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closedEnded 2 years ago ·  Onchain

MIP-M26 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: 1.0.32
  • Generated At: Wed, 10 Apr 2024 19:06:00 GMT
  • Network: Moonbeam
  • Block Height: 5,915,710

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 425,351,717 WELL staked in the Safety Module, with a valuation of $19,457,033.13 (based on a WELL price of $0.045743 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 = ~20.79%):
    • 2.8021 WELL / second
    • 242,101.63 WELL / day
    • 6,778,845.72 WELL / reward cycle (28 days)

  • Proposed (estimated APR = ~20.79%):
    • 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 8,713,077 WELL and 921,258 GLMR provided by liquidity providers in the StellaSwap WELL/GLMR pool totaling $797,131.52.

This proposal, if executed, would adjust the rewards on the Dex Rewarder to increase emissions +∞% and emits 721,154 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 = ~53.98%):
    • 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$0.4326
Supplied28,250,299.17 GLMR
Borrowed6,749,213.09 GLMR
Supplied TVL$12,221,991.91
Borrowed TVL$2,919,927.58
Utilization23.89%
WELL Incentive Share34%
GLMR Incentive Share34%
Estimated APRsCurrentProposed
Supply Side13.30%14.07%
Borrow Side-5.74%-5.74%

WELL Incentives

CurrentProposed
Supply Side0.9158 WELL / sec0.9730 WELL / sec
+5.88%79,120.87 WELL / day84,065.93 WELL / day
2,215,384.47 WELL / cycle*2,353,846.00 WELL / cycle*
Borrow Side0 WELL / sec0 WELL / sec
+0%0 WELL / day0 WELL / day
0 WELL / cycle*0 WELL / cycle*

GLMR Incentives

CurrentProposed
Supply Side0.0139 GLMR / sec0.0148 GLMR / sec
+5.88%1,201.41 GLMR / day1,276.50 GLMR / day
33,639.60 GLMR / cycle*35,742.08 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$8.26
Supplied1,274,836.13 xcDOT
Borrowed162,403.16 xcDOT
Supplied TVL$10,532,143.51
Borrowed TVL$1,341,704.50
Utilization12.74%
WELL Incentive Share31%
GLMR Incentive Share31%
Estimated APRsCurrentProposed
Supply Side13.82%14.27%
Borrow Side-3.99%-3.99%

WELL Incentives

CurrentProposed
Supply Side0.8585 WELL / sec0.8871 WELL / sec
+3.23%74,175.82 WELL / day76,648.35 WELL / day
2,076,922.94 WELL / cycle*2,146,153.71 WELL / cycle*
Borrow Side0 WELL / sec0 WELL / sec
+0%0 WELL / day0 WELL / day
0 WELL / cycle*0 WELL / cycle*

GLMR Incentives

CurrentProposed
Supply Side0.0130 GLMR / sec0.0135 GLMR / sec
+3.23%1,126.33 GLMR / day1,163.87 GLMR / day
31,537.13 GLMR / cycle*32,588.37 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$0.9996
Supplied1,046,911.55 xcUSDT
Borrowed800,035.92 xcUSDT
Supplied TVL$1,046,503.55
Borrowed TVL$799,724.13
Utilization76.42%
WELL Incentive Share5%
GLMR Incentive Share5%
Estimated APRsCurrentProposed
Supply Side26.46%26.46%
Borrow Side-6.91%-6.91%

WELL Incentives

CurrentProposed
Supply Side0.1431 WELL / sec0.1431 WELL / sec
+0.00%12,362.64 WELL / day12,362.64 WELL / day
346,153.82 WELL / cycle*346,153.82 WELL / cycle*
Borrow Side0 WELL / sec0 WELL / sec
+0%0 WELL / day0 WELL / day
0 WELL / cycle*0 WELL / cycle*

GLMR Incentives

CurrentProposed
Supply Side0.0022 GLMR / sec0.0022 GLMR / sec
+0.00%187.72 GLMR / day187.72 GLMR / day
5,256.19 GLMR / cycle*5,256.19 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$0.9965
Supplied3,016,364.26 FRAX
Borrowed187,107.60 FRAX
Supplied TVL$3,005,665.76
Borrowed TVL$186,443.96
Utilization6.20%
WELL Incentive Share12%
GLMR Incentive Share12%
Estimated APRsCurrentProposed
Supply Side18.87%18.87%
Borrow Side-0.3498%-0.3498%

WELL Incentives

CurrentProposed
Supply Side0.3434 WELL / sec0.3434 WELL / sec
+0.00%29,670.33 WELL / day29,670.33 WELL / day
830,769.18 WELL / cycle*830,769.18 WELL / cycle*
Borrow Side0 WELL / sec0 WELL / sec
+0%0 WELL / day0 WELL / day
0 WELL / cycle*0 WELL / cycle*

GLMR Incentives

CurrentProposed
Supply Side0.0052 GLMR / sec0.0052 GLMR / sec
+0.00%450.53 GLMR / day450.53 GLMR / day
12,614.85 GLMR / cycle*12,614.85 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$3,493.10
Supplied364.82 ETH.wh
Borrowed91.74 ETH.wh
Supplied TVL$1,274,367.97
Borrowed TVL$320,467.04
Utilization25.15%
WELL Incentive Share4%
GLMR Incentive Share4%
Estimated APRsCurrentProposed
Supply Side16.09%16.09%
Borrow Side-6.95%-6.95%

WELL Incentives

CurrentProposed
Supply Side0.1145 WELL / sec0.1145 WELL / sec
+0.00%9,890.11 WELL / day9,890.11 WELL / day
276,923.06 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 Side0.0017 GLMR / sec0.0017 GLMR / sec
+0.00%150.18 GLMR / day150.18 GLMR / day
4,204.95 GLMR / cycle*4,204.95 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$69,335.04
Supplied130.58 BTC.wh
Borrowed0.2088 BTC.wh
Supplied TVL$9,053,870.86
Borrowed TVL$14,476.10
Utilization0.1599%
WELL Incentive Share4%
GLMR Incentive Share4%
Estimated APRsCurrentProposed
Supply Side4.17%2.09%
Borrow Side-2.04%-2.04%

WELL Incentives

CurrentProposed
Supply Side0.2289 WELL / sec0.1145 WELL / sec
-100.00%19,780.22 WELL / day9,890.11 WELL / day
553,846.12 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 Side0.0035 GLMR / sec0.0017 GLMR / sec
-100.00%300.35 GLMR / day150.18 GLMR / day
8,409.90 GLMR / cycle*4,204.95 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$1.00
Supplied1,674,610.75 USDC.wh
Borrowed1,347,051.03 USDC.wh
Supplied TVL$1,674,693.91
Borrowed TVL$1,347,117.92
Utilization80.44%
WELL Incentive Share3%
GLMR Incentive Share3%
Estimated APRsCurrentProposed
Supply Side14.84%14.84%
Borrow Side-10.80%-10.80%

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 Side0.0013 GLMR / sec0.0013 GLMR / sec
+0.00%112.63 GLMR / day112.63 GLMR / day
3,153.71 GLMR / cycle*3,153.71 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$1.00
Supplied920,177.13 xcUSDC
Borrowed400,047.40 xcUSDC
Supplied TVL$920,222.83
Borrowed TVL$400,067.27
Utilization43.48%
WELL Incentive Share7%
GLMR Incentive Share7%
Estimated APRsCurrentProposed
Supply Side32.03%37.16%
Borrow Side-3.88%-3.88%

WELL Incentives

CurrentProposed
Supply Side0.1717 WELL / sec0.2003 WELL / sec
+14.29%14,835.16 WELL / day17,307.69 WELL / day
415,384.59 WELL / cycle*484,615.35 WELL / cycle*
Borrow Side0 WELL / sec0 WELL / sec
+0%0 WELL / day0 WELL / day
0 WELL / cycle*0 WELL / cycle*

GLMR Incentives

CurrentProposed
Supply Side0.0026 GLMR / sec0.0030 GLMR / sec
+14.29%225.27 GLMR / day262.81 GLMR / day
6,307.43 GLMR / cycle*7,358.66 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: 9a4f66bd0eab34d33af59c13438b1a6eb66a71a4a29d2b512edc06d0c5ac22ff

Proposal Config 
{
  "_meta": {
    "generatedAt": "2024-04-10T19:04:51.225Z",
    "generatorVersion": "1.0.32"
  },
  "snapshotBlock": 5915710,
  "safetyModuleInfo": {
    "totalStaked": "425351717.089625375285591678",
    "stakedTVL": "19457033.126449043258637734955772085777366089647489758",
    "govTokenPrice": "0.045743398568082596913873361",
    "emissions": {
      "emissionsPerSecond": "2.802102232142857142",
      "lastUpdateTimestamp": 1712775822,
      "emissionAPR": "20.789294564535387845",
      "emissionsPerYear": "88427621.4010714285443792"
    }
  },
  "dexInfo": {
    "addingNewMarket": true,
    "govTokenTotal": "8713077.097143752826438691",
    "nativeAssetTotal": "921257.516854564056389555",
    "govTokenPrice": "0.045743398568082596913873361",
    "nextFreeSlot": 11,
    "emissionsPerYear": "0",
    "poolTVL": "797131.516818157626422769182883031913772612204610451",
    "currentPoolAPR": "0",
    "currentPoolRewardInfo": {
      "startTimestamp": 1713497400,
      "endTimestamp": 1715916600,
      "rewardPerSec": "0"
    }
  },
  "marketData": {
    "assets": {
      "GLMR": {
        "price": "0.4326323",
        "totalSuppliedUnderlying": "28250299.171099858353800512897150147393406112",
        "totalSuppliedTVL": "12221991.9060810252492789296358737317121482910686176",
        "totalBorrows": "6749213.091960376333472996",
        "totalBorrowedTVL": "2919927.5831649291220159892473708",
        "utilization": "0.23890766788285349472",
        "baseSupplyAPR": "296099032",
        "baseBorrowAPR": "1770552706",
        "govSupplySpeed": "915750857142857142",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "13905259259259259",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcDOT": {
        "price": "8.26156652",
        "totalSuppliedUnderlying": "1274836.1322148795995776327531532348",
        "totalSuppliedTVL": "10532143.508392742745701576894306189053378896",
        "totalBorrows": "162403.1594454917",
        "totalBorrowedTVL": "1341704.504817095993657884",
        "utilization": "0.12739139983688341759",
        "baseSupplyAPR": "118486332",
        "baseBorrowAPR": "1240129057",
        "govSupplySpeed": "858516428571428571",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "13036180555555555",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcUSDT": {
        "price": "0.99961028",
        "totalSuppliedUnderlying": "1046911.55031499909591324910456",
        "totalSuppliedTVL": "1046503.5479456103344655897931189708768",
        "totalBorrows": "800035.918795",
        "totalBorrowedTVL": "799724.1287967272126",
        "utilization": "0.76418673435619453197",
        "baseSupplyAPR": "1215238998",
        "baseBorrowAPR": "2120317708",
        "govSupplySpeed": "143086071428571428",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "2172696759259259",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "FRAX": {
        "price": "0.99645318",
        "totalSuppliedUnderlying": "3016364.264744034221694952998829611966931342",
        "totalSuppliedTVL": "3005665.76364255478623676090563430312261479057756756",
        "totalBorrows": "187107.601048705749441694",
        "totalBorrowedTVL": "186443.96406715417891545921088692",
        "utilization": "0.0620308373347552309",
        "baseSupplyAPR": "5838966",
        "baseBorrowAPR": "110741252",
        "govSupplySpeed": "343406571428571428",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "5214472222222222",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "ETH.wh": {
        "price": "3493.1",
        "totalSuppliedUnderlying": "364.824359614569036844999999871146959159",
        "totalSuppliedTVL": "1274367.9705696511026032694995499034430383029",
        "totalBorrows": "91.742876488046089663",
        "totalBorrowedTVL": "320467.0418603937958018253",
        "utilization": "0.25147135620266951661",
        "baseSupplyAPR": "401601090",
        "baseBorrowAPR": "2129340412",
        "govSupplySpeed": "114468857142857142",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "1738157407407407",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "BTC.wh": {
        "price": "69335.038",
        "totalSuppliedUnderlying": "130.58146526999999443048280124",
        "totalSuppliedTVL": "9053870.85659112987383731338232184712",
        "totalBorrows": "0.20878482",
        "totalBorrowedTVL": "14476.10342852316",
        "utilization": "0.00159888556594384131",
        "baseSupplyAPR": "769624",
        "baseBorrowAPR": "641800888",
        "govSupplySpeed": "228937714285714285",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "3476314814814814",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "USDC.wh": {
        "price": "1.00004966",
        "totalSuppliedUnderlying": "1674610.75159799437339427521365",
        "totalSuppliedTVL": "1674693.912767918729794857973357109859",
        "totalBorrows": "1347051.029856",
        "totalBorrowedTVL": "1347117.92441014264896",
        "utilization": "0.80439650143806787143",
        "baseSupplyAPR": "1961522065",
        "baseBorrowAPR": "3251335318",
        "govSupplySpeed": "85851642857142857",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "1303618055555555",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcUSDC": {
        "price": "1.00004966",
        "totalSuppliedUnderlying": "920177.131924996358480170389468",
        "totalSuppliedTVL": "920222.82792136775379933251472954098088",
        "totalBorrows": "400047.398938",
        "totalBorrowedTVL": "400067.26529183126108",
        "utilization": "0.43475042473736226799",
        "baseSupplyAPR": "393317018",
        "baseBorrowAPR": "1206261483",
        "govSupplySpeed": "171703285714285714",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "2607236111111111",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      }
    },
    "totalTVL": "39729460.29391200057571763059889159616786028054618516",
    "govRewardSplits": {
      "GLMR": 0.34,
      "xcDOT": 0.31,
      "xcUSDT": 0.05,
      "FRAX": 0.12,
      "ETH.wh": 0.04,
      "BTC.wh": 0.04,
      "USDC.wh": 0.03,
      "xcUSDC": 0.07
    },
    "nativeRewardSplits": {
      "GLMR": 0.34,
      "xcDOT": 0.31,
      "xcUSDT": 0.05,
      "FRAX": 0.12,
      "ETH.wh": 0.04,
      "BTC.wh": 0.04,
      "USDC.wh": 0.03,
      "xcUSDC": 0.07
    }
  },
  "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": "M26",
    "componentSplits": {
      "ALL_MARKETS": 0.48,
      "SAFETY_MODULE": 0.47,
      "DEX_REWARDER": 0.05
    },
    "emissionAmounts": {
      "0": 14423076,
      "1": 105123.76
    },
    "submitterWallet": "0x9F94Ff95cbC403cbfC18802eDEAeF71dA8155f36"
  }
}
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0x80f3...f04e06
48.209M

FOR

0x4C91...6C5A08
31.074M

ABSTAIN

0xb6cb...82E698
27.708M

FOR

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Proposal Status
  • Wed April 10 2024, 07:13 pmPublished Onchain 0x9F94...155f36
  • Wed April 10 2024, 07:13 pmVoting Period Starts
  • Sat April 13 2024, 07:13 pmEnd Voting Period
  • Queue Proposal
  • Execute Proposal
Current Results

1-FOR

101.462M

76.46%

2-ABSTAIN

31.235M

23.54%

3-AGAINST

3,947.814

0%
Quorum 132.701M/100M
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