MIP-36 Rebalancing of Moonbeam Token Liquidity Incentives

Proposals Moonwell Improvement Proposal
1

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"
  }
}