MIP-B07: Add Support for USDC Reward Streams
Simple Summary
We are proposing to add support for native USDC reward streams on Moonwell’s deployment on Base.
Details
Currently, Moonwell’s deployment on Base strictly supports WELL reward streams. This proposed update will bring Moonwell’s Base deployment in line with the deployments on Moonbeam and Moonriver, both of which support multiple reward streams (WELL/GLMR and MFAM/MOVR).
In the case of native USDC being granted to the Moonwell community to be utilized as liquidity incentives, these new reward streams would allow for suppliers and borrowers on all Base markets to receive USDC denominated rewards.
Reward stream will be initialized with following configuration:
| Market | USDC | USDbC | DAI | ETH | cbETH |
|---|---|---|---|---|---|
| Supply emissions per sec (USDC) | 0 | 0 | 0 | 0 | 0 |
| Borrow emissions per sec (USDC) | 1 | 1 | 1 | 1 | 1 |
Note that in order to avoid smart contract issues, borrow-side reward speeds must be greater than 0.
Additionally, upon the passage of the present proposal, Warden Finance will be granted permissions to set allocations for this new rewards stream as part of the emissions manager role.
On-chain proposal
Proposal has been submitted on-chain: MIP-B07: Add Support for USDC Reward Streams