MIP-R14 Rebalancing of Moonriver Token Liquidity Incentives

Proposals
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MIP-R14 Rebalancing of Moonriver Token Liquidity Incentives

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

  • Submitter: Curly
  • Generator Version: 1.0.25
  • Generated At: Wed, 13 Mar 2024 06:54:19 GMT
  • Network: Moonriver
  • Block Height: 6,328,572

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 333,658,948 MFAM staked in the Safety Module, with a valuation of $811,818.99 (based on a MFAM price of $0.002433 pulled from SolarBeam).

This proposal, if executed, would adjust the rewards on the Safety Module to keep emissions the same and emits 2,431,211 MFAM over the next 28 days:

  • Current (estimated APR = ~9.50%):
    • 1.0050 MFAM / second
    • 86,828.95 MFAM / day
    • 2,431,210.65 MFAM / reward cycle (28 days)


  • Proposed (estimated APR = ~9.50%):
    • 1.0050 MFAM / second
    • 86,828.95 MFAM / day
    • 2,431,210.65 MFAM / reward cycle (28 days)

DEX Liquidity Pool Rewarder

At the time this proposal was generated there were 65,408,464 MFAM and 5,688 MOVR provided by liquidity providers in the SolarBeam MFAM/MOVR pool totaling $318,288.08.

This proposal, if executed, would adjust the rewards on the Dex Rewarder to keep emissions the same and emits 2,725,903 MFAM over the next 28 days:

Current rewards will expire at Fri, 22 Mar 2024 03:30:00 GMT

Proposed rewards will expire at Fri, 19 Apr 2024 03:30:00 GMT

  • Current (estimated APR = ~27.18%) days:
    • 1.1268 MFAM / second
    • 97,353.75 MFAM / day
    • 2,725,905.00 MFAM / reward cycle (28 days)


  • Proposed (estimated APR = ~27.18%):
    • 1.1268 MFAM / second
    • 97,353.67 MFAM / day
    • 2,725,902.85 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 $27.98
Supplied 150,000.47 MOVR
Borrowed 15,343.57 MOVR
Supplied TVL $4,196,557.99
Borrowed TVL $429,266.47
Utilization 10.23%
MFAM Incentive Share 55%
MOVR Incentive Share 55%
Estimated APRs Current Proposed
Supply Side 8.31% 8.31%
Borrow Side -3.60% -3.60%

MFAM Incentives

Current Proposed
Supply Side 0.5025 MFAM / sec 0.5025 MFAM / sec
+0.00% 43,414.48 MFAM / day 43,414.48 MFAM / day
1,215,605.32 MFAM / cycle* 1,215,605.32 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
+0.00% 29.25 MOVR / day 29.25 MOVR / day
818.89 MOVR / cycle* 818.90 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 $58.73
Supplied 39,049.50 xcKSM
Borrowed 7,797.85 xcKSM
Supplied TVL $2,293,214.38
Borrowed TVL $457,935.18
Utilization 19.97%
MFAM Incentive Share 36%
MOVR Incentive Share 36%
Estimated APRs Current Proposed
Supply Side 10.38% 10.38%
Borrow Side -5.12% -5.12%

MFAM Incentives

Current Proposed
Supply Side 0.3289 MFAM / sec 0.3289 MFAM / sec
+0.00% 28,416.75 MFAM / day 28,416.75 MFAM / day
795,668.94 MFAM / cycle* 795,668.94 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
+0.00% 19.14 MOVR / day 19.14 MOVR / day
536.00 MOVR / cycle* 536.00 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 $0.9975
Supplied 448,859.06 FRAX
Borrowed 407,012.44 FRAX
Supplied TVL $447,732.13
Borrowed TVL $405,990.57
Utilization 90.68%
MFAM Incentive Share 9%
MOVR Incentive Share 9%
Estimated APRs Current Proposed
Supply Side 39.00% 39.00%
Borrow Side -35.91% -35.91%

MFAM Incentives

Current Proposed
Supply Side 0.0822 MFAM / sec 0.0822 MFAM / sec
+0.00% 7,104.19 MFAM / day 7,104.19 MFAM / day
198,917.23 MFAM / cycle* 198,917.23 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 0.0001 MOVR / sec
+0.00% 4.79 MOVR / day 4.79 MOVR / day
134.00 MOVR / cycle* 134.00 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: d3e0189be0f81a182df36407ce28784c623766d2d61a50b1fa7fdba3e3fc62f2

Proposal Config 
{
  "_meta": {
    "generatedAt": "2024-03-13T06:50:15.189Z",
    "generatorVersion": "1.0.25"
  },
  "snapshotBlock": 6328572,
  "safetyModuleInfo": {
    "totalStaked": "333658948.276261587284323825",
    "stakedTVL": "811818.98861453666694077354469229142775202173706091",
    "govTokenPrice": "0.0024330802240087685652776588",
    "emissions": {
      "emissionsPerSecond": "1.004964719742063492",
      "lastUpdateTimestamp": 1710309366,
      "emissionAPR": "9.504997484279512244",
      "emissionsPerYear": "31714274.6397321428551392"
    }
  },
  "dexInfo": {
    "govTokenTotal": "65408463.833015804221697979",
    "nativeAssetTotal": "5688.395116295675947731",
    "govTokenPrice": "0.0024330802240087685652776588",
    "nextFreeSlot": 39,
    "emissionsPerYear": "35558457.1874999999719488",
    "poolTVL": "318288.0796698070646524532241294710977204617298115652",
    "currentPoolAPR": "27.181847045268313292",
    "currentPoolRewardInfo": {
      "startTimestamp": 1708659000,
      "endTimestamp": 1711078200,
      "rewardPerSec": "1.126779513888888888"
    }
  },
  "marketData": {
    "assets": {
      "MOVR": {
        "price": "27.97696654",
        "totalSuppliedUnderlying": "150000.46503235626748202799972502621646093",
        "totalSuppliedTVL": "4196557.9911946713127039873996501876585502358272822",
        "totalBorrows": "15343.567412511461647343",
        "totalBorrowedTVL": "429266.47210406753987420839090322",
        "utilization": "0.10229013229526811644",
        "baseSupplyAPR": "85980149",
        "baseBorrowAPR": "1120735661",
        "govSupplySpeed": "502482359871031746",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "338498263888888",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcKSM": {
        "price": "58.7258345",
        "totalSuppliedUnderlying": "39049.498324101959999881423458121188",
        "totalSuppliedTVL": "2293214.375889239064078656493626042567431386",
        "totalBorrows": "7797.848777548165",
        "totalBorrowedTVL": "457935.1767663208535686925",
        "utilization": "0.1996913945687033576",
        "baseSupplyAPR": "237236630",
        "baseBorrowAPR": "1584021726",
        "govSupplySpeed": "328897544642857142",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "221562500000000",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "FRAX": {
        "price": "0.99748934",
        "totalSuppliedUnderlying": "448859.058576072212323600999240212494444217",
        "totalSuppliedTVL": "447732.12609206761086300862715546006254291568214678",
        "totalBorrows": "407012.442113010165940467",
        "totalBorrowedTVL": "405990.57225509471583724690712178",
        "utilization": "0.90677114416312950256",
        "baseSupplyAPR": "7501469052",
        "baseBorrowAPR": "9732618607",
        "govSupplySpeed": "82224386160714285",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "55390625000000",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      }
    },
    "totalTVL": "6937504.49317597798764565252043169028852453750942898",
    "govRewardSplits": {
      "MOVR": 0.55,
      "xcKSM": 0.36,
      "FRAX": 0.09
    },
    "nativeRewardSplits": {
      "MOVR": 0.55,
      "xcKSM": 0.36,
      "FRAX": 0.09
    }
  },
  "config": {
    "daysPerRewardCycle": 28,
    "rpc": "https://rpc.api.moonriver.moonbeam.network",
    "govTokenName": "MFAM",
    "nativeTokenName": "MOVR",
    "networkName": "Moonriver",
    "dexName": "SolarBeam",
    "govTokenUniPoolAddress": "0xE6Bfc609A2e58530310D6964ccdd236fc93b4ADB",
    "ecosystemReserve": "0xbA17581Bb6d89954B42fB84294e476e97588908B",
    "treasuryAddress": "0x5d6C4DCb86b8A761C062a5274a77AaD5F7209AA3",
    "dexPoolID": 11,
    "submissionRewardAmount": 250000
  },
  "responses": {
    "name": "Curly",
    "network": "Moonriver",
    "mipNumber": "R14",
    "componentSplits": {
      "ALL_MARKETS": 0.3,
      "SAFETY_MODULE": 0.33,
      "DEX_REWARDER": 0.37
    },
    "emissionAmounts": {
      "0": 7367305,
      "1": 1488.9
    },
    "submitterWallet": "0x9F94Ff95cbC403cbfC18802eDEAeF71dA8155f36"
  }
}
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