MIP-M15 Rebalancing of Moonbeam Token Liquidity Incentives

Proposals
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1

MIP-M15 Rebalancing of Moonbeam Token Liquidity Incentives

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

  • Submitter: Curly
  • Generator Version: 1.0.24
  • Generated At: Tue, 16 Jan 2024 22:15:10 GMT
  • Network: Moonbeam
  • Block Height: 5,315,079

The submitter (Curly), as part of this proposal, will get 80,000 WELL sent to their wallet at 0x9F94Ff95cbC403cbfC18802eDEAeF71dA8155f36.

Safety Module

At the time this proposal was generated there was 394,443,502 WELL staked in the Safety Module, with a valuation of $2,715,598.74 (based on a WELL price of $0.006885 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 = ~22.42%):
    • 2.8021 WELL / second
    • 242,101.63 WELL / day
    • 6,778,845.72 WELL / reward cycle (28 days)


  • Proposed (estimated APR = ~22.42%):
    • 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 23,447,373 WELL and 385,952 GLMR provided by liquidity providers in the StellaSwap WELL/GLMR pool totaling $322,853.11.

This proposal, if executed, would adjust the rewards on the Dex Rewarder to decrease emissions -16.67% and emits 721,154 WELL over the next 28 days:

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

Proposed rewards will expire at Fri, 23 Feb 2024 03:30:00 GMT

  • Current (estimated APR = ~24.07%) days:
    • 0.3577 WELL / second
    • 30,906.68 WELL / day
    • 865,387.00 WELL / reward cycle (28 days)


  • Proposed (estimated APR = ~20.06%):
    • 0.2981 WELL / second
    • 25,755.49 WELL / day
    • 721,153.80 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 $0.4183
Supplied 21,150,254.87 GLMR
Borrowed 6,018,572.19 GLMR
Supplied TVL $8,846,216.77
Borrowed TVL $2,517,302.72
Utilization 28.46%
WELL Incentive Share 28%
GLMR Incentive Share 28%
Estimated APRs Current Proposed
Supply Side 7.12% 5.13%
Borrow Side -6.47% -6.47%

WELL Incentives

Current Proposed
Supply Side 0.7005 WELL / sec 0.8013 WELL / sec
+12.57% 60,525.41 WELL / day 69,230.76 WELL / day
1,694,711.43 WELL / cycle* 1,938,461.41 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 0.0272 GLMR / sec 0.0122 GLMR / sec
-123.21% 2,346.51 GLMR / day 1,051.24 GLMR / day
65,702.22 GLMR / cycle* 29,434.65 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 $7.48
Supplied 959,577.64 xcDOT
Borrowed 521,681.12 xcDOT
Supplied TVL $7,181,447.71
Borrowed TVL $3,904,244.45
Utilization 54.37%
WELL Incentive Share 25%
GLMR Incentive Share 25%
Estimated APRs Current Proposed
Supply Side 11.33% 8.39%
Borrow Side -10.69% -10.69%

WELL Incentives

Current Proposed
Supply Side 0.7005 WELL / sec 0.7154 WELL / sec
+2.08% 60,525.41 WELL / day 61,813.18 WELL / day
1,694,711.43 WELL / cycle* 1,730,769.12 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 0.0272 GLMR / sec 0.0109 GLMR / sec
-150.00% 2,346.51 GLMR / day 938.61 GLMR / day
65,702.22 GLMR / cycle* 26,280.94 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 $0.9993
Supplied 1,352,956.02 xcUSDT
Borrowed 1,084,308.73 xcUSDT
Supplied TVL $1,351,946.32
Borrowed TVL $1,083,499.52
Utilization 80.14%
WELL Incentive Share 6%
GLMR Incentive Share 6%
Estimated APRs Current Proposed
Supply Side 13.56% 9.80%
Borrow Side -7.10% -7.10%

WELL Incentives

Current Proposed
Supply Side 0.1681 WELL / sec 0.1717 WELL / sec
+2.08% 14,526.10 WELL / day 14,835.16 WELL / day
406,730.74 WELL / cycle* 415,384.59 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 0.0026 GLMR / sec
-150.00% 563.16 GLMR / day 225.27 GLMR / day
15,768.53 GLMR / cycle* 6,307.43 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 $0.9995
Supplied 3,104,236.21 FRAX
Borrowed 3,296,041.54 FRAX
Supplied TVL $3,102,542.94
Borrowed TVL $3,294,243.65
Utilization 106.18%
WELL Incentive Share 16%
GLMR Incentive Share 16%
Estimated APRs Current Proposed
Supply Side 14.12% 7.12%
Borrow Side -1.07% -1.07%

WELL Incentives

Current Proposed
Supply Side 0.5604 WELL / sec 0.4579 WELL / sec
-22.40% 48,420.33 WELL / day 39,560.44 WELL / day
1,355,769.14 WELL / cycle* 1,107,692.24 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 0.0070 GLMR / sec
-212.50% 1,877.21 GLMR / day 600.71 GLMR / day
52,561.78 GLMR / cycle* 16,819.80 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 $2,577.80
Supplied 857.37 ETH.wh
Borrowed 82.26 ETH.wh
Supplied TVL $2,210,117.48
Borrowed TVL $212,039.30
Utilization 9.59%
WELL Incentive Share 4%
GLMR Incentive Share 4%
Estimated APRs Current Proposed
Supply Side 6.74% 2.44%
Borrow Side -3.87% -3.87%

WELL Incentives

Current Proposed
Supply Side 0.1961 WELL / sec 0.1145 WELL / sec
-71.35% 16,947.11 WELL / day 9,890.11 WELL / day
474,519.20 WELL / cycle* 276,923.06 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 0.0076 GLMR / sec 0.0017 GLMR / sec
-337.50% 657.02 GLMR / day 150.18 GLMR / day
18,396.62 GLMR / cycle* 4,204.95 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 $43,265.74
Supplied 136.46 BTC.wh
Borrowed 1.51 BTC.wh
Supplied TVL $5,904,159.30
Borrowed TVL $65,195.62
Utilization 1.10%
WELL Incentive Share 10%
GLMR Incentive Share 10%
Estimated APRs Current Proposed
Supply Side 2.09% 2.04%
Borrow Side -2.19% -2.19%

WELL Incentives

Current Proposed
Supply Side 0.1681 WELL / sec 0.2862 WELL / sec
+41.25% 14,526.10 WELL / day 24,725.27 WELL / day
406,730.74 WELL / cycle* 692,307.65 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 0.0043 GLMR / sec
-50.00% 563.16 GLMR / day 375.44 GLMR / day
15,768.53 GLMR / cycle* 10,512.38 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 2,665,760.91 USDC.wh
Borrowed 2,131,344.04 USDC.wh
Supplied TVL $2,666,560.64
Borrowed TVL $2,131,983.45
Utilization 79.95%
WELL Incentive Share 11%
GLMR Incentive Share 11%
Estimated APRs Current Proposed
Supply Side 12.33% 8.84%
Borrow Side -6.18% -6.18%

WELL Incentives

Current Proposed
Supply Side 0.3082 WELL / sec 0.3148 WELL / sec
+2.08% 26,631.18 WELL / day 27,197.80 WELL / day
745,673.03 WELL / cycle* 761,538.41 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 0.0119 GLMR / sec 0.0048 GLMR / sec
-150.00% 1,032.46 GLMR / day 412.99 GLMR / day
28,908.98 GLMR / cycle* 11,563.61 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 0.0602 xcUSDC
Borrowed 0.0302 xcUSDC
Supplied TVL $0.0602
Borrowed TVL $0.0302
Utilization 50.18%
WELL Incentive Share 0%
GLMR Incentive Share 0%
Estimated APRs Current Proposed
Supply Side 1.86% 1.52%
Borrow Side -3.83% -3.83%

WELL Incentives

Current Proposed
Supply Side 0 WELL / sec 0 WELL / sec
+0% 0.0000 WELL / day 0 WELL / day
0.0007 WELL / cycle* 0 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
+0% 0.0000 GLMR / day 0 GLMR / day
0.0000 GLMR / cycle* 0 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: cebd2a716e1f413321f766564a9381c9213b03791dea78ad827f3cb15dcf9064

Proposal Config 
{
  "_meta": {
    "generatedAt": "2024-01-16T20:15:47.906Z",
    "generatorVersion": "1.0.24"
  },
  "snapshotBlock": 5315079,
  "safetyModuleInfo": {
    "totalStaked": "394443501.543324438121085717",
    "stakedTVL": "2715598.739148748006056781095056733936170752104859362",
    "govTokenPrice": "0.006884632979180860330548186",
    "emissions": {
      "emissionsPerSecond": "2.802102232142857142",
      "lastUpdateTimestamp": 1705436076,
      "emissionAPR": "22.418323804317718166",
      "emissionsPerYear": "88427621.4010714285443792"
    }
  },
  "dexInfo": {
    "govTokenTotal": "23447372.985234658426278314",
    "nativeAssetTotal": "385951.748497691864887894",
    "govTokenPrice": "0.006884632979180860330548186",
    "nextFreeSlot": 22,
    "emissionsPerYear": "11288664.3482142857044344",
    "poolTVL": "322853.114658601818186130083139815229005951423838404",
    "currentPoolAPR": "24.072343531454490015",
    "currentPoolRewardInfo": {
      "startTimestamp": 1703820600,
      "endTimestamp": 1706239800,
      "rewardPerSec": "0.357716187169312169"
    }
  },
  "marketData": {
    "assets": {
      "GLMR": {
        "price": "0.4182558",
        "totalSuppliedUnderlying": "21150254.867823527040206790902565279021934128",
        "totalSuppliedTVL": "8846216.7699454235610233234943851628295422762539424",
        "totalBorrows": "6018572.186852749126127007",
        "totalBorrowedTVL": "2517302.7248698460679475522143906",
        "utilization": "0.28456263172549144792",
        "baseSupplyAPR": "424220802",
        "baseBorrowAPR": "1987709117",
        "govSupplySpeed": "700525558035714285",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "27158657820767195",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcDOT": {
        "price": "7.48396735",
        "totalSuppliedUnderlying": "959577.6371488991998924905588405024",
        "totalSuppliedTVL": "7181447.70621250870043652285254557381919664",
        "totalBorrows": "521681.1180881482",
        "totalBorrowedTVL": "3904244.45488319555076127",
        "utilization": "0.54365701939258313999",
        "baseSupplyAPR": "1312965743",
        "baseBorrowAPR": "3220083488",
        "govSupplySpeed": "700525558035714285",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "27158657820767195",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcUSDT": {
        "price": "0.99925371",
        "totalSuppliedUnderlying": "1352956.018607997047506639876662",
        "totalSuppliedTVL": "1351946.32106087008539005614638844591602",
        "totalBorrows": "1084308.727457",
        "totalBorrowedTVL": "1083499.51869678611547",
        "utilization": "0.80143678918151558007",
        "baseSupplyAPR": "1395108613",
        "baseBorrowAPR": "2175949234",
        "govSupplySpeed": "168126133928571428",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "6518077876984126",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "FRAX": {
        "price": "0.99945453",
        "totalSuppliedUnderlying": "3104236.21000355802874512099915248183937684",
        "totalSuppliedTVL": "3102542.9422780873879471813980010741351079151150852",
        "totalBorrows": "3296041.541495758911066427",
        "totalBorrowedTVL": "3294243.64971611921945320759606431",
        "utilization": "1.06178825273479463663",
        "baseSupplyAPR": "303870226",
        "baseBorrowAPR": "336690845",
        "govSupplySpeed": "560420446428571428",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "21726926256613756",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "ETH.wh": {
        "price": "2577.8003",
        "totalSuppliedUnderlying": "857.365668979895254739999997870587689188",
        "totalSuppliedTVL": "2210117.4787060746816373484165108003063651331564",
        "totalBorrows": "82.255908083921283497",
        "totalBorrowedTVL": "212039.3045355047097749516491",
        "utilization": "0.09594028669446308156",
        "baseSupplyAPR": "86678479",
        "baseBorrowAPR": "1204617064",
        "govSupplySpeed": "196147156250000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "7604424189814814",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "BTC.wh": {
        "price": "43265.735",
        "totalSuppliedUnderlying": "136.46270661999999915325099862",
        "totalSuppliedTVL": "5904159.3020036656633647820947782857",
        "totalBorrows": "1.50686489",
        "totalBorrowedTVL": "65195.61701154415",
        "utilization": "0.01104232011311399277",
        "baseSupplyAPR": "5687222",
        "baseBorrowAPR": "686718290",
        "govSupplySpeed": "168126133928571428",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "6518077876984126",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "USDC.wh": {
        "price": "1.0003",
        "totalSuppliedUnderlying": "2665760.909252990526166961245957",
        "totalSuppliedTVL": "2666560.6375257664233248113343307871",
        "totalBorrows": "2131344.043994",
        "totalBorrowedTVL": "2131983.4472071982",
        "utilization": "0.79952558258169266379",
        "baseSupplyAPR": "1216212246",
        "baseBorrowAPR": "1901459242",
        "govSupplySpeed": "308231245535714285",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "11949809441137566",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcUSDC": {
        "price": "1.0003",
        "totalSuppliedUnderlying": "0.060162",
        "totalSuppliedTVL": "0.0601800486",
        "totalBorrows": "0.030188",
        "totalBorrowedTVL": "0.0301970564",
        "utilization": "0.50177853129882650178",
        "baseSupplyAPR": "479036708",
        "baseBorrowAPR": "1193346963",
        "govSupplySpeed": "280210223",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "10863463",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      }
    },
    "totalTVL": "31262991.2179124451031240257369401298062319645254276",
    "govRewardSplits": {
      "GLMR": 0.28,
      "xcDOT": 0.25,
      "xcUSDT": 0.06,
      "FRAX": 0.16,
      "ETH.wh": 0.04,
      "BTC.wh": 0.1,
      "USDC.wh": 0.11,
      "xcUSDC": 0
    },
    "nativeRewardSplits": {
      "GLMR": 0.28,
      "xcDOT": 0.25,
      "xcUSDT": 0.06,
      "FRAX": 0.16,
      "ETH.wh": 0.04,
      "BTC.wh": 0.1,
      "USDC.wh": 0.11,
      "xcUSDC": 0
    }
  },
  "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": 80000
  },
  "responses": {
    "name": "Curly",
    "network": "Moonbeam",
    "mipNumber": "M15",
    "componentSplits": {
      "ALL_MARKETS": 0.48,
      "SAFETY_MODULE": 0.47,
      "DEX_REWARDER": 0.05
    },
    "emissionAmounts": {
      "0": 14423076,
      "1": 105123.76
    },
    "submitterWallet": "0x9F94Ff95cbC403cbfC18802eDEAeF71dA8155f36"
  }
}
1 Like
2

Hey folks, I have just put both the Moonwell Artemis and Apollo Reward Adjustment proposals up for a vote. You will undoubtedly notice that the rewards across all pools are being cut, and I just wanted to provide a bit of context as to why.

As you may know, we have received grant funding from the Moonbeam Foundation in the form of GLMR and MOVR, which we then pass on to the community in the form of boosted Supply-side rewards. With the last tranche of these rewards coming to an end, naturally, we would be applying for a top-up grant, but it seems that the Moonbeam Ecosystem is in the midst of a transition to a new governance mechanism (Gov 2.0), and as a result they have requested that we hold off on requesting more funds until that has been sorted out.

So rather than apply the usual amount of rewards to the adjustment, I have opted to reduce the overall GLMR/MOVR so that we can make the last bit of grant funding last us a few more months (until June), when they will hopefully have the new governance mechanism up and running and we can secure a new tranche of funds.

I understand this may seem abrupt and the sudden drop of rewards, may require you to adjust your positions, but I did my best to spread these reductions out while also taking into consideration the current market dynamics to balance things out.

1 Like