MIP-M10 Rebalancing of Moonbeam Token Liquidity Incentives

Proposals
,
1

MIP-M10 Rebalancing of Moonbeam Token Liquidity Incentives

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

  • Submitter: Curly
  • Generator Version: 1.0.22
  • Generated At: Mon, 20 Nov 2023 15:36:10 GMT
  • Network: Moonbeam
  • Block Height: 4,910,250

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 386,391,736 WELL staked in the Safety Module, with a valuation of $2,047,300.90 (based on a WELL price of $0.005299 pulled from StellaSwap).

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

  • Current (estimated APR = ~22.89%):
    • 2.8021 WELL / second
    • 242,101.63 WELL / day
    • 6,778,845.72 WELL / reward cycle (28 days)


  • Proposed (estimated APR = ~22.89%):
    • 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 36,819,243 WELL and 759,780 GLMR provided by liquidity providers in the StellaSwap WELL/GLMR pool totaling $390,174.34.

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

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

Proposed rewards will expire at Fri, 29 Dec 2023 03:30:00 GMT

  • Current (estimated APR = ~15.33%) days:
    • 0.3577 WELL / second
    • 30,906.68 WELL / day
    • 865,387.00 WELL / reward cycle (28 days)


  • Proposed (estimated APR = ~15.33%):
    • 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 $0.2568
Supplied 19,228,003.28 GLMR
Borrowed 6,457,537.03 GLMR
Supplied TVL $4,937,135.95
Borrowed TVL $1,658,088.87
Utilization 33.58%
WELL Incentive Share 22%
GLMR Incentive Share 22%
Estimated APRs Current Proposed
Supply Side 6.98% 7.79%
Borrow Side -7.29% -7.29%

WELL Incentives

Current Proposed
Supply Side 0.5324 WELL / sec 0.6165 WELL / sec
+13.64% 45,999.31 WELL / day 53,262.36 WELL / day
1,287,980.69 WELL / cycle* 1,491,346.06 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 0.0239 GLMR / sec
+13.64% 1,783.35 GLMR / day 2,064.93 GLMR / day
49,933.69 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

xcDOT Market
Latest price $5.46
Supplied 871,006.09 xcDOT
Borrowed 538,381.05 xcDOT
Supplied TVL $4,756,952.54
Borrowed TVL $2,940,338.90
Utilization 61.81%
WELL Incentive Share 21%
GLMR Incentive Share 21%
Estimated APRs Current Proposed
Supply Side 11.88% 13.87%
Borrow Side -17.86% -17.86%

WELL Incentives

Current Proposed
Supply Side 0.3923 WELL / sec 0.5884 WELL / sec
+33.33% 33,894.23 WELL / day 50,841.34 WELL / day
949,038.40 WELL / cycle* 1,423,557.60 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 0.0228 GLMR / sec
+33.33% 1,314.04 GLMR / day 1,971.07 GLMR / day
36,793.25 GLMR / cycle* 55,189.87 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 1,431,154.97 xcUSDT
Borrowed 1,171,096.30 xcUSDT
Supplied TVL $1,431,941.83
Borrowed TVL $1,171,740.18
Utilization 81.83%
WELL Incentive Share 6%
GLMR Incentive Share 6%
Estimated APRs Current Proposed
Supply Side 14.41% 12.53%
Borrow Side -10.04% -10.04%

WELL Incentives

Current Proposed
Supply Side 0.2242 WELL / sec 0.1681 WELL / sec
-33.33% 19,368.13 WELL / day 14,526.10 WELL / day
542,307.66 WELL / cycle* 406,730.74 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 0.0065 GLMR / sec
-33.33% 750.88 GLMR / day 563.16 GLMR / day
21,024.71 GLMR / cycle* 15,768.53 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 $0.9991
Supplied 3,756,281.82 FRAX
Borrowed 3,296,183.58 FRAX
Supplied TVL $3,752,969.75
Borrowed TVL $3,293,277.21
Utilization 87.75%
WELL Incentive Share 16%
GLMR Incentive Share 16%
Estimated APRs Current Proposed
Supply Side 25.87% 24.79%
Borrow Side -26.33% -26.33%

WELL Incentives

Current Proposed
Supply Side 0.5324 WELL / sec 0.4483 WELL / sec
-18.75% 45,999.31 WELL / day 38,736.26 WELL / day
1,287,980.69 WELL / cycle* 1,084,615.32 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 0.0206 GLMR / sec 0.0174 GLMR / sec
-18.75% 1,783.35 GLMR / day 1,501.77 GLMR / day
49,933.69 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

ETH.wh Market
Latest price $2,041.43
Supplied 1,185.84 ETH.wh
Borrowed 223.26 ETH.wh
Supplied TVL $2,420,801.63
Borrowed TVL $455,766.82
Utilization 18.83%
WELL Incentive Share 10%
GLMR Incentive Share 10%
Estimated APRs Current Proposed
Supply Side 9.14% 6.35%
Borrow Side -5.69% -5.69%

WELL Incentives

Current Proposed
Supply Side 0.4203 WELL / sec 0.2802 WELL / sec
-50.00% 36,315.24 WELL / day 24,210.16 WELL / day
1,016,826.86 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 0.0163 GLMR / sec 0.0109 GLMR / sec
-50.00% 1,407.90 GLMR / day 938.60 GLMR / day
39,421.33 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

BTC.wh Market
Latest price $37,407.55
Supplied 143.47 BTC.wh
Borrowed 0.0046 BTC.wh
Supplied TVL $5,366,680.11
Borrowed TVL $173.04
Utilization 0.0032%
WELL Incentive Share 15%
GLMR Incentive Share 15%
Estimated APRs Current Proposed
Supply Side 3.77% 3.77%
Borrow Side -2.02% -2.02%

WELL Incentives

Current Proposed
Supply Side 0.4203 WELL / sec 0.4203 WELL / sec
+0.00% 36,315.24 WELL / day 36,315.24 WELL / day
1,016,826.86 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 0.0163 GLMR / sec 0.0163 GLMR / sec
+0.00% 1,407.90 GLMR / day 1,407.90 GLMR / day
39,421.33 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 1,630,074.30 USDC.wh
Borrowed 1,324,836.09 USDC.wh
Supplied TVL $1,630,121.40
Borrowed TVL $1,324,874.36
Utilization 81.27%
WELL Incentive Share 10%
GLMR Incentive Share 10%
Estimated APRs Current Proposed
Supply Side 14.99% 14.99%
Borrow Side -9.88% -9.88%

WELL Incentives

Current Proposed
Supply Side 0.2802 WELL / sec 0.2802 WELL / sec
+0.00% 24,210.16 WELL / day 24,210.16 WELL / day
677,884.57 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 0.0109 GLMR / sec 0.0109 GLMR / sec
+0.00% 938.60 GLMR / day 938.60 GLMR / day
26,280.89 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

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: e5b6c944061d3040d50424f101775b582937625882331772c61ab6ada136c897

Proposal Config 
{
  "_meta": {
    "generatedAt": "2023-11-20T15:23:49.655Z",
    "generatorVersion": "1.0.22"
  },
  "snapshotBlock": 4910250,
  "safetyModuleInfo": {
    "totalStaked": "386391736.016452890176464999",
    "stakedTVL": "2047300.89762799111969296854069281118515635326495232",
    "govTokenPrice": "0.00529851108808604358624768",
    "emissions": {
      "emissionsPerSecond": "2.802102232142857142",
      "lastUpdateTimestamp": 1700493720,
      "emissionAPR": "22.88548464124142264",
      "emissionsPerYear": "88427621.4010714285443792"
    }
  },
  "dexInfo": {
    "govTokenTotal": "36819243.34317231027073357",
    "nativeAssetTotal": "759779.914587241146734255",
    "govTokenPrice": "0.00529851108808604358624768",
    "nextFreeSlot": 20,
    "emissionsPerYear": "11288664.3482142857044344",
    "poolTVL": "390174.3382174734695688918547616596250212373106176",
    "currentPoolAPR": "15.329842934303040109",
    "currentPoolRewardInfo": {
      "startTimestamp": 1698982200,
      "endTimestamp": 1701401400,
      "rewardPerSec": "0.357716187169312169"
    }
  },
  "marketData": {
    "assets": {
      "GLMR": {
        "price": "0.256768",
        "totalSuppliedUnderlying": "19228003.28481560682283333699223155974552872",
        "totalSuppliedTVL": "4937135.94743553373268527027282131313273991837696",
        "totalBorrows": "6457537.031807720337045071",
        "totalBorrowedTVL": "1658088.868583204735502388790528",
        "utilization": "0.33584022928201028669",
        "baseSupplyAPR": "562098161",
        "baseBorrowAPR": "2231609410",
        "govSupplySpeed": "532399423826932633",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "20640579932919605",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcDOT": {
        "price": "5.46144577",
        "totalSuppliedUnderlying": "871006.092973451399700145760992068",
        "totalSuppliedTVL": "4756952.54211408286919294033475356078215236",
        "totalBorrows": "538381.0490575022",
        "totalBorrowedTVL": "2940338.903023257876955694",
        "utilization": "0.61811398726221340129",
        "baseSupplyAPR": "2415859618",
        "baseBorrowAPR": "5211249421",
        "govSupplySpeed": "392294312500000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "15208848379629629",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcUSDT": {
        "price": "1.00054981",
        "totalSuppliedUnderlying": "1431154.96702699954848214734819",
        "totalSuppliedTVL": "1431941.8303394206631038983176235083439",
        "totalBorrows": "1171096.298838",
        "totalBorrowedTVL": "1171740.17929406412078",
        "utilization": "0.81828755503030483874",
        "baseSupplyAPR": "2111134521",
        "baseBorrowAPR": "3035226012",
        "govSupplySpeed": "224168178571428571",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "8690770502645502",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "FRAX": {
        "price": "0.99911826",
        "totalSuppliedUnderlying": "3756281.8187003818088211619928987989219155",
        "totalSuppliedTVL": "3752969.75476956093416505202152318033495409022703",
        "totalBorrows": "3296183.583785975201196862",
        "totalBorrowedTVL": "3293277.20687280775542295867890012",
        "utilization": "0.87751232279116005702",
        "baseSupplyAPR": "5529354010",
        "baseBorrowAPR": "7413140758",
        "govSupplySpeed": "532399424107142857",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "20640579943783068",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "ETH.wh": {
        "price": "2041.4289",
        "totalSuppliedUnderlying": "1185.836858902439852001999997406004932904",
        "totalSuppliedTVL": "2420801.6344486629943886056525045435035727865256",
        "totalBorrows": "223.258728975524261338",
        "totalBorrowedTVL": "455766.8215079026197465458682",
        "utilization": "0.18827103180294382388",
        "baseSupplyAPR": "247610876",
        "baseBorrowAPR": "1753577449",
        "govSupplySpeed": "420315334821428571",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "16295194692460317",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "BTC.wh": {
        "price": "37407.545",
        "totalSuppliedUnderlying": "143.46517825999999463012429588",
        "totalSuppliedTVL": "5366680.1116939714991261329537244146",
        "totalBorrows": "0.00462586",
        "totalBorrowedTVL": "173.0420661137",
        "utilization": "0.00003224378247114862",
        "baseSupplyAPR": "15340",
        "baseBorrowAPR": "634349205",
        "govSupplySpeed": "420315334821428571",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "16295194692460317",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "USDC.wh": {
        "price": "1.00002889",
        "totalSuppliedUnderlying": "1630074.303307992147734727408",
        "totalSuppliedTVL": "1630121.39615461471562787546427481712",
        "totalBorrows": "1324836.089028",
        "totalBorrowedTVL": "1324874.36354261201892",
        "utilization": "0.8127458278064031704",
        "baseSupplyAPR": "2063791895",
        "baseBorrowAPR": "2987392100",
        "govSupplySpeed": "280210223214285714",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "10863463128306878",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      }
    },
    "totalTVL": "24296603.21695584740828977501722533781731915512959",
    "govRewardSplits": {
      "GLMR": 0.22,
      "xcDOT": 0.21,
      "xcUSDT": 0.06,
      "FRAX": 0.16,
      "ETH.wh": 0.1,
      "BTC.wh": 0.15,
      "USDC.wh": 0.1
    },
    "nativeRewardSplits": {
      "GLMR": 0.22,
      "xcDOT": 0.21,
      "xcUSDT": 0.06,
      "FRAX": 0.16,
      "ETH.wh": 0.1,
      "BTC.wh": 0.15,
      "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": 50000
  },
  "responses": {
    "name": "Curly",
    "network": "Moonbeam",
    "mipNumber": "M10",
    "componentSplits": {
      "ALL_MARKETS": 0.47,
      "SAFETY_MODULE": 0.47,
      "DEX_REWARDER": 0.06
    },
    "emissionAmounts": {
      "0": 14423076,
      "1": 262808.9
    },
    "submitterWallet": "0x9F94Ff95cbC403cbfC18802eDEAeF71dA8155f36"
  }
}
1 Like