MIP-M18 Rebalancing of Moonbeam Token Liquidity Incentives

Proposals
,
1

MIP-M18 Rebalancing of Moonbeam Token Liquidity Incentives

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

  • Submitter: Curly
  • Generator Version: 1.0.25
  • Generated At: Tue, 13 Feb 2024 23:02:23 GMT
  • Network: Moonbeam
  • Block Height: 5,514,132

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 421,971,936 WELL staked in the Safety Module, with a valuation of $2,579,031.58 (based on a WELL price of $0.006112 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 = ~20.96%):
    • 2.8021 WELL / second
    • 242,101.63 WELL / day
    • 6,778,845.72 WELL / reward cycle (28 days)


  • Proposed (estimated APR = ~20.96%):
    • 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 24,321,848 WELL and 373,969 GLMR provided by liquidity providers in the StellaSwap WELL/GLMR pool totaling $297,303.25.

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

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

Proposed rewards will expire at Fri, 22 Mar 2024 03:30:00 GMT

  • Current (estimated APR = ~19.34%) days:
    • 0.2981 WELL / second
    • 25,755.57 WELL / day
    • 721,156.00 WELL / reward cycle (28 days)


  • Proposed (estimated APR = ~19.34%):
    • 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 $0.3975
Supplied 19,421,811.64 GLMR
Borrowed 6,329,673.04 GLMR
Supplied TVL $7,720,109.92
Borrowed TVL $2,516,025.41
Utilization 32.59%
WELL Incentive Share 28%
GLMR Incentive Share 28%
Estimated APRs Current Proposed
Supply Side 5.67% 5.67%
Borrow Side -7.13% -7.13%

WELL Incentives

Current Proposed
Supply Side 0.8013 WELL / sec 0.8013 WELL / sec
+0.00% 69,230.76 WELL / day 69,230.76 WELL / day
1,938,461.41 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 0.0122 GLMR / sec 0.0122 GLMR / sec
+0.00% 1,051.24 GLMR / day 1,051.24 GLMR / day
29,434.65 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 $7.31
Supplied 836,605.14 xcDOT
Borrowed 522,611.65 xcDOT
Supplied TVL $6,115,087.89
Borrowed TVL $3,819,981.51
Utilization 62.47%
WELL Incentive Share 25%
GLMR Incentive Share 25%
Estimated APRs Current Proposed
Supply Side 13.49% 13.49%
Borrow Side -20.20% -20.20%

WELL Incentives

Current Proposed
Supply Side 0.7154 WELL / sec 0.7154 WELL / sec
+0.00% 61,813.18 WELL / day 61,813.18 WELL / day
1,730,769.12 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 0.0109 GLMR / sec 0.0109 GLMR / sec
+0.00% 938.60 GLMR / day 938.61 GLMR / day
26,280.94 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 $1.00
Supplied 982,287.96 xcUSDT
Borrowed 802,747.49 xcUSDT
Supplied TVL $982,513.88
Borrowed TVL $802,932.12
Utilization 81.72%
WELL Incentive Share 6%
GLMR Incentive Share 6%
Estimated APRs Current Proposed
Supply Side 19.60% 19.60%
Borrow Side -20.40% -20.40%

WELL Incentives

Current Proposed
Supply Side 0.1717 WELL / sec 0.1717 WELL / sec
+0.00% 14,835.16 WELL / day 14,835.16 WELL / day
415,384.59 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 0.0026 GLMR / sec 0.0026 GLMR / sec
+0.00% 225.27 GLMR / day 225.27 GLMR / day
6,307.43 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 $0.9982
Supplied 3,024,230.75 FRAX
Borrowed 3,216,397.89 FRAX
Supplied TVL $3,018,668.67
Borrowed TVL $3,210,482.39
Utilization 106.35%
WELL Incentive Share 16%
GLMR Incentive Share 16%
Estimated APRs Current Proposed
Supply Side 6.78% 6.78%
Borrow Side -1.07% -1.07%

WELL Incentives

Current Proposed
Supply Side 0.4579 WELL / sec 0.4579 WELL / sec
+0.00% 39,560.44 WELL / day 39,560.44 WELL / day
1,107,692.24 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 0.0070 GLMR / sec 0.0070 GLMR / sec
+0.00% 600.71 GLMR / day 600.71 GLMR / day
16,819.80 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 $2,635.62
Supplied 271.18 ETH.wh
Borrowed 14.83 ETH.wh
Supplied TVL $714,731.45
Borrowed TVL $39,080.05
Utilization 5.47%
WELL Incentive Share 4%
GLMR Incentive Share 4%
Estimated APRs Current Proposed
Supply Side 6.26% 6.26%
Borrow Side -3.07% -3.07%

WELL Incentives

Current Proposed
Supply Side 0.1145 WELL / sec 0.1145 WELL / sec
+0.00% 9,890.11 WELL / day 9,890.11 WELL / day
276,923.06 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 0.0017 GLMR / sec 0.0017 GLMR / sec
+0.00% 150.18 GLMR / day 150.18 GLMR / day
4,204.95 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 $49,495.78
Supplied 130.16 BTC.wh
Borrowed 0.0918 BTC.wh
Supplied TVL $6,442,379.69
Borrowed TVL $4,542.14
Utilization 0.0705%
WELL Incentive Share 10%
GLMR Incentive Share 10%
Estimated APRs Current Proposed
Supply Side 1.70% 1.70%
Borrow Side -2.03% -2.03%

WELL Incentives

Current Proposed
Supply Side 0.2862 WELL / sec 0.2862 WELL / sec
+0.00% 24,725.27 WELL / day 24,725.27 WELL / day
692,307.65 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 0.0043 GLMR / sec 0.0043 GLMR / sec
+0.00% 375.44 GLMR / day 375.44 GLMR / day
10,512.38 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 $1.0000
Supplied 2,008,695.17 USDC.wh
Borrowed 1,626,821.89 USDC.wh
Supplied TVL $2,008,618.84
Borrowed TVL $1,626,760.07
Utilization 80.99%
WELL Incentive Share 6%
GLMR Incentive Share 6%
Estimated APRs Current Proposed
Supply Side 15.10% 12.37%
Borrow Side -14.38% -14.38%

WELL Incentives

Current Proposed
Supply Side 0.3148 WELL / sec 0.1717 WELL / sec
-83.33% 27,197.80 WELL / day 14,835.16 WELL / day
761,538.41 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 0.0048 GLMR / sec 0.0026 GLMR / sec
-83.33% 412.99 GLMR / day 225.27 GLMR / day
11,563.61 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

xcUSDC Market
Latest price $1.0000
Supplied 20,078.28 xcUSDC
Borrowed 16,207.27 xcUSDC
Supplied TVL $20,077.52
Borrowed TVL $16,206.65
Utilization 80.72%
WELL Incentive Share 5%
GLMR Incentive Share 5%
Estimated APRs Current Proposed
Supply Side 7.75% 280.76%
Borrow Side -12.25% -12.25%

WELL Incentives

Current Proposed
Supply Side 0 WELL / sec 0.1431 WELL / sec
+100.00% 0 WELL / day 12,362.64 WELL / day
0 WELL / cycle* 346,153.82 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 0.0022 GLMR / sec
+100.00% 0 GLMR / day 187.72 GLMR / day
0 GLMR / cycle* 5,256.19 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: c3f10998bf1a6f686564b3ca23f706e485cbf26318e6aca36c2f8e0256259459

Proposal Config 
{
  "_meta": {
    "generatedAt": "2024-02-13T22:52:41.227Z",
    "generatorVersion": "1.0.25"
  },
  "snapshotBlock": 5514132,
  "safetyModuleInfo": {
    "totalStaked": "421971935.905401649604097557",
    "stakedTVL": "2579031.58205728842331285593590071257661965962127119",
    "govTokenPrice": "0.00611185570083850289624467",
    "emissions": {
      "emissionsPerSecond": "2.802102232142857142",
      "lastUpdateTimestamp": 1707861462,
      "emissionAPR": "20.95580626975517054",
      "emissionsPerYear": "88427621.4010714285443792"
    }
  },
  "dexInfo": {
    "govTokenTotal": "24321847.939708406636766841",
    "nativeAssetTotal": "373969.268654004651007968",
    "govTokenPrice": "0.00611185570083850289624467",
    "nextFreeSlot": 23,
    "emissionsPerYear": "9407222.4642857142733584",
    "poolTVL": "297303.24997046804274155836093192677210708927898747",
    "currentPoolAPR": "19.339037246687302849",
    "currentPoolRewardInfo": {
      "startTimestamp": 1706239800,
      "endTimestamp": 1708659000,
      "rewardPerSec": "0.298096891534391534"
    }
  },
  "marketData": {
    "assets": {
      "GLMR": {
        "price": "0.3974969",
        "totalSuppliedUnderlying": "19421811.6371216145503593959277301594092703",
        "totalSuppliedTVL": "7720109.91813976670676275376714536240169077551207",
        "totalBorrows": "6329673.039575419648633242",
        "totalBorrowedTVL": "2516025.4112448066265308029319498",
        "utilization": "0.32590538708949712442",
        "baseSupplyAPR": "533919709",
        "baseBorrowAPR": "2184354643",
        "govSupplySpeed": "801282000000000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "12167101851851851",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcDOT": {
        "price": "7.30940747",
        "totalSuppliedUnderlying": "836605.14456619299965607919592676",
        "totalSuppliedTVL": "6115087.8931325610211478527056186531168972",
        "totalBorrows": "522611.6511401924",
        "totalBorrowedTVL": "3819981.506753156345797228",
        "utilization": "0.62468137392483230903",
        "baseSupplyAPR": "2734230755",
        "baseBorrowAPR": "5836000816",
        "govSupplySpeed": "715430357142857142",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "10863483796296296",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcUSDT": {
        "price": "1.00023",
        "totalSuppliedUnderlying": "982287.95714199633949311016428",
        "totalSuppliedTVL": "982513.8833721389986511935796177844",
        "totalBorrows": "802747.490269",
        "totalBorrowedTVL": "802932.12219176187",
        "utilization": "0.81722216426700774885",
        "baseSupplyAPR": "3849260470",
        "baseBorrowAPR": "5887720377",
        "govSupplySpeed": "171703285714285714",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "2607236111111111",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "FRAX": {
        "price": "0.99816083",
        "totalSuppliedUnderlying": "3024230.747970218147610422988455357601716622",
        "totalSuppliedTVL": "3018668.67350547376149988232680768016167627284031626",
        "totalBorrows": "3216397.890218436961534687",
        "totalBorrowedTVL": "3210482.38771068391882814124971021",
        "utilization": "1.06354248675541580298",
        "baseSupplyAPR": "304875133",
        "baseBorrowAPR": "337247109",
        "govSupplySpeed": "457875428571428571",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "6952629629629629",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "ETH.wh": {
        "price": "2635.62",
        "totalSuppliedUnderlying": "271.181525447257817169999999724426474397",
        "totalSuppliedTVL": "714731.45209930164808959539927369290445022114",
        "totalBorrows": "14.827648952568252978",
        "totalBorrowedTVL": "39080.04813236793891387636",
        "utilization": "0.05467794654563253879",
        "baseSupplyAPR": "39338934",
        "baseBorrowAPR": "959288272",
        "govSupplySpeed": "114468857142857142",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "1738157407407407",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "BTC.wh": {
        "price": "49495.7796865",
        "totalSuppliedUnderlying": "130.1601818699999984304709416",
        "totalSuppliedTVL": "6442379.6857922915060699355138738078084",
        "totalBorrows": "0.09176818",
        "totalBorrowedTVL": "4542.13761951107557",
        "utilization": "0.00070504034860411648",
        "baseSupplyAPR": "337123",
        "baseBorrowAPR": "637549341",
        "govSupplySpeed": "286172142857142857",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "4345393518518518",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "USDC.wh": {
        "price": "0.999962",
        "totalSuppliedUnderlying": "2008695.167199999339729630893226",
        "totalSuppliedTVL": "2008618.836783645739754721167252057412",
        "totalBorrows": "1626821.887225",
        "totalBorrowedTVL": "1626760.06799328545",
        "utilization": "0.80988987965391095045",
        "baseSupplyAPR": "2760223820",
        "baseBorrowAPR": "4260183838",
        "govSupplySpeed": "314789357142857142",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "4779932870370370",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcUSDC": {
        "price": "0.999962",
        "totalSuppliedUnderlying": "20078.281223999985483455893484",
        "totalSuppliedTVL": "20077.518249313473484007522160047608",
        "totalBorrows": "16207.265809",
        "totalBorrowedTVL": "16206.649932899258",
        "utilization": "0.80720384519901630987",
        "baseSupplyAPR": "2366055686",
        "baseBorrowAPR": "3663968682",
        "govSupplySpeed": "0",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "0",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      }
    },
    "totalTVL": "27022187.86107449285545994198174908581311446949238626",
    "govRewardSplits": {
      "GLMR": 0.28,
      "xcDOT": 0.25,
      "xcUSDT": 0.06,
      "FRAX": 0.16,
      "ETH.wh": 0.04,
      "BTC.wh": 0.1,
      "USDC.wh": 0.06,
      "xcUSDC": 0.05
    },
    "nativeRewardSplits": {
      "GLMR": 0.28,
      "xcDOT": 0.25,
      "xcUSDT": 0.06,
      "FRAX": 0.16,
      "ETH.wh": 0.04,
      "BTC.wh": 0.1,
      "USDC.wh": 0.06,
      "xcUSDC": 0.05
    }
  },
  "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": "M18",
    "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. Just a note about this Reward Speed Adjustment:

This month the rewards for each pool are largely not changing, with the exception of the USDC pools. With Native USDC (xcUSDC) increasing in liquidity on Moonbeam I am starting to shift the preference away from the bridged USDC (Wormhole) pool to the xcUSDC pool.