MIP-R07 Rebalancing of Moonriver Token Liquidity Incentives

Proposals
,
1

MIP-R07 Rebalancing of Moonriver Token Liquidity Incentives

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

  • Submitter: Curly
  • Generator Version: 1.0.20
  • Generated At: Thu, 26 Oct 2023 03:15:20 GMT
  • Network: Moonriver
  • Block Height: 5,400,200

The submitter (Curly), as part of this proposal, will get 250,000 MFAM sent to their wallet at 0x9F94Ff95cbC403cbfC18802eDEAeF71dA8155f36.

Safety Module

At the time this proposal was generated there was 269,474,332 MFAM staked in the Safety Module, with a valuation of $124,610.46 (based on a MFAM price of $0.000462 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 = ~24.88%):
    • 2.1247 MFAM / second
    • 183,574.97 MFAM / day
    • 5,140,099.14 MFAM / reward cycle (28 days)


  • Proposed (estimated APR = ~24.88%):
    • 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 125,497,691 MFAM and 13,690 MOVR provided by liquidity providers in the SolarBeam MFAM/MOVR pool totaling $116,065.41.

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, 03 Nov 2023 03:30:00 GMT

Proposed rewards will expire at Fri, 01 Dec 2023 03:30:00 GMT

  • Current (estimated APR = ~29.95%) days:
    • 2.3823 MFAM / second
    • 205,826.57 MFAM / day
    • 5,763,144.00 MFAM / reward cycle (28 days)


  • Proposed (estimated APR = ~29.95%):
    • 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 $4.24
Supplied 126,638.82 MOVR
Borrowed 54,118.80 MOVR
Supplied TVL $536,833.14
Borrowed TVL $229,414.35
Utilization 42.73%
MFAM Incentive Share 38%
MOVR Incentive Share 38%
Estimated APRs Current Proposed
Supply Side 15.05% 14.43%
Borrow Side -8.77% -8.77%

MFAM Incentives

Current Proposed
Supply Side 0.7726 MFAM / sec 0.7340 MFAM / sec
-5.26% 66,754.53 MFAM / day 63,416.81 MFAM / day
1,869,126.96 MFAM / cycle* 1,775,670.61 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
-5.26% 35.45 MOVR / day 33.68 MOVR / day
992.60 MOVR / cycle* 942.97 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 $19.73
Supplied 28,311.05 xcKSM
Borrowed 8,582.93 xcKSM
Supplied TVL $558,593.81
Borrowed TVL $169,346.37
Utilization 30.32%
MFAM Incentive Share 34%
MOVR Incentive Share 34%
Estimated APRs Current Proposed
Supply Side 11.86% 11.56%
Borrow Side -6.77% -6.77%

MFAM Incentives

Current Proposed
Supply Side 0.6760 MFAM / sec 0.6567 MFAM / sec
-2.94% 58,410.22 MFAM / day 56,741.35 MFAM / day
1,635,486.09 MFAM / cycle* 1,588,757.92 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 0.0003 MOVR / sec
-2.94% 31.02 MOVR / day 30.13 MOVR / day
868.52 MOVR / cycle* 843.71 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 $0.9998
Supplied 516,556.98 FRAX
Borrowed 184,628.32 FRAX
Supplied TVL $516,444.86
Borrowed TVL $184,588.25
Utilization 35.74%
MFAM Incentive Share 28%
MOVR Incentive Share 28%
Estimated APRs Current Proposed
Supply Side 8.55% 9.51%
Borrow Side -1.80% -1.80%

MFAM Incentives

Current Proposed
Supply Side 0.4829 MFAM / sec 0.5408 MFAM / sec
+10.71% 41,721.58 MFAM / day 46,728.17 MFAM / day
1,168,204.35 MFAM / cycle* 1,308,388.87 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 0.0003 MOVR / sec 0.0003 MOVR / sec
+10.71% 22.16 MOVR / day 24.82 MOVR / day
620.37 MOVR / cycle* 694.82 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: d0d4ff7b814aeeab54c64011d9ceede6dfd0f0fb8426bc7097a93827ec937cb9

Proposal Config 
{
  "_meta": {
    "generatedAt": "2023-10-26T02:57:23.002Z",
    "generatorVersion": "1.0.20"
  },
  "snapshotBlock": 5400200,
  "safetyModuleInfo": {
    "totalStaked": "269474331.852073586868955747",
    "stakedTVL": "124610.4588899868607658396208780787298908192761341256",
    "govTokenPrice": "0.0004624205134253420050228248",
    "emissions": {
      "emissionsPerSecond": "2.124710292658730158",
      "lastUpdateTimestamp": 1698279852,
      "emissionAPR": "24.882057252270794252",
      "emissionsPerYear": "67050757.5316071428341008"
    }
  },
  "dexInfo": {
    "govTokenTotal": "125497690.734796703626223093",
    "nativeAssetTotal": "13689.903171624637518401",
    "govTokenPrice": "0.0004624205134253420050228248",
    "nextFreeSlot": 34,
    "emissionsPerYear": "75178155.2142857142546576",
    "poolTVL": "116065.4131665589586292116922129287977548492818531064",
    "currentPoolAPR": "29.952007393169143838",
    "currentPoolRewardInfo": {
      "startTimestamp": 1696563000,
      "endTimestamp": 1698982200,
      "rewardPerSec": "2.382251984126984126"
    }
  },
  "marketData": {
    "assets": {
      "MOVR": {
        "price": "4.23908817",
        "totalSuppliedUnderlying": "126638.824071532630702817999750160919125778",
        "totalSuppliedTVL": "536833.14098434520858129456840397010786241226184626",
        "totalBorrows": "54118.795411006938644841",
        "totalBorrowedTVL": "229414.34540144980139726131463097",
        "utilization": "0.42734758323748838501",
        "baseSupplyAPR": "854757543",
        "baseBorrowAPR": "2666861284",
        "govSupplySpeed": "772621924603174603",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "410300925925925",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcKSM": {
        "price": "19.73059322",
        "totalSuppliedUnderlying": "28311.05012755391699999841764351295",
        "totalSuppliedTVL": "558593.813697795449944611519167824988252199",
        "totalBorrows": "8582.933587699495",
        "totalBorrowedTVL": "169346.3712531739314444239",
        "utilization": "0.30316549718323934771",
        "baseSupplyAPR": "472072577",
        "baseBorrowAPR": "2076193066",
        "govSupplySpeed": "676044184027777777",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "359013310185185",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "FRAX": {
        "price": "0.99978295",
        "totalSuppliedUnderlying": "516556.98182585627498644999806886200514368",
        "totalSuppliedTVL": "516444.863132950972881964189096781158645463564256",
        "totalBorrows": "184628.320979877114509611",
        "totalBorrowedTVL": "184588.24740280843218190668893245",
        "utilization": "0.35742101544591984924",
        "baseSupplyAPR": "172164058",
        "baseBorrowAPR": "566687302",
        "govSupplySpeed": "482888702876984126",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "256438078703703",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      }
    },
    "totalTVL": "1611871.81781509163140787027666857625476007482610226",
    "govRewardSplits": {
      "MOVR": 0.38,
      "xcKSM": 0.34,
      "FRAX": 0.28
    },
    "nativeRewardSplits": {
      "MOVR": 0.38,
      "xcKSM": 0.34,
      "FRAX": 0.28
    }
  },
  "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": 250000
  },
  "responses": {
    "name": "Curly",
    "network": "Moonriver",
    "mipNumber": "R07",
    "componentSplits": {
      "ALL_MARKETS": 0.3,
      "SAFETY_MODULE": 0.33,
      "DEX_REWARDER": 0.37
    },
    "emissionAmounts": {
      "0": 15576058,
      "1": 2481.5
    },
    "submitterWallet": "0x9F94Ff95cbC403cbfC18802eDEAeF71dA8155f36"
  }
}