MIP-58 Rebalancing of Moonbeam Token Liquidity Incentives

Proposals Moonwell Improvement Proposal
1

MIP-58 Rebalancing of Moonbeam Token Liquidity Incentives

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

  • Submitter: Fei
  • Generator Version: 1.0.14
  • Generated At: Fri, 07 Jul 2023 23:51:16 GMT
  • Network: Moonbeam
  • Block Height: 3,945,174

The submitter (Fei), as part of this proposal, will get 10,000 WELL sent to their wallet at 0x2c4578032aa885C9b4c1Da15e6738D5A0AFb56C4.

Safety Module

At the time this proposal was generated there was 332,200,164 WELL staked in the Safety Module, with a valuation of $1,126,678.85 (based on a WELL price of $0.003392 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 = ~25.49%):
    • 2.6829 WELL / second
    • 231,799.44 WELL / day
    • 6,490,384.20 WELL / reward cycle (28 days)


  • Proposed (estimated APR = ~25.49%):
    • 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 50,876,884 WELL and 711,130 GLMR provided by liquidity providers in the StellaSwap WELL/GLMR pool totaling $345,104.64.

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, 14 Jul 2023 03:30:00 GMT

Proposed rewards will expire at Fri, 11 Aug 2023 03:30:00 GMT

  • Current (estimated APR = ~36.98%) days:
    • 1.1924 WELL / second
    • 103,022.07 WELL / day
    • 2,884,618.00 WELL / reward cycle (28 days)


  • Proposed (estimated APR = ~36.98%):
    • 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 $0.2426
Supplied 24,682,499.55 GLMR
Borrowed 7,631,742.38 GLMR
Supplied TVL $5,989,094.48
Borrowed TVL $1,851,807.03
Utilization 30.92%
WELL Incentive Share 19%
GLMR Incentive Share 19%
Estimated APRs Current Proposed
Supply Side 7.17% 6.63%
Borrow Side -6.86% -6.86%

WELL Incentives

Current Proposed
Supply Side 0.4382 WELL / sec 0.3965 WELL / sec
-10.53% 37,860.57 WELL / day 34,254.81 WELL / day
1,060,096.09 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 0.0378 GLMR / sec 0.0342 GLMR / sec
-10.53% 3,268.96 GLMR / day 2,957.63 GLMR / day
91,530.81 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

xcDOT Market
Latest price $5.11
Supplied 829,668.64 xcDOT
Borrowed 523,692.08 xcDOT
Supplied TVL $4,240,002.74
Borrowed TVL $2,676,316.48
Utilization 63.12%
WELL Incentive Share 14%
GLMR Incentive Share 14%
Estimated APRs Current Proposed
Supply Side 15.03% 15.41%
Borrow Side -22.58% -22.58%

WELL Incentives

Current Proposed
Supply Side 0.2713 WELL / sec 0.2921 WELL / sec
+7.14% 23,437.50 WELL / day 25,240.38 WELL / day
656,249.96 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 0.0234 GLMR / sec 0.0252 GLMR / sec
+7.14% 2,023.64 GLMR / day 2,179.31 GLMR / day
56,661.93 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

xcUSDT Market
Latest price $1.00
Supplied 1,448,813.08 xcUSDT
Borrowed 1,054,924.58 xcUSDT
Supplied TVL $1,448,850.46
Borrowed TVL $1,054,951.79
Utilization 72.81%
WELL Incentive Share 5%
GLMR Incentive Share 5%
Estimated APRs Current Proposed
Supply Side 8.38% 8.38%
Borrow Side -4.66% -4.66%

WELL Incentives

Current Proposed
Supply Side 0.1043 WELL / sec 0.1043 WELL / sec
+0.00% 9,014.42 WELL / day 9,014.42 WELL / day
252,403.83 WELL / cycle* 252,403.83 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 0.0090 GLMR / sec 0.0090 GLMR / sec
+0.00% 778.32 GLMR / day 778.32 GLMR / day
21,793.05 GLMR / cycle* 21,793.05 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 $0.9994
Supplied 5,846,715.37 FRAX
Borrowed 4,816,576.17 FRAX
Supplied TVL $5,843,195.12
Borrowed TVL $4,813,676.16
Utilization 82.38%
WELL Incentive Share 19%
GLMR Incentive Share 19%
Estimated APRs Current Proposed
Supply Side 12.15% 12.43%
Borrow Side -10.46% -10.46%

WELL Incentives

Current Proposed
Supply Side 0.3756 WELL / sec 0.3965 WELL / sec
+5.26% 32,451.92 WELL / day 34,254.81 WELL / day
908,653.79 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 0.0324 GLMR / sec 0.0342 GLMR / sec
+5.26% 2,801.96 GLMR / day 2,957.63 GLMR / day
78,454.98 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

ETH.wh Market
Latest price $1,869.55
Supplied 2,053.45 ETH.wh
Borrowed 500.08 ETH.wh
Supplied TVL $3,839,034.54
Borrowed TVL $934,921.33
Utilization 24.35%
WELL Incentive Share 13%
GLMR Incentive Share 13%
Estimated APRs Current Proposed
Supply Side 7.47% 6.63%
Borrow Side -6.79% -6.79%

WELL Incentives

Current Proposed
Supply Side 0.3130 WELL / sec 0.2713 WELL / sec
-15.38% 27,043.27 WELL / day 23,437.50 WELL / day
757,211.49 WELL / cycle* 656,249.96 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 0.0270 GLMR / sec 0.0234 GLMR / sec
-15.38% 2,334.97 GLMR / day 2,023.64 GLMR / day
65,379.15 GLMR / cycle* 56,661.93 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 $30,325.04
Supplied 207.30 BTC.wh
Borrowed 37.04 BTC.wh
Supplied TVL $6,286,309.44
Borrowed TVL $1,123,175.70
Utilization 17.87%
WELL Incentive Share 20%
GLMR Incentive Share 20%
Estimated APRs Current Proposed
Supply Side 4.96% 5.73%
Borrow Side -4.79% -4.79%

WELL Incentives

Current Proposed
Supply Side 0.3547 WELL / sec 0.4173 WELL / sec
+15.00% 30,649.04 WELL / day 36,057.69 WELL / day
858,173.02 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 0.0306 GLMR / sec 0.0360 GLMR / sec
+15.00% 2,646.30 GLMR / day 3,113.29 GLMR / day
74,096.37 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

USDC.wh Market
Latest price $1.00
Supplied 2,930,562.43 USDC.wh
Borrowed 2,254,640.96 USDC.wh
Supplied TVL $2,930,562.43
Borrowed TVL $2,254,640.96
Utilization 76.94%
WELL Incentive Share 10%
GLMR Incentive Share 10%
Estimated APRs Current Proposed
Supply Side 9.21% 8.66%
Borrow Side -4.93% -4.93%

WELL Incentives

Current Proposed
Supply Side 0.2295 WELL / sec 0.2087 WELL / sec
-10.00% 19,831.73 WELL / day 18,028.85 WELL / day
555,288.43 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 0.0198 GLMR / sec 0.0180 GLMR / sec
-10.00% 1,712.31 GLMR / day 1,556.65 GLMR / day
47,944.71 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: 6c2d17f26669601a8842fb9fc688bb090884a6c279c702cc1dbe7b7ad07416a9

Proposal Config 
{
  "_meta": {
    "generatedAt": "2023-07-07T23:50:57.036Z",
    "generatorVersion": "1.0.14"
  },
  "snapshotBlock": 3945174,
  "safetyModuleInfo": {
    "totalStaked": "332200163.518337055037778973",
    "stakedTVL": "1126678.8456276483479342578736772222519514162052294088",
    "govTokenPrice": "0.0033915661982070548014449256",
    "emissions": {
      "emissionsPerSecond": "2.682863839285714285",
      "lastUpdateTimestamp": 1688771766,
      "emissionAPR": "25.486063281232991828",
      "emissionsPerYear": "84664743.894642857120316"
    }
  },
  "dexInfo": {
    "govTokenTotal": "50876883.91875186128909086",
    "nativeAssetTotal": "711129.631930115027103785",
    "govTokenPrice": "0.0033915661982070548014449256",
    "nextFreeSlot": 15,
    "emissionsPerYear": "37628811.5892857142593328",
    "poolTVL": "345104.639537885788390907172601323614623384384340016",
    "currentPoolAPR": "36.980263619699337348",
    "currentPoolRewardInfo": {
      "startTimestamp": 1686886200,
      "endTimestamp": 1689305400,
      "rewardPerSec": "1.192385085978835978"
    }
  },
  "marketData": {
    "assets": {
      "GLMR": {
        "price": "0.24264538",
        "totalSuppliedUnderlying": "24682499.54824885491140068088557489683663232",
        "totalSuppliedTVL": "5989094.4822346717345416845457390573613854472066816",
        "totalBorrows": "7631742.382837235707457097",
        "totalBorrowedTVL": "1851807.03054564653638549613526186",
        "utilization": "0.30919649640502813798",
        "baseSupplyAPR": "488115984",
        "baseBorrowAPR": "2104879326",
        "govSupplySpeed": "438201093750000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "37835156250000000",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcDOT": {
        "price": "5.11047728",
        "totalSuppliedUnderlying": "829668.6412424198996510777666056565",
        "totalSuppliedTVL": "4240002.74099785786938671285375135026273432",
        "totalBorrows": "523692.08113068",
        "totalBorrowedTVL": "2676316.4823342568509504",
        "utilization": "0.63120630948092327597",
        "baseSupplyAPR": "3056638896",
        "baseBorrowAPR": "6456713863",
        "govSupplySpeed": "271267343750000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "23421763392857142",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcUSDT": {
        "price": "1.0000258",
        "totalSuppliedUnderlying": "1448813.082071995965079538777161",
        "totalSuppliedTVL": "1448850.4614495134225754378292614507538",
        "totalBorrows": "1054924.575435",
        "totalBorrowedTVL": "1054951.792489046223",
        "utilization": "0.72813021119764955487",
        "baseSupplyAPR": "893121280",
        "baseBorrowAPR": "1443053595",
        "govSupplySpeed": "104333593750000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "9008370535714285",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "FRAX": {
        "price": "0.99939791",
        "totalSuppliedUnderlying": "5846715.373801503774185600995854464441449395",
        "totalSuppliedTVL": "5843195.12494209162677820158735087042695384273376445",
        "totalBorrows": "4816576.168705712818506891",
        "totalBorrowedTVL": "4813676.15636029679587599618599781",
        "utilization": "0.82380890136849609813",
        "baseSupplyAPR": "2209830685",
        "baseBorrowAPR": "3155829953",
        "govSupplySpeed": "375600937500000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "32430133928571428",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "ETH.wh": {
        "price": "1869.55",
        "totalSuppliedUnderlying": "2053.453796103037917501999999220373618748",
        "totalSuppliedTVL": "3839034.5445044345386658640985424494989303234",
        "totalBorrows": "500.078272776312408433",
        "totalBorrowedTVL": "934921.33486895486318591515",
        "utilization": "0.24353032618768479501",
        "baseSupplyAPR": "380295679",
        "baseBorrowAPR": "2082126335",
        "govSupplySpeed": "313000781250000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "27025111607142857",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "BTC.wh": {
        "price": "30325.04",
        "totalSuppliedUnderlying": "207.29764692999999622231525012",
        "totalSuppliedTVL": "6286309.4350581270854415588524990048",
        "totalBorrows": "37.0378967",
        "totalBorrowedTVL": "1123175.698943368",
        "utilization": "0.17867012601694851604",
        "baseSupplyAPR": "198864502",
        "baseBorrowAPR": "1484034718",
        "govSupplySpeed": "354734218750000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "30628459821428571",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "USDC.wh": {
        "price": "1",
        "totalSuppliedUnderlying": "2930562.426949985718377301010122",
        "totalSuppliedTVL": "2930562.426949985718377301010122",
        "totalBorrows": "2254640.955581",
        "totalBorrowedTVL": "2254640.955581",
        "utilization": "0.76935435152205297321",
        "baseSupplyAPR": "997114805",
        "baseBorrowAPR": "1524754152",
        "govSupplySpeed": "229533906250000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "19818415178571428",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      }
    },
    "totalTVL": "30577049.21613668199576676077726618310380393334044605",
    "govRewardSplits": {
      "GLMR": 0.19,
      "xcDOT": 0.14,
      "xcUSDT": 0.05,
      "FRAX": 0.19,
      "ETH.wh": 0.13,
      "BTC.wh": 0.2,
      "USDC.wh": 0.1
    },
    "nativeRewardSplits": {
      "GLMR": 0.19,
      "xcDOT": 0.14,
      "xcUSDT": 0.05,
      "FRAX": 0.19,
      "ETH.wh": 0.13,
      "BTC.wh": 0.2,
      "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": 10000
  },
  "responses": {
    "name": "Fei",
    "network": "Moonbeam",
    "mipNumber": 58,
    "componentSplits": {
      "ALL_MARKETS": 0.35,
      "SAFETY_MODULE": 0.45,
      "DEX_REWARDER": 0.2
    },
    "emissionAmounts": {
      "0": 14423076,
      "1": 435861
    },
    "submitterWallet": "0x2c4578032aa885C9b4c1Da15e6738D5A0AFb56C4"
  }
}
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