MIP-M08 Rebalancing of Moonbeam Token Liquidity Incentives

MIP-M08 Rebalancing of Moonbeam Token Liquidity Incentives

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

  • Submitter: Curly
  • Generator Version: 1.0.20
  • Generated At: Thu, 26 Oct 2023 02:41:29 GMT
  • Network: Moonbeam
  • Block Height: 4,728,054

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 366,051,298 WELL staked in the Safety Module, with a valuation of $1,568,926.35 (based on a WELL price of $0.004286 pulled from StellaSwap).

This proposal, if executed, would adjust the rewards on the Safety Module to increase emissions +4.44% and emits 6,778,846 WELL over the next 28 days:

  • Current (estimated APR = ~23.13%):
    • 2.6829 WELL / second
    • 231,799.44 WELL / day
    • 6,490,384.20 WELL / reward cycle (28 days)


  • Proposed (estimated APR = ~24.16%):
    • 2.8021 WELL / second
    • 242,101.63 WELL / day
    • 6,778,845.72 WELL / reward cycle (28 days)

DEX Liquidity Pool Rewarder

At the time this proposal was generated there were 40,017,174 WELL and 820,846 GLMR provided by liquidity providers in the StellaSwap WELL/GLMR pool totaling $343,033.88.

This proposal, if executed, would adjust the rewards on the Dex Rewarder to decrease emissions -40.00% and emits 865,385 WELL over the next 28 days:

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

Proposed rewards will expire at Fri, 01 Dec 2023 03:30:00 GMT

  • Current (estimated APR = ~23.51%) days:
    • 0.5962 WELL / second
    • 51,511.07 WELL / day
    • 1,442,310.00 WELL / reward cycle (28 days)


  • Proposed (estimated APR = ~14.10%):
    • 0.3577 WELL / second
    • 30,906.59 WELL / day
    • 865,384.56 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 $0.2090
Supplied 19,371,568.47 GLMR
Borrowed 6,628,005.19 GLMR
Supplied TVL $4,047,718.48
Borrowed TVL $1,384,931.69
Utilization 34.22%
WELL Incentive Share 19%
GLMR Incentive Share 19%
Estimated APRs Current Proposed
Supply Side 6.11% 6.99%
Borrow Side -7.39% -7.39%

WELL Incentives

Current Proposed
Supply Side 0.4293 WELL / sec 0.5324 WELL / sec
+19.37% 37,087.91 WELL / day 45,999.31 WELL / day
1,038,461.47 WELL / cycle* 1,287,980.69 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 0.0174 GLMR / sec 0.0206 GLMR / sec
+15.79% 1,501.77 GLMR / day 1,783.35 GLMR / day
42,049.42 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


xcDOT Market

Latest price $4.30
Supplied 810,997.47 xcDOT
Borrowed 500,862.81 xcDOT
Supplied TVL $3,490,533.11
Borrowed TVL $2,155,713.55
Utilization 61.76%
WELL Incentive Share 14%
GLMR Incentive Share 14%
Estimated APRs Current Proposed
Supply Side 11.54% 12.22%
Borrow Side -17.67% -17.67%

WELL Incentives

Current Proposed
Supply Side 0.3219 WELL / sec 0.3923 WELL / sec
+17.93% 27,815.93 WELL / day 33,894.23 WELL / day
778,846.10 WELL / cycle* 949,038.40 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 0.0130 GLMR / sec 0.0152 GLMR / sec
+14.29% 1,126.32 GLMR / day 1,314.04 GLMR / day
31,537.07 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 1,246,039.77 xcUSDT
Borrowed 992,589.93 xcUSDT
Supplied TVL $1,246,337.58
Borrowed TVL $992,827.16
Utilization 79.66%
WELL Incentive Share 8%
GLMR Incentive Share 8%
Estimated APRs Current Proposed
Supply Side 7.76% 10.45%
Borrow Side -5.10% -5.10%

WELL Incentives

Current Proposed
Supply Side 0.1341 WELL / sec 0.2242 WELL / sec
+40.16% 11,589.97 WELL / day 19,368.13 WELL / day
324,519.21 WELL / cycle* 542,307.66 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 0.0054 GLMR / sec 0.0087 GLMR / sec
+37.50% 469.30 GLMR / day 750.88 GLMR / day
13,140.44 GLMR / cycle* 21,024.71 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


FRAX Market

Latest price $0.9999
Supplied 5,214,758.12 FRAX
Borrowed 4,425,847.82 FRAX
Supplied TVL $5,214,137.40
Borrowed TVL $4,425,321.01
Utilization 84.87%
WELL Incentive Share 19%
GLMR Incentive Share 19%
Estimated APRs Current Proposed
Supply Side 16.10% 16.37%
Borrow Side -17.56% -17.56%

WELL Incentives

Current Proposed
Supply Side 0.4829 WELL / sec 0.5324 WELL / sec
+9.29% 41,723.90 WELL / day 45,999.31 WELL / day
1,168,269.16 WELL / cycle* 1,287,980.69 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 0.0196 GLMR / sec 0.0206 GLMR / sec
+5.26% 1,689.49 GLMR / day 1,783.35 GLMR / day
47,305.60 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


ETH.wh Market

Latest price $1,793.09
Supplied 1,669.08 ETH.wh
Borrowed 272.55 ETH.wh
Supplied TVL $2,992,816.43
Borrowed TVL $488,711.74
Utilization 16.33%
WELL Incentive Share 15%
GLMR Incentive Share 15%
Estimated APRs Current Proposed
Supply Side 7.47% 6.11%
Borrow Side -5.19% -5.19%

WELL Incentives

Current Proposed
Supply Side 0.5097 WELL / sec 0.4203 WELL / sec
-21.28% 44,041.89 WELL / day 36,315.24 WELL / day
1,233,173.00 WELL / cycle* 1,016,826.86 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 0.0206 GLMR / sec 0.0163 GLMR / sec
-26.67% 1,783.35 GLMR / day 1,407.90 GLMR / day
49,933.69 GLMR / cycle* 39,421.33 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 $34,676.94
Supplied 183.57 BTC.wh
Borrowed 36.84 BTC.wh
Supplied TVL $6,365,576.82
Borrowed TVL $1,277,474.36
Utilization 20.07%
WELL Incentive Share 15%
GLMR Incentive Share 15%
Estimated APRs Current Proposed
Supply Side 3.47% 3.34%
Borrow Side -5.14% -5.14%

WELL Incentives

Current Proposed
Supply Side 0.4293 WELL / sec 0.4203 WELL / sec
-2.13% 37,087.91 WELL / day 36,315.24 WELL / day
1,038,461.47 WELL / cycle* 1,016,826.86 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 0.0174 GLMR / sec 0.0163 GLMR / sec
-6.67% 1,501.77 GLMR / day 1,407.90 GLMR / day
42,049.42 GLMR / cycle* 39,421.33 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 2,841,866.00 USDC.wh
Borrowed 1,899,994.41 USDC.wh
Supplied TVL $2,842,355.94
Borrowed TVL $1,900,321.96
Utilization 66.86%
WELL Incentive Share 10%
GLMR Incentive Share 10%
Estimated APRs Current Proposed
Supply Side 7.72% 6.25%
Borrow Side -4.27% -4.27%

WELL Incentives

Current Proposed
Supply Side 0.3756 WELL / sec 0.2802 WELL / sec
-34.04% 32,451.92 WELL / day 24,210.16 WELL / day
908,653.79 WELL / cycle* 677,884.57 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 0.0109 GLMR / sec
-40.00% 1,314.04 GLMR / day 938.60 GLMR / day
36,793.25 GLMR / cycle* 26,280.89 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


xcUSDC Market

Latest price $1.00
Supplied 0.0600 xcUSDC
Borrowed 0.0100 xcUSDC
Supplied TVL $0.0600
Borrowed TVL $0.0100
Utilization 16.67%
WELL Incentive Share 0%
GLMR Incentive Share 0%
Estimated APRs Current Proposed
Supply Side 0.5208% 0.7032%
Borrow Side -3.73% -3.73%

WELL Incentives

Current Proposed
Supply Side 0 WELL / sec 0 WELL / sec
+100.00% 0 WELL / day 0.0000 WELL / day
0 WELL / cycle* 0.0007 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 GLMR / sec 0 GLMR / sec
+100.00% 0 GLMR / day 0.0000 GLMR / day
0 GLMR / cycle* 0.0000 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: fcf4e4ee57553afd9cb4bcd40bf00a336926670e5817742857327a8c2030be72

Proposal Config
{
  "_meta": {
    "generatedAt": "2023-10-26T01:07:36.302Z",
    "generatorVersion": "1.0.20"
  },
  "snapshotBlock": 4728054,
  "safetyModuleInfo": {
    "totalStaked": "366051298.297938871117865654",
    "stakedTVL": "1568926.3543977006687244519151506826370469636836756972",
    "govTokenPrice": "0.0042860832940434207955738818",
    "emissions": {
      "emissionsPerSecond": "2.682863839285714285",
      "lastUpdateTimestamp": 1698282066,
      "emissionAPR": "23.129201914681360872",
      "emissionsPerYear": "84664743.894642857120316"
    }
  },
  "dexInfo": {
    "govTokenTotal": "40017173.744573603797047223",
    "nativeAssetTotal": "820845.658695885585502713",
    "govTokenPrice": "0.0042860832940434207955738818",
    "nextFreeSlot": 19,
    "emissionsPerYear": "18814418.8392857142792024",
    "poolTVL": "343033.8797228998477865326999883540110547385800202414",
    "currentPoolAPR": "23.507930569230893254",
    "currentPoolRewardInfo": {
      "startTimestamp": 1696563000,
      "endTimestamp": 1698982200,
      "rewardPerSec": "0.596192956349206349"
    }
  },
  "marketData": {
    "assets": {
      "GLMR": {
        "price": "0.20895151",
        "totalSuppliedUnderlying": "19371568.472534758018575312958425491399405876",
        "totalSuppliedTVL": "4047718.48340453121546591969138557365039787089307276",
        "totalBorrows": "6628005.187275910927776778",
        "totalBorrowedTVL": "1384931.69216913437498445870603478",
        "utilization": "0.3421511890827619937",
        "baseSupplyAPR": "580363850",
        "baseBorrowAPR": "2261627293",
        "govSupplySpeed": "429258214285714285",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "17381541005291005",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcDOT": {
        "price": "4.304",
        "totalSuppliedUnderlying": "810997.4689485687997721825688158748",
        "totalSuppliedTVL": "3490533.1063546401142194737761835251392",
        "totalBorrows": "500862.8140793488",
        "totalBorrowedTVL": "2155713.5517975172352",
        "utilization": "0.61758862790126922625",
        "baseSupplyAPR": "2390657314",
        "baseBorrowAPR": "5161272313",
        "govSupplySpeed": "321943660714285714",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "13036155753968253",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcUSDT": {
        "price": "1.000239",
        "totalSuppliedUnderlying": "1246039.774043998879567194847899",
        "totalSuppliedTVL": "1246337.577549995395299411407467647861",
        "totalBorrows": "992589.931591",
        "totalBorrowedTVL": "992827.160584650249",
        "utilization": "0.79659570446099634821",
        "baseSupplyAPR": "1068976741",
        "baseBorrowAPR": "1578742754",
        "govSupplySpeed": "134143191964285714",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "5431731564153439",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "FRAX": {
        "price": "0.99988097",
        "totalSuppliedUnderlying": "5214758.11690945005712879298671655359867536",
        "totalSuppliedTVL": "5214137.4042507943252884929464873447273005096718992",
        "totalBorrows": "4425847.818323903198526453",
        "totalBorrowedTVL": "4425321.00965808810432873239629941",
        "utilization": "0.84871584052433517108",
        "baseSupplyAPR": "3701052378",
        "baseBorrowAPR": "5130314602",
        "govSupplySpeed": "482915491071428571",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "19554233630952380",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "ETH.wh": {
        "price": "1793.09",
        "totalSuppliedUnderlying": "1669.083221440808385247999999507151315116",
        "totalSuppliedTVL": "2992816.43353329910750433631911627795162134844",
        "totalBorrows": "272.552819692267281831",
        "totalBorrowedTVL": "488711.73546200754037834779",
        "utilization": "0.16329492513680089865",
        "baseSupplyAPR": "196576046",
        "baseBorrowAPR": "1605079859",
        "govSupplySpeed": "509744129464285714",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "20640579943783068",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "BTC.wh": {
        "price": "34676.93522799",
        "totalSuppliedUnderlying": "183.56803373999999903173828627",
        "totalSuppliedTVL": "6365576.8159314628788062512692421943366973",
        "totalBorrows": "36.83930969",
        "totalBorrowedTVL": "1277474.3559639943662231",
        "utilization": "0.2006847757718974203",
        "baseSupplyAPR": "239127958",
        "baseBorrowAPR": "1588746712",
        "govSupplySpeed": "429258214285714285",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "17381541005291005",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "USDC.wh": {
        "price": "1.0001724",
        "totalSuppliedUnderlying": "2841865.997491994952274773703474",
        "totalSuppliedTVL": "2842355.9351899625722045458744604789176",
        "totalBorrows": "1899994.405725",
        "totalBorrowedTVL": "1900321.96476054699",
        "utilization": "0.66857283468037692282",
        "baseSupplyAPR": "752991005",
        "baseBorrowAPR": "1325019093",
        "govSupplySpeed": "375600937500000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "15208848379629629",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcUSDC": {
        "price": "1.0001724",
        "totalSuppliedUnderlying": "0.06",
        "totalSuppliedTVL": "0.060010344",
        "totalBorrows": "0.01",
        "totalBorrowedTVL": "0.010001724",
        "utilization": "0.16666666666666666667",
        "baseSupplyAPR": "164714752",
        "baseBorrowAPR": "1162692371",
        "govSupplySpeed": "0",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "0",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      }
    },
    "totalTVL": "26199475.81622502960878843128434304258381702900497196",
    "govRewardSplits": {
      "GLMR": 0.1899999999,
      "xcDOT": 0.14,
      "xcUSDT": 0.08,
      "FRAX": 0.19,
      "ETH.wh": 0.15,
      "BTC.wh": 0.15,
      "USDC.wh": 0.1,
      "xcUSDC": 1e-10
    },
    "nativeRewardSplits": {
      "GLMR": 0.1899999999,
      "xcDOT": 0.14,
      "xcUSDT": 0.08,
      "FRAX": 0.19,
      "ETH.wh": 0.15,
      "BTC.wh": 0.15,
      "USDC.wh": 0.1,
      "xcUSDC": 1e-10
    }
  },
  "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": "M08",
    "componentSplits": {
      "ALL_MARKETS": 0.47,
      "SAFETY_MODULE": 0.47,
      "DEX_REWARDER": 0.06
    },
    "emissionAmounts": {
      "0": 14423076,
      "1": 262808.9
    },
    "submitterWallet": "0x9F94Ff95cbC403cbfC18802eDEAeF71dA8155f36"
  }
}