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executedEnded 2 years ago · Onchain

MIP-R13 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: Tue, 13 Feb 2024 18:47:01 GMT
Network: Moonriver
Block Height: 6,141,451

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 331,586,441 MFAM staked in the Safety Module, with a valuation of $539,547.54 (based on a MFAM price of $0.001627 pulled from SolarBeam).

This proposal, if executed, would adjust the rewards on the Safety Module to decrease emissions -52.70% and emits 2,431,211 MFAM over the next 28 days:

Current (estimated APR = ~20.22%):
- 2.1247 MFAM / second
- 183,574.97 MFAM / day
- 5,140,099.14 MFAM / reward cycle (28 days)
Proposed (estimated APR = ~9.56%):
- 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 68,933,773 MFAM and 4,952 MOVR provided by liquidity providers in the SolarBeam MFAM/MOVR pool totaling $224,333.95.

This proposal, if executed, would adjust the rewards on the Dex Rewarder to decrease emissions -52.70% and emits 2,725,903 MFAM over the next 28 days:

Current rewards will expire at Fri, 23 Feb 2024 03:30:00 GMT

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

Current (estimated APR = ~54.53%) days:
- 2.3823 MFAM / second
- 205,826.57 MFAM / day
- 5,763,144.00 MFAM / reward cycle (28 days)
Proposed (estimated APR = ~25.79%):
- 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	$22.65
Supplied	158,428.47 MOVR
Borrowed	15,754.46 MOVR
Supplied TVL	$3,588,759.45
Borrowed TVL	$356,873.83
Utilization	9.94%
MFAM Incentive Share	55%
MOVR Incentive Share	55%

Estimated APRs	Current	Proposed
Supply Side	7.02%	7.72%
Borrow Side	-3.55%	-3.55%

MFAM Incentives

	Current	Proposed
Supply Side	0.8692 MFAM / sec	0.5025 MFAM / sec
-72.98%	75,098.85 MFAM / day	43,414.48 MFAM / day
	2,102,767.83 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
+18.18%	23.93 MOVR / day	29.25 MOVR / day
	670.01 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	$43.10
Supplied	47,541.71 xcKSM
Borrowed	8,093.71 xcKSM
Supplied TVL	$2,049,054.66
Borrowed TVL	$348,839.93
Utilization	17.02%
MFAM Incentive Share	36%
MOVR Incentive Share	36%

Estimated APRs	Current	Proposed
Supply Side	9.52%	9.13%
Borrow Side	-4.66%	-4.66%

MFAM Incentives

	Current	Proposed
Supply Side	0.6567 MFAM / sec	0.3289 MFAM / sec
-99.68%	56,741.35 MFAM / day	28,416.75 MFAM / day
	1,588,757.92 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
+5.56%	18.08 MOVR / day	19.14 MOVR / day
	506.23 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	$0.9985
Supplied	572,075.67 FRAX
Borrowed	420,168.36 FRAX
Supplied TVL	$571,225.06
Borrowed TVL	$419,543.61
Utilization	73.45%
MFAM Incentive Share	9%
MOVR Incentive Share	9%

Estimated APRs	Current	Proposed
Supply Side	22.13%	9.98%
Borrow Side	-3.74%	-3.74%

MFAM Incentives

	Current	Proposed
Supply Side	0.4056 MFAM / sec	0.0822 MFAM / sec
-393.32%	35,046.13 MFAM / day	7,104.19 MFAM / day
	981,291.65 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
-133.33%	11.17 MOVR / day	4.79 MOVR / day
	312.67 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 - Solarbeamâs 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: ad24bd315fa8788d4bfd1f5df38b588e08c358d12f155d223d584deeb62a72ea

Proposal Config

{
  "_meta": {
    "generatedAt": "2024-02-13T18:29:26.181Z",
    "generatorVersion": "1.0.25"
  },
  "snapshotBlock": 6141451,
  "safetyModuleInfo": {
    "totalStaked": "331586440.883766798388313414",
    "stakedTVL": "539547.539152575711805359173349306010173871757245932",
    "govTokenPrice": "0.001627170090895565000008338",
    "emissions": {
      "emissionsPerSecond": "2.124710292658730158",
      "lastUpdateTimestamp": 1707847824,
      "emissionAPR": "20.221200044518976893",
      "emissionsPerYear": "67050757.5316071428341008"
    }
  },
  "dexInfo": {
    "govTokenTotal": "68933772.849816187952203018",
    "nativeAssetTotal": "4951.694870519083138948",
    "govTokenPrice": "0.001627170090895565000008338",
    "nextFreeSlot": 38,
    "emissionsPerYear": "75178155.2142857142546576",
    "poolTVL": "224333.946867619270907196396704168083190315468764084",
    "currentPoolAPR": "54.52926200490575514",
    "currentPoolRewardInfo": {
      "startTimestamp": 1706239800,
      "endTimestamp": 1708659000,
      "rewardPerSec": "2.382251984126984126"
    }
  },
  "marketData": {
    "assets": {
      "MOVR": {
        "price": "22.65223855",
        "totalSuppliedUnderlying": "158428.468175366810230555999726832393906328",
        "totalSuppliedTVL": "3588759.4542194922190951350049459422226337082105444",
        "totalBorrows": "15754.461893365812383886",
        "totalBorrowedTVL": "356873.8290354070445343298480053",
        "utilization": "0.09944211463262376518",
        "baseSupplyAPR": "82575923",
        "baseBorrowAPR": "1107189154",
        "govSupplySpeed": "869199665178571428",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "276953125000000",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcKSM": {
        "price": "43.10014374",
        "totalSuppliedUnderlying": "47541.713008580536999837129562638662",
        "totalSuppliedTVL": "2049054.66431564899805936864073872966588127588",
        "totalBorrows": "8093.706875374754",
        "totalBorrowedTVL": "348839.92971807816376713996",
        "utilization": "0.17024432573378174792",
        "baseSupplyAPR": "184369198",
        "baseBorrowAPR": "1443957662",
        "govSupplySpeed": "656728635912698412",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "209253472222222",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "FRAX": {
        "price": "0.99851311",
        "totalSuppliedUnderlying": "572075.67078496840615395199965894228421728",
        "totalSuppliedTVL": "571225.0571908349444805257499701693995243001685408",
        "totalBorrows": "420168.356970033388917445",
        "totalBorrowedTVL": "419543.61284173821597179754020395",
        "utilization": "0.73446290137369976921",
        "baseSupplyAPR": "726979309",
        "baseBorrowAPR": "1164483290",
        "govSupplySpeed": "405626510416666666",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "129244791666666",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      }
    },
    "totalTVL": "6209039.1757259761616350293956548412880392842590852",
    "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": "R13",
    "componentSplits": {
      "ALL_MARKETS": 0.3,
      "SAFETY_MODULE": 0.33,
      "DEX_REWARDER": 0.37
    },
    "emissionAmounts": {
      "0": 7367305,
      "1": 1488.9
    },
    "submitterWallet": "0x9F94Ff95cbC403cbfC18802eDEAeF71dA8155f36"
  }
}

Connect Wallet to Add Note

Votes 26

Voter	Cast Power	Vote & Rationale
0x0515...C4258b	22.432M	AGAINST
0x80f3...f04e06	9.559M	FOR
0x393C...850566	8.515M	FOR
0x5565...0E4E71	8.301M	FOR
0x9F94...155f36	1.842M	FOR

VOTE POWER

Connect Wallet

Proposal Status

Tue February 13 2024, 11:07 pmPublished Onchain 0x9F94...155f36
Tue February 13 2024, 11:08 pmVoting Period Starts
Fri February 16 2024, 11:08 pmEnd Voting Period
Sat February 17 2024, 01:45 amQueue Proposal
Sun February 18 2024, 12:20 pmExecute Proposal

Current Results

1-FOR

33.099M

57.78%

2-AGAINST

24.183M

42.22%

3-ABSTAIN

N/A Tokens

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MIP-R13 Rebalancing of Moonriver Token Liquidity Incentives

Safety Module

DEX Liquidity Pool Rewarder

Core Protocol Rewards

MOVR Market

MFAM Incentives

MOVR Incentives

xcKSM Market

MFAM Incentives

MOVR Incentives

FRAX Market

MFAM Incentives

MOVR Incentives

Definitions

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Proposal Status

Current Results