MIP-R02 Rebalancing of Moonriver Token Liquidity Incentives

Proposals Moonwell Improvement Proposal
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MIP-R02 Rebalancing of Moonriver Token Liquidity Incentives

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

  • Submitter: Curly
  • Generator Version: 1.0.17
  • Generated At: Thu, 31 Aug 2023 02:48:28 GMT
  • Network: Moonriver
  • Block Height: 5,008,796

The submitter (Curly), as part of this proposal, will get 100,000 MFAM sent to their wallet at 0x9F94Ff95cbC403cbfC18802eDEAeF71dA8155f36.

Safety Module

At the time this proposal was generated there was 232,461,328 MFAM staked in the Safety Module, with a valuation of $130,413.63 (based on a MFAM price of $0.000561 pulled from SolarBeam).

This proposal, if executed, would adjust the rewards on the Safety Module to keep emissions the same and emits 5,140,099 MFAM over the next 28 days:

  • Current (estimated APR = ~28.84%):
    • 2.1247 MFAM / second
    • 183,574.97 MFAM / day
    • 5,140,099.14 MFAM / reward cycle (28 days)


  • Proposed (estimated APR = ~28.84%):
    • 2.1247 MFAM / second
    • 183,574.97 MFAM / day
    • 5,140,099.14 MFAM / reward cycle (28 days)

DEX Liquidity Pool Rewarder

At the time this proposal was generated there were 113,469,534 MFAM and 14,945 MOVR provided by liquidity providers in the SolarBeam MFAM/MOVR pool totaling $127,315.57.

This proposal, if executed, would adjust the rewards on the Dex Rewarder to keep emissions the same and emits 5,763,141 MFAM over the next 28 days:

Current rewards will expire at Fri, 08 Sep 2023 03:30:00 GMT

Proposed rewards will expire at Fri, 06 Oct 2023 03:30:00 GMT

  • Current (estimated APR = ~33.13%) days:
    • 2.3823 MFAM / second
    • 205,826.57 MFAM / day
    • 5,763,144.00 MFAM / reward cycle (28 days)


  • Proposed (estimated APR = ~33.13%):
    • 2.3823 MFAM / second
    • 205,826.48 MFAM / day
    • 5,763,141.46 MFAM / 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.

MOVR Market
Latest price $4.26
Supplied 166,237.92 MOVR
Borrowed 58,085.69 MOVR
Supplied TVL $708,095.66
Borrowed TVL $247,417.83
Utilization 34.94%
MFAM Incentive Share 45%
MOVR Incentive Share 45%
Estimated APRs Current Proposed
Supply Side 12.12% 12.84%
Borrow Side -7.51% -7.51%

MFAM Incentives

Current Proposed
Supply Side 0.8113 MFAM / sec 0.8692 MFAM / sec
+6.67% 70,092.26 MFAM / day 75,098.85 MFAM / day
1,962,583.31 MFAM / cycle* 2,102,767.83 MFAM / cycle*
Borrow Side 0 MFAM / sec 0 MFAM / sec
+0% 0 MFAM / day 0 MFAM / day
0 MFAM / cycle* 0 MFAM / cycle*

MOVR Incentives

Current Proposed
Supply Side 0.0004 MOVR / sec 0.0005 MOVR / sec
+6.67% 37.22 MOVR / day 39.88 MOVR / day
1,042.23 MOVR / cycle* 1,116.68 MOVR / cycle*
Borrow Side 0 MOVR / sec 0 MOVR / sec
+0% 0 MOVR / day 0 MOVR / day
0 MOVR / cycle* 0 MOVR / cycle*

* Reward cycle is 28 days long

xcKSM Market
Latest price $19.24
Supplied 26,182.33 xcKSM
Borrowed 10,232.50 xcKSM
Supplied TVL $503,777.26
Borrowed TVL $196,884.77
Utilization 39.08%
MFAM Incentive Share 35%
MOVR Incentive Share 35%
Estimated APRs Current Proposed
Supply Side 19.06% 14.28%
Borrow Side -8.18% -8.18%

MFAM Incentives

Current Proposed
Supply Side 0.9465 MFAM / sec 0.6760 MFAM / sec
-40.00% 81,774.30 MFAM / day 58,410.22 MFAM / day
2,289,680.53 MFAM / cycle* 1,635,486.09 MFAM / cycle*
Borrow Side 0 MFAM / sec 0 MFAM / sec
+0% 0 MFAM / day 0 MFAM / day
0 MFAM / cycle* 0 MFAM / cycle*

MOVR Incentives

Current Proposed
Supply Side 0.0005 MOVR / sec 0.0004 MOVR / sec
-40.00% 43.43 MOVR / day 31.02 MOVR / day
1,215.93 MOVR / cycle* 868.53 MOVR / cycle*
Borrow Side 0 MOVR / sec 0 MOVR / sec
+0% 0 MOVR / day 0 MOVR / day
0 MOVR / cycle* 0 MOVR / cycle*

* Reward cycle is 28 days long

FRAX Market
Latest price $0.9981
Supplied 424,263.62 FRAX
Borrowed 145,908.09 FRAX
Supplied TVL $423,468.46
Borrowed TVL $145,634.63
Utilization 34.39%
MFAM Incentive Share 20%
MOVR Incentive Share 20%
Estimated APRs Current Proposed
Supply Side 4.16% 8.63%
Borrow Side -1.73% -1.73%

MFAM Incentives

Current Proposed
Supply Side 0.1738 MFAM / sec 0.3863 MFAM / sec
+55.00% 15,019.77 MFAM / day 33,377.27 MFAM / day
420,553.57 MFAM / cycle* 934,563.48 MFAM / cycle*
Borrow Side 0 MFAM / sec 0 MFAM / sec
+0% 0 MFAM / day 0 MFAM / day
0 MFAM / cycle* 0 MFAM / cycle*

MOVR Incentives

Current Proposed
Supply Side 0.0001 MOVR / sec 0.0002 MOVR / sec
+55.00% 7.98 MOVR / day 17.72 MOVR / day
223.33 MOVR / cycle* 496.30 MOVR / cycle*
Borrow Side 0 MOVR / sec 0 MOVR / sec
+0% 0 MOVR / day 0 MOVR / day
0 MOVR / cycle* 0 MOVR / cycle*

* Reward cycle is 28 days long

Definitions

MFAM - The Moonwell Apollo governance token

Liquidity Incentives - MFAM tokens that have been allocated for use as rewards to incentivize liquidity growth.

Core - Moonwell Apollo lending protocol (Moonwell: DeFi’s Liquidity Well).

DEX LP - Solarbeam’s MFAM/MOVR farm (Solarbeam - The DEX on Moonriver, powered by SOLAR).

Safety Module - Smart contract that allows users to stake their MFAM tokens in order to earn liquidity incentives and help backstop the Moonwell protocol.

Reward Speed - The rate at which MFAM 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: c6ac4b75a8f7c7c75b6729a1e53d39e0e1ed729c2b97206a0601b56c020de91e

Proposal Config 
{
  "_meta": {
    "generatedAt": "2023-08-31T02:20:24.806Z",
    "generatorVersion": "1.0.17"
  },
  "snapshotBlock": 5008796,
  "safetyModuleInfo": {
    "totalStaked": "232461328.461563147114598005",
    "stakedTVL": "130413.625631233231323057720821305659407795397111431",
    "govTokenPrice": "0.0005610121326171323680247662",
    "emissions": {
      "emissionsPerSecond": "2.124710292658730158",
      "lastUpdateTimestamp": 1693443066,
      "emissionAPR": "28.843833069074886801",
      "emissionsPerYear": "67050757.5316071428341008"
    }
  },
  "dexInfo": {
    "govTokenTotal": "113469533.938481730078112619",
    "nativeAssetTotal": "14944.786032413700621063",
    "govTokenPrice": "0.0005610121326171323680247662",
    "nextFreeSlot": 32,
    "emissionsPerYear": "75178155.2142857142546576",
    "poolTVL": "127315.5704437994296737726361681333997576123447446778",
    "currentPoolAPR": "33.127022119895220299",
    "currentPoolRewardInfo": {
      "startTimestamp": 1691724600,
      "endTimestamp": 1694143800,
      "rewardPerSec": "2.382251984126984126"
    }
  },
  "marketData": {
    "assets": {
      "MOVR": {
        "price": "4.25953139",
        "totalSuppliedUnderlying": "166237.924843043505778676999980822421821359",
        "totalSuppliedTVL": "708095.65907740463599992107408934250376389963295901",
        "totalBorrows": "58085.691245803989225396",
        "totalBorrowedTVL": "247417.82517135029789279604718044",
        "utilization": "0.34941299526354547554",
        "baseSupplyAPR": "601733164",
        "baseBorrowAPR": "2296167848",
        "govSupplySpeed": "811253020833333333",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "430815972222222",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcKSM": {
        "price": "19.24111548",
        "totalSuppliedUnderlying": "26182.331461143983999977770836237581",
        "totalSuppliedTVL": "503777.26317950852905084460609302346473685388",
        "totalBorrows": "10232.502939923676",
        "totalBorrowedTVL": "196884.77071651095230210448",
        "utilization": "0.39081710332440300895",
        "baseSupplyAPR": "730761113",
        "baseBorrowAPR": "2493105196",
        "govSupplySpeed": "946461857638888888",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "502618634259259",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "FRAX": {
        "price": "0.99812578",
        "totalSuppliedUnderlying": "424263.622176907432150760999223616735483011",
        "totalSuppliedTVL": "423468.45881095102870327539994365184852503403112358",
        "totalBorrows": "145908.092723630883957911",
        "totalBorrowedTVL": "145634.62885808640048257940404558",
        "utilization": "0.34390903461148224429",
        "baseSupplyAPR": "159393090",
        "baseBorrowAPR": "545264197",
        "govSupplySpeed": "173839933035714285",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "92317708333333",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      }
    },
    "totalTVL": "1635341.38106786419375404108012601781702578754408259",
    "govRewardSplits": {
      "MOVR": 0.45,
      "xcKSM": 0.35,
      "FRAX": 0.2
    },
    "nativeRewardSplits": {
      "MOVR": 0.45,
      "xcKSM": 0.35,
      "FRAX": 0.2
    }
  },
  "config": {
    "daysPerRewardCycle": 28,
    "rpc": "https://rpc.api.moonriver.moonbeam.network",
    "govTokenName": "MFAM",
    "nativeTokenName": "MOVR",
    "networkName": "Moonriver",
    "dexName": "SolarBeam",
    "govTokenUniPoolAddress": "0xE6Bfc609A2e58530310D6964ccdd236fc93b4ADB",
    "ecosystemReserve": "0xbA17581Bb6d89954B42fB84294e476e97588908B",
    "treasuryAddress": "0x45DD368E30C07804b037260071d332e547C874F0",
    "dexPoolID": 11,
    "submissionRewardAmount": 100000
  },
  "responses": {
    "name": "Curly",
    "network": "Moonriver",
    "mipNumber": "R02",
    "componentSplits": {
      "ALL_MARKETS": 0.3,
      "SAFETY_MODULE": 0.33,
      "DEX_REWARDER": 0.37
    },
    "emissionAmounts": {
      "0": 15576058,
      "1": 2481.5
    },
    "submitterWallet": "0x9F94Ff95cbC403cbfC18802eDEAeF71dA8155f36"
  }
}