MIP-43 Rebalancing of Moonbeam Token Liquidity Incentives

Proposals Moonwell Improvement Proposal
1

MIP-43 Rebalancing of Moonbeam Token Liquidity Incentives

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

  • Submitter: fei
  • Generator Version: 1.0.12
  • Generated At: Fri, 14 Apr 2023 21:06:36 GMT
  • Network: Moonbeam
  • Block Height: 3,354,111

The submitter (fei), as part of this proposal, will get 100,000 WELL sent to their wallet at 0x2c4578032aa885C9b4c1Da15e6738D5A0AFb56C4.

Safety Module

At the time this proposal was generated there was 207,988,227 WELL staked in the Safety Module, with a valuation of $2,031,827.43 (based on a WELL price of $0.009769 pulled from StellaSwap).

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

  • Current (estimated APR = ~40.71%):
    • 2.6829 WELL / second
    • 231,799.44 WELL / day
    • 6,490,384.20 WELL / reward cycle (28 days)


  • Proposed (estimated APR = ~40.71%):
    • 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 34,518,147 WELL and 863,701 GLMR provided by liquidity providers in the StellaSwap WELL/GLMR pool totaling $674,412.39.

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

Current rewards will expire at Fri, 21 Apr 2023 03:30:00 GMT

Proposed rewards will expire at Fri, 19 May 2023 03:30:00 GMT

  • Current (estimated APR = ~54.51%) days:
    • 1.1924 WELL / second
    • 103,022.07 WELL / day
    • 2,884,618.00 WELL / reward cycle (28 days)


  • Proposed (estimated APR = ~54.51%):
    • 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 $0.3904
Supplied 27,345,351.63 GLMR
Borrowed 10,066,839.54 GLMR
Supplied TVL $10,676,172.18
Borrowed TVL $3,930,295.49
Utilization 36.81%
WELL Incentive Share 26%
GLMR Incentive Share 26%
Estimated APRs Current Proposed
Supply Side 10.14% 9.07%
Borrow Side -7.81% -7.81%

WELL Incentives

Current Proposed
Supply Side 0.6260 WELL / sec 0.5425 WELL / sec
-15.38% 54,086.54 WELL / day 46,875.00 WELL / day
1,514,422.98 WELL / cycle* 1,312,499.92 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 0.0541 GLMR / sec 0.0468 GLMR / sec
-15.38% 4,669.94 GLMR / day 4,047.28 GLMR / day
130,758.30 GLMR / cycle* 113,323.86 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 $6.73
Supplied 1,199,499.97 xcDOT
Borrowed 676,430.27 xcDOT
Supplied TVL $8,068,515.71
Borrowed TVL $4,550,052.88
Utilization 56.39%
WELL Incentive Share 19%
GLMR Incentive Share 19%
Estimated APRs Current Proposed
Supply Side 11.61% 11.26%
Borrow Side -11.02% -11.02%

WELL Incentives

Current Proposed
Supply Side 0.4173 WELL / sec 0.3965 WELL / sec
-5.26% 36,057.69 WELL / day 34,254.81 WELL / day
1,009,615.32 WELL / cycle* 959,134.55 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 0.0360 GLMR / sec 0.0342 GLMR / sec
-5.26% 3,113.29 GLMR / day 2,957.63 GLMR / day
87,172.20 GLMR / cycle* 82,813.59 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 1,441,331.71 xcUSDT
Borrowed 1,000,040.62 xcUSDT
Supplied TVL $1,442,412.71
Borrowed TVL $1,000,790.65
Utilization 69.38%
WELL Incentive Share 4%
GLMR Incentive Share 4%
Estimated APRs Current Proposed
Supply Side 10.00% 10.00%
Borrow Side -3.53% -3.53%

WELL Incentives

Current Proposed
Supply Side 0.0835 WELL / sec 0.0835 WELL / sec
+0.00% 7,211.54 WELL / day 7,211.54 WELL / day
201,923.06 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 0.0072 GLMR / sec 0.0072 GLMR / sec
+0.00% 622.66 GLMR / day 622.66 GLMR / day
17,434.44 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 $1.00
Supplied 5,739,589.46 FRAX
Borrowed 4,762,634.95 FRAX
Supplied TVL $5,744,769.95
Borrowed TVL $4,766,933.65
Utilization 82.98%
WELL Incentive Share 14%
GLMR Incentive Share 14%
Estimated APRs Current Proposed
Supply Side 16.38% 15.38%
Borrow Side -12.13% -12.13%

WELL Incentives

Current Proposed
Supply Side 0.3339 WELL / sec 0.2921 WELL / sec
-14.29% 28,846.15 WELL / day 25,240.38 WELL / day
807,692.26 WELL / cycle* 706,730.72 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 0.0288 GLMR / sec 0.0252 GLMR / sec
-14.29% 2,490.63 GLMR / day 2,179.31 GLMR / day
69,737.76 GLMR / cycle* 61,020.54 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 $2,107.04
Supplied 2,709.20 ETH.wh
Borrowed 1,027.58 ETH.wh
Supplied TVL $5,708,406.72
Borrowed TVL $2,165,160.95
Utilization 37.93%
WELL Incentive Share 14%
GLMR Incentive Share 14%
Estimated APRs Current Proposed
Supply Side 8.23% 9.23%
Borrow Side -7.99% -7.99%

WELL Incentives

Current Proposed
Supply Side 0.2504 WELL / sec 0.2921 WELL / sec
+14.29% 21,634.61 WELL / day 25,240.38 WELL / day
605,769.19 WELL / cycle* 706,730.72 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 0.0216 GLMR / sec 0.0252 GLMR / sec
+14.29% 1,867.98 GLMR / day 2,179.31 GLMR / day
52,303.32 GLMR / cycle* 61,020.54 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 $30,529.18
Supplied 152.78 BTC.wh
Borrowed 28.22 BTC.wh
Supplied TVL $4,664,166.87
Borrowed TVL $861,395.94
Utilization 18.47%
WELL Incentive Share 12%
GLMR Incentive Share 12%
Estimated APRs Current Proposed
Supply Side 5.57% 8.02%
Borrow Side -4.89% -4.89%

WELL Incentives

Current Proposed
Supply Side 0.1669 WELL / sec 0.2504 WELL / sec
+33.33% 14,423.08 WELL / day 21,634.61 WELL / day
403,846.13 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 0.0144 GLMR / sec 0.0216 GLMR / sec
+33.33% 1,245.32 GLMR / day 1,867.98 GLMR / day
34,868.88 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

USDC.wh Market
Latest price $1.0000
Supplied 4,159,610.90 USDC.wh
Borrowed 1,500,066.74 USDC.wh
Supplied TVL $4,159,485.07
Borrowed TVL $1,500,021.36
Utilization 36.06%
WELL Incentive Share 11%
GLMR Incentive Share 11%
Estimated APRs Current Proposed
Supply Side 7.43% 8.12%
Borrow Side -1.82% -1.82%

WELL Incentives

Current Proposed
Supply Side 0.2087 WELL / sec 0.2295 WELL / sec
+9.09% 18,028.85 WELL / day 19,831.73 WELL / day
504,807.66 WELL / cycle* 555,288.43 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 0.0180 GLMR / sec 0.0198 GLMR / sec
+9.09% 1,556.65 GLMR / day 1,712.31 GLMR / day
43,586.10 GLMR / cycle* 47,944.71 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: 9c531e050f69273f8484138d6b2de360a74345a609d1f10685454710213efdd4

Proposal Config 
{
  "_meta": {
    "generatedAt": "2023-04-14T21:06:09.863Z",
    "generatorVersion": "1.0.12"
  },
  "snapshotBlock": 3354111,
  "safetyModuleInfo": {
    "totalStaked": "207988227.081896982233365882",
    "stakedTVL": "2031827.431676063309546313208409408134389063613194",
    "govTokenPrice": "0.009768954042172855552617",
    "emissions": {
      "emissionsPerSecond": "2.682863839285714285",
      "lastUpdateTimestamp": 1681506114,
      "emissionAPR": "40.706507806956523387",
      "emissionsPerYear": "84664743.894642857120316"
    }
  },
  "dexInfo": {
    "govTokenTotal": "34518147.434975945394817652",
    "nativeAssetTotal": "863701.131891877586742595",
    "govTokenPrice": "0.009768954042172855552617",
    "nextFreeSlot": 12,
    "emissionsPerYear": "37628811.5892857142593328",
    "poolTVL": "674412.391826453694803706975373672605484406395284",
    "currentPoolAPR": "54.505838791275700724",
    "currentPoolRewardInfo": {
      "startTimestamp": 1679628600,
      "endTimestamp": 1682047800,
      "rewardPerSec": "1.192385085978835978"
    }
  },
  "marketData": {
    "assets": {
      "GLMR": {
        "price": "0.39042",
        "totalSuppliedUnderlying": "27345351.633275494526195499941609785811165005",
        "totalSuppliedTVL": "10676172.1846634185729172470872032925763950412521",
        "totalBorrows": "10066839.537599200841286855",
        "totalBorrowedTVL": "3930295.4922694799924552139291",
        "utilization": "0.36813713981828105148",
        "baseSupplyAPR": "658568441",
        "baseBorrowAPR": "2385228657",
        "govSupplySpeed": "626001562500000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "54050223214285714",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcDOT": {
        "price": "6.726566",
        "totalSuppliedUnderlying": "1199499.9688316922999432166137094131",
        "totalSuppliedTVL": "8068515.7073443211472598428044128720384146",
        "totalBorrows": "676430.2729876091",
        "totalBorrowedTVL": "4550052.8756491697933506",
        "utilization": "0.56392687833618638125",
        "baseSupplyAPR": "1402696112",
        "baseBorrowAPR": "3316496439",
        "govSupplySpeed": "417334375000000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "36033482142857142",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcUSDT": {
        "price": "1.00075",
        "totalSuppliedUnderlying": "1441331.707682997071115168429303",
        "totalSuppliedTVL": "1442412.70646375931891850480562497725",
        "totalBorrows": "1000040.619558",
        "totalBorrowedTVL": "1000790.6500226685",
        "utilization": "0.69383099964241295872",
        "baseSupplyAPR": "648768451",
        "baseBorrowAPR": "1100061833",
        "govSupplySpeed": "83466875000000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "7206696428571428",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "FRAX": {
        "price": "1.00090259",
        "totalSuppliedUnderlying": "5739589.455029465898107056986219445669040114",
        "totalSuppliedTVL": "5744769.95107568094373202943478463747850653291649526",
        "totalBorrows": "4762634.947232832942477779",
        "totalBorrowedTVL": "4766933.65390985582516333001854761",
        "utilization": "0.82978669198359633065",
        "baseSupplyAPR": "2560106664",
        "baseBorrowAPR": "3629716195",
        "govSupplySpeed": "333867500000000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "28826785714285714",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "ETH.wh": {
        "price": "2107.0419462",
        "totalSuppliedUnderlying": "2709.204119988689064150999992817107106864",
        "totalSuppliedTVL": "5708406.7216340257277153796755415433791005739387168",
        "totalBorrows": "1027.583223295591323142",
        "totalBorrowedTVL": "2165160.9546952119193929527789604",
        "utilization": "0.37929339310907348184",
        "baseSupplyAPR": "693621326",
        "baseBorrowAPR": "2438293028",
        "govSupplySpeed": "250400625000000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "21620089285714285",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "BTC.wh": {
        "price": "30529.175432",
        "totalSuppliedUnderlying": "152.77736154999999526480289715",
        "totalSuppliedTVL": "4664166.8727980412950383369419942028188",
        "totalBorrows": "28.2154997",
        "totalBorrowedTVL": "861395.9402428433704",
        "utilization": "0.18468377391611002641",
        "baseSupplyAPR": "209519832",
        "baseBorrowAPR": "1512638446",
        "govSupplySpeed": "166933750000000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "14413392857142857",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "USDC.wh": {
        "price": "0.99996975",
        "totalSuppliedUnderlying": "4159610.898891986564106294765584",
        "totalSuppliedTVL": "4159485.070662295081512730550167341084",
        "totalBorrows": "1500066.737901",
        "totalBorrowedTVL": "1500021.36088217849475",
        "utilization": "0.36062669667025327423",
        "baseSupplyAPR": "175266159",
        "baseBorrowAPR": "571769876",
        "govSupplySpeed": "208667187500000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "18016741071428571",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      }
    },
    "totalTVL": "40463929.21464154208709407129972886662521674810731206",
    "govRewardSplits": {
      "GLMR": 0.26,
      "xcDOT": 0.19,
      "xcUSDT": 0.04,
      "FRAX": 0.14,
      "ETH.wh": 0.14,
      "BTC.wh": 0.12,
      "USDC.wh": 0.11
    },
    "nativeRewardSplits": {
      "GLMR": 0.26,
      "xcDOT": 0.19,
      "xcUSDT": 0.04,
      "FRAX": 0.14,
      "ETH.wh": 0.14,
      "BTC.wh": 0.12,
      "USDC.wh": 0.11
    }
  },
  "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": "fei",
    "network": "Moonbeam",
    "mipNumber": 43,
    "componentSplits": {
      "ALL_MARKETS": 0.35,
      "SAFETY_MODULE": 0.45,
      "DEX_REWARDER": 0.2
    },
    "emissionAmounts": {
      "0": 14423076,
      "1": 435861
    },
    "submitterWallet": "0x2c4578032aa885C9b4c1Da15e6738D5A0AFb56C4"
  }
}