MIP-R21 Rebalancing of Moonriver Token Liquidity Incentives

Proposals Moonwell Improvement Proposal
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MIP-R21 Rebalancing of Moonriver Token Liquidity Incentives

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

  • Submitter: Curly
  • Generator Version: 1.0.41
  • Generated At: Thu, 04 Jul 2024 14:33:54 GMT
  • Network: Moonriver
  • Block Height: 7,183,843

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 362,431,415 MFAM staked in the Safety Module, with a valuation of $425,191.93 (based on a MFAM price of $0.001173 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 = ~8.75%):
    • 1.0050 MFAM / second
    • 86,828.95 MFAM / day
    • 2,431,210.65 MFAM / reward cycle (28 days)


  • Proposed (estimated APR = ~8.75%):
    • 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 54,562,104 MFAM and 6,622 MOVR provided by liquidity providers in the SolarBeam MFAM/MOVR pool totaling $128,020.72.

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, 12 Jul 2024 03:30:00 GMT

Proposed rewards will expire at Fri, 09 Aug 2024 03:30:00 GMT

  • Current (estimated APR = ~32.59%) days:
    • 1.1268 MFAM / second
    • 97,353.75 MFAM / day
    • 2,725,905.00 MFAM / reward cycle (28 days)


  • Proposed (estimated APR = ~32.59%):
    • 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 $9.67
Supplied 162,044.67 MOVR
Borrowed 13,144.15 MOVR
Supplied TVL $1,566,381.54
Borrowed TVL $127,056.08
Utilization 8.11%
MFAM Incentive Share 67%
MOVR Incentive Share 67%
Estimated APRs Current Proposed
Supply Side 10.06% 9.64%
Borrow Side -3.27% -3.27%

MFAM Incentives

Current Proposed
Supply Side 0.6395 MFAM / sec 0.6121 MFAM / sec
-4.48% 55,254.79 MFAM / day 52,886.73 MFAM / day
1,547,134.05 MFAM / cycle* 1,480,828.30 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
-4.48% 37.20 MOVR / day 35.61 MOVR / day
1,041.60 MOVR / cycle* 996.96 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 $21.11
Supplied 29,542.12 xcKSM
Borrowed 8,213.19 xcKSM
Supplied TVL $623,674.03
Borrowed TVL $173,391.48
Utilization 27.80%
MFAM Incentive Share 27%
MOVR Incentive Share 27%
Estimated APRs Current Proposed
Supply Side 9.74% 10.45%
Borrow Side -4.90% -4.90%

MFAM Incentives

Current Proposed
Supply Side 0.2284 MFAM / sec 0.2467 MFAM / sec
+7.41% 19,733.85 MFAM / day 21,312.56 MFAM / day
552,547.87 MFAM / cycle* 596,751.70 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
+7.41% 13.29 MOVR / day 14.35 MOVR / day
372.00 MOVR / cycle* 401.76 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 $0.9968
Supplied 135,311.53 FRAX
Borrowed 114,563.32 FRAX
Supplied TVL $134,873.53
Borrowed TVL $114,192.48
Utilization 84.67%
MFAM Incentive Share 6%
MOVR Incentive Share 6%
Estimated APRs Current Proposed
Supply Side 32.18% 33.82%
Borrow Side -47.76% -47.76%

MFAM Incentives

Current Proposed
Supply Side 0.0457 MFAM / sec 0.0548 MFAM / sec
+16.67% 3,946.77 MFAM / day 4,736.12 MFAM / day
110,509.57 MFAM / cycle* 132,611.49 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 0.0000 MOVR / sec 0.0000 MOVR / sec
+16.67% 2.66 MOVR / day 3.19 MOVR / day
74.40 MOVR / cycle* 89.28 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: c4d4d02fb8899117c347306a822f63ba1e56b5788f055c2e2b824985ac9f050d

Proposal Config 
{
  "_meta": {
    "generatedAt": "2024-07-04T14:31:20.529Z",
    "generatorVersion": "1.0.41"
  },
  "snapshotBlock": 7183843,
  "safetyModuleInfo": {
    "totalStaked": "362431415.072540436073624096",
    "stakedTVL": "425191.9316830625078187146395953994667438766321388608",
    "govTokenPrice": "0.0011731652224406667148223298",
    "emissions": {
      "emissionsPerSecond": "1.004964719742063492",
      "lastUpdateTimestamp": 1720093938,
      "emissionAPR": "8.750420995758480072",
      "emissionsPerYear": "31714274.6397321428551392"
    }
  },
  "dexInfo": {
    "govTokenTotal": "54562103.639753675068125192",
    "nativeAssetTotal": "6621.974134539864791238",
    "govTokenPrice": "0.0011731652224406667148223298",
    "nextFreeSlot": 43,
    "emissionsPerYear": "35558457.1874999999719488",
    "poolTVL": "128020.7249067246623536486842293049901672954635123216",
    "currentPoolAPR": "32.585306298190715666",
    "currentPoolRewardInfo": {
      "startTimestamp": 1718335800,
      "endTimestamp": 1720755000,
      "rewardPerSec": "1.126779513888888888"
    }
  },
  "marketData": {
    "assets": {
      "MOVR": {
        "price": "9.66635646",
        "totalSuppliedUnderlying": "162044.669885417297480947999948774679050994",
        "totalSuppliedTVL": "1566381.54155547095330070342622891778792900252132124",
        "totalBorrows": "13144.154444494741736227",
        "totalBorrowedTVL": "127056.08222577945821800947747642",
        "utilization": "0.08111438934578377481",
        "baseSupplyAPR": "53779573",
        "baseBorrowAPR": "1020013900",
        "govSupplySpeed": "639523003472222222",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "430555555555555",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcKSM": {
        "price": "21.11135",
        "totalSuppliedUnderlying": "29542.11980338130399986966175910012",
        "totalSuppliedTVL": "623674.030911113892197648383777978318362",
        "totalBorrows": "8213.187496467214",
        "totalBorrowedTVL": "173391.4758535431182789",
        "utilization": "0.27801618675742953137",
        "baseSupplyAPR": "273917282",
        "baseBorrowAPR": "1515779383",
        "govSupplySpeed": "228401072668650793",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "153769841269841",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "FRAX": {
        "price": "0.99676299",
        "totalSuppliedUnderlying": "135311.530445850841691745999989744622187308",
        "totalSuppliedTVL": "134873.52566868231805868140127031781894784146213092",
        "totalBorrows": "114563.318822525455898447",
        "totalBorrowedTVL": "114192.47621386375277244916807653",
        "utilization": "0.84666338814615333715",
        "baseSupplyAPR": "6817079731",
        "baseBorrowAPR": "12387231005",
        "govSupplySpeed": "45680214533730158",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "30753968253968",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      }
    },
    "totalTVL": "2324929.09813526716355703321127721392523884398345216",
    "govRewardSplits": {
      "MOVR": 0.67,
      "xcKSM": 0.27,
      "FRAX": 0.06
    },
    "nativeRewardSplits": {
      "MOVR": 0.67,
      "xcKSM": 0.27,
      "FRAX": 0.06
    }
  },
  "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": 150000
  },
  "responses": {
    "name": "Curly",
    "network": "Moonriver",
    "mipNumber": "R21",
    "componentSplits": {
      "ALL_MARKETS": 0.3,
      "SAFETY_MODULE": 0.33,
      "DEX_REWARDER": 0.37
    },
    "emissionAmounts": {
      "0": 7367305,
      "1": 1488
    },
    "submitterWallet": "0x9F94Ff95cbC403cbfC18802eDEAeF71dA8155f36"
  }
}
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