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executedEnded 3 years ago ·  Onchain

MIP-47 Rebalancing of Moonbeam Token Liquidity Incentives

By 0x2c45...Fb56C4

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

  • Submitter: Fei
  • Generator Version: 1.0.13
  • Generated At: Fri, 12 May 2023 01:14:18 GMT
  • Network: Moonbeam
  • Block Height: 3,542,710

The submitter (Fei), as part of this proposal, will get 10,000 WELL sent to their wallet at 0x2c4578032aa885C9b4c1Da15e6738D5A0AFb56C4.

Safety Module

At the time this proposal was generated there was 228,069,164 WELL staked in the Safety Module, with a valuation of $1,369,243.93 (based on a WELL price of $0.006004 pulled from StellaSwap).

This proposal, if executed, would adjust the rewards on the Safety Module to keep emissions the same and emits 6,490,384 WELL over the next 28 days:

  • Current (estimated APR = ~37.12%):
    • 2.6829 WELL / second
    • 231,799.44 WELL / day
    • 6,490,384.20 WELL / reward cycle (28 days)

  • Proposed (estimated APR = ~37.12%):
    • 2.6829 WELL / second
    • 231,799.44 WELL / day
    • 6,490,384.20 WELL / reward cycle (28 days)

DEX Liquidity Pool Rewarder

At the time this proposal was generated there were 38,785,689 WELL and 822,357 GLMR provided by liquidity providers in the StellaSwap WELL/GLMR pool totaling $465,710.21.

This proposal, if executed, would adjust the rewards on the Dex Rewarder to keep emissions the same and emits 2,884,615 WELL over the next 28 days:

Current rewards will expire at Fri, 19 May 2023 03:30:00 GMT

Proposed rewards will expire at Fri, 16 Jun 2023 03:30:00 GMT

  • Current (estimated APR = ~48.51%) days:
    • 1.1924 WELL / second
    • 103,022.07 WELL / day
    • 2,884,618.00 WELL / reward cycle (28 days)

  • Proposed (estimated APR = ~48.51%):
    • 1.1924 WELL / second
    • 103,021.97 WELL / day
    • 2,884,615.20 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$0.2832
Supplied25,308,605.29 GLMR
Borrowed7,760,100.07 GLMR
Supplied TVL$7,166,273.06
Borrowed TVL$2,197,315.71
Utilization30.66%
WELL Incentive Share21%
GLMR Incentive Share21%
Estimated APRsCurrentProposed
Supply Side8.80%7.40%
Borrow Side-6.82%-6.82%

WELL Incentives

CurrentProposed
Supply Side0.5425 WELL / sec0.4382 WELL / sec
-23.81%46,875.00 WELL / day37,860.57 WELL / day
1,312,499.92 WELL / cycle*1,060,096.09 WELL / cycle*
Borrow Side0 WELL / sec0 WELL / sec
+0%0 WELL / day0 WELL / day
0 WELL / cycle*0 WELL / cycle*

GLMR Incentives

CurrentProposed
Supply Side0.0468 GLMR / sec0.0378 GLMR / sec
-23.81%4,047.28 GLMR / day3,268.96 GLMR / day
113,323.86 GLMR / cycle*91,530.81 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$5.31
Supplied941,461.45 xcDOT
Borrowed544,491.93 xcDOT
Supplied TVL$4,994,641.27
Borrowed TVL$2,888,638.57
Utilization57.83%
WELL Incentive Share16%
GLMR Incentive Share16%
Estimated APRsCurrentProposed
Supply Side12.36%11.16%
Borrow Side-11.26%-11.26%

WELL Incentives

CurrentProposed
Supply Side0.3965 WELL / sec0.3339 WELL / sec
-18.75%34,254.81 WELL / day28,846.15 WELL / day
959,134.55 WELL / cycle*807,692.26 WELL / cycle*
Borrow Side0 WELL / sec0 WELL / sec
+0%0 WELL / day0 WELL / day
0 WELL / cycle*0 WELL / cycle*

GLMR Incentives

CurrentProposed
Supply Side0.0342 GLMR / sec0.0288 GLMR / sec
-18.75%2,957.63 GLMR / day2,490.63 GLMR / day
82,813.59 GLMR / cycle*69,737.76 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
Supplied1,277,528.58 xcUSDT
Borrowed980,550.10 xcUSDT
Supplied TVL$1,278,295.10
Borrowed TVL$981,138.43
Utilization76.75%
WELL Incentive Share4%
GLMR Incentive Share4%
Estimated APRsCurrentProposed
Supply Side8.81%8.81%
Borrow Side-3.91%-3.91%

WELL Incentives

CurrentProposed
Supply Side0.0835 WELL / sec0.0835 WELL / sec
+0.00%7,211.54 WELL / day7,211.54 WELL / day
201,923.06 WELL / cycle*201,923.06 WELL / cycle*
Borrow Side0 WELL / sec0 WELL / sec
+0%0 WELL / day0 WELL / day
0 WELL / cycle*0 WELL / cycle*

GLMR Incentives

CurrentProposed
Supply Side0.0072 GLMR / sec0.0072 GLMR / sec
+0.00%622.66 GLMR / day622.66 GLMR / day
17,434.44 GLMR / cycle*17,434.44 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$0.9991
Supplied5,865,306.85 FRAX
Borrowed4,906,956.50 FRAX
Supplied TVL$5,859,865.37
Borrowed TVL$4,902,404.12
Utilization83.66%
WELL Incentive Share17%
GLMR Incentive Share17%
Estimated APRsCurrentProposed
Supply Side14.59%15.62%
Borrow Side-14.05%-14.05%

WELL Incentives

CurrentProposed
Supply Side0.2921 WELL / sec0.3547 WELL / sec
+17.65%25,240.38 WELL / day30,649.04 WELL / day
706,730.72 WELL / cycle*858,173.02 WELL / cycle*
Borrow Side0 WELL / sec0 WELL / sec
+0%0 WELL / day0 WELL / day
0 WELL / cycle*0 WELL / cycle*

GLMR Incentives

CurrentProposed
Supply Side0.0252 GLMR / sec0.0306 GLMR / sec
+17.65%2,179.31 GLMR / day2,646.30 GLMR / day
61,020.54 GLMR / cycle*74,096.37 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

ETH.wh Market

Latest price$1,799.96
Supplied2,759.68 ETH.wh
Borrowed1,080.83 ETH.wh
Supplied TVL$4,967,327.47
Borrowed TVL$1,945,460.82
Utilization39.17%
WELL Incentive Share15%
GLMR Incentive Share15%
Estimated APRsCurrentProposed
Supply Side7.99%8.39%
Borrow Side-8.19%-8.19%

WELL Incentives

CurrentProposed
Supply Side0.2921 WELL / sec0.3130 WELL / sec
+6.67%25,240.38 WELL / day27,043.27 WELL / day
706,730.72 WELL / cycle*757,211.49 WELL / cycle*
Borrow Side0 WELL / sec0 WELL / sec
+0%0 WELL / day0 WELL / day
0 WELL / cycle*0 WELL / cycle*

GLMR Incentives

CurrentProposed
Supply Side0.0252 GLMR / sec0.0270 GLMR / sec
+6.67%2,179.31 GLMR / day2,334.97 GLMR / day
61,020.54 GLMR / cycle*65,379.15 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$27,041.36
Supplied159.76 BTC.wh
Borrowed33.12 BTC.wh
Supplied TVL$4,320,136.51
Borrowed TVL$895,611.58
Utilization20.73%
WELL Incentive Share14%
GLMR Incentive Share14%
Estimated APRsCurrentProposed
Supply Side6.36%7.29%
Borrow Side-5.24%-5.24%

WELL Incentives

CurrentProposed
Supply Side0.2504 WELL / sec0.2921 WELL / sec
+14.29%21,634.61 WELL / day25,240.38 WELL / day
605,769.19 WELL / cycle*706,730.72 WELL / cycle*
Borrow Side0 WELL / sec0 WELL / sec
+0%0 WELL / day0 WELL / day
0 WELL / cycle*0 WELL / cycle*

GLMR Incentives

CurrentProposed
Supply Side0.0216 GLMR / sec0.0252 GLMR / sec
+14.29%1,867.98 GLMR / day2,179.31 GLMR / day
52,303.32 GLMR / cycle*61,020.54 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
Supplied4,227,183.49 USDC.wh
Borrowed2,095,709.74 USDC.wh
Supplied TVL$4,226,729.03
Borrowed TVL$2,095,484.43
Utilization49.58%
WELL Incentive Share13%
GLMR Incentive Share13%
Estimated APRsCurrentProposed
Supply Side6.27%7.21%
Borrow Side-2.51%-2.51%

WELL Incentives

CurrentProposed
Supply Side0.2295 WELL / sec0.2713 WELL / sec
+15.38%19,831.73 WELL / day23,437.50 WELL / day
555,288.43 WELL / cycle*656,249.96 WELL / cycle*
Borrow Side0 WELL / sec0 WELL / sec
+0%0 WELL / day0 WELL / day
0 WELL / cycle*0 WELL / cycle*

GLMR Incentives

CurrentProposed
Supply Side0.0198 GLMR / sec0.0234 GLMR / sec
+15.38%1,712.31 GLMR / day2,023.64 GLMR / day
47,944.71 GLMR / cycle*56,661.93 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: b7bd85fe041d6049384124ec9e1bddd029ba1b7c3cd7a15192f8c95809f9f341

Proposal Config 
{
  "_meta": {
    "generatedAt": "2023-05-12T01:12:02.226Z",
    "generatorVersion": "1.0.13"
  },
  "snapshotBlock": 3542710,
  "safetyModuleInfo": {
    "totalStaked": "228069164.071659823373953566",
    "stakedTVL": "1369243.933264601996665482990797157354599783149697649",
    "govTokenPrice": "0.0060036346379310733953915515",
    "emissions": {
      "emissionsPerSecond": "2.682863839285714285",
      "lastUpdateTimestamp": 1683852570,
      "emissionAPR": "37.122398479103914257",
      "emissionsPerYear": "84664743.894642857120316"
    }
  },
  "dexInfo": {
    "govTokenTotal": "38785688.69947119251721668",
    "nativeAssetTotal": "822357.433000553010029713",
    "govTokenPrice": "0.0060036346379310733953915515",
    "nextFreeSlot": 13,
    "emissionsPerYear": "37628811.5892857142593328",
    "poolTVL": "465710.20826431411573131295343832968483513356687902",
    "currentPoolAPR": "48.508628892541424404",
    "currentPoolRewardInfo": {
      "startTimestamp": 1682047800,
      "endTimestamp": 1684467000,
      "rewardPerSec": "1.192385085978835978"
    }
  },
  "marketData": {
    "assets": {
      "GLMR": {
        "price": "0.28315559",
        "totalSuppliedUnderlying": "25308605.291851507801294363961314061588054943",
        "totalSuppliedTVL": "7166273.06349133588386510839114062028426203433758137",
        "totalBorrows": "7760100.065374822624494075",
        "totalBorrowedTVL": "2197315.71247024647138396825812925",
        "utilization": "0.30661903237604742359",
        "baseSupplyAPR": "481227770",
        "baseBorrowAPR": "2092619699",
        "govSupplySpeed": "542534687500000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "46843526785714285",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcDOT": {
        "price": "5.3052",
        "totalSuppliedUnderlying": "941461.4465477783997333032112516",
        "totalSuppliedTVL": "4994641.26622527396626512019633198832",
        "totalBorrows": "544491.9272551645",
        "totalBorrowedTVL": "2888638.5724740987054",
        "utilization": "0.57834755661184897947",
        "baseSupplyAPR": "1468318005",
        "baseBorrowAPR": "3385087945",
        "govSupplySpeed": "396467656250000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "34231808035714285",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcUSDT": {
        "price": "1.0006",
        "totalSuppliedUnderlying": "1277528.581488995843624568573206",
        "totalSuppliedTVL": "1278295.0986378892411307433143499236",
        "totalBorrows": "980550.104168",
        "totalBorrowedTVL": "981138.4342305008",
        "utilization": "0.76753672549943344978",
        "baseSupplyAPR": "793927147",
        "baseBorrowAPR": "1216921495",
        "govSupplySpeed": "83466875000000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "7206696428571428",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "FRAX": {
        "price": "0.99907226",
        "totalSuppliedUnderlying": "5865306.848268082843542503986462071992044213",
        "totalSuppliedTVL": "5859865.36849267061236523586381367166937431390183138",
        "totalBorrows": "4906956.501270828468411445",
        "totalBorrowedTVL": "4902404.1214463394700081609660157",
        "utilization": "0.83660695479551294177",
        "baseSupplyAPR": "2965629962",
        "baseBorrowAPR": "4170388983",
        "govSupplySpeed": "292134062500000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "25223437500000000",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "ETH.wh": {
        "price": "1799.96274895",
        "totalSuppliedUnderlying": "2759.68348516613344716599999359321270785",
        "totalSuppliedTVL": "4967327.4721915501070034529354437215336837592442575",
        "totalBorrows": "1080.833935684556301707",
        "totalBorrowedTVL": "1945460.82203322146088157729745765",
        "utilization": "0.39165141274144701504",
        "baseSupplyAPR": "733486791",
        "baseBorrowAPR": "2497073563",
        "govSupplySpeed": "292134062500000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "25223437500000000",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "BTC.wh": {
        "price": "27041.360646",
        "totalSuppliedUnderlying": "159.76032304999999782106971414",
        "totalSuppliedTVL": "4320136.51251651663137876031756786573444",
        "totalBorrows": "33.1200636",
        "totalBorrowedTVL": "895611.5844260570856",
        "utilization": "0.20731094534426080989",
        "baseSupplyAPR": "251923827",
        "baseBorrowAPR": "1620263881",
        "govSupplySpeed": "250400625000000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "21620089285714285",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "USDC.wh": {
        "price": "0.99989249",
        "totalSuppliedUnderlying": "4227183.489627994160414886338511",
        "totalSuppliedTVL": "4226729.02513102425476270013408074668239",
        "totalBorrows": "2095709.736434",
        "totalBorrowedTVL": "2095484.42668023598066",
        "utilization": "0.4957697581796784613",
        "baseSupplyAPR": "331239702",
        "baseBorrowAPR": "786037795",
        "govSupplySpeed": "229533906250000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "19818415178571428",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      }
    },
    "totalTVL": "32813267.80668626069677112115272853782415010748367025",
    "govRewardSplits": {
      "GLMR": 0.21,
      "xcDOT": 0.16,
      "xcUSDT": 0.04,
      "FRAX": 0.17,
      "ETH.wh": 0.15,
      "BTC.wh": 0.14,
      "USDC.wh": 0.13
    },
    "nativeRewardSplits": {
      "GLMR": 0.21,
      "xcDOT": 0.16,
      "xcUSDT": 0.04,
      "FRAX": 0.17,
      "ETH.wh": 0.15,
      "BTC.wh": 0.14,
      "USDC.wh": 0.13
    }
  },
  "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": 10000
  },
  "responses": {
    "name": "Fei",
    "network": "Moonbeam",
    "mipNumber": 47,
    "componentSplits": {
      "ALL_MARKETS": 0.35,
      "SAFETY_MODULE": 0.45,
      "DEX_REWARDER": 0.2
    },
    "emissionAmounts": {
      "0": 14423076,
      "1": 435861
    },
    "submitterWallet": "0x2c4578032aa885C9b4c1Da15e6738D5A0AFb56C4"
  }
}
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0
Votes 149
VoterCast PowerVote & Rationale
0x393C...850566
136.833M

FOR

0x80f3...f04e06
112M

FOR

0x8c71...Afc6C4
3.287M

AGAINST

0x2c45...Fb56C4
2.031M

FOR

0xEdD6...FBC0CF
1.945M

AGAINST

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Proposal Status
  • Fri May 12 2023, 01:44 amPublished Onchain 0x2c45...Fb56C4
  • Fri May 12 2023, 01:45 amVoting Period Starts
  • Mon May 15 2023, 01:45 amEnd Voting Period
  • Mon May 15 2023, 01:47 amQueue Proposal
  • Tue May 16 2023, 02:41 amExecute Proposal
Current Results

1-FOR

267.081M

97.88%

2-AGAINST

5.788M

2.12%

3-ABSTAIN

N/A Tokens

0%
Quorum 272.869M/100M
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