MIP-M28 Rebalancing of Moonbeam Token Liquidity Incentives

Proposals
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1

MIP-M28 Rebalancing of Moonbeam Token Liquidity Incentives

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

  • Submitter: Curly
  • Generator Version: 1.0.37
  • Generated At: Sun, 12 May 2024 01:12:52 GMT
  • Network: Moonbeam
  • Block Height: 6,136,314

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 417,860,762 WELL staked in the Safety Module, with a valuation of $11,423,174.72 (based on a WELL price of $0.027337 pulled from StellaSwap).

This proposal, if executed, would adjust the rewards on the Safety Module to increase emissions +6.38% and emits 7,211,538 WELL over the next 28 days:

  • Current (estimated APR = ~21.16%):
    • 2.8021 WELL / second
    • 242,101.63 WELL / day
    • 6,778,845.72 WELL / reward cycle (28 days)


  • Proposed (estimated APR = ~22.51%):
    • 2.9810 WELL / second
    • 257,554.93 WELL / day
    • 7,211,538.00 WELL / reward cycle (28 days)

DEX Liquidity Pool Rewarder

At the time this proposal was generated there were 5,609,751 WELL and 544,037 GLMR provided by liquidity providers in the StellaSwap WELL/GLMR pool totaling $306,710.64.

This proposal, if executed, would adjust the rewards on the Dex Rewarder to keep emissions the same and emits 0 WELL over the next 28 days:

Current rewards will expire at Fri, 17 May 2024 03:30:00 GMT

Proposed rewards will expire at Fri, 14 Jun 2024 03:30:00 GMT

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


  • Proposed (estimated APR = ~0%):
    • 0 WELL / second
    • 0 WELL / day
    • 0 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 $0.2819
Supplied 23,124,291.26 GLMR
Borrowed 6,757,300.98 GLMR
Supplied TVL $6,518,367.95
Borrowed TVL $1,904,775.10
Utilization 29.22%
WELL Incentive Share 30%
GLMR Incentive Share 30%
Estimated APRs Current Proposed
Supply Side 10.78% 13.14%
Borrow Side -6.59% -6.59%

WELL Incentives

Current Proposed
Supply Side 0.7154 WELL / sec 0.8943 WELL / sec
+20.00% 61,813.18 WELL / day 77,266.48 WELL / day
1,730,769.12 WELL / cycle* 2,163,461.40 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 GLMR / day 0 GLMR / day
0 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

xcDOT Market
Latest price $6.70
Supplied 1,506,248.27 xcDOT
Borrowed 168,673.27 xcDOT
Supplied TVL $10,097,888.37
Borrowed TVL $1,130,785.60
Utilization 11.20%
WELL Incentive Share 38%
GLMR Incentive Share 38%
Estimated APRs Current Proposed
Supply Side 6.91% 9.98%
Borrow Side -3.75% -3.75%

WELL Incentives

Current Proposed
Supply Side 0.7727 WELL / sec 1.1328 WELL / sec
+31.79% 66,758.24 WELL / day 97,870.87 WELL / day
1,869,230.65 WELL / cycle* 2,740,384.44 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 GLMR / day 0 GLMR / day
0 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

xcUSDT Market
Latest price $0.9997
Supplied 1,092,844.22 xcUSDT
Borrowed 800,274.55 xcUSDT
Supplied TVL $1,092,484.47
Borrowed TVL $800,011.11
Utilization 73.23%
WELL Incentive Share 5%
GLMR Incentive Share 5%
Estimated APRs Current Proposed
Supply Side 13.25% 15.98%
Borrow Side -8.39% -8.39%

WELL Incentives

Current Proposed
Supply Side 0.1145 WELL / sec 0.1490 WELL / sec
+23.20% 9,890.11 WELL / day 12,877.75 WELL / day
276,923.06 WELL / cycle* 360,576.90 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 GLMR / day 0 GLMR / day
0 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

FRAX Market
Latest price $0.9983
Supplied 1,326,873.80 FRAX
Borrowed 61,748.61 FRAX
Supplied TVL $1,324,558.26
Borrowed TVL $61,640.85
Utilization 4.65%
WELL Incentive Share 8%
GLMR Incentive Share 8%
Estimated APRs Current Proposed
Supply Side 14.92% 15.54%
Borrow Side -0.5132% -0.5132%

WELL Incentives

Current Proposed
Supply Side 0.2289 WELL / sec 0.2385 WELL / sec
+4.00% 19,780.22 WELL / day 20,604.39 WELL / day
553,846.12 WELL / cycle* 576,923.04 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 GLMR / day 0 GLMR / day
0 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

ETH.wh Market
Latest price $2,920.45
Supplied 328.19 ETH.wh
Borrowed 74.26 ETH.wh
Supplied TVL $958,457.93
Borrowed TVL $216,863.57
Utilization 22.63%
WELL Incentive Share 4%
GLMR Incentive Share 4%
Estimated APRs Current Proposed
Supply Side 11.36% 11.79%
Borrow Side -6.44% -6.44%

WELL Incentives

Current Proposed
Supply Side 0.1145 WELL / sec 0.1192 WELL / sec
+4.00% 9,890.11 WELL / day 10,302.20 WELL / day
276,923.06 WELL / cycle* 288,461.52 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 GLMR / day 0 GLMR / day
0 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

BTC.wh Market
Latest price $60,992.78
Supplied 161.42 BTC.wh
Borrowed 0.1794 BTC.wh
Supplied TVL $9,845,252.66
Borrowed TVL $10,941.78
Utilization 0.1111%
WELL Incentive Share 8%
GLMR Incentive Share 8%
Estimated APRs Current Proposed
Supply Side 6.02% 2.09%
Borrow Side -2.04% -2.04%

WELL Incentives

Current Proposed
Supply Side 0.6868 WELL / sec 0.2385 WELL / sec
-188.00% 59,340.66 WELL / day 20,604.39 WELL / day
1,661,538.36 WELL / cycle* 576,923.04 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 GLMR / day 0 GLMR / day
0 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

USDC.wh Market
Latest price $1.0000
Supplied 1,116,470.76 USDC.wh
Borrowed 835,619.92 USDC.wh
Supplied TVL $1,116,447.67
Borrowed TVL $835,602.64
Utilization 74.84%
WELL Incentive Share 3%
GLMR Incentive Share 3%
Estimated APRs Current Proposed
Supply Side 15.46% 11.31%
Borrow Side -8.58% -8.58%

WELL Incentives

Current Proposed
Supply Side 0.1431 WELL / sec 0.0894 WELL / sec
-60.00% 12,362.64 WELL / day 7,726.65 WELL / day
346,153.82 WELL / cycle* 216,346.14 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 GLMR / sec 0 GLMR / sec
+0% 0 GLMR / day 0 GLMR / day
0 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

xcUSDC Market
Latest price $1.0000
Supplied 572,911.23 xcUSDC
Borrowed 364,991.61 xcUSDC
Supplied TVL $572,899.38
Borrowed TVL $364,984.06
Utilization 63.71%
WELL Incentive Share 4%
GLMR Incentive Share 4%
Estimated APRs Current Proposed
Supply Side 16.09% 21.12%
Borrow Side -7.26% -7.26%

WELL Incentives

Current Proposed
Supply Side 0.0859 WELL / sec 0.1192 WELL / sec
+28.00% 7,417.58 WELL / day 10,302.20 WELL / day
207,692.29 WELL / cycle* 288,461.52 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 GLMR / day 0 GLMR / day
0 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: 7da9af6721ed4b1dfab7e2c1579c92aadda5824f3a894b6f3f10daf08ce8492e

Proposal Config 
{
  "_meta": {
    "generatedAt": "2024-05-12T00:37:51.366Z",
    "generatorVersion": "1.0.37"
  },
  "snapshotBlock": 6136314,
  "safetyModuleInfo": {
    "totalStaked": "417860762.300457630864580202",
    "stakedTVL": "11423174.7233661041251705318322082632788592690713506176",
    "govTokenPrice": "0.0273372753653103498016804288",
    "emissions": {
      "emissionsPerSecond": "2.802102232142857142",
      "lastUpdateTimestamp": 1715471880,
      "emissionAPR": "21.161982502077722549",
      "emissionsPerYear": "88427621.4010714285443792"
    }
  },
  "dexInfo": {
    "addingNewMarket": true,
    "govTokenTotal": "5609751.420612765520958942",
    "nativeAssetTotal": "544036.958024799254569933",
    "govTokenPrice": "0.0273372753653103498016804288",
    "nextFreeSlot": 11,
    "emissionsPerYear": "0",
    "poolTVL": "306710.6386324641866446794912893089382869780097543296",
    "currentPoolAPR": "0",
    "currentPoolRewardInfo": {
      "startTimestamp": 1713497400,
      "endTimestamp": 1715916600,
      "rewardPerSec": "0"
    }
  },
  "marketData": {
    "assets": {
      "GLMR": {
        "price": "0.28188401",
        "totalSuppliedUnderlying": "23124291.262068032331806856984632866477789824",
        "totalSuppliedTVL": "6518367.94935969784649936739232482078055397152631424",
        "totalBorrows": "6757300.976628812956960559",
        "totalBorrowedTVL": "1904775.09606904607784799978276159",
        "utilization": "0.29221656569051966055",
        "baseSupplyAPR": "414035915",
        "baseBorrowAPR": "2024114815",
        "govSupplySpeed": "715430357142857142",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "0",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcDOT": {
        "price": "6.704",
        "totalSuppliedUnderlying": "1506248.2653629403996575557359796536",
        "totalSuppliedTVL": "10097888.3709931524393042536540075977344",
        "totalBorrows": "168673.2694219424",
        "totalBorrowedTVL": "1130785.5982047018496",
        "utilization": "0.11198238251998880764",
        "baseSupplyAPR": "97998852",
        "baseBorrowAPR": "1166836547",
        "govSupplySpeed": "772664785714285714",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "0",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcUSDT": {
        "price": "0.99967081",
        "totalSuppliedUnderlying": "1092844.220026998125490995307896",
        "totalSuppliedTVL": "1092484.46663820743797806492715059371576",
        "totalBorrows": "800274.550943",
        "totalBorrowedTVL": "800011.10856357507383",
        "utilization": "0.73228602602046030858",
        "baseSupplyAPR": "1309319426",
        "baseBorrowAPR": "2554270131",
        "govSupplySpeed": "114468857142857142",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "0",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "FRAX": {
        "price": "0.99825489",
        "totalSuppliedUnderlying": "1326873.804834755744003555997391597758644742",
        "totalSuppliedTVL": "1324558.26408920056340713795178498970748015347428838",
        "totalBorrows": "61748.60619882115457083",
        "totalBorrowedTVL": "61640.8480886575297857768988587",
        "utilization": "0.04653690951907149268",
        "baseSupplyAPR": "6420961",
        "baseBorrowAPR": "162324329",
        "govSupplySpeed": "228937714285714285",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "0",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "ETH.wh": {
        "price": "2920.4467943",
        "totalSuppliedUnderlying": "328.188799360360638344999998726892893698",
        "totalSuppliedTVL": "958457.9270171311167465569037154584325997747723214",
        "totalBorrows": "74.256983559288187405",
        "totalBorrowedTVL": "216863.5695901109908967898857915",
        "utilization": "0.22626300380760985971",
        "baseSupplyAPR": "335909260",
        "baseBorrowAPR": "1979461985",
        "govSupplySpeed": "114468857142857142",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "0",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "BTC.wh": {
        "price": "60992.78176964",
        "totalSuppliedUnderlying": "161.4166852499999989601188247",
        "totalSuppliedTVL": "9845252.657431917822384754408570342942108",
        "totalBorrows": "0.17939466",
        "totalBorrowedTVL": "10941.7793480187661224",
        "utilization": "0.00111137618593862186",
        "baseSupplyAPR": "533028",
        "baseBorrowAPR": "639482065",
        "govSupplySpeed": "686813142857142857",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "0",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "USDC.wh": {
        "price": "0.99997932",
        "totalSuppliedUnderlying": "1116470.759449997287421086241139",
        "totalSuppliedTVL": "1116447.67083469186147718237307553324548",
        "totalBorrows": "835619.923493",
        "totalBorrowedTVL": "835602.64287298216476",
        "utilization": "0.74844765652854915906",
        "baseSupplyAPR": "1367750819",
        "baseBorrowAPR": "2610643144",
        "govSupplySpeed": "143086071428571428",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "0",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcUSDC": {
        "price": "0.99997932",
        "totalSuppliedUnderlying": "572911.22731499944003137148434",
        "totalSuppliedTVL": "572899.3795108185658429516355777038488",
        "totalBorrows": "364991.610738",
        "totalBorrowedTVL": "364984.06271148993816",
        "utilization": "0.63708231456479980564",
        "baseSupplyAPR": "991003564",
        "baseBorrowAPR": "2222192243",
        "govSupplySpeed": "85851642857142857",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "0",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      }
    },
    "totalTVL": "31526356.68587481765364026924620704040718189977292402",
    "govRewardSplits": {
      "GLMR": 0.3,
      "xcDOT": 0.38,
      "xcUSDT": 0.05,
      "FRAX": 0.08,
      "ETH.wh": 0.04,
      "BTC.wh": 0.08,
      "USDC.wh": 0.03,
      "xcUSDC": 0.04
    },
    "nativeRewardSplits": {
      "GLMR": 0.3,
      "xcDOT": 0.38,
      "xcUSDT": 0.05,
      "FRAX": 0.08,
      "ETH.wh": 0.04,
      "BTC.wh": 0.08,
      "USDC.wh": 0.03,
      "xcUSDC": 0.04
    }
  },
  "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": "M28",
    "componentSplits": {
      "ALL_MARKETS": 0.5,
      "SAFETY_MODULE": 0.5,
      "DEX_REWARDER": 0
    },
    "emissionAmounts": {
      "0": 14423076,
      "1": 0
    },
    "submitterWallet": "0x9F94Ff95cbC403cbfC18802eDEAeF71dA8155f36"
  }
}
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