MIP-M34 Rebalancing of Moonbeam Token Liquidity Incentives

Proposals Moonwell Improvement Proposal
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MIP-M34 Rebalancing of Moonbeam Token Liquidity Incentives

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

  • Submitter: Curly
  • Generator Version: 1.0.41
  • Generated At: Thu, 04 Jul 2024 16:03:08 GMT
  • Network: Moonbeam
  • Block Height: 6,515,571

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 403,714,941 WELL staked in the Safety Module, with a valuation of $9,205,775.77 (based on a WELL price of $0.022803 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 = ~21.90%):
    • 2.8021 WELL / second
    • 242,101.63 WELL / day
    • 6,778,845.72 WELL / reward cycle (28 days)


  • Proposed (estimated APR = ~21.90%):
    • 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 7,612,241 WELL and 883,918 GLMR provided by liquidity providers in the StellaSwap WELL/GLMR pool totaling $347,158.72.

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, 12 Jul 2024 03:30:00 GMT

Proposed rewards will expire at Fri, 09 Aug 2024 03:30:00 GMT

  • Current (estimated APR = ~61.79%) days:
    • 0.2981 WELL / second
    • 25,755.57 WELL / day
    • 721,156.00 WELL / reward cycle (28 days)


  • Proposed (estimated APR = ~61.79%):
    • 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 $0.1964
Supplied 24,271,942.95 GLMR
Borrowed 7,832,883.82 GLMR
Supplied TVL $4,766,400.37
Borrowed TVL $1,538,181.78
Utilization 32.27%
WELL Incentive Share 27%
GLMR Incentive Share 27%
Estimated APRs Current Proposed
Supply Side 12.09% 15.82%
Borrow Side -7.08% -7.08%

WELL Incentives

Current Proposed
Supply Side 0.5723 WELL / sec 0.7727 WELL / sec
+25.93% 49,450.55 WELL / day 66,758.24 WELL / day
1,384,615.30 WELL / cycle* 1,869,230.65 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 0.0155 GLMR / sec 0.0209 GLMR / sec
+25.93% 1,339.29 GLMR / day 1,808.04 GLMR / day
37,500.00 GLMR / cycle* 50,625.00 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 $5.76
Supplied 1,221,066.77 xcDOT
Borrowed 79,783.11 xcDOT
Supplied TVL $7,027,790.27
Borrowed TVL $459,187.78
Utilization 6.53%
WELL Incentive Share 33%
GLMR Incentive Share 33%
Estimated APRs Current Proposed
Supply Side 8.43% 12.04%
Borrow Side -3.02% -3.02%

WELL Incentives

Current Proposed
Supply Side 0.6582 WELL / sec 0.9444 WELL / sec
+30.30% 56,868.13 WELL / day 81,593.40 WELL / day
1,592,307.59 WELL / cycle* 2,284,615.24 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 0.0178 GLMR / sec 0.0256 GLMR / sec
+30.30% 1,540.18 GLMR / day 2,209.82 GLMR / day
43,125.00 GLMR / cycle* 61,875.00 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 $0.9992
Supplied 1,010,750.96 xcUSDT
Borrowed 597,737.58 xcUSDT
Supplied TVL $1,009,942.36
Borrowed TVL $597,259.39
Utilization 59.14%
WELL Incentive Share 4%
GLMR Incentive Share 4%
Estimated APRs Current Proposed
Supply Side 11.03% 13.54%
Borrow Side -8.63% -8.63%

WELL Incentives

Current Proposed
Supply Side 0.0859 WELL / sec 0.1145 WELL / sec
+25.00% 7,417.58 WELL / day 9,890.11 WELL / day
207,692.29 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 0.0023 GLMR / sec 0.0031 GLMR / sec
+25.00% 200.89 GLMR / day 267.86 GLMR / day
5,625.00 GLMR / cycle* 7,500.00 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 $0.9967
Supplied 1,234,113.65 FRAX
Borrowed 61,000.49 FRAX
Supplied TVL $1,230,035.84
Borrowed TVL $60,798.93
Utilization 4.94%
WELL Incentive Share 4%
GLMR Incentive Share 4%
Estimated APRs Current Proposed
Supply Side 8.27% 7.24%
Borrow Side -0.3962% -0.3962%

WELL Incentives

Current Proposed
Supply Side 0.1145 WELL / sec 0.1002 WELL / sec
-14.29% 9,890.11 WELL / day 8,653.85 WELL / day
276,923.06 WELL / cycle* 242,307.68 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 0.0031 GLMR / sec 0.0027 GLMR / sec
-14.29% 267.86 GLMR / day 234.37 GLMR / day
7,500.00 GLMR / cycle* 6,562.50 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 $3,122.35
Supplied 366.58 ETH.wh
Borrowed 28.40 ETH.wh
Supplied TVL $1,144,586.76
Borrowed TVL $88,676.81
Utilization 7.75%
WELL Incentive Share 3%
GLMR Incentive Share 3%
Estimated APRs Current Proposed
Supply Side 6.83% 6.83%
Borrow Side -3.51% -3.51%

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 0.0023 GLMR / sec 0.0023 GLMR / sec
+0.00% 200.89 GLMR / day 200.89 GLMR / day
5,625.00 GLMR / cycle* 5,625.00 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 $57,372.72
Supplied 250.80 BTC.wh
Borrowed 2.04 BTC.wh
Supplied TVL $14,388,946.62
Borrowed TVL $117,307.09
Utilization 0.8153%
WELL Incentive Share 24%
GLMR Incentive Share 24%
Estimated APRs Current Proposed
Supply Side 7.42% 4.24%
Borrow Side -2.14% -2.14%

WELL Incentives

Current Proposed
Supply Side 1.2019 WELL / sec 0.6868 WELL / sec
-75.00% 103,846.15 WELL / day 59,340.66 WELL / day
2,907,692.12 WELL / cycle* 1,661,538.36 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 0.0326 GLMR / sec 0.0186 GLMR / sec
-75.00% 2,812.50 GLMR / day 1,607.14 GLMR / day
78,750.00 GLMR / cycle* 45,000.00 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 1,066,464.12 USDC.wh
Borrowed 770,638.96 USDC.wh
Supplied TVL $1,066,410.80
Borrowed TVL $770,600.42
Utilization 72.26%
WELL Incentive Share 3%
GLMR Incentive Share 3%
Estimated APRs Current Proposed
Supply Side 11.24% 11.24%
Borrow Side -8.27% -8.27%

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 0.0023 GLMR / sec 0.0023 GLMR / sec
+0.00% 200.89 GLMR / day 200.89 GLMR / day
5,625.00 GLMR / cycle* 5,625.00 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 467,461.90 xcUSDC
Borrowed 289,363.51 xcUSDC
Supplied TVL $467,438.52
Borrowed TVL $289,349.05
Utilization 61.90%
WELL Incentive Share 3%
GLMR Incentive Share 3%
Estimated APRs Current Proposed
Supply Side 14.68% 17.40%
Borrow Side -9.05% -9.05%

WELL Incentives

Current Proposed
Supply Side 0.0572 WELL / sec 0.0715 WELL / sec
+20.00% 4,945.05 WELL / day 6,181.32 WELL / day
138,461.53 WELL / cycle* 173,076.91 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 0.0016 GLMR / sec 0.0019 GLMR / sec
+20.00% 133.93 GLMR / day 167.41 GLMR / day
3,750.00 GLMR / cycle* 4,687.50 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: e01e069d2bf1709b60bd85c94cdd969a12c4763137e68aee35db01a5755d38a1

Proposal Config 
{
  "_meta": {
    "generatedAt": "2024-07-04T15:09:22.483Z",
    "generatorVersion": "1.0.41"
  },
  "snapshotBlock": 6515571,
  "safetyModuleInfo": {
    "totalStaked": "403714940.612372967947799829",
    "stakedTVL": "9205775.766075986345626488032777562595673244324444873",
    "govTokenPrice": "0.022802663067441229412772837",
    "emissions": {
      "emissionsPerSecond": "2.802102232142857142",
      "lastUpdateTimestamp": 1720105620,
      "emissionAPR": "21.903480031464884057",
      "emissionsPerYear": "88427621.4010714285443792"
    }
  },
  "dexInfo": {
    "govTokenTotal": "7612240.752655718485438795",
    "nativeAssetTotal": "883918.26588353999720441",
    "govTokenPrice": "0.022802663067441229412772837",
    "nextFreeSlot": 2,
    "emissionsPerYear": "9407222.4642857142733584",
    "poolTVL": "347158.722142107157188460422756812142586969602011415",
    "currentPoolAPR": "61.790100772914808405",
    "currentPoolRewardInfo": {
      "startTimestamp": 1718335800,
      "endTimestamp": 1720755000,
      "rewardPerSec": "0.298096891534391534"
    }
  },
  "marketData": {
    "assets": {
      "GLMR": {
        "price": "0.1963749",
        "totalSuppliedUnderlying": "24271942.946090996727464301918739679731813889",
        "totalSuppliedTVL": "4766400.3688443248732561295428623127333669792709861",
        "totalBorrows": "7832883.815311724806198392",
        "totalBorrowedTVL": "1538181.7759434584276447286091608",
        "utilization": "0.32271350640156366052",
        "baseSupplyAPR": "455013834",
        "baseBorrowAPR": "2169172562",
        "govSupplySpeed": "572344285714285714",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "15500992063492063",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcDOT": {
        "price": "5.75545125",
        "totalSuppliedUnderlying": "1221066.7696181199996364262594578402",
        "totalSuppliedTVL": "7027790.26553207077455746906052945070139025",
        "totalBorrows": "79783.1057812759",
        "totalBorrowedTVL": "459187.775897726605249875",
        "utilization": "0.06533885596299332783",
        "baseSupplyAPR": "40133460",
        "baseBorrowAPR": "944978068",
        "govSupplySpeed": "658195928571428571",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "17826140873015873",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcUSDT": {
        "price": "0.9992",
        "totalSuppliedUnderlying": "1010750.96490699722989248215795",
        "totalSuppliedTVL": "1009942.36413507163210856817222364",
        "totalBorrows": "597737.578628",
        "totalBorrowedTVL": "597259.3885650976",
        "utilization": "0.59137967647945797222",
        "baseSupplyAPR": "1086806580",
        "baseBorrowAPR": "2625353713",
        "govSupplySpeed": "85851642857142857",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "2325148809523809",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "FRAX": {
        "price": "0.99669576",
        "totalSuppliedUnderlying": "1234113.645493240257573151997427301428870708",
        "totalSuppliedTVL": "1230035.83782125567338446848567132224239737625179808",
        "totalBorrows": "61000.488245835131288529",
        "totalBorrowedTVL": "60798.92799255371301432019093704",
        "utilization": "0.04942858258524073322",
        "baseSupplyAPR": "5268155",
        "baseBorrowAPR": "125389605",
        "govSupplySpeed": "114468857142857142",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "3100198412698412",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "ETH.wh": {
        "price": "3122.3452",
        "totalSuppliedUnderlying": "366.579184269183655790999999241480757197",
        "totalSuppliedTVL": "1144586.7564228010955774810508316410831264184044",
        "totalBorrows": "28.400707560566523299",
        "totalBorrowedTVL": "88676.8129283385933033208148",
        "utilization": "0.07747495978852833714",
        "baseSupplyAPR": "55134235",
        "baseBorrowAPR": "1094829874",
        "govSupplySpeed": "85851642857142857",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "2325148809523809",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "BTC.wh": {
        "price": "57372.715",
        "totalSuppliedUnderlying": "250.79772892999999342777631256",
        "totalSuppliedTVL": "14388946.6245481445729336834642558004",
        "totalBorrows": "2.04464944",
        "totalBorrowedTVL": "117307.0895960296",
        "utilization": "0.00815258355298217594",
        "baseSupplyAPR": "3566206",
        "baseBorrowAPR": "672973348",
        "govSupplySpeed": "1201923000000000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "32552083333333333",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "USDC.wh": {
        "price": "0.99995",
        "totalSuppliedUnderlying": "1066464.119846996272245240491108",
        "totalSuppliedTVL": "1066410.7966410039224316282290834446",
        "totalBorrows": "770638.956577",
        "totalBorrowedTVL": "770600.42462917115",
        "utilization": "0.72261123673580524485",
        "baseSupplyAPR": "1274951133",
        "baseBorrowAPR": "2520523720",
        "govSupplySpeed": "85851642857142857",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "2325148809523809",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcUSDC": {
        "price": "0.99995",
        "totalSuppliedUnderlying": "467461.895666999886242365879026",
        "totalSuppliedTVL": "467438.5225722165362480537607320487",
        "totalBorrows": "289363.513604",
        "totalBorrowedTVL": "289349.0454283198",
        "utilization": "0.61900984077241313246",
        "baseSupplyAPR": "1190733508",
        "baseBorrowAPR": "2748014259",
        "govSupplySpeed": "57234428571428571",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "1550099206349206",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      }
    },
    "totalTVL": "31101551.53651688908049748176618966046028102392718418",
    "govRewardSplits": {
      "GLMR": 0.27,
      "xcDOT": 0.33,
      "xcUSDT": 0.04,
      "FRAX": 0.035,
      "ETH.wh": 0.03,
      "BTC.wh": 0.24,
      "USDC.wh": 0.03,
      "xcUSDC": 0.025
    },
    "nativeRewardSplits": {
      "GLMR": 0.27,
      "xcDOT": 0.33,
      "xcUSDT": 0.04,
      "FRAX": 0.035,
      "ETH.wh": 0.03,
      "BTC.wh": 0.24,
      "USDC.wh": 0.03,
      "xcUSDC": 0.025
    }
  },
  "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": "M34",
    "componentSplits": {
      "ALL_MARKETS": 0.48,
      "SAFETY_MODULE": 0.47,
      "DEX_REWARDER": 0.05
    },
    "emissionAmounts": {
      "0": 14423076,
      "1": 187500
    },
    "submitterWallet": "0x9F94Ff95cbC403cbfC18802eDEAeF71dA8155f36"
  }
}
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