MIP-R06 Rebalancing of Moonriver Token Liquidity Incentives

Proposals
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MIP-R06 Rebalancing of Moonriver Token Liquidity Incentives

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

  • Submitter: Curly
  • Generator Version: 1.0.18
  • Generated At: Wed, 27 Sep 2023 03:05:08 GMT
  • Network: Moonriver
  • Block Height: 5,198,319

The submitter (Curly), as part of this proposal, will get 150,000 MFAM sent to their wallet at 0x9F94Ff95cbC403cbfC18802eDEAeF71dA8155f36.

Safety Module

At the time this proposal was generated there was 234,890,984 MFAM staked in the Safety Module, with a valuation of $107,793.29 (based on a MFAM price of $0.000459 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 = ~28.55%):
    • 2.1247 MFAM / second
    • 183,574.97 MFAM / day
    • 5,140,099.14 MFAM / reward cycle (28 days)


  • Proposed (estimated APR = ~28.55%):
    • 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 123,008,297 MFAM and 13,642 MOVR provided by liquidity providers in the SolarBeam MFAM/MOVR pool totaling $112,898.92.

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, 06 Oct 2023 03:30:00 GMT

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

  • Current (estimated APR = ~30.56%) days:
    • 2.3823 MFAM / second
    • 205,826.57 MFAM / day
    • 5,763,144.00 MFAM / reward cycle (28 days)


  • Proposed (estimated APR = ~30.56%):
    • 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 $4.14
Supplied 141,757.65 MOVR
Borrowed 58,503.05 MOVR
Supplied TVL $586,594.95
Borrowed TVL $242,086.38
Utilization 41.27%
MFAM Incentive Share 40%
MOVR Incentive Share 40%
Estimated APRs Current Proposed
Supply Side 14.98% 13.60%
Borrow Side -8.53% -8.53%

MFAM Incentives

Current Proposed
Supply Side 0.8692 MFAM / sec 0.7726 MFAM / sec
-12.50% 75,098.85 MFAM / day 66,754.53 MFAM / day
2,102,767.83 MFAM / cycle* 1,869,126.96 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
-12.50% 39.88 MOVR / day 35.45 MOVR / day
1,116.67 MOVR / cycle* 992.60 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 $18.94
Supplied 26,094.12 xcKSM
Borrowed 8,290.40 xcKSM
Supplied TVL $494,241.62
Borrowed TVL $157,026.12
Utilization 31.77%
MFAM Incentive Share 35%
MOVR Incentive Share 35%
Estimated APRs Current Proposed
Supply Side 13.08% 13.08%
Borrow Side -7.00% -7.00%

MFAM Incentives

Current Proposed
Supply Side 0.6760 MFAM / sec 0.6760 MFAM / sec
+0.00% 58,410.22 MFAM / day 58,410.22 MFAM / day
1,635,486.09 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 0.0004 MOVR / sec 0.0004 MOVR / sec
+0.00% 31.02 MOVR / day 31.02 MOVR / day
868.52 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 457,549.94 FRAX
Borrowed 168,151.58 FRAX
Supplied TVL $456,670.49
Borrowed TVL $167,828.38
Utilization 36.75%
MFAM Incentive Share 25%
MOVR Incentive Share 25%
Estimated APRs Current Proposed
Supply Side 7.66% 9.43%
Borrow Side -1.85% -1.85%

MFAM Incentives

Current Proposed
Supply Side 0.3863 MFAM / sec 0.4829 MFAM / sec
+20.00% 33,377.27 MFAM / day 41,721.58 MFAM / day
934,563.48 MFAM / cycle* 1,168,204.35 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 0.0002 MOVR / sec 0.0003 MOVR / sec
+20.00% 17.72 MOVR / day 22.16 MOVR / day
496.30 MOVR / cycle* 620.37 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: bc82226b00d0d5235c64cf40283609c89bf6957d576c5a73e4036c49409ec5ea

Proposal Config 
{
  "_meta": {
    "generatedAt": "2023-09-27T02:55:40.144Z",
    "generatorVersion": "1.0.18"
  },
  "snapshotBlock": 5198319,
  "safetyModuleInfo": {
    "totalStaked": "234890984.092665080611780048",
    "stakedTVL": "107793.2883739417013086911692524019881054519474851184",
    "govTokenPrice": "0.0004589077302831554381356483",
    "emissions": {
      "emissionsPerSecond": "2.124710292658730158",
      "lastUpdateTimestamp": 1695767406,
      "emissionAPR": "28.545479423405817618",
      "emissionsPerYear": "67050757.5316071428341008"
    }
  },
  "dexInfo": {
    "govTokenTotal": "123008296.652672863300719558",
    "nativeAssetTotal": "13641.682877175246215095",
    "govTokenPrice": "0.0004589077302831554381356483",
    "nextFreeSlot": 33,
    "emissionsPerYear": "75178155.2142857142546576",
    "poolTVL": "112898.9164457503381724031055988934765235314008194514",
    "currentPoolAPR": "30.55816447347422069",
    "currentPoolRewardInfo": {
      "startTimestamp": 1694143800,
      "endTimestamp": 1696563000,
      "rewardPerSec": "2.382251984126984126"
    }
  },
  "marketData": {
    "assets": {
      "MOVR": {
        "price": "4.13801279",
        "totalSuppliedUnderlying": "141757.646278159102513185999652690335343896",
        "totalSuppliedTVL": "586594.95337931826385448481021176816556243069642984",
        "totalBorrows": "58503.05158625945738787",
        "totalBorrowedTVL": "242086.3757179714229294660508573",
        "utilization": "0.41269767890660262103",
        "baseSupplyAPR": "803887454",
        "baseBorrowAPR": "2597179471",
        "govSupplySpeed": "869199665178571428",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "461588541666666",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcKSM": {
        "price": "18.94072532",
        "totalSuppliedUnderlying": "26094.123157020849999928571116509962",
        "totalSuppliedTVL": "494241.61918338314936156908513790090728563784",
        "totalBorrows": "8290.396423574292",
        "totalBorrowedTVL": "157026.12145283103738547344",
        "utilization": "0.31771124761261383819",
        "baseSupplyAPR": "511208391",
        "baseBorrowAPR": "2145379474",
        "govSupplySpeed": "676044184027777777",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "359013310185185",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "FRAX": {
        "price": "0.99807792",
        "totalSuppliedUnderlying": "457549.936843053726033812999991087779051025",
        "totalSuppliedTVL": "456670.489260446429328077928700064909052666605868",
        "totalBorrows": "168151.582005079900142974",
        "totalBorrowedTVL": "167828.38121233957616850719253408",
        "utilization": "0.36750432786696752418",
        "baseSupplyAPR": "182015024",
        "baseBorrowAPR": "582674289",
        "govSupplySpeed": "386310962301587301",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "205150462962962",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      }
    },
    "totalTVL": "1537507.06182314784254413182404973398190073514229784",
    "govRewardSplits": {
      "MOVR": 0.4,
      "xcKSM": 0.35,
      "FRAX": 0.25
    },
    "nativeRewardSplits": {
      "MOVR": 0.4,
      "xcKSM": 0.35,
      "FRAX": 0.25
    }
  },
  "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": 150000
  },
  "responses": {
    "name": "Curly",
    "network": "Moonriver",
    "mipNumber": "R06",
    "componentSplits": {
      "ALL_MARKETS": 0.3,
      "SAFETY_MODULE": 0.33,
      "DEX_REWARDER": 0.37
    },
    "emissionAmounts": {
      "0": 15576058,
      "1": 2481.5
    },
    "submitterWallet": "0x9F94Ff95cbC403cbfC18802eDEAeF71dA8155f36"
  }
}