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executedEnded 2 years ago · Onchain

MIP-R18 Rebalancing of Moonriver Token Liquidity Incentives

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

Submitter: Curly
Generator Version: 1.0.33
Generated At: Sun, 12 May 2024 00:20:56 GMT
Network: Moonriver
Block Height: 6,737,465

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 356,519,021 MFAM staked in the Safety Module, with a valuation of $727,292.52 (based on a MFAM price of $0.002040 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 = ~8.90%):
- 1.0050 MFAM / second
- 86,828.95 MFAM / day
- 2,431,210.65 MFAM / reward cycle (28 days)
Proposed (estimated APR = ~8.90%):
- 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 52,553,778 MFAM and 6,655 MOVR provided by liquidity providers in the SolarBeam MFAM/MOVR pool totaling $214,417.56.

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, 17 May 2024 03:30:00 GMT

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

Current (estimated APR = ~33.83%) days:
- 1.1268 MFAM / second
- 97,353.75 MFAM / day
- 2,725,905.00 MFAM / reward cycle (28 days)
Proposed (estimated APR = ~33.83%):
- 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	$16.11
Supplied	147,401.60 MOVR
Borrowed	14,564.71 MOVR
Supplied TVL	$2,374,621.30
Borrowed TVL	$234,635.70
Utilization	9.88%
MFAM Incentive Share	56%
MOVR Incentive Share	56%

Estimated APRs	Current	Proposed
Supply Side	8.83%	8.98%
Borrow Side	-3.54%	-3.54%

MFAM Incentives

	Current	Proposed
Supply Side	0.5025 MFAM / sec	0.5116 MFAM / sec
+1.79%	43,414.48 MFAM / day	44,203.83 MFAM / day
	1,215,605.32 MFAM / cycle*	1,237,707.24 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
+1.79%	29.25 MOVR / day	29.78 MOVR / day
	818.89 MOVR / cycle*	833.78 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	$28.09
Supplied	33,052.80 xcKSM
Borrowed	10,658.24 xcKSM
Supplied TVL	$928,378.50
Borrowed TVL	$299,365.92
Utilization	32.25%
MFAM Incentive Share	38%
MOVR Incentive Share	38%

Estimated APRs	Current	Proposed
Supply Side	16.19%	16.99%
Borrow Side	-8.82%	-8.82%

MFAM Incentives

	Current	Proposed
Supply Side	0.3289 MFAM / sec	0.3472 MFAM / sec
+5.26%	28,416.75 MFAM / day	29,995.46 MFAM / day
	795,668.94 MFAM / cycle*	839,872.77 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
+5.26%	19.14 MOVR / day	20.21 MOVR / day
	536.00 MOVR / cycle*	565.78 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	$0.9980
Supplied	154,681.86 FRAX
Borrowed	122,327.75 FRAX
Supplied TVL	$154,374.52
Borrowed TVL	$122,084.70
Utilization	79.08%
MFAM Incentive Share	6%
MOVR Incentive Share	6%

Estimated APRs	Current	Proposed
Supply Side	24.96%	17.74%
Borrow Side	-6.53%	-6.53%

MFAM Incentives

	Current	Proposed
Supply Side	0.0822 MFAM / sec	0.0548 MFAM / sec
-50.00%	7,104.19 MFAM / day	4,736.12 MFAM / day
	198,917.23 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	0.0001 MOVR / sec	0.0000 MOVR / sec
-50.00%	4.79 MOVR / day	3.19 MOVR / day
	134.00 MOVR / cycle*	89.33 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: 250e5e537fb6b7b6b8daf91212a9ac155633dd241b0ff225af43af70d72bdae2

Proposal Config

{
  "_meta": {
    "generatedAt": "2024-05-12T00:10:05.275Z",
    "generatorVersion": "1.0.33"
  },
  "snapshotBlock": 6737465,
  "safetyModuleInfo": {
    "totalStaked": "356519020.802713036713814526",
    "stakedTVL": "727292.5242913402521110946759546721426108741178270904",
    "govTokenPrice": "0.0020399823904312869272592804",
    "emissions": {
      "emissionsPerSecond": "1.004964719742063492",
      "lastUpdateTimestamp": 1715470614,
      "emissionAPR": "8.895535101697105223",
      "emissionsPerYear": "31714274.6397321428551392"
    }
  },
  "dexInfo": {
    "addingNewMarket": false,
    "govTokenTotal": "52553777.82227027965275464",
    "nativeAssetTotal": "6654.848704641207890052",
    "govTokenPrice": "0.0020399823904312869272592804",
    "nextFreeSlot": 41,
    "emissionsPerYear": "35558457.1874999999719488",
    "poolTVL": "214417.562616139352993876740905086142787069364161056",
    "currentPoolAPR": "33.830543360511456067",
    "currentPoolRewardInfo": {
      "startTimestamp": 1713497400,
      "endTimestamp": 1715916600,
      "rewardPerSec": "1.126779513888888888"
    }
  },
  "marketData": {
    "assets": {
      "MOVR": {
        "price": "16.10987508",
        "totalSuppliedUnderlying": "147401.59623252653035719399955198922664939",
        "totalSuppliedTVL": "2374621.3018986010368402231121081224068274798582012",
        "totalBorrows": "14564.71225953097652636",
        "totalBorrowedTVL": "234635.6950771885712300719271088",
        "utilization": "0.09880973226745178741",
        "baseSupplyAPR": "70917504",
        "baseBorrowAPR": "1104181247",
        "govSupplySpeed": "502482359871031746",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "338498263888888",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcKSM": {
        "price": "28.08773773",
        "totalSuppliedUnderlying": "33052.804285371625999913003261187984",
        "totalSuppliedTVL": "928378.49800853830666920543841688278281943632",
        "totalBorrows": "10658.24246838575",
        "totalBorrowedTVL": "299365.9191147667624693475",
        "utilization": "0.32246106491795708415",
        "baseSupplyAPR": "561565887",
        "baseBorrowAPR": "2679230497",
        "govSupplySpeed": "328897544642857142",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "221562500000000",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "FRAX": {
        "price": "0.99801313",
        "totalSuppliedUnderlying": "154681.856898893035576118999389995609617501",
        "totalSuppliedTVL": "154374.52415787633197052387583367760904062027578813",
        "totalBorrows": "122327.745739991929728365",
        "totalBorrowedTVL": "122084.69641181351196294560343245",
        "utilization": "0.79083447918491696981",
        "baseSupplyAPR": "1031259417",
        "baseBorrowAPR": "2006175745",
        "govSupplySpeed": "82224386160714285",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "55390625000000",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      }
    },
    "totalTVL": "3457374.32406501567547995242635868279868753645398933",
    "govRewardSplits": {
      "MOVR": 0.56,
      "xcKSM": 0.38,
      "FRAX": 0.06
    },
    "nativeRewardSplits": {
      "MOVR": 0.56,
      "xcKSM": 0.38,
      "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": "R18",
    "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 16

Voter	Cast Power	Vote & Rationale
0x0d70...c2a6Df	15.07M	FOR
0x4319...f8D250	14.847M	FOR
0x5565...0E4E71	10.728M	FOR
0x8808...03Eb66	4.605M	FOR
0xCBaD...0732e3	4.14M	FOR

VOTE POWER

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Proposal Status

Sun May 12 2024, 12:30 amPublished Onchain 0x9F94...155f36
Sun May 12 2024, 12:31 amVoting Period Starts
Wed May 15 2024, 12:31 amEnd Voting Period
Wed May 15 2024, 01:38 amQueue Proposal
Thu May 16 2024, 02:45 amExecute Proposal

Current Results

1-FOR

60.763M

2-AGAINST

N/A Tokens

3-ABSTAIN

N/A Tokens

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MIP-R18 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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