MIP-M12 Rebalancing of Moonbeam Token Liquidity Incentives

Proposals
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MIP-M12 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, 18 Dec 2023 18:56:03 GMT
  • Network: Moonbeam
  • Block Height: 5,108,722

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 411,689,893 WELL staked in the Safety Module, with a valuation of $2,493,376.57 (based on a WELL price of $0.006056 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 = ~21.48%):
    • 2.8021 WELL / second
    • 242,101.63 WELL / day
    • 6,778,845.72 WELL / reward cycle (28 days)


  • Proposed (estimated APR = ~21.48%):
    • 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 33,934,005 WELL and 648,776 GLMR provided by liquidity providers in the StellaSwap WELL/GLMR pool totaling $411,038.76.

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, 29 Dec 2023 03:30:00 GMT

Proposed rewards will expire at Fri, 26 Jan 2024 03:30:00 GMT

  • Current (estimated APR = ~16.63%) days:
    • 0.3577 WELL / second
    • 30,906.68 WELL / day
    • 865,387.00 WELL / reward cycle (28 days)


  • Proposed (estimated APR = ~16.63%):
    • 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 $0.3168
Supplied 20,011,173.39 GLMR
Borrowed 6,291,548.66 GLMR
Supplied TVL $6,339,138.51
Borrowed TVL $1,993,036.47
Utilization 31.44%
WELL Incentive Share 25%
GLMR Incentive Share 25%
Estimated APRs Current Proposed
Supply Side 7.22% 7.99%
Borrow Side -6.95% -6.95%

WELL Incentives

Current Proposed
Supply Side 0.6165 WELL / sec 0.7005 WELL / sec
+12.00% 53,262.36 WELL / day 60,525.41 WELL / day
1,491,346.06 WELL / cycle* 1,694,711.43 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 0.0272 GLMR / sec
+12.00% 2,064.93 GLMR / day 2,346.51 GLMR / day
57,817.96 GLMR / cycle* 65,702.23 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 $6.59
Supplied 843,430.57 xcDOT
Borrowed 518,318.48 xcDOT
Supplied TVL $5,558,165.28
Borrowed TVL $3,415,692.88
Utilization 61.45%
WELL Incentive Share 25%
GLMR Incentive Share 25%
Estimated APRs Current Proposed
Supply Side 13.46% 14.62%
Borrow Side -16.60% -16.60%

WELL Incentives

Current Proposed
Supply Side 0.5884 WELL / sec 0.7005 WELL / sec
+16.00% 50,841.34 WELL / day 60,525.41 WELL / day
1,423,557.60 WELL / cycle* 1,694,711.43 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 0.0228 GLMR / sec 0.0272 GLMR / sec
+16.00% 1,971.07 GLMR / day 2,346.51 GLMR / day
55,189.87 GLMR / cycle* 65,702.23 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 $0.9991
Supplied 1,346,544.06 xcUSDT
Borrowed 1,111,354.15 xcUSDT
Supplied TVL $1,345,274.63
Borrowed TVL $1,110,306.44
Utilization 82.53%
WELL Incentive Share 6%
GLMR Incentive Share 6%
Estimated APRs Current Proposed
Supply Side 18.58% 18.58%
Borrow Side -16.57% -16.57%

WELL Incentives

Current Proposed
Supply Side 0.1681 WELL / sec 0.1681 WELL / sec
+0.00% 14,526.10 WELL / day 14,526.10 WELL / day
406,730.74 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 0.0065 GLMR / sec 0.0065 GLMR / sec
+0.00% 563.16 GLMR / day 563.16 GLMR / day
15,768.53 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 $0.9992
Supplied 3,576,849.94 FRAX
Borrowed 3,257,971.83 FRAX
Supplied TVL $3,574,117.91
Borrowed TVL $3,255,483.36
Utilization 91.08%
WELL Incentive Share 20%
GLMR Incentive Share 20%
Estimated APRs Current Proposed
Supply Side 35.07% 36.89%
Borrow Side -37.30% -37.30%

WELL Incentives

Current Proposed
Supply Side 0.4483 WELL / sec 0.5604 WELL / sec
+20.00% 38,736.26 WELL / day 48,420.33 WELL / day
1,084,615.32 WELL / cycle* 1,355,769.14 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 0.0217 GLMR / sec
+20.00% 1,501.77 GLMR / day 1,877.21 GLMR / day
42,049.42 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

ETH.wh Market
Latest price $2,150.09
Supplied 1,024.49 ETH.wh
Borrowed 143.31 ETH.wh
Supplied TVL $2,202,753.09
Borrowed TVL $308,127.27
Utilization 13.99%
WELL Incentive Share 7%
GLMR Incentive Share 7%
Estimated APRs Current Proposed
Supply Side 7.84% 5.64%
Borrow Side -4.73% -4.73%

WELL Incentives

Current Proposed
Supply Side 0.2802 WELL / sec 0.1961 WELL / sec
-42.86% 24,210.16 WELL / day 16,947.11 WELL / day
677,884.57 WELL / cycle* 474,519.20 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 0.0076 GLMR / sec
-42.86% 938.60 GLMR / day 657.02 GLMR / day
26,280.89 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 $41,167.59
Supplied 138.71 BTC.wh
Borrowed 0.6262 BTC.wh
Supplied TVL $5,710,474.40
Borrowed TVL $25,778.11
Utilization 0.4514%
WELL Incentive Share 6%
GLMR Incentive Share 6%
Estimated APRs Current Proposed
Supply Side 4.26% 1.71%
Borrow Side -2.09% -2.09%

WELL Incentives

Current Proposed
Supply Side 0.4203 WELL / sec 0.1681 WELL / sec
-150.00% 36,315.24 WELL / day 14,526.10 WELL / day
1,016,826.86 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 0.0163 GLMR / sec 0.0065 GLMR / sec
-150.00% 1,407.90 GLMR / day 563.16 GLMR / day
39,421.33 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

USDC.wh Market
Latest price $1.00
Supplied 1,779,243.28 USDC.wh
Borrowed 1,460,859.67 USDC.wh
Supplied TVL $1,779,766.91
Borrowed TVL $1,461,289.60
Utilization 82.11%
WELL Incentive Share 11%
GLMR Incentive Share 11%
Estimated APRs Current Proposed
Supply Side 20.30% 21.21%
Borrow Side -16.41% -16.41%

WELL Incentives

Current Proposed
Supply Side 0.2802 WELL / sec 0.3082 WELL / sec
+9.09% 24,210.16 WELL / day 26,631.18 WELL / day
677,884.57 WELL / cycle* 745,673.03 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 0.0119 GLMR / sec
+9.09% 938.60 GLMR / day 1,032.46 GLMR / day
26,280.89 GLMR / cycle* 28,908.98 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: d06f5f90b8e8efe22e1fbe9c4131fff1e43a665e8f5784af59d4c60468377569

Proposal Config 
{
  "_meta": {
    "generatedAt": "2023-12-18T16:14:05.773Z",
    "generatorVersion": "1.0.22"
  },
  "snapshotBlock": 5108722,
  "safetyModuleInfo": {
    "totalStaked": "411689893.224485539343615013",
    "stakedTVL": "2493376.565778350340339274047461306052646156165010526",
    "govTokenPrice": "0.006056443470713929723098502",
    "emissions": {
      "emissionsPerSecond": "2.802102232142857142",
      "lastUpdateTimestamp": 1702915363,
      "emissionAPR": "21.479181990230149033",
      "emissionsPerYear": "88427621.4010714285443792"
    }
  },
  "dexInfo": {
    "govTokenTotal": "33934004.525187223289816079",
    "nativeAssetTotal": "648776.477620338987470312",
    "govTokenPrice": "0.006056443470713929723098502",
    "nextFreeSlot": 21,
    "emissionsPerYear": "11288664.3482142857044344",
    "poolTVL": "411038.760283494206909224799165131663869909580413658",
    "currentPoolAPR": "16.633262867392163498",
    "currentPoolRewardInfo": {
      "startTimestamp": 1701401400,
      "endTimestamp": 1703820600,
      "rewardPerSec": "0.357716187169312169"
    }
  },
  "marketData": {
    "assets": {
      "GLMR": {
        "price": "0.31677995",
        "totalSuppliedUnderlying": "20011173.39057658499319269493247696442922459",
        "totalSuppliedTVL": "6339138.5061081810653143322410753061680415441589705",
        "totalBorrows": "6291548.660308685992405404",
        "totalBorrowedTVL": "1993036.4700351525332398842588498",
        "utilization": "0.31440178631760916647",
        "baseSupplyAPR": "502171522",
        "baseBorrowAPR": "2129638125",
        "govSupplySpeed": "616462491071428571",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "23899618882275132",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcDOT": {
        "price": "6.58995",
        "totalSuppliedUnderlying": "843430.5686847002998356351684122933",
        "totalSuppliedTVL": "5558165.276103740740901843978078592232335",
        "totalBorrows": "518318.4821842908",
        "totalBorrowedTVL": "3415692.88167036715746",
        "utilization": "0.61453604058077936387",
        "baseSupplyAPR": "2244999212",
        "baseBorrowAPR": "4870881586",
        "govSupplySpeed": "588441468750000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "22813272569444444",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcUSDT": {
        "price": "0.99905727",
        "totalSuppliedUnderlying": "1346544.059828996131693490652904",
        "totalSuppliedTVL": "1345274.63234747354217025924846078781208",
        "totalBorrows": "1111354.149792",
        "totalBorrowedTVL": "1110306.44289436658784",
        "utilization": "0.82533812516549663593",
        "baseSupplyAPR": "3411419188",
        "baseBorrowAPR": "4862775895",
        "govSupplySpeed": "168126133928571428",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "6518077876984126",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "FRAX": {
        "price": "0.99923619",
        "totalSuppliedUnderlying": "3576849.941402993579779544993042680070291704",
        "totalSuppliedTVL": "3574117.90764925055925337357878154414082721449356776",
        "totalBorrows": "3257971.830403426181955708",
        "totalBorrowedTVL": "3255483.35893964574100366841067252",
        "utilization": "0.91084945798019981802",
        "baseSupplyAPR": "7785518615",
        "baseBorrowAPR": "10055924814",
        "govSupplySpeed": "448336357142857142",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "17381541005291005",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "ETH.wh": {
        "price": "2150.09449216",
        "totalSuppliedUnderlying": "1024.491294031881408473999997173777062428",
        "totalSuppliedTVL": "2202753.08856381929580225054448719362831018727656448",
        "totalBorrows": "143.308710889881872559",
        "totalBorrowedTVL": "308127.26996288482646213294463744",
        "utilization": "0.139882800102567013",
        "baseSupplyAPR": "153788660",
        "baseBorrowAPR": "1465881056",
        "govSupplySpeed": "280210223214285714",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "10863463128306878",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "BTC.wh": {
        "price": "41167.59318549",
        "totalSuppliedUnderlying": "138.71285534999999319849340208",
        "totalSuppliedTVL": "5710474.3986465198088698433284033345918192",
        "totalBorrows": "0.62617489",
        "totalBorrowedTVL": "25778.1131344889503461",
        "utilization": "0.00451418066782661778",
        "baseSupplyAPR": "2219850",
        "baseBorrowAPR": "655667398",
        "govSupplySpeed": "420315334821428571",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "16295194692460317",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "USDC.wh": {
        "price": "1.0002943",
        "totalSuppliedUnderlying": "1779243.280598992675352670721725",
        "totalSuppliedTVL": "1779766.9118964729588970270127184036675",
        "totalBorrows": "1460859.672246",
        "totalBorrowedTVL": "1461289.6032475419978",
        "utilization": "0.82105673135052842907",
        "baseSupplyAPR": "3364222490",
        "baseBorrowAPR": "4820505894",
        "govSupplySpeed": "280210223214285714",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "10863463128306878",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      }
    },
    "totalTVL": "26509690.72131545797120892993200516224091314592910274",
    "govRewardSplits": {
      "GLMR": 0.25,
      "xcDOT": 0.25,
      "xcUSDT": 0.06,
      "FRAX": 0.2,
      "ETH.wh": 0.07,
      "BTC.wh": 0.06,
      "USDC.wh": 0.11
    },
    "nativeRewardSplits": {
      "GLMR": 0.25,
      "xcDOT": 0.25,
      "xcUSDT": 0.06,
      "FRAX": 0.2,
      "ETH.wh": 0.07,
      "BTC.wh": 0.06,
      "USDC.wh": 0.11
    }
  },
  "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": "M12",
    "componentSplits": {
      "ALL_MARKETS": 0.47,
      "SAFETY_MODULE": 0.47,
      "DEX_REWARDER": 0.06
    },
    "emissionAmounts": {
      "0": 14423076,
      "1": 262808.9
    },
    "submitterWallet": "0x9F94Ff95cbC403cbfC18802eDEAeF71dA8155f36"
  }
}
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