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executedEnded 2 years ago Â·  Onchain

MIP-M34 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: 1.0.41
  • Generated At: Thu, 04 Jul 2024 16:03:08 GMT
  • Network: Moonbeam
  • Block Height: 6,515,571

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 403,714,941 WELL staked in the Safety Module, with a valuation of $9,205,775.77 (based on a WELL price of $0.022803 pulled from StellaSwap).

This proposal, if executed, would adjust the rewards on the Safety Module to keep emissions the same and emits 6,778,846 WELL over the next 28 days:

  • Current (estimated APR = ~21.90%):
    • 2.8021 WELL / second
    • 242,101.63 WELL / day
    • 6,778,845.72 WELL / reward cycle (28 days)

  • Proposed (estimated APR = ~21.90%):
    • 2.8021 WELL / second
    • 242,101.63 WELL / day
    • 6,778,845.72 WELL / reward cycle (28 days)

DEX Liquidity Pool Rewarder

At the time this proposal was generated there were 7,612,241 WELL and 883,918 GLMR provided by liquidity providers in the StellaSwap WELL/GLMR pool totaling $347,158.72.

This proposal, if executed, would adjust the rewards on the Dex Rewarder to keep emissions the same and emits 721,154 WELL 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 = ~61.79%) days:
    • 0.2981 WELL / second
    • 25,755.57 WELL / day
    • 721,156.00 WELL / reward cycle (28 days)

  • Proposed (estimated APR = ~61.79%):
    • 0.2981 WELL / second
    • 25,755.49 WELL / day
    • 721,153.80 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$0.1964
Supplied24,271,942.95 GLMR
Borrowed7,832,883.82 GLMR
Supplied TVL$4,766,400.37
Borrowed TVL$1,538,181.78
Utilization32.27%
WELL Incentive Share27%
GLMR Incentive Share27%
Estimated APRsCurrentProposed
Supply Side12.09%15.82%
Borrow Side-7.08%-7.08%

WELL Incentives

CurrentProposed
Supply Side0.5723 WELL / sec0.7727 WELL / sec
+25.93%49,450.55 WELL / day66,758.24 WELL / day
1,384,615.30 WELL / cycle*1,869,230.65 WELL / cycle*
Borrow Side0 WELL / sec0 WELL / sec
+0%0 WELL / day0 WELL / day
0 WELL / cycle*0 WELL / cycle*

GLMR Incentives

CurrentProposed
Supply Side0.0155 GLMR / sec0.0209 GLMR / sec
+25.93%1,339.29 GLMR / day1,808.04 GLMR / day
37,500.00 GLMR / cycle*50,625.00 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$5.76
Supplied1,221,066.77 xcDOT
Borrowed79,783.11 xcDOT
Supplied TVL$7,027,790.27
Borrowed TVL$459,187.78
Utilization6.53%
WELL Incentive Share33%
GLMR Incentive Share33%
Estimated APRsCurrentProposed
Supply Side8.43%12.04%
Borrow Side-3.02%-3.02%

WELL Incentives

CurrentProposed
Supply Side0.6582 WELL / sec0.9444 WELL / sec
+30.30%56,868.13 WELL / day81,593.40 WELL / day
1,592,307.59 WELL / cycle*2,284,615.24 WELL / cycle*
Borrow Side0 WELL / sec0 WELL / sec
+0%0 WELL / day0 WELL / day
0 WELL / cycle*0 WELL / cycle*

GLMR Incentives

CurrentProposed
Supply Side0.0178 GLMR / sec0.0256 GLMR / sec
+30.30%1,540.18 GLMR / day2,209.82 GLMR / day
43,125.00 GLMR / cycle*61,875.00 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$0.9992
Supplied1,010,750.96 xcUSDT
Borrowed597,737.58 xcUSDT
Supplied TVL$1,009,942.36
Borrowed TVL$597,259.39
Utilization59.14%
WELL Incentive Share4%
GLMR Incentive Share4%
Estimated APRsCurrentProposed
Supply Side11.03%13.54%
Borrow Side-8.63%-8.63%

WELL Incentives

CurrentProposed
Supply Side0.0859 WELL / sec0.1145 WELL / sec
+25.00%7,417.58 WELL / day9,890.11 WELL / day
207,692.29 WELL / cycle*276,923.06 WELL / cycle*
Borrow Side0 WELL / sec0 WELL / sec
+0%0 WELL / day0 WELL / day
0 WELL / cycle*0 WELL / cycle*

GLMR Incentives

CurrentProposed
Supply Side0.0023 GLMR / sec0.0031 GLMR / sec
+25.00%200.89 GLMR / day267.86 GLMR / day
5,625.00 GLMR / cycle*7,500.00 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$0.9967
Supplied1,234,113.65 FRAX
Borrowed61,000.49 FRAX
Supplied TVL$1,230,035.84
Borrowed TVL$60,798.93
Utilization4.94%
WELL Incentive Share4%
GLMR Incentive Share4%
Estimated APRsCurrentProposed
Supply Side8.27%7.24%
Borrow Side-0.3962%-0.3962%

WELL Incentives

CurrentProposed
Supply Side0.1145 WELL / sec0.1002 WELL / sec
-14.29%9,890.11 WELL / day8,653.85 WELL / day
276,923.06 WELL / cycle*242,307.68 WELL / cycle*
Borrow Side0 WELL / sec0 WELL / sec
+0%0 WELL / day0 WELL / day
0 WELL / cycle*0 WELL / cycle*

GLMR Incentives

CurrentProposed
Supply Side0.0031 GLMR / sec0.0027 GLMR / sec
-14.29%267.86 GLMR / day234.37 GLMR / day
7,500.00 GLMR / cycle*6,562.50 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$3,122.35
Supplied366.58 ETH.wh
Borrowed28.40 ETH.wh
Supplied TVL$1,144,586.76
Borrowed TVL$88,676.81
Utilization7.75%
WELL Incentive Share3%
GLMR Incentive Share3%
Estimated APRsCurrentProposed
Supply Side6.83%6.83%
Borrow Side-3.51%-3.51%

WELL Incentives

CurrentProposed
Supply Side0.0859 WELL / sec0.0859 WELL / sec
+0.00%7,417.58 WELL / day7,417.58 WELL / day
207,692.29 WELL / cycle*207,692.29 WELL / cycle*
Borrow Side0 WELL / sec0 WELL / sec
+0%0 WELL / day0 WELL / day
0 WELL / cycle*0 WELL / cycle*

GLMR Incentives

CurrentProposed
Supply Side0.0023 GLMR / sec0.0023 GLMR / sec
+0.00%200.89 GLMR / day200.89 GLMR / day
5,625.00 GLMR / cycle*5,625.00 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$57,372.72
Supplied250.80 BTC.wh
Borrowed2.04 BTC.wh
Supplied TVL$14,388,946.62
Borrowed TVL$117,307.09
Utilization0.8153%
WELL Incentive Share24%
GLMR Incentive Share24%
Estimated APRsCurrentProposed
Supply Side7.42%4.24%
Borrow Side-2.14%-2.14%

WELL Incentives

CurrentProposed
Supply Side1.2019 WELL / sec0.6868 WELL / sec
-75.00%103,846.15 WELL / day59,340.66 WELL / day
2,907,692.12 WELL / cycle*1,661,538.36 WELL / cycle*
Borrow Side0 WELL / sec0 WELL / sec
+0%0 WELL / day0 WELL / day
0 WELL / cycle*0 WELL / cycle*

GLMR Incentives

CurrentProposed
Supply Side0.0326 GLMR / sec0.0186 GLMR / sec
-75.00%2,812.50 GLMR / day1,607.14 GLMR / day
78,750.00 GLMR / cycle*45,000.00 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
Supplied1,066,464.12 USDC.wh
Borrowed770,638.96 USDC.wh
Supplied TVL$1,066,410.80
Borrowed TVL$770,600.42
Utilization72.26%
WELL Incentive Share3%
GLMR Incentive Share3%
Estimated APRsCurrentProposed
Supply Side11.24%11.24%
Borrow Side-8.27%-8.27%

WELL Incentives

CurrentProposed
Supply Side0.0859 WELL / sec0.0859 WELL / sec
+0.00%7,417.58 WELL / day7,417.58 WELL / day
207,692.29 WELL / cycle*207,692.29 WELL / cycle*
Borrow Side0 WELL / sec0 WELL / sec
+0%0 WELL / day0 WELL / day
0 WELL / cycle*0 WELL / cycle*

GLMR Incentives

CurrentProposed
Supply Side0.0023 GLMR / sec0.0023 GLMR / sec
+0.00%200.89 GLMR / day200.89 GLMR / day
5,625.00 GLMR / cycle*5,625.00 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
Supplied467,461.90 xcUSDC
Borrowed289,363.51 xcUSDC
Supplied TVL$467,438.52
Borrowed TVL$289,349.05
Utilization61.90%
WELL Incentive Share3%
GLMR Incentive Share3%
Estimated APRsCurrentProposed
Supply Side14.68%17.40%
Borrow Side-9.05%-9.05%

WELL Incentives

CurrentProposed
Supply Side0.0572 WELL / sec0.0715 WELL / sec
+20.00%4,945.05 WELL / day6,181.32 WELL / day
138,461.53 WELL / cycle*173,076.91 WELL / cycle*
Borrow Side0 WELL / sec0 WELL / sec
+0%0 WELL / day0 WELL / day
0 WELL / cycle*0 WELL / cycle*

GLMR Incentives

CurrentProposed
Supply Side0.0016 GLMR / sec0.0019 GLMR / sec
+20.00%133.93 GLMR / day167.41 GLMR / day
3,750.00 GLMR / cycle*4,687.50 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: e01e069d2bf1709b60bd85c94cdd969a12c4763137e68aee35db01a5755d38a1

Proposal Config 
{
  "_meta": {
    "generatedAt": "2024-07-04T15:09:22.483Z",
    "generatorVersion": "1.0.41"
  },
  "snapshotBlock": 6515571,
  "safetyModuleInfo": {
    "totalStaked": "403714940.612372967947799829",
    "stakedTVL": "9205775.766075986345626488032777562595673244324444873",
    "govTokenPrice": "0.022802663067441229412772837",
    "emissions": {
      "emissionsPerSecond": "2.802102232142857142",
      "lastUpdateTimestamp": 1720105620,
      "emissionAPR": "21.903480031464884057",
      "emissionsPerYear": "88427621.4010714285443792"
    }
  },
  "dexInfo": {
    "govTokenTotal": "7612240.752655718485438795",
    "nativeAssetTotal": "883918.26588353999720441",
    "govTokenPrice": "0.022802663067441229412772837",
    "nextFreeSlot": 2,
    "emissionsPerYear": "9407222.4642857142733584",
    "poolTVL": "347158.722142107157188460422756812142586969602011415",
    "currentPoolAPR": "61.790100772914808405",
    "currentPoolRewardInfo": {
      "startTimestamp": 1718335800,
      "endTimestamp": 1720755000,
      "rewardPerSec": "0.298096891534391534"
    }
  },
  "marketData": {
    "assets": {
      "GLMR": {
        "price": "0.1963749",
        "totalSuppliedUnderlying": "24271942.946090996727464301918739679731813889",
        "totalSuppliedTVL": "4766400.3688443248732561295428623127333669792709861",
        "totalBorrows": "7832883.815311724806198392",
        "totalBorrowedTVL": "1538181.7759434584276447286091608",
        "utilization": "0.32271350640156366052",
        "baseSupplyAPR": "455013834",
        "baseBorrowAPR": "2169172562",
        "govSupplySpeed": "572344285714285714",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "15500992063492063",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcDOT": {
        "price": "5.75545125",
        "totalSuppliedUnderlying": "1221066.7696181199996364262594578402",
        "totalSuppliedTVL": "7027790.26553207077455746906052945070139025",
        "totalBorrows": "79783.1057812759",
        "totalBorrowedTVL": "459187.775897726605249875",
        "utilization": "0.06533885596299332783",
        "baseSupplyAPR": "40133460",
        "baseBorrowAPR": "944978068",
        "govSupplySpeed": "658195928571428571",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "17826140873015873",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcUSDT": {
        "price": "0.9992",
        "totalSuppliedUnderlying": "1010750.96490699722989248215795",
        "totalSuppliedTVL": "1009942.36413507163210856817222364",
        "totalBorrows": "597737.578628",
        "totalBorrowedTVL": "597259.3885650976",
        "utilization": "0.59137967647945797222",
        "baseSupplyAPR": "1086806580",
        "baseBorrowAPR": "2625353713",
        "govSupplySpeed": "85851642857142857",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "2325148809523809",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "FRAX": {
        "price": "0.99669576",
        "totalSuppliedUnderlying": "1234113.645493240257573151997427301428870708",
        "totalSuppliedTVL": "1230035.83782125567338446848567132224239737625179808",
        "totalBorrows": "61000.488245835131288529",
        "totalBorrowedTVL": "60798.92799255371301432019093704",
        "utilization": "0.04942858258524073322",
        "baseSupplyAPR": "5268155",
        "baseBorrowAPR": "125389605",
        "govSupplySpeed": "114468857142857142",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "3100198412698412",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "ETH.wh": {
        "price": "3122.3452",
        "totalSuppliedUnderlying": "366.579184269183655790999999241480757197",
        "totalSuppliedTVL": "1144586.7564228010955774810508316410831264184044",
        "totalBorrows": "28.400707560566523299",
        "totalBorrowedTVL": "88676.8129283385933033208148",
        "utilization": "0.07747495978852833714",
        "baseSupplyAPR": "55134235",
        "baseBorrowAPR": "1094829874",
        "govSupplySpeed": "85851642857142857",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "2325148809523809",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "BTC.wh": {
        "price": "57372.715",
        "totalSuppliedUnderlying": "250.79772892999999342777631256",
        "totalSuppliedTVL": "14388946.6245481445729336834642558004",
        "totalBorrows": "2.04464944",
        "totalBorrowedTVL": "117307.0895960296",
        "utilization": "0.00815258355298217594",
        "baseSupplyAPR": "3566206",
        "baseBorrowAPR": "672973348",
        "govSupplySpeed": "1201923000000000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "32552083333333333",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "USDC.wh": {
        "price": "0.99995",
        "totalSuppliedUnderlying": "1066464.119846996272245240491108",
        "totalSuppliedTVL": "1066410.7966410039224316282290834446",
        "totalBorrows": "770638.956577",
        "totalBorrowedTVL": "770600.42462917115",
        "utilization": "0.72261123673580524485",
        "baseSupplyAPR": "1274951133",
        "baseBorrowAPR": "2520523720",
        "govSupplySpeed": "85851642857142857",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "2325148809523809",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcUSDC": {
        "price": "0.99995",
        "totalSuppliedUnderlying": "467461.895666999886242365879026",
        "totalSuppliedTVL": "467438.5225722165362480537607320487",
        "totalBorrows": "289363.513604",
        "totalBorrowedTVL": "289349.0454283198",
        "utilization": "0.61900984077241313246",
        "baseSupplyAPR": "1190733508",
        "baseBorrowAPR": "2748014259",
        "govSupplySpeed": "57234428571428571",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "1550099206349206",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      }
    },
    "totalTVL": "31101551.53651688908049748176618966046028102392718418",
    "govRewardSplits": {
      "GLMR": 0.27,
      "xcDOT": 0.33,
      "xcUSDT": 0.04,
      "FRAX": 0.035,
      "ETH.wh": 0.03,
      "BTC.wh": 0.24,
      "USDC.wh": 0.03,
      "xcUSDC": 0.025
    },
    "nativeRewardSplits": {
      "GLMR": 0.27,
      "xcDOT": 0.33,
      "xcUSDT": 0.04,
      "FRAX": 0.035,
      "ETH.wh": 0.03,
      "BTC.wh": 0.24,
      "USDC.wh": 0.03,
      "xcUSDC": 0.025
    }
  },
  "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": "M34",
    "componentSplits": {
      "ALL_MARKETS": 0.48,
      "SAFETY_MODULE": 0.47,
      "DEX_REWARDER": 0.05
    },
    "emissionAmounts": {
      "0": 14423076,
      "1": 187500
    },
    "submitterWallet": "0x9F94Ff95cbC403cbfC18802eDEAeF71dA8155f36"
  }
}
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0xA28A...3a7671
33.951M

ABSTAIN

0xb6cb...82E698
29.028M

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21.723M

FOR

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Proposal Status
  • Thu July 04 2024, 07:04 pmPublished Onchain 0x9F94...155f36
  • Thu July 04 2024, 07:04 pmVoting Period Starts
  • Sun July 07 2024, 07:04 pmEnd Voting Period
  • Queue Proposal
  • Mon July 08 2024, 07:17 pmExecute Proposal
Current Results

1-FOR

73.972M

68.54%

2-ABSTAIN

33.951M

31.46%

3-AGAINST

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Quorum 107.922M/100M
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