MIP-M26 Rebalancing of Moonbeam Token Liquidity Incentives

Proposals
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1

MIP-M26 Rebalancing of Moonbeam Token Liquidity Incentives

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

  • Submitter: Curly
  • Generator Version: 1.0.31
  • Generated At: Wed, 10 Apr 2024 05:15:55 GMT
  • Network: Moonbeam
  • Block Height: 5,911,629

The submitter (Curly), as part of this proposal, will get 15,000 WELL sent to their wallet at 0x9F94Ff95cbC403cbfC18802eDEAeF71dA8155f36.

Safety Module

At the time this proposal was generated there was 425,686,632 WELL staked in the Safety Module, with a valuation of $19,574,808.72 (based on a WELL price of $0.045984 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 = ~20.77%):
    • 2.8021 WELL / second
    • 242,101.63 WELL / day
    • 6,778,845.72 WELL / reward cycle (28 days)


  • Proposed (estimated APR = ~20.77%):
    • 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 8,776,825 WELL and 911,004 GLMR provided by liquidity providers in the StellaSwap WELL/GLMR pool totaling $807,188.47.

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

Current rewards will expire at Thu, 01 Jan 1970 00:00:00 GMT

Proposed rewards will expire at Thu, 29 Jan 1970 00:00:00 GMT

  • Current (estimated APR = ~0%) days:
    • 0 WELL / second
    • 0 WELL / day
    • 0 WELL / reward cycle (28 days)


  • Proposed (estimated APR = ~53.59%):
    • 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 $0.4430
Supplied 28,243,216.04 GLMR
Borrowed 6,748,574.14 GLMR
Supplied TVL $12,512,342.61
Borrowed TVL $2,989,761.21
Utilization 23.89%
WELL Incentive Share 34%
GLMR Incentive Share 34%
Estimated APRs Current Proposed
Supply Side 13.10% 13.86%
Borrow Side -5.74% -5.74%

WELL Incentives

Current Proposed
Supply Side 0.9158 WELL / sec 0.9730 WELL / sec
+5.88% 79,120.87 WELL / day 84,065.93 WELL / day
2,215,384.47 WELL / cycle* 2,353,846.00 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 0.0139 GLMR / sec 0.0148 GLMR / sec
+5.88% 1,201.41 GLMR / day 1,276.50 GLMR / day
33,639.60 GLMR / cycle* 35,742.08 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 $8.55
Supplied 1,275,258.37 xcDOT
Borrowed 162,393.18 xcDOT
Supplied TVL $10,897,702.08
Borrowed TVL $1,387,728.56
Utilization 12.73%
WELL Incentive Share 31%
GLMR Incentive Share 31%
Estimated APRs Current Proposed
Supply Side 13.47% 13.91%
Borrow Side -3.99% -3.99%

WELL Incentives

Current Proposed
Supply Side 0.8585 WELL / sec 0.8871 WELL / sec
+3.23% 74,175.82 WELL / day 76,648.35 WELL / day
2,076,922.94 WELL / cycle* 2,146,153.71 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 0.0130 GLMR / sec 0.0135 GLMR / sec
+3.23% 1,126.33 GLMR / day 1,163.87 GLMR / day
31,537.13 GLMR / cycle* 32,588.37 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 $1.0000
Supplied 1,049,681.80 xcUSDT
Borrowed 776,729.18 xcUSDT
Supplied TVL $1,049,629.32
Borrowed TVL $776,690.35
Utilization 74.00%
WELL Incentive Share 5%
GLMR Incentive Share 5%
Estimated APRs Current Proposed
Supply Side 26.32% 26.32%
Borrow Side -6.69% -6.69%

WELL Incentives

Current Proposed
Supply Side 0.1431 WELL / sec 0.1431 WELL / sec
+0.00% 12,362.64 WELL / day 12,362.64 WELL / day
346,153.82 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 0.0022 GLMR / sec 0.0022 GLMR / sec
+0.00% 187.72 GLMR / day 187.72 GLMR / day
5,256.19 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 $0.9976
Supplied 3,016,360.69 FRAX
Borrowed 187,104.57 FRAX
Supplied TVL $3,009,083.11
Borrowed TVL $186,653.14
Utilization 6.20%
WELL Incentive Share 12%
GLMR Incentive Share 12%
Estimated APRs Current Proposed
Supply Side 18.99% 18.99%
Borrow Side -0.3498% -0.3498%

WELL Incentives

Current Proposed
Supply Side 0.3434 WELL / sec 0.3434 WELL / sec
+0.00% 29,670.33 WELL / day 29,670.33 WELL / day
830,769.18 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 0.0052 GLMR / sec 0.0052 GLMR / sec
+0.00% 450.53 GLMR / day 450.53 GLMR / day
12,614.85 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 $3,519.48
Supplied 364.81 ETH.wh
Borrowed 91.73 ETH.wh
Supplied TVL $1,283,935.24
Borrowed TVL $322,850.44
Utilization 25.15%
WELL Incentive Share 4%
GLMR Incentive Share 4%
Estimated APRs Current Proposed
Supply Side 16.09% 16.09%
Borrow Side -6.94% -6.94%

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 $69,171.63
Supplied 130.56 BTC.wh
Borrowed 0.2196 BTC.wh
Supplied TVL $9,031,343.19
Borrowed TVL $15,189.75
Utilization 0.1682%
WELL Incentive Share 4%
GLMR Incentive Share 4%
Estimated APRs Current Proposed
Supply Side 4.22% 2.11%
Borrow Side -2.05% -2.05%

WELL Incentives

Current Proposed
Supply Side 0.2289 WELL / sec 0.1145 WELL / sec
-100.00% 19,780.22 WELL / day 9,890.11 WELL / day
553,846.12 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 0.0035 GLMR / sec 0.0017 GLMR / sec
-100.00% 300.35 GLMR / day 150.18 GLMR / day
8,409.90 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

USDC.wh Market
Latest price $1.00
Supplied 1,652,481.89 USDC.wh
Borrowed 1,366,930.85 USDC.wh
Supplied TVL $1,652,516.03
Borrowed TVL $1,366,959.09
Utilization 82.72%
WELL Incentive Share 3%
GLMR Incentive Share 3%
Estimated APRs Current Proposed
Supply Side 26.96% 26.96%
Borrow Side -31.15% -31.15%

WELL Incentives

Current Proposed
Supply Side 0.0859 WELL / sec 0.0859 WELL / sec
+0.00% 7,417.58 WELL / day 7,417.58 WELL / day
207,692.29 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 0.0013 GLMR / sec 0.0013 GLMR / sec
+0.00% 112.63 GLMR / day 112.63 GLMR / day
3,153.71 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 $1.00
Supplied 907,592.36 xcUSDC
Borrowed 400,008.91 xcUSDC
Supplied TVL $907,611.12
Borrowed TVL $400,017.17
Utilization 44.07%
WELL Incentive Share 7%
GLMR Incentive Share 7%
Estimated APRs Current Proposed
Supply Side 32.73% 37.97%
Borrow Side -3.93% -3.93%

WELL Incentives

Current Proposed
Supply Side 0.1717 WELL / sec 0.2003 WELL / sec
+14.29% 14,835.16 WELL / day 17,307.69 WELL / day
415,384.59 WELL / cycle* 484,615.35 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 0.0030 GLMR / sec
+14.29% 225.27 GLMR / day 262.81 GLMR / day
6,307.43 GLMR / cycle* 7,358.66 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: 18b373b6419b8a4d9ad5f0f494b5f7da6d08a52437aad9e0796698def154a5dc

Proposal Config 
{
  "_meta": {
    "generatedAt": "2024-04-10T05:13:48.729Z",
    "generatorVersion": "1.0.31"
  },
  "snapshotBlock": 5911629,
  "safetyModuleInfo": {
    "totalStaked": "425686632.348815450274198442",
    "stakedTVL": "19574808.721099525849560379668502173323547422371886327",
    "govTokenPrice": "0.0459840813254844418430460935",
    "emissions": {
      "emissionsPerSecond": "2.802102232142857142",
      "lastUpdateTimestamp": 1712725014,
      "emissionAPR": "20.772938279305000668",
      "emissionsPerYear": "88427621.4010714285443792"
    }
  },
  "dexInfo": {
    "govTokenTotal": "8776825.014685259663896557",
    "nativeAssetTotal": "911004.400206954356003262",
    "govTokenPrice": "0.0459840813254844418430460935",
    "nextFreeSlot": 11,
    "emissionsPerYear": "0",
    "poolTVL": "807188.4705096663218827302823723640286507523669500795",
    "currentPoolAPR": "0",
    "currentPoolRewardInfo": {
      "startTimestamp": 0,
      "endTimestamp": 0,
      "rewardPerSec": "0"
    }
  },
  "marketData": {
    "assets": {
      "GLMR": {
        "price": "0.44302117",
        "totalSuppliedUnderlying": "28243216.037689997388732366979683636320390844",
        "totalSuppliedTVL": "12512342.61358018674045315803620881079251404656616748",
        "totalBorrows": "6748574.135275346734522212",
        "totalBorrowedTVL": "2989761.20924142238248370975122804",
        "utilization": "0.23894496031434634796",
        "baseSupplyAPR": "296174921",
        "baseBorrowAPR": "1770730086",
        "govSupplySpeed": "915750857142857142",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "13905259259259259",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcDOT": {
        "price": "8.5454856",
        "totalSuppliedUnderlying": "1275258.3749977523995586448942041256",
        "totalSuppliedTVL": "10897702.07982269316279384629893487877539136",
        "totalBorrows": "162393.1775034501",
        "totalBorrowedTVL": "1387728.55989397677986856",
        "utilization": "0.12734139268345233378",
        "baseSupplyAPR": "118417104",
        "baseBorrowAPR": "1239891199",
        "govSupplySpeed": "858516428571428571",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "13036180555555555",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcUSDT": {
        "price": "0.99995",
        "totalSuppliedUnderlying": "1049681.799695999762945407280988",
        "totalSuppliedTVL": "1049629.3156060149629572600106239506",
        "totalBorrows": "776729.184453",
        "totalBorrowedTVL": "776690.34799377735",
        "utilization": "0.73996632567883899523",
        "baseSupplyAPR": "1139427302",
        "baseBorrowAPR": "2053115597",
        "govSupplySpeed": "143086071428571428",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "2172696759259259",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "FRAX": {
        "price": "0.9975873",
        "totalSuppliedUnderlying": "3016360.687312830565212046989367144251233444",
        "totalSuppliedTVL": "3009083.1138825508989073598835958981422984930696612",
        "totalBorrows": "187104.568776701447697099",
        "totalBorrowedTVL": "186653.1415836139001142402092427",
        "utilization": "0.06202990562888760964",
        "baseSupplyAPR": "5838791",
        "baseBorrowAPR": "110739589",
        "govSupplySpeed": "343406571428571428",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "5214472222222222",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "ETH.wh": {
        "price": "3519.4812",
        "totalSuppliedUnderlying": "364.808096774907892850999999752520743242",
        "totalSuppliedTVL": "1283935.2382070689606207089003290014084502460504",
        "totalBorrows": "91.732396010526157183",
        "totalBorrowedTVL": "322850.4431900018123138134596",
        "utilization": "0.25145383784375386655",
        "baseSupplyAPR": "401553470",
        "baseBorrowAPR": "2129236255",
        "govSupplySpeed": "114468857142857142",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "1738157407407407",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "BTC.wh": {
        "price": "69171.62517032",
        "totalSuppliedUnderlying": "130.56427642999999782973147354",
        "totalSuppliedTVL": "9031343.1898500061614365989687661670733328",
        "totalBorrows": "0.2195951",
        "totalBorrowedTVL": "15189.749946438937432",
        "utilization": "0.00168189267389485738",
        "baseSupplyAPR": "810078",
        "baseBorrowAPR": "642195709",
        "govSupplySpeed": "228937714285714285",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "3476314814814814",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "USDC.wh": {
        "price": "1.00002066",
        "totalSuppliedUnderlying": "1652481.890109994594150035573152",
        "totalSuppliedTVL": "1652516.03038584426663835071288694132032",
        "totalBorrows": "1366930.853628",
        "totalBorrowedTVL": "1366959.09441943595448",
        "utilization": "0.82719868932240619949",
        "baseSupplyAPR": "5336625698",
        "baseBorrowAPR": "8601924814",
        "govSupplySpeed": "85851642857142857",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "1303618055555555",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcUSDC": {
        "price": "1.00002066",
        "totalSuppliedUnderlying": "907592.364566999130757142936685",
        "totalSuppliedTVL": "907611.1154252510849591843792580719121",
        "totalBorrows": "400008.907849",
        "totalBorrowedTVL": "400017.17203303616034",
        "utilization": "0.4407363079126819279",
        "baseSupplyAPR": "404222392",
        "baseBorrowAPR": "1222869956",
        "govSupplySpeed": "171703285714285714",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "2607236111111111",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      }
    },
    "totalTVL": "40344162.69675961623876646719060372002440694568622868",
    "govRewardSplits": {
      "GLMR": 0.34,
      "xcDOT": 0.31,
      "xcUSDT": 0.05,
      "FRAX": 0.12,
      "ETH.wh": 0.04,
      "BTC.wh": 0.04,
      "USDC.wh": 0.03,
      "xcUSDC": 0.07
    },
    "nativeRewardSplits": {
      "GLMR": 0.34,
      "xcDOT": 0.31,
      "xcUSDT": 0.05,
      "FRAX": 0.12,
      "ETH.wh": 0.04,
      "BTC.wh": 0.04,
      "USDC.wh": 0.03,
      "xcUSDC": 0.07
    }
  },
  "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": 15000
  },
  "responses": {
    "name": "Curly",
    "network": "Moonbeam",
    "mipNumber": "M26",
    "componentSplits": {
      "ALL_MARKETS": 0.48,
      "SAFETY_MODULE": 0.47,
      "DEX_REWARDER": 0.05
    },
    "emissionAmounts": {
      "0": 14423076,
      "1": 105123.76
    },
    "submitterWallet": "0x9F94Ff95cbC403cbfC18802eDEAeF71dA8155f36"
  }
}
3 Likes
2

Hey folks,

Just a couple of notes about this month’s Reward Speed adjustment:

  1. Since we upgraded the governer to manage multichain governance, we also needed to deploy a new dex rewarder contract, which is why you will see that the “current rewards” in the description are 0, but provided this passes, the rewards will be sent to the new rewarder and everything should be successfully transitioned :crossed_fingers:

  2. We are continuing to prioritize xcUSDC over USDC.wh

4 Likes