MIP-M02 Rebalancing of Moonbeam Token Liquidity Incentives

Proposals Moonwell Improvement Proposal
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MIP-M02 Rebalancing of Moonbeam Token Liquidity Incentives

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

  • Submitter: Curly
  • Generator Version: 1.0.17
  • Generated At: Thu, 31 Aug 2023 03:15:49 GMT
  • Network: Moonbeam
  • Block Height: 4,330,666

The submitter (Curly), as part of this proposal, will get 10,000 WELL sent to their wallet at 0x9F94Ff95cbC403cbfC18802eDEAeF71dA8155f36.

Safety Module

At the time this proposal was generated there was 375,236,194 WELL staked in the Safety Module, with a valuation of $2,135,054.01 (based on a WELL price of $0.005690 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 = ~22.56%):
    • 2.6829 WELL / second
    • 231,799.44 WELL / day
    • 6,490,384.20 WELL / reward cycle (28 days)


  • Proposed (estimated APR = ~22.56%):
    • 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 36,580,618 WELL and 1,069,658 GLMR provided by liquidity providers in the StellaSwap WELL/GLMR pool totaling $416,279.65.

This proposal, if executed, would adjust the rewards on the Dex Rewarder to decrease emissions -50.00% and emits 1,442,308 WELL over the next 28 days:

Current rewards will expire at Fri, 08 Sep 2023 03:30:00 GMT

Proposed rewards will expire at Fri, 06 Oct 2023 03:30:00 GMT

  • Current (estimated APR = ~51.43%) days:
    • 1.1924 WELL / second
    • 103,022.07 WELL / day
    • 2,884,618.00 WELL / reward cycle (28 days)


  • Proposed (estimated APR = ~25.72%):
    • 0.5962 WELL / second
    • 51,510.99 WELL / day
    • 1,442,307.60 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 $0.1946
Supplied 21,990,820.06 GLMR
Borrowed 9,236,306.93 GLMR
Supplied TVL $4,279,091.42
Borrowed TVL $1,797,250.02
Utilization 42.00%
WELL Incentive Share 17%
GLMR Incentive Share 17%
Estimated APRs Current Proposed
Supply Side 7.42% 7.21%
Borrow Side -8.65% -8.65%

WELL Incentives

Current Proposed
Supply Side 0.3756 WELL / sec 0.4561 WELL / sec
+17.65% 32,451.92 WELL / day 39,405.90 WELL / day
908,653.79 WELL / cycle* 1,103,365.31 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 0.0223 GLMR / sec 0.0185 GLMR / sec
-20.87% 1,928.57 GLMR / day 1,595.63 GLMR / day
54,000.00 GLMR / cycle* 44,677.51 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 $4.48
Supplied 787,286.43 xcDOT
Borrowed 495,005.89 xcDOT
Supplied TVL $3,526,257.51
Borrowed TVL $2,217,132.35
Utilization 62.87%
WELL Incentive Share 14%
GLMR Incentive Share 14%
Estimated APRs Current Proposed
Supply Side 13.88% 14.25%
Borrow Side -21.68% -21.68%

WELL Incentives

Current Proposed
Supply Side 0.2713 WELL / sec 0.3756 WELL / sec
+27.78% 23,437.50 WELL / day 32,451.92 WELL / day
656,249.96 WELL / cycle* 908,653.79 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 0.0161 GLMR / sec 0.0152 GLMR / sec
-6.00% 1,392.86 GLMR / day 1,314.04 GLMR / day
39,000.00 GLMR / cycle* 36,793.25 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 1,518,012.30 xcUSDT
Borrowed 1,121,810.64 xcUSDT
Supplied TVL $1,518,042.66
Borrowed TVL $1,121,833.08
Utilization 73.90%
WELL Incentive Share 7%
GLMR Incentive Share 7%
Estimated APRs Current Proposed
Supply Side 8.18% 8.24%
Borrow Side -4.73% -4.73%

WELL Incentives

Current Proposed
Supply Side 0.1461 WELL / sec 0.1878 WELL / sec
+22.22% 12,620.19 WELL / day 16,225.96 WELL / day
353,365.36 WELL / cycle* 454,326.89 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 0.0087 GLMR / sec 0.0076 GLMR / sec
-14.15% 750.00 GLMR / day 657.02 GLMR / day
21,000.00 GLMR / cycle* 18,396.62 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 $0.9977
Supplied 5,601,268.76 FRAX
Borrowed 4,623,235.23 FRAX
Supplied TVL $5,588,511.99
Borrowed TVL $4,612,705.90
Utilization 82.54%
WELL Incentive Share 22%
GLMR Incentive Share 22%
Estimated APRs Current Proposed
Supply Side 11.59% 12.05%
Borrow Side -10.90% -10.90%

WELL Incentives

Current Proposed
Supply Side 0.4173 WELL / sec 0.5902 WELL / sec
+29.29% 36,057.69 WELL / day 50,995.88 WELL / day
1,009,615.32 WELL / cycle* 1,427,884.52 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 0.0248 GLMR / sec 0.0239 GLMR / sec
-3.77% 2,142.86 GLMR / day 2,064.93 GLMR / day
60,000.00 GLMR / cycle* 57,817.96 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 $1,699.99
Supplied 927.16 ETH.wh
Borrowed 120.44 ETH.wh
Supplied TVL $1,576,167.23
Borrowed TVL $204,748.30
Utilization 12.99%
WELL Incentive Share 7%
GLMR Incentive Share 7%
Estimated APRs Current Proposed
Supply Side 8.36% 5.53%
Borrow Side -4.54% -4.54%

WELL Incentives

Current Proposed
Supply Side 0.2295 WELL / sec 0.1878 WELL / sec
-22.22% 19,831.73 WELL / day 16,225.96 WELL / day
555,288.43 WELL / cycle* 454,326.89 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 0.0136 GLMR / sec 0.0076 GLMR / sec
-79.38% 1,178.57 GLMR / day 657.02 GLMR / day
33,000.00 GLMR / cycle* 18,396.62 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 $27,211.68
Supplied 181.36 BTC.wh
Borrowed 36.55 BTC.wh
Supplied TVL $4,935,013.00
Borrowed TVL $994,662.85
Utilization 20.16%
WELL Incentive Share 20%
GLMR Incentive Share 20%
Estimated APRs Current Proposed
Supply Side 4.90% 5.41%
Borrow Side -5.15% -5.15%

WELL Incentives

Current Proposed
Supply Side 0.3756 WELL / sec 0.5366 WELL / sec
+30.00% 32,451.92 WELL / day 46,359.89 WELL / day
908,653.79 WELL / cycle* 1,298,076.84 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 0.0223 GLMR / sec 0.0217 GLMR / sec
-2.74% 1,928.57 GLMR / day 1,877.21 GLMR / day
54,000.00 GLMR / cycle* 52,561.78 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 3,021,663.40 USDC.wh
Borrowed 1,843,114.98 USDC.wh
Supplied TVL $3,021,663.40
Borrowed TVL $1,843,114.98
Utilization 61.00%
WELL Incentive Share 13%
GLMR Incentive Share 13%
Estimated APRs Current Proposed
Supply Side 6.88% 6.94%
Borrow Side -3.89% -3.89%

WELL Incentives

Current Proposed
Supply Side 0.2713 WELL / sec 0.3488 WELL / sec
+22.22% 23,437.50 WELL / day 30,133.93 WELL / day
656,249.96 WELL / cycle* 843,749.95 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 0.0161 GLMR / sec 0.0141 GLMR / sec
-14.15% 1,392.86 GLMR / day 1,220.18 GLMR / day
39,000.00 GLMR / cycle* 34,165.16 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: ad016d7d0cacaf6ffab76ceba6a24d46a365dc366e16b5933594ba36c538ea17

Proposal Config 
{
  "_meta": {
    "generatedAt": "2023-08-31T03:12:36.481Z",
    "generatorVersion": "1.0.17"
  },
  "snapshotBlock": 4330666,
  "safetyModuleInfo": {
    "totalStaked": "375236193.842844388019704959",
    "stakedTVL": "2135054.0082903713062637389380155238242774094450259515",
    "govTokenPrice": "0.0056898935745643183159382085",
    "emissions": {
      "emissionsPerSecond": "2.682863839285714285",
      "lastUpdateTimestamp": 1693447806,
      "emissionAPR": "22.563053693616229951",
      "emissionsPerYear": "84664743.894642857120316"
    }
  },
  "dexInfo": {
    "govTokenTotal": "36580617.863466999045918735",
    "nativeAssetTotal": "1069658.237554541489890572",
    "govTokenPrice": "0.0056898935745643183159382085",
    "nextFreeSlot": 17,
    "emissionsPerYear": "37628811.5892857142593328",
    "poolTVL": "416279.6450698671998010063990973649361365043724862475",
    "currentPoolAPR": "51.432717361050296129",
    "currentPoolRewardInfo": {
      "startTimestamp": 1691724600,
      "endTimestamp": 1694143800,
      "rewardPerSec": "1.192385085978835978"
    }
  },
  "marketData": {
    "assets": {
      "GLMR": {
        "price": "0.19458535",
        "totalSuppliedUnderlying": "21990820.063925491468696022932820108701982605",
        "totalSuppliedTVL": "4279091.41892596413135822966599082733881333088783675",
        "totalBorrows": "9236306.932484252217371657",
        "totalBorrowedTVL": "1797250.01716487458720553995742495",
        "utilization": "0.42000738970329771287",
        "baseSupplyAPR": "829078169",
        "baseBorrowAPR": "2631947882",
        "govSupplySpeed": "375600937500000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "22321428571428571",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcDOT": {
        "price": "4.479002",
        "totalSuppliedUnderlying": "787286.4336623211997895525912972451",
        "totalSuppliedTVL": "3526257.5109464039784998056355255433973902",
        "totalBorrows": "495005.885153404",
        "totalBorrowedTVL": "2217132.349613866822808",
        "utilization": "0.62874941569959701392",
        "baseSupplyAPR": "2934526509",
        "baseBorrowAPR": "6222991091",
        "govSupplySpeed": "271267343750000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "16121031746031746",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcUSDT": {
        "price": "1.00002",
        "totalSuppliedUnderlying": "1518012.300979997886255021822986",
        "totalSuppliedTVL": "1518042.66122601748621274692342245972",
        "totalBorrows": "1121810.641502",
        "totalBorrowedTVL": "1121833.07771483004",
        "utilization": "0.73899970426970970648",
        "baseSupplyAPR": "919985250",
        "baseBorrowAPR": "1464595430",
        "govSupplySpeed": "146067031250000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "8680555555555555",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "FRAX": {
        "price": "0.99772252",
        "totalSuppliedUnderlying": "5601268.7632226186501448609855967422365856",
        "totalSuppliedTVL": "5588511.985639754400621529067599265368076621027712",
        "totalBorrows": "4623235.225743063887409388",
        "totalBorrowedTVL": "4612705.89998113857426709086701776",
        "utilization": "0.82539071435007242496",
        "baseSupplyAPR": "2302050400",
        "baseBorrowAPR": "3281227354",
        "govSupplySpeed": "417334375000000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "24801587301587301",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "ETH.wh": {
        "price": "1699.98995688",
        "totalSuppliedUnderlying": "927.162670313020735980999998412005253762",
        "totalSuppliedTVL": "1576167.22792617777706288605179970487981719583778256",
        "totalBorrows": "120.440886664531093996",
        "totalBorrowedTVL": "204748.29772742518150767926689248",
        "utilization": "0.12990264871629146942",
        "baseSupplyAPR": "137035266",
        "baseBorrowAPR": "1406543208",
        "govSupplySpeed": "229533906250000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "13640873015873015",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "BTC.wh": {
        "price": "27211.67783542",
        "totalSuppliedUnderlying": "181.35643920999999653854530746",
        "totalSuppliedTVL": "4935012.9971614515206262100646987311782332",
        "totalBorrows": "36.55279398",
        "totalBorrowedTVL": "994662.8537682396067716",
        "utilization": "0.20155222576725843898",
        "baseSupplyAPR": "240785280",
        "baseBorrowAPR": "1592872711",
        "govSupplySpeed": "375600937500000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "22321428571428571",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "USDC.wh": {
        "price": "1",
        "totalSuppliedUnderlying": "3021663.397596987249265006095038",
        "totalSuppliedTVL": "3021663.397596987249265006095038",
        "totalBorrows": "1843114.97936",
        "totalBorrowedTVL": "1843114.97936",
        "utilization": "0.6099670071874181935",
        "baseSupplyAPR": "626765416",
        "baseBorrowAPR": "1208870431",
        "govSupplySpeed": "271267343750000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "16121031746031746",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      }
    },
    "totalTVL": "24444747.19942275654364641350407453188233054775333131",
    "govRewardSplits": {
      "GLMR": 0.17,
      "xcDOT": 0.14,
      "xcUSDT": 0.07,
      "FRAX": 0.22,
      "ETH.wh": 0.07,
      "BTC.wh": 0.2,
      "USDC.wh": 0.13
    },
    "nativeRewardSplits": {
      "GLMR": 0.17,
      "xcDOT": 0.14,
      "xcUSDT": 0.07,
      "FRAX": 0.22,
      "ETH.wh": 0.07,
      "BTC.wh": 0.2,
      "USDC.wh": 0.13
    }
  },
  "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": "Curly",
    "network": "Moonbeam",
    "mipNumber": "B02",
    "componentSplits": {
      "ALL_MARKETS": 0.45,
      "SAFETY_MODULE": 0.45,
      "DEX_REWARDER": 0.1
    },
    "emissionAmounts": {
      "0": 14423076,
      "1": 262808.9
    },
    "submitterWallet": "0x9F94Ff95cbC403cbfC18802eDEAeF71dA8155f36"
  }
}