        "utilization": "0.71930102302791340231",
        "baseSupplyAPR": "1782299724",
        "baseBorrowAPR": "2915084420",
        "govSupplySpeed": "354138026785714285",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "37202380952380952",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "ETH.wh": {
        "price": "1777.21535",
        "totalSuppliedUnderlying": "2328.37512236809607689799999163529499649",
        "totalSuppliedTVL": "4138024.0080307086981379059694341178695402241215",
        "totalBorrows": "697.845949900990495784",
        "totalBorrowedTVL": "1240222.5340993712893114350844",
        "utilization": "0.29971371159095688635",
        "baseSupplyAPR": "356190665",
        "baseBorrowAPR": "1584581783",
        "govSupplySpeed": "196743348214285714",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "20667989417989417",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "BTC.wh": {
        "price": "27237.904235",
        "totalSuppliedUnderlying": "95.09932507999999683462416787",
        "totalSuppliedTVL": "2590306.30934217362758179621665962392945",
        "totalBorrows": "60.55684334",
        "totalBorrowedTVL": "1649441.4996688175449",
        "utilization": "0.63677469097764917614",
        "baseSupplyAPR": "1267211150",
        "baseBorrowAPR": "2653395137",
        "govSupplySpeed": "275440687500000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "28935185185185185",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "USDC.wh": {
        "price": "0.99973038",
        "totalSuppliedUnderlying": "3201853.321169984237748396057734",
        "totalSuppliedTVL": "3200990.03747753038659821433518891375892",
        "totalBorrows": "939408.764724",
        "totalBorrowedTVL": "939155.48133285511512",
        "utilization": "0.29339531530467863708",
        "baseSupplyAPR": "390175966",
        "baseBorrowAPR": "1564546280",
        "govSupplySpeed": "196743348214285714",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "20667989417989417",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      }
    },
    "totalTVL": "33729386.91459143228910277647439483452270414007437296",
    "govRewardSplits": {
      "GLMR": 0.3,
      "xcDOT": 0.2,
      "xcUSDT": 0.04,
      "FRAX": 0.16,
      "ETH.wh": 0.12,
      "BTC.wh": 0.08,
      "USDC.wh": 0.1
    },
    "nativeRewardSplits": {
      "GLMR": 0.3,
      "xcDOT": 0.2,
      "xcUSDT": 0.04,
      "FRAX": 0.16,
      "ETH.wh": 0.12,
      "BTC.wh": 0.08,
      "USDC.wh": 0.1
    }
  },
  "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": 36,
    "componentSplits": {
      "ALL_MARKETS": 0.35,
      "SAFETY_MODULE": 0.45,
      "DEX_REWARDER": 0.2
    },
    "emissionAmounts": {
      "0": 14423076,
      "1": 435861
    },
    "submitterWallet": "0x7e4a3edd2F6C516166b4C615884b69B7dbfF3fE5"
  }
}

Topic		Replies	Views
MIP-28 Rebalancing of Moonbeam Token Liquidity Incentives Moonwell Improvement Proposal moonbeam	1	391	April 10, 2023
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MIP-36 Rebalancing of Moonbeam Token Liquidity Incentives

MIP-36 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-36 Rebalancing of Moonbeam Token Liquidity Incentives

MIP-36 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

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