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executedEnded 2 years ago ·  Onchain

MIP-M18 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: 1.0.25
  • Generated At: Tue, 13 Feb 2024 23:02:23 GMT
  • Network: Moonbeam
  • Block Height: 5,514,132

The submitter (Curly), as part of this proposal, will get 80,000 WELL sent to their wallet at 0x9F94Ff95cbC403cbfC18802eDEAeF71dA8155f36.

Safety Module

At the time this proposal was generated there was 421,971,936 WELL staked in the Safety Module, with a valuation of $2,579,031.58 (based on a WELL price of $0.006112 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 = ~20.96%):
    • 2.8021 WELL / second
    • 242,101.63 WELL / day
    • 6,778,845.72 WELL / reward cycle (28 days)

  • Proposed (estimated APR = ~20.96%):
    • 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 24,321,848 WELL and 373,969 GLMR provided by liquidity providers in the StellaSwap WELL/GLMR pool totaling $297,303.25.

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, 23 Feb 2024 03:30:00 GMT

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

  • Current (estimated APR = ~19.34%) days:
    • 0.2981 WELL / second
    • 25,755.57 WELL / day
    • 721,156.00 WELL / reward cycle (28 days)

  • Proposed (estimated APR = ~19.34%):
    • 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$0.3975
Supplied19,421,811.64 GLMR
Borrowed6,329,673.04 GLMR
Supplied TVL$7,720,109.92
Borrowed TVL$2,516,025.41
Utilization32.59%
WELL Incentive Share28%
GLMR Incentive Share28%
Estimated APRsCurrentProposed
Supply Side5.67%5.67%
Borrow Side-7.13%-7.13%

WELL Incentives

CurrentProposed
Supply Side0.8013 WELL / sec0.8013 WELL / sec
+0.00%69,230.76 WELL / day69,230.76 WELL / day
1,938,461.41 WELL / cycle*1,938,461.41 WELL / cycle*
Borrow Side0 WELL / sec0 WELL / sec
+0%0 WELL / day0 WELL / day
0 WELL / cycle*0 WELL / cycle*

GLMR Incentives

CurrentProposed
Supply Side0.0122 GLMR / sec0.0122 GLMR / sec
+0.00%1,051.24 GLMR / day1,051.24 GLMR / day
29,434.65 GLMR / cycle*29,434.65 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$7.31
Supplied836,605.14 xcDOT
Borrowed522,611.65 xcDOT
Supplied TVL$6,115,087.89
Borrowed TVL$3,819,981.51
Utilization62.47%
WELL Incentive Share25%
GLMR Incentive Share25%
Estimated APRsCurrentProposed
Supply Side13.49%13.49%
Borrow Side-20.20%-20.20%

WELL Incentives

CurrentProposed
Supply Side0.7154 WELL / sec0.7154 WELL / sec
+0.00%61,813.18 WELL / day61,813.18 WELL / day
1,730,769.12 WELL / cycle*1,730,769.12 WELL / cycle*
Borrow Side0 WELL / sec0 WELL / sec
+0%0 WELL / day0 WELL / day
0 WELL / cycle*0 WELL / cycle*

GLMR Incentives

CurrentProposed
Supply Side0.0109 GLMR / sec0.0109 GLMR / sec
+0.00%938.60 GLMR / day938.61 GLMR / day
26,280.94 GLMR / cycle*26,280.94 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$1.00
Supplied982,287.96 xcUSDT
Borrowed802,747.49 xcUSDT
Supplied TVL$982,513.88
Borrowed TVL$802,932.12
Utilization81.72%
WELL Incentive Share6%
GLMR Incentive Share6%
Estimated APRsCurrentProposed
Supply Side19.60%19.60%
Borrow Side-20.40%-20.40%

WELL Incentives

CurrentProposed
Supply Side0.1717 WELL / sec0.1717 WELL / sec
+0.00%14,835.16 WELL / day14,835.16 WELL / day
415,384.59 WELL / cycle*415,384.59 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 / sec0.0026 GLMR / sec
+0.00%225.27 GLMR / day225.27 GLMR / day
6,307.43 GLMR / cycle*6,307.43 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$0.9982
Supplied3,024,230.75 FRAX
Borrowed3,216,397.89 FRAX
Supplied TVL$3,018,668.67
Borrowed TVL$3,210,482.39
Utilization106.35%
WELL Incentive Share16%
GLMR Incentive Share16%
Estimated APRsCurrentProposed
Supply Side6.78%6.78%
Borrow Side-1.07%-1.07%

WELL Incentives

CurrentProposed
Supply Side0.4579 WELL / sec0.4579 WELL / sec
+0.00%39,560.44 WELL / day39,560.44 WELL / day
1,107,692.24 WELL / cycle*1,107,692.24 WELL / cycle*
Borrow Side0 WELL / sec0 WELL / sec
+0%0 WELL / day0 WELL / day
0 WELL / cycle*0 WELL / cycle*

GLMR Incentives

CurrentProposed
Supply Side0.0070 GLMR / sec0.0070 GLMR / sec
+0.00%600.71 GLMR / day600.71 GLMR / day
16,819.80 GLMR / cycle*16,819.80 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$2,635.62
Supplied271.18 ETH.wh
Borrowed14.83 ETH.wh
Supplied TVL$714,731.45
Borrowed TVL$39,080.05
Utilization5.47%
WELL Incentive Share4%
GLMR Incentive Share4%
Estimated APRsCurrentProposed
Supply Side6.26%6.26%
Borrow Side-3.07%-3.07%

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$49,495.78
Supplied130.16 BTC.wh
Borrowed0.0918 BTC.wh
Supplied TVL$6,442,379.69
Borrowed TVL$4,542.14
Utilization0.0705%
WELL Incentive Share10%
GLMR Incentive Share10%
Estimated APRsCurrentProposed
Supply Side1.70%1.70%
Borrow Side-2.03%-2.03%

WELL Incentives

CurrentProposed
Supply Side0.2862 WELL / sec0.2862 WELL / sec
+0.00%24,725.27 WELL / day24,725.27 WELL / day
692,307.65 WELL / cycle*692,307.65 WELL / cycle*
Borrow Side0 WELL / sec0 WELL / sec
+0%0 WELL / day0 WELL / day
0 WELL / cycle*0 WELL / cycle*

GLMR Incentives

CurrentProposed
Supply Side0.0043 GLMR / sec0.0043 GLMR / sec
+0.00%375.44 GLMR / day375.44 GLMR / day
10,512.38 GLMR / cycle*10,512.38 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
Supplied2,008,695.17 USDC.wh
Borrowed1,626,821.89 USDC.wh
Supplied TVL$2,008,618.84
Borrowed TVL$1,626,760.07
Utilization80.99%
WELL Incentive Share6%
GLMR Incentive Share6%
Estimated APRsCurrentProposed
Supply Side15.10%12.37%
Borrow Side-14.38%-14.38%

WELL Incentives

CurrentProposed
Supply Side0.3148 WELL / sec0.1717 WELL / sec
-83.33%27,197.80 WELL / day14,835.16 WELL / day
761,538.41 WELL / cycle*415,384.59 WELL / cycle*
Borrow Side0 WELL / sec0 WELL / sec
+0%0 WELL / day0 WELL / day
0 WELL / cycle*0 WELL / cycle*

GLMR Incentives

CurrentProposed
Supply Side0.0048 GLMR / sec0.0026 GLMR / sec
-83.33%412.99 GLMR / day225.27 GLMR / day
11,563.61 GLMR / cycle*6,307.43 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
Supplied20,078.28 xcUSDC
Borrowed16,207.27 xcUSDC
Supplied TVL$20,077.52
Borrowed TVL$16,206.65
Utilization80.72%
WELL Incentive Share5%
GLMR Incentive Share5%
Estimated APRsCurrentProposed
Supply Side7.75%280.76%
Borrow Side-12.25%-12.25%

WELL Incentives

CurrentProposed
Supply Side0 WELL / sec0.1431 WELL / sec
+100.00%0 WELL / day12,362.64 WELL / day
0 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 GLMR / sec0.0022 GLMR / sec
+100.00%0 GLMR / day187.72 GLMR / day
0 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

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: c3f10998bf1a6f686564b3ca23f706e485cbf26318e6aca36c2f8e0256259459

Proposal Config 
{
  "_meta": {
    "generatedAt": "2024-02-13T22:52:41.227Z",
    "generatorVersion": "1.0.25"
  },
  "snapshotBlock": 5514132,
  "safetyModuleInfo": {
    "totalStaked": "421971935.905401649604097557",
    "stakedTVL": "2579031.58205728842331285593590071257661965962127119",
    "govTokenPrice": "0.00611185570083850289624467",
    "emissions": {
      "emissionsPerSecond": "2.802102232142857142",
      "lastUpdateTimestamp": 1707861462,
      "emissionAPR": "20.95580626975517054",
      "emissionsPerYear": "88427621.4010714285443792"
    }
  },
  "dexInfo": {
    "govTokenTotal": "24321847.939708406636766841",
    "nativeAssetTotal": "373969.268654004651007968",
    "govTokenPrice": "0.00611185570083850289624467",
    "nextFreeSlot": 23,
    "emissionsPerYear": "9407222.4642857142733584",
    "poolTVL": "297303.24997046804274155836093192677210708927898747",
    "currentPoolAPR": "19.339037246687302849",
    "currentPoolRewardInfo": {
      "startTimestamp": 1706239800,
      "endTimestamp": 1708659000,
      "rewardPerSec": "0.298096891534391534"
    }
  },
  "marketData": {
    "assets": {
      "GLMR": {
        "price": "0.3974969",
        "totalSuppliedUnderlying": "19421811.6371216145503593959277301594092703",
        "totalSuppliedTVL": "7720109.91813976670676275376714536240169077551207",
        "totalBorrows": "6329673.039575419648633242",
        "totalBorrowedTVL": "2516025.4112448066265308029319498",
        "utilization": "0.32590538708949712442",
        "baseSupplyAPR": "533919709",
        "baseBorrowAPR": "2184354643",
        "govSupplySpeed": "801282000000000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "12167101851851851",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcDOT": {
        "price": "7.30940747",
        "totalSuppliedUnderlying": "836605.14456619299965607919592676",
        "totalSuppliedTVL": "6115087.8931325610211478527056186531168972",
        "totalBorrows": "522611.6511401924",
        "totalBorrowedTVL": "3819981.506753156345797228",
        "utilization": "0.62468137392483230903",
        "baseSupplyAPR": "2734230755",
        "baseBorrowAPR": "5836000816",
        "govSupplySpeed": "715430357142857142",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "10863483796296296",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcUSDT": {
        "price": "1.00023",
        "totalSuppliedUnderlying": "982287.95714199633949311016428",
        "totalSuppliedTVL": "982513.8833721389986511935796177844",
        "totalBorrows": "802747.490269",
        "totalBorrowedTVL": "802932.12219176187",
        "utilization": "0.81722216426700774885",
        "baseSupplyAPR": "3849260470",
        "baseBorrowAPR": "5887720377",
        "govSupplySpeed": "171703285714285714",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "2607236111111111",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "FRAX": {
        "price": "0.99816083",
        "totalSuppliedUnderlying": "3024230.747970218147610422988455357601716622",
        "totalSuppliedTVL": "3018668.67350547376149988232680768016167627284031626",
        "totalBorrows": "3216397.890218436961534687",
        "totalBorrowedTVL": "3210482.38771068391882814124971021",
        "utilization": "1.06354248675541580298",
        "baseSupplyAPR": "304875133",
        "baseBorrowAPR": "337247109",
        "govSupplySpeed": "457875428571428571",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "6952629629629629",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "ETH.wh": {
        "price": "2635.62",
        "totalSuppliedUnderlying": "271.181525447257817169999999724426474397",
        "totalSuppliedTVL": "714731.45209930164808959539927369290445022114",
        "totalBorrows": "14.827648952568252978",
        "totalBorrowedTVL": "39080.04813236793891387636",
        "utilization": "0.05467794654563253879",
        "baseSupplyAPR": "39338934",
        "baseBorrowAPR": "959288272",
        "govSupplySpeed": "114468857142857142",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "1738157407407407",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "BTC.wh": {
        "price": "49495.7796865",
        "totalSuppliedUnderlying": "130.1601818699999984304709416",
        "totalSuppliedTVL": "6442379.6857922915060699355138738078084",
        "totalBorrows": "0.09176818",
        "totalBorrowedTVL": "4542.13761951107557",
        "utilization": "0.00070504034860411648",
        "baseSupplyAPR": "337123",
        "baseBorrowAPR": "637549341",
        "govSupplySpeed": "286172142857142857",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "4345393518518518",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "USDC.wh": {
        "price": "0.999962",
        "totalSuppliedUnderlying": "2008695.167199999339729630893226",
        "totalSuppliedTVL": "2008618.836783645739754721167252057412",
        "totalBorrows": "1626821.887225",
        "totalBorrowedTVL": "1626760.06799328545",
        "utilization": "0.80988987965391095045",
        "baseSupplyAPR": "2760223820",
        "baseBorrowAPR": "4260183838",
        "govSupplySpeed": "314789357142857142",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "4779932870370370",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcUSDC": {
        "price": "0.999962",
        "totalSuppliedUnderlying": "20078.281223999985483455893484",
        "totalSuppliedTVL": "20077.518249313473484007522160047608",
        "totalBorrows": "16207.265809",
        "totalBorrowedTVL": "16206.649932899258",
        "utilization": "0.80720384519901630987",
        "baseSupplyAPR": "2366055686",
        "baseBorrowAPR": "3663968682",
        "govSupplySpeed": "0",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "0",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      }
    },
    "totalTVL": "27022187.86107449285545994198174908581311446949238626",
    "govRewardSplits": {
      "GLMR": 0.28,
      "xcDOT": 0.25,
      "xcUSDT": 0.06,
      "FRAX": 0.16,
      "ETH.wh": 0.04,
      "BTC.wh": 0.1,
      "USDC.wh": 0.06,
      "xcUSDC": 0.05
    },
    "nativeRewardSplits": {
      "GLMR": 0.28,
      "xcDOT": 0.25,
      "xcUSDT": 0.06,
      "FRAX": 0.16,
      "ETH.wh": 0.04,
      "BTC.wh": 0.1,
      "USDC.wh": 0.06,
      "xcUSDC": 0.05
    }
  },
  "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": 80000
  },
  "responses": {
    "name": "Curly",
    "network": "Moonbeam",
    "mipNumber": "M18",
    "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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0x393C...850566
74.083M

FOR

0x80f3...f04e06
55.126M

FOR

0x4319...f8D250
5.03M

FOR

0xeBbb...00037b
3.52M

FOR

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Proposal Status
  • Tue February 13 2024, 11:05 pmPublished Onchain 0x9F94...155f36
  • Tue February 13 2024, 11:06 pmVoting Period Starts
  • Fri February 16 2024, 11:06 pmEnd Voting Period
  • Sat February 17 2024, 01:45 amQueue Proposal
  • Sun February 18 2024, 03:52 amExecute Proposal
Current Results

1-FOR

155.905M

2-AGAINST

N/A Tokens

0%

3-ABSTAIN

N/A Tokens

0%
Quorum 155.905M/100M
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