MIP-M20 Rebalancing of Moonbeam Token Liquidity Incentives

Proposals
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1

MIP-M20 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: Wed, 13 Mar 2024 06:36:29 GMT
  • Network: Moonbeam
  • Block Height: 5,712,835

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 431,432,731 WELL staked in the Safety Module, with a valuation of $7,006,397.86 (based on a WELL price of $0.016240 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 = ~20.50%):
    • 2.8021 WELL / second
    • 242,101.63 WELL / day
    • 6,778,845.72 WELL / reward cycle (28 days)


  • Proposed (estimated APR = ~20.50%):
    • 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 17,656,518 WELL and 410,930 GLMR provided by liquidity providers in the StellaSwap WELL/GLMR pool totaling $573,478.00.

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, 22 Mar 2024 03:30:00 GMT

Proposed rewards will expire at Fri, 19 Apr 2024 03:30:00 GMT

  • Current (estimated APR = ~26.64%) days:
    • 0.2981 WELL / second
    • 25,755.57 WELL / day
    • 721,156.00 WELL / reward cycle (28 days)


  • Proposed (estimated APR = ~26.64%):
    • 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 $0.6978
Supplied 19,362,669.87 GLMR
Borrowed 6,142,574.64 GLMR
Supplied TVL $13,510,910.31
Borrowed TVL $4,286,174.15
Utilization 31.72%
WELL Incentive Share 32%
GLMR Incentive Share 32%
Estimated APRs Current Proposed
Supply Side 6.53% 7.25%
Borrow Side -6.99% -6.99%

WELL Incentives

Current Proposed
Supply Side 0.8013 WELL / sec 0.9158 WELL / sec
+12.50% 69,230.76 WELL / day 79,120.87 WELL / day
1,938,461.41 WELL / cycle* 2,215,384.47 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 0.0139 GLMR / sec
+12.50% 1,051.24 GLMR / day 1,201.41 GLMR / day
29,434.65 GLMR / cycle* 33,639.60 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 $10.94
Supplied 809,012.10 xcDOT
Borrowed 517,814.48 xcDOT
Supplied TVL $8,847,599.02
Borrowed TVL $5,662,974.54
Utilization 64.01%
WELL Incentive Share 30%
GLMR Incentive Share 30%
Estimated APRs Current Proposed
Supply Side 18.52% 19.89%
Borrow Side -25.87% -25.87%

WELL Incentives

Current Proposed
Supply Side 0.7154 WELL / sec 0.8585 WELL / sec
+16.67% 61,813.18 WELL / day 74,175.82 WELL / day
1,730,769.12 WELL / cycle* 2,076,922.94 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 0.0130 GLMR / sec
+16.67% 938.60 GLMR / day 1,126.33 GLMR / day
26,280.94 GLMR / cycle* 31,537.13 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 926,064.01 xcUSDT
Borrowed 749,779.36 xcUSDT
Supplied TVL $926,304.79
Borrowed TVL $749,974.30
Utilization 80.96%
WELL Incentive Share 5%
GLMR Incentive Share 5%
Estimated APRs Current Proposed
Supply Side 24.65% 22.04%
Borrow Side -14.18% -14.18%

WELL Incentives

Current Proposed
Supply Side 0.1717 WELL / sec 0.1431 WELL / sec
-20.00% 14,835.16 WELL / day 12,362.64 WELL / day
415,384.59 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 0.0026 GLMR / sec 0.0022 GLMR / sec
-20.00% 225.27 GLMR / day 187.72 GLMR / day
6,307.43 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

FRAX Market
Latest price $0.9979
Supplied 3,019,372.20 FRAX
Borrowed 3,212,114.76 FRAX
Supplied TVL $3,012,963.31
Borrowed TVL $3,205,296.76
Utilization 106.38%
WELL Incentive Share 12%
GLMR Incentive Share 12%
Estimated APRs Current Proposed
Supply Side 13.83% 10.61%
Borrow Side -1.07% -1.07%

WELL Incentives

Current Proposed
Supply Side 0.4579 WELL / sec 0.3434 WELL / sec
-33.33% 39,560.44 WELL / day 29,670.33 WELL / day
1,107,692.24 WELL / cycle* 830,769.18 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 0.0052 GLMR / sec
-33.33% 600.71 GLMR / day 450.53 GLMR / day
16,819.80 GLMR / cycle* 12,614.85 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 $4,044.19
Supplied 261.24 ETH.wh
Borrowed 14.70 ETH.wh
Supplied TVL $1,056,506.52
Borrowed TVL $59,468.80
Utilization 5.63%
WELL Incentive Share 4%
GLMR Incentive Share 4%
Estimated APRs Current Proposed
Supply Side 9.30% 9.30%
Borrow Side -3.10% -3.10%

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 $72,045.06
Supplied 131.04 BTC.wh
Borrowed 0.1079 BTC.wh
Supplied TVL $9,440,523.28
Borrowed TVL $7,776.53
Utilization 0.0824%
WELL Incentive Share 8%
GLMR Incentive Share 8%
Estimated APRs Current Proposed
Supply Side 2.57% 2.05%
Borrow Side -2.03% -2.03%

WELL Incentives

Current Proposed
Supply Side 0.2862 WELL / sec 0.2289 WELL / sec
-25.00% 24,725.27 WELL / day 19,780.22 WELL / day
692,307.65 WELL / cycle* 553,846.12 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 0.0043 GLMR / sec 0.0035 GLMR / sec
-25.00% 375.44 GLMR / day 300.35 GLMR / day
10,512.38 GLMR / cycle* 8,409.90 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 $0.9999
Supplied 1,894,422.68 USDC.wh
Borrowed 1,524,957.18 USDC.wh
Supplied TVL $1,894,248.67
Borrowed TVL $1,524,817.12
Utilization 80.50%
WELL Incentive Share 3%
GLMR Incentive Share 3%
Estimated APRs Current Proposed
Supply Side 14.11% 10.28%
Borrow Side -10.89% -10.89%

WELL Incentives

Current Proposed
Supply Side 0.1717 WELL / sec 0.0859 WELL / sec
-100.00% 14,835.16 WELL / day 7,417.58 WELL / day
415,384.59 WELL / cycle* 207,692.29 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 0.0013 GLMR / sec
-100.00% 225.27 GLMR / day 112.63 GLMR / day
6,307.43 GLMR / cycle* 3,153.71 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

xcUSDC Market
Latest price $0.9999
Supplied 466,472.44 xcUSDC
Borrowed 371,187.98 xcUSDC
Supplied TVL $466,429.60
Borrowed TVL $371,153.89
Utilization 79.57%
WELL Incentive Share 6%
GLMR Incentive Share 6%
Estimated APRs Current Proposed
Supply Side 30.17% 35.36%
Borrow Side -6.69% -6.69%

WELL Incentives

Current Proposed
Supply Side 0.1431 WELL / sec 0.1717 WELL / sec
+16.67% 12,362.64 WELL / day 14,835.16 WELL / day
346,153.82 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 0.0022 GLMR / sec 0.0026 GLMR / sec
+16.67% 187.72 GLMR / day 225.27 GLMR / day
5,256.19 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

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: 542cc4480228b4e8dfe32612264a604d86d12db6db2bc97623c25e3fa743cd67

Proposal Config 
{
  "_meta": {
    "generatedAt": "2024-03-13T04:01:45.078Z",
    "generatorVersion": "1.0.25"
  },
  "snapshotBlock": 5712835,
  "safetyModuleInfo": {
    "totalStaked": "431432730.603700404296204071",
    "stakedTVL": "7006397.8565235125440579407951445327600465568412723264",
    "govTokenPrice": "0.0162398384719664534789160384",
    "emissions": {
      "emissionsPerSecond": "2.802102232142857142",
      "lastUpdateTimestamp": 1710301122,
      "emissionAPR": "20.496270942942914414",
      "emissionsPerYear": "88427621.4010714285443792"
    }
  },
  "dexInfo": {
    "govTokenTotal": "17656517.915366409426046731",
    "nativeAssetTotal": "410929.570852446721329579",
    "govTokenPrice": "0.0162398384719664534789160384",
    "nextFreeSlot": 24,
    "emissionsPerYear": "9407222.4642857142733584",
    "poolTVL": "573477.9978458646820844618121357567290698611837904704",
    "currentPoolAPR": "26.639517795574628918",
    "currentPoolRewardInfo": {
      "startTimestamp": 1708659000,
      "endTimestamp": 1711078200,
      "rewardPerSec": "0.298096891534391534"
    }
  },
  "marketData": {
    "assets": {
      "GLMR": {
        "price": "0.69778137",
        "totalSuppliedUnderlying": "19362669.865485266069198601922510115588682135",
        "totalSuppliedTVL": "13510910.30559602467257991525157374229432897665482495",
        "totalBorrows": "6142574.643315570574813885",
        "totalBorrowedTVL": "4286174.14994000017802532017032245",
        "utilization": "0.31723799899439259164",
        "baseSupplyAPR": "475917253",
        "baseBorrowAPR": "2143128482",
        "govSupplySpeed": "801282000000000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "12167101851851851",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcDOT": {
        "price": "10.9363",
        "totalSuppliedUnderlying": "809012.098833768699770831935468716",
        "totalSuppliedTVL": "8847599.0164757446313037492958665187908",
        "totalBorrows": "517814.4837765362",
        "totalBorrowedTVL": "5662974.53892533284406",
        "utilization": "0.64005777481324644087",
        "baseSupplyAPR": "3503715416",
        "baseBorrowAPR": "7298748236",
        "govSupplySpeed": "715430357142857142",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "10863483796296296",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcUSDT": {
        "price": "1.00026",
        "totalSuppliedUnderlying": "926064.012104997015869662270675",
        "totalSuppliedTVL": "926304.7887481443150937883828653755",
        "totalBorrows": "749779.360276",
        "totalBorrowedTVL": "749974.30290967176",
        "utilization": "0.80964096485264359324",
        "baseSupplyAPR": "2723588537",
        "baseBorrowAPR": "4204932582",
        "govSupplySpeed": "171703285714285714",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "2607236111111111",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "FRAX": {
        "price": "0.99787741",
        "totalSuppliedUnderlying": "3019372.199162351027561778998063490245770134",
        "totalSuppliedTVL": "3012963.30992613101289418664157999066200936477127294",
        "totalBorrows": "3212114.758179528029637538",
        "totalBorrowedTVL": "3205296.75551496374523710965821658",
        "utilization": "1.06383530956224892828",
        "baseSupplyAPR": "305043037",
        "baseBorrowAPR": "337339962",
        "govSupplySpeed": "457875428571428571",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "6952629629629629",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "ETH.wh": {
        "price": "4044.1905676",
        "totalSuppliedUnderlying": "261.240539054098671181999999288168624476",
        "totalSuppliedTVL": "1056506.5239173252721139383400244182653841056925776",
        "totalBorrows": "14.704748016222642355",
        "totalBorrowedTVL": "59468.803226142421993639250698",
        "utilization": "0.05628815523603527687",
        "baseSupplyAPR": "40901586",
        "baseBorrowAPR": "968861906",
        "govSupplySpeed": "114468857142857142",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "1738157407407407",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "BTC.wh": {
        "price": "72045.06432408",
        "totalSuppliedUnderlying": "131.03636404999999429218687066",
        "totalSuppliedTVL": "9440523.2767758136501042359468713432834928",
        "totalBorrows": "0.10793976",
        "totalBorrowedTVL": "7776.5269523257574208",
        "utilization": "0.0008237389733953016",
        "baseSupplyAPR": "394229",
        "baseBorrowAPR": "638113927",
        "govSupplySpeed": "286172142857142857",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "4345393518518518",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "USDC.wh": {
        "price": "0.99990815",
        "totalSuppliedUnderlying": "1894422.676470994741780767346218",
        "totalSuppliedTVL": "1894248.6737481608809137347827372498767",
        "totalBorrows": "1524957.18495",
        "totalBorrowedTVL": "1524817.1176325623425",
        "utilization": "0.80497198639468905255",
        "baseSupplyAPR": "1979469571",
        "baseBorrowAPR": "3278738648",
        "govSupplySpeed": "171703285714285714",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "2607236111111111",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcUSDC": {
        "price": "0.99990815",
        "totalSuppliedUnderlying": "466472.44208599888483042790028",
        "totalSuppliedTVL": "466429.596592193285832856225477359282",
        "totalBorrows": "371187.979894",
        "totalBorrowedTVL": "371153.8862780467361",
        "utilization": "0.79573399499035735922",
        "baseSupplyAPR": "1307505755",
        "baseBorrowAPR": "2053930339",
        "govSupplySpeed": "143086071428571428",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "2172696759259259",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      }
    },
    "totalTVL": "39155485.49177953772083640486699599795471524711867549",
    "govRewardSplits": {
      "GLMR": 0.32,
      "xcDOT": 0.3,
      "xcUSDT": 0.05,
      "FRAX": 0.12,
      "ETH.wh": 0.04,
      "BTC.wh": 0.08,
      "USDC.wh": 0.03,
      "xcUSDC": 0.06
    },
    "nativeRewardSplits": {
      "GLMR": 0.32,
      "xcDOT": 0.3,
      "xcUSDT": 0.05,
      "FRAX": 0.12,
      "ETH.wh": 0.04,
      "BTC.wh": 0.08,
      "USDC.wh": 0.03,
      "xcUSDC": 0.06
    }
  },
  "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": "M20",
    "componentSplits": {
      "ALL_MARKETS": 0.48,
      "SAFETY_MODULE": 0.47,
      "DEX_REWARDER": 0.05
    },
    "emissionAmounts": {
      "0": 14423076,
      "1": 105123.76
    },
    "submitterWallet": "0x9F94Ff95cbC403cbfC18802eDEAeF71dA8155f36"
  }
}
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