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closedEnded 2 years ago Â·  Onchain

MIP-M28 Rebalancing of Moonbeam Token Liquidity Incentives

By 0x9F94...155f36

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

  • Submitter: Curly
  • Generator Version: 1.0.37
  • Generated At: Sun, 12 May 2024 01:12:52 GMT
  • Network: Moonbeam
  • Block Height: 6,136,314

The submitter (Curly), as part of this proposal, will get 15,000 WELL sent to their wallet at 0x9F94Ff95cbC403cbfC18802eDEAeF71dA8155f36.

Safety Module

At the time this proposal was generated there was 417,860,762 WELL staked in the Safety Module, with a valuation of $11,423,174.72 (based on a WELL price of $0.027337 pulled from StellaSwap).

This proposal, if executed, would adjust the rewards on the Safety Module to increase emissions +6.38% and emits 7,211,538 WELL over the next 28 days:

  • Current (estimated APR = ~21.16%):
    • 2.8021 WELL / second
    • 242,101.63 WELL / day
    • 6,778,845.72 WELL / reward cycle (28 days)

  • Proposed (estimated APR = ~22.51%):
    • 2.9810 WELL / second
    • 257,554.93 WELL / day
    • 7,211,538.00 WELL / reward cycle (28 days)

DEX Liquidity Pool Rewarder

At the time this proposal was generated there were 5,609,751 WELL and 544,037 GLMR provided by liquidity providers in the StellaSwap WELL/GLMR pool totaling $306,710.64.

This proposal, if executed, would adjust the rewards on the Dex Rewarder to keep emissions the same and emits 0 WELL over the next 28 days:

Current rewards will expire at Fri, 17 May 2024 03:30:00 GMT

Proposed rewards will expire at Fri, 14 Jun 2024 03:30:00 GMT

  • Current (estimated APR = ~0%) days:
    • 0 WELL / second
    • 0 WELL / day
    • 0 WELL / reward cycle (28 days)

  • Proposed (estimated APR = ~0%):
    • 0 WELL / second
    • 0 WELL / day
    • 0 WELL / 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.

GLMR Market

Latest price$0.2819
Supplied23,124,291.26 GLMR
Borrowed6,757,300.98 GLMR
Supplied TVL$6,518,367.95
Borrowed TVL$1,904,775.10
Utilization29.22%
WELL Incentive Share30%
GLMR Incentive Share30%
Estimated APRsCurrentProposed
Supply Side10.78%13.14%
Borrow Side-6.59%-6.59%

WELL Incentives

CurrentProposed
Supply Side0.7154 WELL / sec0.8943 WELL / sec
+20.00%61,813.18 WELL / day77,266.48 WELL / day
1,730,769.12 WELL / cycle*2,163,461.40 WELL / cycle*
Borrow Side0 WELL / sec0 WELL / sec
+0%0 WELL / day0 WELL / day
0 WELL / cycle*0 WELL / cycle*

GLMR Incentives

CurrentProposed
Supply Side0 GLMR / sec0 GLMR / sec
+0%0 GLMR / day0 GLMR / day
0 GLMR / cycle*0 GLMR / cycle*
Borrow Side0 GLMR / sec0 GLMR / sec
+0%0 GLMR / day0 GLMR / day
0 GLMR / cycle*0 GLMR / cycle*

* Reward cycle is 28 days long

xcDOT Market

Latest price$6.70
Supplied1,506,248.27 xcDOT
Borrowed168,673.27 xcDOT
Supplied TVL$10,097,888.37
Borrowed TVL$1,130,785.60
Utilization11.20%
WELL Incentive Share38%
GLMR Incentive Share38%
Estimated APRsCurrentProposed
Supply Side6.91%9.98%
Borrow Side-3.75%-3.75%

WELL Incentives

CurrentProposed
Supply Side0.7727 WELL / sec1.1328 WELL / sec
+31.79%66,758.24 WELL / day97,870.87 WELL / day
1,869,230.65 WELL / cycle*2,740,384.44 WELL / cycle*
Borrow Side0 WELL / sec0 WELL / sec
+0%0 WELL / day0 WELL / day
0 WELL / cycle*0 WELL / cycle*

GLMR Incentives

CurrentProposed
Supply Side0 GLMR / sec0 GLMR / sec
+0%0 GLMR / day0 GLMR / day
0 GLMR / cycle*0 GLMR / cycle*
Borrow Side0 GLMR / sec0 GLMR / sec
+0%0 GLMR / day0 GLMR / day
0 GLMR / cycle*0 GLMR / cycle*

* Reward cycle is 28 days long

xcUSDT Market

Latest price$0.9997
Supplied1,092,844.22 xcUSDT
Borrowed800,274.55 xcUSDT
Supplied TVL$1,092,484.47
Borrowed TVL$800,011.11
Utilization73.23%
WELL Incentive Share5%
GLMR Incentive Share5%
Estimated APRsCurrentProposed
Supply Side13.25%15.98%
Borrow Side-8.39%-8.39%

WELL Incentives

CurrentProposed
Supply Side0.1145 WELL / sec0.1490 WELL / sec
+23.20%9,890.11 WELL / day12,877.75 WELL / day
276,923.06 WELL / cycle*360,576.90 WELL / cycle*
Borrow Side0 WELL / sec0 WELL / sec
+0%0 WELL / day0 WELL / day
0 WELL / cycle*0 WELL / cycle*

GLMR Incentives

CurrentProposed
Supply Side0 GLMR / sec0 GLMR / sec
+0%0 GLMR / day0 GLMR / day
0 GLMR / cycle*0 GLMR / cycle*
Borrow Side0 GLMR / sec0 GLMR / sec
+0%0 GLMR / day0 GLMR / day
0 GLMR / cycle*0 GLMR / cycle*

* Reward cycle is 28 days long

FRAX Market

Latest price$0.9983
Supplied1,326,873.80 FRAX
Borrowed61,748.61 FRAX
Supplied TVL$1,324,558.26
Borrowed TVL$61,640.85
Utilization4.65%
WELL Incentive Share8%
GLMR Incentive Share8%
Estimated APRsCurrentProposed
Supply Side14.92%15.54%
Borrow Side-0.5132%-0.5132%

WELL Incentives

CurrentProposed
Supply Side0.2289 WELL / sec0.2385 WELL / sec
+4.00%19,780.22 WELL / day20,604.39 WELL / day
553,846.12 WELL / cycle*576,923.04 WELL / cycle*
Borrow Side0 WELL / sec0 WELL / sec
+0%0 WELL / day0 WELL / day
0 WELL / cycle*0 WELL / cycle*

GLMR Incentives

CurrentProposed
Supply Side0 GLMR / sec0 GLMR / sec
+0%0 GLMR / day0 GLMR / day
0 GLMR / cycle*0 GLMR / cycle*
Borrow Side0 GLMR / sec0 GLMR / sec
+0%0 GLMR / day0 GLMR / day
0 GLMR / cycle*0 GLMR / cycle*

* Reward cycle is 28 days long

ETH.wh Market

Latest price$2,920.45
Supplied328.19 ETH.wh
Borrowed74.26 ETH.wh
Supplied TVL$958,457.93
Borrowed TVL$216,863.57
Utilization22.63%
WELL Incentive Share4%
GLMR Incentive Share4%
Estimated APRsCurrentProposed
Supply Side11.36%11.79%
Borrow Side-6.44%-6.44%

WELL Incentives

CurrentProposed
Supply Side0.1145 WELL / sec0.1192 WELL / sec
+4.00%9,890.11 WELL / day10,302.20 WELL / day
276,923.06 WELL / cycle*288,461.52 WELL / cycle*
Borrow Side0 WELL / sec0 WELL / sec
+0%0 WELL / day0 WELL / day
0 WELL / cycle*0 WELL / cycle*

GLMR Incentives

CurrentProposed
Supply Side0 GLMR / sec0 GLMR / sec
+0%0 GLMR / day0 GLMR / day
0 GLMR / cycle*0 GLMR / cycle*
Borrow Side0 GLMR / sec0 GLMR / sec
+0%0 GLMR / day0 GLMR / day
0 GLMR / cycle*0 GLMR / cycle*

* Reward cycle is 28 days long

BTC.wh Market

Latest price$60,992.78
Supplied161.42 BTC.wh
Borrowed0.1794 BTC.wh
Supplied TVL$9,845,252.66
Borrowed TVL$10,941.78
Utilization0.1111%
WELL Incentive Share8%
GLMR Incentive Share8%
Estimated APRsCurrentProposed
Supply Side6.02%2.09%
Borrow Side-2.04%-2.04%

WELL Incentives

CurrentProposed
Supply Side0.6868 WELL / sec0.2385 WELL / sec
-188.00%59,340.66 WELL / day20,604.39 WELL / day
1,661,538.36 WELL / cycle*576,923.04 WELL / cycle*
Borrow Side0 WELL / sec0 WELL / sec
+0%0 WELL / day0 WELL / day
0 WELL / cycle*0 WELL / cycle*

GLMR Incentives

CurrentProposed
Supply Side0 GLMR / sec0 GLMR / sec
+0%0 GLMR / day0 GLMR / day
0 GLMR / cycle*0 GLMR / cycle*
Borrow Side0 GLMR / sec0 GLMR / sec
+0%0 GLMR / day0 GLMR / day
0 GLMR / cycle*0 GLMR / cycle*

* Reward cycle is 28 days long

USDC.wh Market

Latest price$1.0000
Supplied1,116,470.76 USDC.wh
Borrowed835,619.92 USDC.wh
Supplied TVL$1,116,447.67
Borrowed TVL$835,602.64
Utilization74.84%
WELL Incentive Share3%
GLMR Incentive Share3%
Estimated APRsCurrentProposed
Supply Side15.46%11.31%
Borrow Side-8.58%-8.58%

WELL Incentives

CurrentProposed
Supply Side0.1431 WELL / sec0.0894 WELL / sec
-60.00%12,362.64 WELL / day7,726.65 WELL / day
346,153.82 WELL / cycle*216,346.14 WELL / cycle*
Borrow Side0 WELL / sec0 WELL / sec
+0%0 WELL / day0 WELL / day
0 WELL / cycle*0 WELL / cycle*

GLMR Incentives

CurrentProposed
Supply Side0 GLMR / sec0 GLMR / sec
+0%0 GLMR / day0 GLMR / day
0 GLMR / cycle*0 GLMR / cycle*
Borrow Side0 GLMR / sec0 GLMR / sec
+0%0 GLMR / day0 GLMR / day
0 GLMR / cycle*0 GLMR / cycle*

* Reward cycle is 28 days long

xcUSDC Market

Latest price$1.0000
Supplied572,911.23 xcUSDC
Borrowed364,991.61 xcUSDC
Supplied TVL$572,899.38
Borrowed TVL$364,984.06
Utilization63.71%
WELL Incentive Share4%
GLMR Incentive Share4%
Estimated APRsCurrentProposed
Supply Side16.09%21.12%
Borrow Side-7.26%-7.26%

WELL Incentives

CurrentProposed
Supply Side0.0859 WELL / sec0.1192 WELL / sec
+28.00%7,417.58 WELL / day10,302.20 WELL / day
207,692.29 WELL / cycle*288,461.52 WELL / cycle*
Borrow Side0 WELL / sec0 WELL / sec
+0%0 WELL / day0 WELL / day
0 WELL / cycle*0 WELL / cycle*

GLMR Incentives

CurrentProposed
Supply Side0 GLMR / sec0 GLMR / sec
+0%0 GLMR / day0 GLMR / day
0 GLMR / cycle*0 GLMR / cycle*
Borrow Side0 GLMR / sec0 GLMR / sec
+0%0 GLMR / day0 GLMR / day
0 GLMR / cycle*0 GLMR / cycle*

* Reward cycle is 28 days long

Definitions

WELL - The Moonwell Artemis governance token

Liquidity Incentives - WELL tokens that have been allocated for use as rewards to incentivize liquidity growth.

Core - Moonwell Artemis lending protocol (Moonwell: DeFi’s Liquidity Well).

DEX LP - StellaSwap’s WELL/GLMR farm (StellaSwap - Leading Moonbeam DEX & DeFi Gateway).

Safety Module - Smart contract that allows users to stake their WELL tokens in order to earn liquidity incentives and help backstop the Moonwell protocol.

Reward Speed - The rate at which WELL 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: 7da9af6721ed4b1dfab7e2c1579c92aadda5824f3a894b6f3f10daf08ce8492e

Proposal Config 
{
  "_meta": {
    "generatedAt": "2024-05-12T00:37:51.366Z",
    "generatorVersion": "1.0.37"
  },
  "snapshotBlock": 6136314,
  "safetyModuleInfo": {
    "totalStaked": "417860762.300457630864580202",
    "stakedTVL": "11423174.7233661041251705318322082632788592690713506176",
    "govTokenPrice": "0.0273372753653103498016804288",
    "emissions": {
      "emissionsPerSecond": "2.802102232142857142",
      "lastUpdateTimestamp": 1715471880,
      "emissionAPR": "21.161982502077722549",
      "emissionsPerYear": "88427621.4010714285443792"
    }
  },
  "dexInfo": {
    "addingNewMarket": true,
    "govTokenTotal": "5609751.420612765520958942",
    "nativeAssetTotal": "544036.958024799254569933",
    "govTokenPrice": "0.0273372753653103498016804288",
    "nextFreeSlot": 11,
    "emissionsPerYear": "0",
    "poolTVL": "306710.6386324641866446794912893089382869780097543296",
    "currentPoolAPR": "0",
    "currentPoolRewardInfo": {
      "startTimestamp": 1713497400,
      "endTimestamp": 1715916600,
      "rewardPerSec": "0"
    }
  },
  "marketData": {
    "assets": {
      "GLMR": {
        "price": "0.28188401",
        "totalSuppliedUnderlying": "23124291.262068032331806856984632866477789824",
        "totalSuppliedTVL": "6518367.94935969784649936739232482078055397152631424",
        "totalBorrows": "6757300.976628812956960559",
        "totalBorrowedTVL": "1904775.09606904607784799978276159",
        "utilization": "0.29221656569051966055",
        "baseSupplyAPR": "414035915",
        "baseBorrowAPR": "2024114815",
        "govSupplySpeed": "715430357142857142",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "0",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcDOT": {
        "price": "6.704",
        "totalSuppliedUnderlying": "1506248.2653629403996575557359796536",
        "totalSuppliedTVL": "10097888.3709931524393042536540075977344",
        "totalBorrows": "168673.2694219424",
        "totalBorrowedTVL": "1130785.5982047018496",
        "utilization": "0.11198238251998880764",
        "baseSupplyAPR": "97998852",
        "baseBorrowAPR": "1166836547",
        "govSupplySpeed": "772664785714285714",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "0",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcUSDT": {
        "price": "0.99967081",
        "totalSuppliedUnderlying": "1092844.220026998125490995307896",
        "totalSuppliedTVL": "1092484.46663820743797806492715059371576",
        "totalBorrows": "800274.550943",
        "totalBorrowedTVL": "800011.10856357507383",
        "utilization": "0.73228602602046030858",
        "baseSupplyAPR": "1309319426",
        "baseBorrowAPR": "2554270131",
        "govSupplySpeed": "114468857142857142",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "0",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "FRAX": {
        "price": "0.99825489",
        "totalSuppliedUnderlying": "1326873.804834755744003555997391597758644742",
        "totalSuppliedTVL": "1324558.26408920056340713795178498970748015347428838",
        "totalBorrows": "61748.60619882115457083",
        "totalBorrowedTVL": "61640.8480886575297857768988587",
        "utilization": "0.04653690951907149268",
        "baseSupplyAPR": "6420961",
        "baseBorrowAPR": "162324329",
        "govSupplySpeed": "228937714285714285",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "0",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "ETH.wh": {
        "price": "2920.4467943",
        "totalSuppliedUnderlying": "328.188799360360638344999998726892893698",
        "totalSuppliedTVL": "958457.9270171311167465569037154584325997747723214",
        "totalBorrows": "74.256983559288187405",
        "totalBorrowedTVL": "216863.5695901109908967898857915",
        "utilization": "0.22626300380760985971",
        "baseSupplyAPR": "335909260",
        "baseBorrowAPR": "1979461985",
        "govSupplySpeed": "114468857142857142",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "0",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "BTC.wh": {
        "price": "60992.78176964",
        "totalSuppliedUnderlying": "161.4166852499999989601188247",
        "totalSuppliedTVL": "9845252.657431917822384754408570342942108",
        "totalBorrows": "0.17939466",
        "totalBorrowedTVL": "10941.7793480187661224",
        "utilization": "0.00111137618593862186",
        "baseSupplyAPR": "533028",
        "baseBorrowAPR": "639482065",
        "govSupplySpeed": "686813142857142857",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "0",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "USDC.wh": {
        "price": "0.99997932",
        "totalSuppliedUnderlying": "1116470.759449997287421086241139",
        "totalSuppliedTVL": "1116447.67083469186147718237307553324548",
        "totalBorrows": "835619.923493",
        "totalBorrowedTVL": "835602.64287298216476",
        "utilization": "0.74844765652854915906",
        "baseSupplyAPR": "1367750819",
        "baseBorrowAPR": "2610643144",
        "govSupplySpeed": "143086071428571428",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "0",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcUSDC": {
        "price": "0.99997932",
        "totalSuppliedUnderlying": "572911.22731499944003137148434",
        "totalSuppliedTVL": "572899.3795108185658429516355777038488",
        "totalBorrows": "364991.610738",
        "totalBorrowedTVL": "364984.06271148993816",
        "utilization": "0.63708231456479980564",
        "baseSupplyAPR": "991003564",
        "baseBorrowAPR": "2222192243",
        "govSupplySpeed": "85851642857142857",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "0",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      }
    },
    "totalTVL": "31526356.68587481765364026924620704040718189977292402",
    "govRewardSplits": {
      "GLMR": 0.3,
      "xcDOT": 0.38,
      "xcUSDT": 0.05,
      "FRAX": 0.08,
      "ETH.wh": 0.04,
      "BTC.wh": 0.08,
      "USDC.wh": 0.03,
      "xcUSDC": 0.04
    },
    "nativeRewardSplits": {
      "GLMR": 0.3,
      "xcDOT": 0.38,
      "xcUSDT": 0.05,
      "FRAX": 0.08,
      "ETH.wh": 0.04,
      "BTC.wh": 0.08,
      "USDC.wh": 0.03,
      "xcUSDC": 0.04
    }
  },
  "config": {
    "daysPerRewardCycle": 28,
    "rpc": "https://rpc.api.moonbeam.network",
    "govTokenName": "WELL",
    "nativeTokenName": "GLMR",
    "networkName": "Moonbeam",
    "govTokenUniPoolAddress": "0xb536c1f9a157b263b70a9a35705168acc0271742",
    "dexName": "StellaSwap",
    "ecosystemReserve": "0x7793E08Eb4525309C46C9BA394cE33361A167ba4",
    "treasuryAddress": "0x6972f25AB3FC425EaF719721f0EBD1Cdb58eE451",
    "dexPoolID": 15,
    "submissionRewardAmount": 15000
  },
  "responses": {
    "name": "Curly",
    "network": "Moonbeam",
    "mipNumber": "M28",
    "componentSplits": {
      "ALL_MARKETS": 0.5,
      "SAFETY_MODULE": 0.5,
      "DEX_REWARDER": 0
    },
    "emissionAmounts": {
      "0": 14423076,
      "1": 0
    },
    "submitterWallet": "0x9F94Ff95cbC403cbfC18802eDEAeF71dA8155f36"
  }
}
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Proposal Status
  • Sun May 12 2024, 02:07 amPublished Onchain 0x9F94...155f36
  • Sun May 12 2024, 02:07 amVoting Period Starts
  • Wed May 15 2024, 02:07 amEnd Voting Period
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Current Results

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2-AGAINST

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3-ABSTAIN

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