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executedEnded 2 years ago ·  Onchain

MIP-M20 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: Wed, 13 Mar 2024 06:36:29 GMT
  • Network: Moonbeam
  • Block Height: 5,712,835

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 431,432,731 WELL staked in the Safety Module, with a valuation of $7,006,397.86 (based on a WELL price of $0.016240 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 = ~20.50%):
    • 2.8021 WELL / second
    • 242,101.63 WELL / day
    • 6,778,845.72 WELL / reward cycle (28 days)

  • Proposed (estimated APR = ~20.50%):
    • 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 17,656,518 WELL and 410,930 GLMR provided by liquidity providers in the StellaSwap WELL/GLMR pool totaling $573,478.00.

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, 22 Mar 2024 03:30:00 GMT

Proposed rewards will expire at Fri, 19 Apr 2024 03:30:00 GMT

  • Current (estimated APR = ~26.64%) days:
    • 0.2981 WELL / second
    • 25,755.57 WELL / day
    • 721,156.00 WELL / reward cycle (28 days)

  • Proposed (estimated APR = ~26.64%):
    • 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$0.6978
Supplied19,362,669.87 GLMR
Borrowed6,142,574.64 GLMR
Supplied TVL$13,510,910.31
Borrowed TVL$4,286,174.15
Utilization31.72%
WELL Incentive Share32%
GLMR Incentive Share32%
Estimated APRsCurrentProposed
Supply Side6.53%7.25%
Borrow Side-6.99%-6.99%

WELL Incentives

CurrentProposed
Supply Side0.8013 WELL / sec0.9158 WELL / sec
+12.50%69,230.76 WELL / day79,120.87 WELL / day
1,938,461.41 WELL / cycle*2,215,384.47 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 / sec0.0139 GLMR / sec
+12.50%1,051.24 GLMR / day1,201.41 GLMR / day
29,434.65 GLMR / cycle*33,639.60 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$10.94
Supplied809,012.10 xcDOT
Borrowed517,814.48 xcDOT
Supplied TVL$8,847,599.02
Borrowed TVL$5,662,974.54
Utilization64.01%
WELL Incentive Share30%
GLMR Incentive Share30%
Estimated APRsCurrentProposed
Supply Side18.52%19.89%
Borrow Side-25.87%-25.87%

WELL Incentives

CurrentProposed
Supply Side0.7154 WELL / sec0.8585 WELL / sec
+16.67%61,813.18 WELL / day74,175.82 WELL / day
1,730,769.12 WELL / cycle*2,076,922.94 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 / sec0.0130 GLMR / sec
+16.67%938.60 GLMR / day1,126.33 GLMR / day
26,280.94 GLMR / cycle*31,537.13 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
Supplied926,064.01 xcUSDT
Borrowed749,779.36 xcUSDT
Supplied TVL$926,304.79
Borrowed TVL$749,974.30
Utilization80.96%
WELL Incentive Share5%
GLMR Incentive Share5%
Estimated APRsCurrentProposed
Supply Side24.65%22.04%
Borrow Side-14.18%-14.18%

WELL Incentives

CurrentProposed
Supply Side0.1717 WELL / sec0.1431 WELL / sec
-20.00%14,835.16 WELL / day12,362.64 WELL / day
415,384.59 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 Side0.0026 GLMR / sec0.0022 GLMR / sec
-20.00%225.27 GLMR / day187.72 GLMR / day
6,307.43 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$0.9979
Supplied3,019,372.20 FRAX
Borrowed3,212,114.76 FRAX
Supplied TVL$3,012,963.31
Borrowed TVL$3,205,296.76
Utilization106.38%
WELL Incentive Share12%
GLMR Incentive Share12%
Estimated APRsCurrentProposed
Supply Side13.83%10.61%
Borrow Side-1.07%-1.07%

WELL Incentives

CurrentProposed
Supply Side0.4579 WELL / sec0.3434 WELL / sec
-33.33%39,560.44 WELL / day29,670.33 WELL / day
1,107,692.24 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 Side0.0070 GLMR / sec0.0052 GLMR / sec
-33.33%600.71 GLMR / day450.53 GLMR / day
16,819.80 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$4,044.19
Supplied261.24 ETH.wh
Borrowed14.70 ETH.wh
Supplied TVL$1,056,506.52
Borrowed TVL$59,468.80
Utilization5.63%
WELL Incentive Share4%
GLMR Incentive Share4%
Estimated APRsCurrentProposed
Supply Side9.30%9.30%
Borrow Side-3.10%-3.10%

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$72,045.06
Supplied131.04 BTC.wh
Borrowed0.1079 BTC.wh
Supplied TVL$9,440,523.28
Borrowed TVL$7,776.53
Utilization0.0824%
WELL Incentive Share8%
GLMR Incentive Share8%
Estimated APRsCurrentProposed
Supply Side2.57%2.05%
Borrow Side-2.03%-2.03%

WELL Incentives

CurrentProposed
Supply Side0.2862 WELL / sec0.2289 WELL / sec
-25.00%24,725.27 WELL / day19,780.22 WELL / day
692,307.65 WELL / cycle*553,846.12 WELL / cycle*
Borrow Side0 WELL / sec0 WELL / sec
+0%0 WELL / day0 WELL / day
0 WELL / cycle*0 WELL / cycle*

GLMR Incentives

CurrentProposed
Supply Side0.0043 GLMR / sec0.0035 GLMR / sec
-25.00%375.44 GLMR / day300.35 GLMR / day
10,512.38 GLMR / cycle*8,409.90 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$0.9999
Supplied1,894,422.68 USDC.wh
Borrowed1,524,957.18 USDC.wh
Supplied TVL$1,894,248.67
Borrowed TVL$1,524,817.12
Utilization80.50%
WELL Incentive Share3%
GLMR Incentive Share3%
Estimated APRsCurrentProposed
Supply Side14.11%10.28%
Borrow Side-10.89%-10.89%

WELL Incentives

CurrentProposed
Supply Side0.1717 WELL / sec0.0859 WELL / sec
-100.00%14,835.16 WELL / day7,417.58 WELL / day
415,384.59 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 Side0.0026 GLMR / sec0.0013 GLMR / sec
-100.00%225.27 GLMR / day112.63 GLMR / day
6,307.43 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$0.9999
Supplied466,472.44 xcUSDC
Borrowed371,187.98 xcUSDC
Supplied TVL$466,429.60
Borrowed TVL$371,153.89
Utilization79.57%
WELL Incentive Share6%
GLMR Incentive Share6%
Estimated APRsCurrentProposed
Supply Side30.17%35.36%
Borrow Side-6.69%-6.69%

WELL Incentives

CurrentProposed
Supply Side0.1431 WELL / sec0.1717 WELL / sec
+16.67%12,362.64 WELL / day14,835.16 WELL / day
346,153.82 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 Side0.0022 GLMR / sec0.0026 GLMR / sec
+16.67%187.72 GLMR / day225.27 GLMR / day
5,256.19 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

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: 542cc4480228b4e8dfe32612264a604d86d12db6db2bc97623c25e3fa743cd67

Proposal Config 
{
  "_meta": {
    "generatedAt": "2024-03-13T04:01:45.078Z",
    "generatorVersion": "1.0.25"
  },
  "snapshotBlock": 5712835,
  "safetyModuleInfo": {
    "totalStaked": "431432730.603700404296204071",
    "stakedTVL": "7006397.8565235125440579407951445327600465568412723264",
    "govTokenPrice": "0.0162398384719664534789160384",
    "emissions": {
      "emissionsPerSecond": "2.802102232142857142",
      "lastUpdateTimestamp": 1710301122,
      "emissionAPR": "20.496270942942914414",
      "emissionsPerYear": "88427621.4010714285443792"
    }
  },
  "dexInfo": {
    "govTokenTotal": "17656517.915366409426046731",
    "nativeAssetTotal": "410929.570852446721329579",
    "govTokenPrice": "0.0162398384719664534789160384",
    "nextFreeSlot": 24,
    "emissionsPerYear": "9407222.4642857142733584",
    "poolTVL": "573477.9978458646820844618121357567290698611837904704",
    "currentPoolAPR": "26.639517795574628918",
    "currentPoolRewardInfo": {
      "startTimestamp": 1708659000,
      "endTimestamp": 1711078200,
      "rewardPerSec": "0.298096891534391534"
    }
  },
  "marketData": {
    "assets": {
      "GLMR": {
        "price": "0.69778137",
        "totalSuppliedUnderlying": "19362669.865485266069198601922510115588682135",
        "totalSuppliedTVL": "13510910.30559602467257991525157374229432897665482495",
        "totalBorrows": "6142574.643315570574813885",
        "totalBorrowedTVL": "4286174.14994000017802532017032245",
        "utilization": "0.31723799899439259164",
        "baseSupplyAPR": "475917253",
        "baseBorrowAPR": "2143128482",
        "govSupplySpeed": "801282000000000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "12167101851851851",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcDOT": {
        "price": "10.9363",
        "totalSuppliedUnderlying": "809012.098833768699770831935468716",
        "totalSuppliedTVL": "8847599.0164757446313037492958665187908",
        "totalBorrows": "517814.4837765362",
        "totalBorrowedTVL": "5662974.53892533284406",
        "utilization": "0.64005777481324644087",
        "baseSupplyAPR": "3503715416",
        "baseBorrowAPR": "7298748236",
        "govSupplySpeed": "715430357142857142",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "10863483796296296",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcUSDT": {
        "price": "1.00026",
        "totalSuppliedUnderlying": "926064.012104997015869662270675",
        "totalSuppliedTVL": "926304.7887481443150937883828653755",
        "totalBorrows": "749779.360276",
        "totalBorrowedTVL": "749974.30290967176",
        "utilization": "0.80964096485264359324",
        "baseSupplyAPR": "2723588537",
        "baseBorrowAPR": "4204932582",
        "govSupplySpeed": "171703285714285714",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "2607236111111111",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "FRAX": {
        "price": "0.99787741",
        "totalSuppliedUnderlying": "3019372.199162351027561778998063490245770134",
        "totalSuppliedTVL": "3012963.30992613101289418664157999066200936477127294",
        "totalBorrows": "3212114.758179528029637538",
        "totalBorrowedTVL": "3205296.75551496374523710965821658",
        "utilization": "1.06383530956224892828",
        "baseSupplyAPR": "305043037",
        "baseBorrowAPR": "337339962",
        "govSupplySpeed": "457875428571428571",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "6952629629629629",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "ETH.wh": {
        "price": "4044.1905676",
        "totalSuppliedUnderlying": "261.240539054098671181999999288168624476",
        "totalSuppliedTVL": "1056506.5239173252721139383400244182653841056925776",
        "totalBorrows": "14.704748016222642355",
        "totalBorrowedTVL": "59468.803226142421993639250698",
        "utilization": "0.05628815523603527687",
        "baseSupplyAPR": "40901586",
        "baseBorrowAPR": "968861906",
        "govSupplySpeed": "114468857142857142",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "1738157407407407",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "BTC.wh": {
        "price": "72045.06432408",
        "totalSuppliedUnderlying": "131.03636404999999429218687066",
        "totalSuppliedTVL": "9440523.2767758136501042359468713432834928",
        "totalBorrows": "0.10793976",
        "totalBorrowedTVL": "7776.5269523257574208",
        "utilization": "0.0008237389733953016",
        "baseSupplyAPR": "394229",
        "baseBorrowAPR": "638113927",
        "govSupplySpeed": "286172142857142857",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "4345393518518518",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "USDC.wh": {
        "price": "0.99990815",
        "totalSuppliedUnderlying": "1894422.676470994741780767346218",
        "totalSuppliedTVL": "1894248.6737481608809137347827372498767",
        "totalBorrows": "1524957.18495",
        "totalBorrowedTVL": "1524817.1176325623425",
        "utilization": "0.80497198639468905255",
        "baseSupplyAPR": "1979469571",
        "baseBorrowAPR": "3278738648",
        "govSupplySpeed": "171703285714285714",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "2607236111111111",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcUSDC": {
        "price": "0.99990815",
        "totalSuppliedUnderlying": "466472.44208599888483042790028",
        "totalSuppliedTVL": "466429.596592193285832856225477359282",
        "totalBorrows": "371187.979894",
        "totalBorrowedTVL": "371153.8862780467361",
        "utilization": "0.79573399499035735922",
        "baseSupplyAPR": "1307505755",
        "baseBorrowAPR": "2053930339",
        "govSupplySpeed": "143086071428571428",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "2172696759259259",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      }
    },
    "totalTVL": "39155485.49177953772083640486699599795471524711867549",
    "govRewardSplits": {
      "GLMR": 0.32,
      "xcDOT": 0.3,
      "xcUSDT": 0.05,
      "FRAX": 0.12,
      "ETH.wh": 0.04,
      "BTC.wh": 0.08,
      "USDC.wh": 0.03,
      "xcUSDC": 0.06
    },
    "nativeRewardSplits": {
      "GLMR": 0.32,
      "xcDOT": 0.3,
      "xcUSDT": 0.05,
      "FRAX": 0.12,
      "ETH.wh": 0.04,
      "BTC.wh": 0.08,
      "USDC.wh": 0.03,
      "xcUSDC": 0.06
    }
  },
  "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": "M20",
    "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
72.714M

FOR

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50.223M

FOR

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FOR

0xeBbb...00037b
3.52M

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Proposal Status
  • Wed March 13 2024, 06:46 amPublished Onchain 0x9F94...155f36
  • Wed March 13 2024, 06:47 amVoting Period Starts
  • Sat March 16 2024, 06:47 amEnd Voting Period
  • Sat March 16 2024, 07:39 amQueue Proposal
  • Sun March 17 2024, 10:21 amExecute Proposal
Current Results

1-FOR

146.579M

2-AGAINST

N/A Tokens

0%

3-ABSTAIN

N/A Tokens

0%
Quorum 146.579M/100M
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