MIP-R08 Rebalancing of Moonriver Token Liquidity Incentives

Proposals
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MIP-R08 Rebalancing of Moonriver Token Liquidity Incentives

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

  • Submitter: Curly
  • Generator Version: 1.0.22
  • Generated At: Mon, 20 Nov 2023 15:21:51 GMT
  • Network: Moonriver
  • Block Height: 5,574,462

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 313,737,797 MFAM staked in the Safety Module, with a valuation of $196,767.35 (based on a MFAM price of $0.000627 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 = ~21.37%):
    • 2.1247 MFAM / second
    • 183,574.97 MFAM / day
    • 5,140,099.14 MFAM / reward cycle (28 days)


  • Proposed (estimated APR = ~21.37%):
    • 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 90,367,205 MFAM and 9,678 MOVR provided by liquidity providers in the SolarBeam MFAM/MOVR pool totaling $113,351.44.

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, 01 Dec 2023 03:30:00 GMT

Proposed rewards will expire at Fri, 29 Dec 2023 03:30:00 GMT

  • Current (estimated APR = ~41.60%) days:
    • 2.3823 MFAM / second
    • 205,826.57 MFAM / day
    • 5,763,144.00 MFAM / reward cycle (28 days)


  • Proposed (estimated APR = ~41.60%):
    • 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 $5.86
Supplied 131,974.52 MOVR
Borrowed 52,142.29 MOVR
Supplied TVL $772,845.54
Borrowed TVL $305,346.37
Utilization 39.51%
MFAM Incentive Share 41%
MOVR Incentive Share 41%
Estimated APRs Current Proposed
Supply Side 13.57% 14.45%
Borrow Side -8.25% -8.25%

MFAM Incentives

Current Proposed
Supply Side 0.7340 MFAM / sec 0.7919 MFAM / sec
+7.32% 63,416.81 MFAM / day 68,423.40 MFAM / day
1,775,670.61 MFAM / cycle* 1,915,855.13 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
+7.32% 33.68 MOVR / day 36.34 MOVR / day
942.97 MOVR / cycle* 1,017.41 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 $25.42
Supplied 26,458.33 xcKSM
Borrowed 7,635.75 xcKSM
Supplied TVL $672,692.39
Borrowed TVL $194,135.87
Utilization 28.86%
MFAM Incentive Share 36%
MOVR Incentive Share 36%
Estimated APRs Current Proposed
Supply Side 12.88% 13.56%
Borrow Side -6.53% -6.53%

MFAM Incentives

Current Proposed
Supply Side 0.6567 MFAM / sec 0.6954 MFAM / sec
+5.56% 56,741.35 MFAM / day 60,079.08 MFAM / day
1,588,757.92 MFAM / cycle* 1,682,214.26 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 0.0004 MOVR / sec
+5.56% 30.13 MOVR / day 31.90 MOVR / day
843.71 MOVR / cycle* 893.34 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 $0.9991
Supplied 638,754.78 FRAX
Borrowed 224,207.75 FRAX
Supplied TVL $638,191.56
Borrowed TVL $224,010.06
Utilization 35.10%
MFAM Incentive Share 23%
MOVR Incentive Share 23%
Estimated APRs Current Proposed
Supply Side 10.51% 8.73%
Borrow Side -1.77% -1.77%

MFAM Incentives

Current Proposed
Supply Side 0.5408 MFAM / sec 0.4443 MFAM / sec
-21.74% 46,728.17 MFAM / day 38,383.86 MFAM / day
1,308,388.87 MFAM / cycle* 1,074,748.00 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 0.0002 MOVR / sec
-21.74% 24.81 MOVR / day 20.38 MOVR / day
694.82 MOVR / cycle* 570.75 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: 1558acc6d66d66e036b7a631d1a72de755b70a222d3fda3d4bf16190f7d6e94c

Proposal Config 
{
  "_meta": {
    "generatedAt": "2023-11-20T15:09:57.742Z",
    "generatorVersion": "1.0.22"
  },
  "snapshotBlock": 5574462,
  "safetyModuleInfo": {
    "totalStaked": "313737796.840023640228365184",
    "stakedTVL": "196767.3522130386058636114981834462919243130805709568",
    "govTokenPrice": "0.0006271713328610234126423802",
    "emissions": {
      "emissionsPerSecond": "2.124710292658730158",
      "lastUpdateTimestamp": 1700491722,
      "emissionAPR": "21.37159061067692635",
      "emissionsPerYear": "67050757.5316071428341008"
    }
  },
  "dexInfo": {
    "govTokenTotal": "90367205.238173029396517863",
    "nativeAssetTotal": "9678.196361803076912821",
    "govTokenPrice": "0.0006271713328610234126423802",
    "nextFreeSlot": 35,
    "emissionsPerYear": "75178155.2142857142546576",
    "poolTVL": "113351.4411123012700961257125629482655775495801375126",
    "currentPoolAPR": "41.59592797859862511",
    "currentPoolRewardInfo": {
      "startTimestamp": 1698982200,
      "endTimestamp": 1701401400,
      "rewardPerSec": "2.382251984126984126"
    }
  },
  "marketData": {
    "assets": {
      "MOVR": {
        "price": "5.85602094",
        "totalSuppliedUnderlying": "131974.5180874524486896639996832357614976",
        "totalSuppliedTVL": "772845.541466530290780947943709181986286791359744",
        "totalBorrows": "52142.294402919607494171",
        "totalBorrowedTVL": "305346.36788314201862244630394074",
        "utilization": "0.39509365261229974798",
        "baseSupplyAPR": "744785059",
        "baseBorrowAPR": "2513446469",
        "govSupplySpeed": "733990828373015873",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "389785879629629",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcKSM": {
        "price": "25.42459625",
        "totalSuppliedUnderlying": "26458.33116560861999992859788912224",
        "totalSuppliedTVL": "672692.3873343910490178596301595352188956",
        "totalBorrows": "7635.750316635319",
        "totalBorrowedTVL": "194135.86886626264406495375",
        "utilization": "0.28859531120241287228",
        "baseSupplyAPR": "434384376",
        "baseBorrowAPR": "2006890431",
        "govSupplySpeed": "656728635912698412",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "348755787037037",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "FRAX": {
        "price": "0.99911826",
        "totalSuppliedUnderlying": "638754.779479659674289217998260605247151894",
        "totalSuppliedTVL": "638191.56384040127916801022318281894108127028898444",
        "totalBorrows": "224207.753724445619581994",
        "totalBorrowedTVL": "224010.06077967662690138377261044",
        "utilization": "0.35100755552402912014",
        "baseSupplyAPR": "166040966",
        "baseBorrowAPR": "556518828",
        "govSupplySpeed": "540835347222222222",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "287210648148148",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      }
    },
    "totalTVL": "2083729.49264132261896681779705153614626366164872844",
    "govRewardSplits": {
      "MOVR": 0.41,
      "xcKSM": 0.36,
      "FRAX": 0.23
    },
    "nativeRewardSplits": {
      "MOVR": 0.41,
      "xcKSM": 0.36,
      "FRAX": 0.23
    }
  },
  "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": "R08",
    "componentSplits": {
      "ALL_MARKETS": 0.3,
      "SAFETY_MODULE": 0.33,
      "DEX_REWARDER": 0.37
    },
    "emissionAmounts": {
      "0": 15576058,
      "1": 2481.5
    },
    "submitterWallet": "0x9F94Ff95cbC403cbfC18802eDEAeF71dA8155f36"
  }
}