MIP-M05 Rebalancing of Moonbeam Token Liquidity Incentives

Proposals
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MIP-M05 Rebalancing of Moonbeam Token Liquidity Incentives

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

  • Submitter: Curly
  • Generator Version: 1.0.18
  • Generated At: Wed, 27 Sep 2023 02:08:27 GMT
  • Network: Moonbeam
  • Block Height: 4,522,157

The submitter (Curly), as part of this proposal, will get 50,000 WELL sent to their wallet at 0x9F94Ff95cbC403cbfC18802eDEAeF71dA8155f36.

Safety Module

At the time this proposal was generated there was 365,494,184 WELL staked in the Safety Module, with a valuation of $1,522,171.95 (based on a WELL price of $0.004165 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 = ~23.16%):
    • 2.6829 WELL / second
    • 231,799.44 WELL / day
    • 6,490,384.20 WELL / reward cycle (28 days)


  • Proposed (estimated APR = ~23.16%):
    • 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 45,365,507 WELL and 787,273 GLMR provided by liquidity providers in the StellaSwap WELL/GLMR pool totaling $377,867.04.

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

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

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

  • Current (estimated APR = ~20.74%) days:
    • 0.5962 WELL / second
    • 51,511.07 WELL / day
    • 1,442,310.00 WELL / reward cycle (28 days)


  • Proposed (estimated APR = ~20.74%):
    • 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 $0.2400
Supplied 19,485,955.39 GLMR
Borrowed 13,068,830.26 GLMR
Supplied TVL $4,676,332.13
Borrowed TVL $3,136,319.96
Utilization 67.07%
WELL Incentive Share 16%
GLMR Incentive Share 16%
Estimated APRs Current Proposed
Supply Side 21.85% 21.60%
Borrow Side -37.97% -37.97%

WELL Incentives

Current Proposed
Supply Side 0.4561 WELL / sec 0.4293 WELL / sec
-6.25% 39,405.90 WELL / day 37,087.91 WELL / day
1,103,365.31 WELL / cycle* 1,038,461.47 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 0.0185 GLMR / sec 0.0174 GLMR / sec
-6.25% 1,595.63 GLMR / day 1,501.77 GLMR / day
44,677.51 GLMR / cycle* 42,049.42 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 $4.00
Supplied 841,366.03 xcDOT
Borrowed 496,762.76 xcDOT
Supplied TVL $3,369,210.37
Borrowed TVL $1,989,262.94
Utilization 59.04%
WELL Incentive Share 12%
GLMR Incentive Share 12%
Estimated APRs Current Proposed
Supply Side 9.80% 9.11%
Borrow Side -11.47% -11.47%

WELL Incentives

Current Proposed
Supply Side 0.3756 WELL / sec 0.3219 WELL / sec
-16.67% 32,451.92 WELL / day 27,815.93 WELL / day
908,653.79 WELL / cycle* 778,846.10 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 0.0152 GLMR / sec 0.0130 GLMR / sec
-16.67% 1,314.04 GLMR / day 1,126.32 GLMR / day
36,793.25 GLMR / cycle* 31,537.07 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 $0.9996
Supplied 1,413,276.06 xcUSDT
Borrowed 1,027,570.25 xcUSDT
Supplied TVL $1,412,754.14
Borrowed TVL $1,027,190.77
Utilization 72.71%
WELL Incentive Share 5%
GLMR Incentive Share 5%
Estimated APRs Current Proposed
Supply Side 8.67% 7.01%
Borrow Side -4.65% -4.65%

WELL Incentives

Current Proposed
Supply Side 0.1878 WELL / sec 0.1341 WELL / sec
-40.00% 16,225.96 WELL / day 11,589.97 WELL / day
454,326.89 WELL / cycle* 324,519.21 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 0.0076 GLMR / sec 0.0054 GLMR / sec
-40.00% 657.02 GLMR / day 469.30 GLMR / day
18,396.62 GLMR / cycle* 13,140.44 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 $0.9983
Supplied 5,442,941.22 FRAX
Borrowed 4,473,066.20 FRAX
Supplied TVL $5,433,899.13
Borrowed TVL $4,465,635.31
Utilization 82.18%
WELL Incentive Share 18%
GLMR Incentive Share 18%
Estimated APRs Current Proposed
Supply Side 11.58% 10.72%
Borrow Side -9.91% -9.91%

WELL Incentives

Current Proposed
Supply Side 0.5902 WELL / sec 0.4829 WELL / sec
-22.22% 50,995.88 WELL / day 41,723.90 WELL / day
1,427,884.52 WELL / cycle* 1,168,269.16 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 0.0239 GLMR / sec 0.0196 GLMR / sec
-22.22% 2,064.93 GLMR / day 1,689.49 GLMR / day
57,817.96 GLMR / cycle* 47,305.60 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 $1,591.90
Supplied 3,466.66 ETH.wh
Borrowed 87.74 ETH.wh
Supplied TVL $5,518,575.12
Borrowed TVL $139,676.78
Utilization 2.53%
WELL Incentive Share 19%
GLMR Incentive Share 19%
Estimated APRs Current Proposed
Supply Side 1.54% 4.09%
Borrow Side -2.51% -2.51%

WELL Incentives

Current Proposed
Supply Side 0.1878 WELL / sec 0.5097 WELL / sec
+63.16% 16,225.96 WELL / day 44,041.89 WELL / day
454,326.89 WELL / cycle* 1,233,173.00 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 0.0076 GLMR / sec 0.0206 GLMR / sec
+63.16% 657.02 GLMR / day 1,783.35 GLMR / day
18,396.62 GLMR / cycle* 49,933.69 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 $26,236.72
Supplied 181.84 BTC.wh
Borrowed 36.56 BTC.wh
Supplied TVL $4,770,833.75
Borrowed TVL $959,329.95
Utilization 20.11%
WELL Incentive Share 16%
GLMR Incentive Share 16%
Estimated APRs Current Proposed
Supply Side 5.68% 4.70%
Borrow Side -5.14% -5.14%

WELL Incentives

Current Proposed
Supply Side 0.5366 WELL / sec 0.4293 WELL / sec
-25.00% 46,359.89 WELL / day 37,087.91 WELL / day
1,298,076.84 WELL / cycle* 1,038,461.47 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 0.0217 GLMR / sec 0.0174 GLMR / sec
-25.00% 1,877.21 GLMR / day 1,501.77 GLMR / day
52,561.78 GLMR / cycle* 42,049.42 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 3,794,162.55 USDC.wh
Borrowed 1,841,722.99 USDC.wh
Supplied TVL $3,795,854.75
Borrowed TVL $1,842,544.40
Utilization 48.54%
WELL Incentive Share 14%
GLMR Incentive Share 14%
Estimated APRs Current Proposed
Supply Side 5.28% 5.59%
Borrow Side -3.08% -3.08%

WELL Incentives

Current Proposed
Supply Side 0.3488 WELL / sec 0.3756 WELL / sec
+7.14% 30,133.93 WELL / day 32,451.92 WELL / day
843,749.95 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 0.0141 GLMR / sec 0.0152 GLMR / sec
+7.14% 1,220.18 GLMR / day 1,314.04 GLMR / day
34,165.16 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

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: e4e4c2948fc51bb4a9e88d48f96595641850a39e5f070d022ce07fcfdf68b54a

Proposal Config 
{
  "_meta": {
    "generatedAt": "2023-09-27T02:04:01.349Z",
    "generatorVersion": "1.0.18"
  },
  "snapshotBlock": 4522157,
  "safetyModuleInfo": {
    "totalStaked": "365494183.564730530670762399",
    "stakedTVL": "1522171.94821594891264664972471664210365236345294405",
    "govTokenPrice": "0.00416469540874749917533595",
    "emissions": {
      "emissionsPerSecond": "2.682863839285714285",
      "lastUpdateTimestamp": 1695778662,
      "emissionAPR": "23.164457247689245653",
      "emissionsPerYear": "84664743.894642857120316"
    }
  },
  "dexInfo": {
    "govTokenTotal": "45365506.998300742691384267",
    "nativeAssetTotal": "787273.01927028965779617",
    "govTokenPrice": "0.00416469540874749917533595",
    "nextFreeSlot": 18,
    "emissionsPerYear": "18814418.8392857142792024",
    "poolTVL": "377867.03742265129191352409998562208969765026949865",
    "currentPoolAPR": "20.73648029547035217",
    "currentPoolRewardInfo": {
      "startTimestamp": 1694143800,
      "endTimestamp": 1696563000,
      "rewardPerSec": "0.596192956349206349"
    }
  },
  "marketData": {
    "assets": {
      "GLMR": {
        "price": "0.23998475",
        "totalSuppliedUnderlying": "19485955.387485985918226700961808885938792446",
        "totalSuppliedTVL": "4676332.1321769774590891552736444650397996204551985",
        "totalBorrows": "13068830.257845296619398228",
        "totalBorrowedTVL": "3136319.962221439047882128897023",
        "utilization": "0.67067947134058353475",
        "baseSupplyAPR": "5136618940",
        "baseBorrowAPR": "10211771118",
        "govSupplySpeed": "456086852678571428",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "18467887318121693",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcDOT": {
        "price": "4.0044526",
        "totalSuppliedUnderlying": "841366.02704711239985857878152109",
        "totalSuppliedTVL": "3369210.374560479572105925433966960805334",
        "totalBorrows": "496762.7643732642",
        "totalBorrowedTVL": "1989262.94337770519617692",
        "utilization": "0.5904240822709708774",
        "baseSupplyAPR": "1524414268",
        "baseBorrowAPR": "3442529563",
        "govSupplySpeed": "375600937500000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "15208848379629629",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcUSDT": {
        "price": "0.9996307",
        "totalSuppliedUnderlying": "1413276.06498199820384688182105",
        "totalSuppliedTVL": "1412754.142131200351910201167593486235",
        "totalBorrows": "1027570.2484",
        "totalBorrowedTVL": "1027190.76670726588",
        "utilization": "0.72708388252021293224",
        "baseSupplyAPR": "890556280",
        "baseBorrowAPR": "1440979916",
        "govSupplySpeed": "187800468750000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "7604424189814814",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "FRAX": {
        "price": "0.99833875",
        "totalSuppliedUnderlying": "5442941.217875207404669477982389545677044467",
        "totalSuppliedTVL": "5433899.13177701221636847081209130104428847687919625",
        "totalBorrows": "4473066.195965892703994314",
        "totalBorrowedTVL": "4465635.3147478443647398034458675",
        "utilization": "0.82181049122409401116",
        "baseSupplyAPR": "2093805460",
        "baseBorrowAPR": "2997407028",
        "govSupplySpeed": "590230044642857142",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "23899618882275132",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "ETH.wh": {
        "price": "1591.89746",
        "totalSuppliedUnderlying": "3466.66494485652106290099999598341530064",
        "totalSuppliedTVL": "5518575.1203881359444686021250660090192139523744",
        "totalBorrows": "87.742319826830864534",
        "totalBorrowedTVL": "139676.77606683969310127868364",
        "utilization": "0.02531029713644921028",
        "baseSupplyAPR": "14895370",
        "baseBorrowAPR": "784680387",
        "govSupplySpeed": "187800468750000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "7604424189814814",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "BTC.wh": {
        "price": "26236.72341",
        "totalSuppliedUnderlying": "181.83801676999999803608616693",
        "totalSuppliedTVL": "4770833.7514174315341733359606694988313",
        "totalBorrows": "36.5643961",
        "totalBorrowedTVL": "959329.947129382701",
        "utilization": "0.20108224203879717883",
        "baseSupplyAPR": "239886678",
        "baseBorrowAPR": "1590637248",
        "govSupplySpeed": "536572767857142857",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "21726926256613756",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "USDC.wh": {
        "price": "1.000446",
        "totalSuppliedUnderlying": "3794162.552173989043009653090256",
        "totalSuppliedTVL": "3795854.748672258642122835395534254176",
        "totalBorrows": "1841722.993651",
        "totalBorrowedTVL": "1842544.402106168346",
        "utilization": "0.48540961762318928848",
        "baseSupplyAPR": "396925580",
        "baseBorrowAPR": "962014874",
        "govSupplySpeed": "348772299107142857",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "14122502066798941",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      }
    },
    "totalTVL": "28977459.40112349572023852616856597515093604970879475",
    "govRewardSplits": {
      "GLMR": 0.16,
      "xcDOT": 0.12,
      "xcUSDT": 0.05,
      "FRAX": 0.18,
      "ETH.wh": 0.19,
      "BTC.wh": 0.16,
      "USDC.wh": 0.14
    },
    "nativeRewardSplits": {
      "GLMR": 0.16,
      "xcDOT": 0.12,
      "xcUSDT": 0.05,
      "FRAX": 0.18,
      "ETH.wh": 0.19,
      "BTC.wh": 0.16,
      "USDC.wh": 0.14
    }
  },
  "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": 50000
  },
  "responses": {
    "name": "Curly",
    "network": "Moonbeam",
    "mipNumber": "M05",
    "componentSplits": {
      "ALL_MARKETS": 0.45,
      "SAFETY_MODULE": 0.45,
      "DEX_REWARDER": 0.1
    },
    "emissionAmounts": {
      "0": 14423076,
      "1": 262808.9
    },
    "submitterWallet": "0x9F94Ff95cbC403cbfC18802eDEAeF71dA8155f36"
  }
}