MIP-R09 Rebalancing of Moonriver Token Liquidity Incentives

Proposals
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MIP-R09 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, 18 Dec 2023 19:03:02 GMT
  • Network: Moonriver
  • Block Height: 5,765,386

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 351,031,606 MFAM staked in the Safety Module, with a valuation of $310,155.40 (based on a MFAM price of $0.000884 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 = ~19.10%):
    • 2.1247 MFAM / second
    • 183,574.97 MFAM / day
    • 5,140,099.14 MFAM / reward cycle (28 days)


  • Proposed (estimated APR = ~19.10%):
    • 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 63,592,269 MFAM and 8,888 MOVR provided by liquidity providers in the SolarBeam MFAM/MOVR pool totaling $112,374.41.

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, 29 Dec 2023 03:30:00 GMT

Proposed rewards will expire at Fri, 26 Jan 2024 03:30:00 GMT

  • Current (estimated APR = ~59.11%) days:
    • 2.3823 MFAM / second
    • 205,826.57 MFAM / day
    • 5,763,144.00 MFAM / reward cycle (28 days)


  • Proposed (estimated APR = ~59.11%):
    • 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 $6.32
Supplied 180,299.52 MOVR
Borrowed 42,995.54 MOVR
Supplied TVL $1,139,815.77
Borrowed TVL $271,808.77
Utilization 23.85%
MFAM Incentive Share 42%
MOVR Incentive Share 42%
Estimated APRs Current Proposed
Supply Side 10.29% 10.52%
Borrow Side -5.74% -5.74%

MFAM Incentives

Current Proposed
Supply Side 0.7919 MFAM / sec 0.8113 MFAM / sec
+2.38% 68,423.40 MFAM / day 70,092.26 MFAM / day
1,915,855.13 MFAM / cycle* 1,962,583.31 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
+2.38% 36.34 MOVR / day 37.22 MOVR / day
1,017.41 MOVR / cycle* 1,042.23 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 $28.43
Supplied 32,631.78 xcKSM
Borrowed 7,971.67 xcKSM
Supplied TVL $927,641.84
Borrowed TVL $226,615.20
Utilization 24.43%
MFAM Incentive Share 34%
MOVR Incentive Share 34%
Estimated APRs Current Proposed
Supply Side 11.07% 10.51%
Borrow Side -5.83% -5.83%

MFAM Incentives

Current Proposed
Supply Side 0.6954 MFAM / sec 0.6567 MFAM / sec
-5.88% 60,079.08 MFAM / day 56,741.35 MFAM / day
1,682,214.26 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
-5.88% 31.90 MOVR / day 30.13 MOVR / day
893.34 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 $0.9990
Supplied 642,439.86 FRAX
Borrowed 257,323.01 FRAX
Supplied TVL $641,769.07
Borrowed TVL $257,054.34
Utilization 40.05%
MFAM Incentive Share 24%
MOVR Incentive Share 24%
Estimated APRs Current Proposed
Supply Side 9.94% 10.34%
Borrow Side -2.02% -2.02%

MFAM Incentives

Current Proposed
Supply Side 0.4443 MFAM / sec 0.4636 MFAM / sec
+4.17% 38,383.86 MFAM / day 40,052.72 MFAM / day
1,074,748.00 MFAM / cycle* 1,121,476.18 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 0.0002 MOVR / sec
+4.17% 20.38 MOVR / day 21.27 MOVR / day
570.74 MOVR / cycle* 595.56 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: 5781bba4bc68cbbfb7616004a1a86bcd8e0a3016a664ca8de6a58938dde7fc18

Proposal Config 
{
  "_meta": {
    "generatedAt": "2023-12-18T19:01:43.483Z",
    "generatorVersion": "1.0.22"
  },
  "snapshotBlock": 5765386,
  "safetyModuleInfo": {
    "totalStaked": "351031605.90983099725688316",
    "stakedTVL": "310155.39656454706869942395546279783174110181376072",
    "govTokenPrice": "0.000883554048532644824367342",
    "emissions": {
      "emissionsPerSecond": "2.124710292658730158",
      "lastUpdateTimestamp": 1702919040,
      "emissionAPR": "19.101059962341504404",
      "emissionsPerYear": "67050757.5316071428341008"
    }
  },
  "dexInfo": {
    "govTokenTotal": "63592268.813815647221927725",
    "nativeAssetTotal": "8887.863003211276270196",
    "govTokenPrice": "0.000883554048532644824367342",
    "nextFreeSlot": 36,
    "emissionsPerYear": "75178155.2142857142546576",
    "poolTVL": "112374.41313164613161823889658935524950514277435695",
    "currentPoolAPR": "59.109508605826776635",
    "currentPoolRewardInfo": {
      "startTimestamp": 1701401400,
      "endTimestamp": 1703820600,
      "rewardPerSec": "2.382251984126984126"
    }
  },
  "marketData": {
    "assets": {
      "MOVR": {
        "price": "6.32179035",
        "totalSuppliedUnderlying": "180299.521006697972360716999250917533901452",
        "totalSuppliedTVL": "1139815.7720097655270345474449454076944639971045882",
        "totalBorrows": "42995.536568681791519591",
        "totalBorrowedTVL": "271808.76817296466184926221974685",
        "utilization": "0.23846728115869228661",
        "baseSupplyAPR": "316289531",
        "baseBorrowAPR": "1768458020",
        "govSupplySpeed": "791937472718253968",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "420558449074074",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcKSM": {
        "price": "28.42756191",
        "totalSuppliedUnderlying": "32631.776170611567999892885749415324",
        "totalSuppliedTVL": "927641.83732332307187912988301006086931270884",
        "totalBorrows": "7971.672099136598",
        "totalBorrowedTVL": "226615.20212442529719178218",
        "utilization": "0.24429170074768862982",
        "baseSupplyAPR": "329090545",
        "baseBorrowAPR": "1796161690",
        "govSupplySpeed": "695359732142857142",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "369270833333333",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "FRAX": {
        "price": "0.99895588",
        "totalSuppliedUnderlying": "642439.855362286200580614998309498778788125",
        "totalSuppliedTVL": "641769.071060505330312864766577463864923216742925",
        "totalBorrows": "257323.014541104795488192",
        "totalBorrowedTVL": "257054.33843516213714912686896896",
        "utilization": "0.40054024107205271904",
        "baseSupplyAPR": "216209430",
        "baseBorrowAPR": "635052386",
        "govSupplySpeed": "444257606646825396",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "235923032407407",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      }
    },
    "totalTVL": "2709226.6803935939292265420945329324286999226875132",
    "govRewardSplits": {
      "MOVR": 0.42,
      "xcKSM": 0.34,
      "FRAX": 0.24
    },
    "nativeRewardSplits": {
      "MOVR": 0.42,
      "xcKSM": 0.34,
      "FRAX": 0.24
    }
  },
  "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": "R09",
    "componentSplits": {
      "ALL_MARKETS": 0.3,
      "SAFETY_MODULE": 0.33,
      "DEX_REWARDER": 0.37
    },
    "emissionAmounts": {
      "0": 15576058,
      "1": 2481.5
    },
    "submitterWallet": "0x9F94Ff95cbC403cbfC18802eDEAeF71dA8155f36"
  }
}