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executedEnded 3 years ago ·  Onchain

MIP-54 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: Thu, 08 Jun 2023 23:04:23 GMT
  • Network: Moonbeam
  • Block Height: 3,739,680

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 236,006,273 WELL staked in the Safety Module, with a valuation of $1,118,760.50 (based on a WELL price of $0.004740 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 = ~35.87%):
    • 2.6829 WELL / second
    • 231,799.44 WELL / day
    • 6,490,384.20 WELL / reward cycle (28 days)

  • Proposed (estimated APR = ~35.87%):
    • 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 44,782,770 WELL and 811,661 GLMR provided by liquidity providers in the StellaSwap WELL/GLMR pool totaling $424,575.11.

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, 16 Jun 2023 03:30:00 GMT

Proposed rewards will expire at Fri, 14 Jul 2023 03:30:00 GMT

  • Current (estimated APR = ~42.01%) days:
    • 1.1924 WELL / second
    • 103,022.07 WELL / day
    • 2,884,618.00 WELL / reward cycle (28 days)

  • Proposed (estimated APR = ~42.01%):
    • 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$0.2615
Supplied26,718,410.80 GLMR
Borrowed7,222,616.38 GLMR
Supplied TVL$6,988,122.06
Borrowed TVL$1,889,054.15
Utilization27.03%
WELL Incentive Share21%
GLMR Incentive Share21%
Estimated APRsCurrentProposed
Supply Side6.64%6.64%
Borrow Side-6.24%-6.24%

WELL Incentives

CurrentProposed
Supply Side0.4382 WELL / sec0.4382 WELL / sec
+0.00%37,860.57 WELL / day37,860.57 WELL / day
1,060,096.09 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 Side0.0378 GLMR / sec0.0378 GLMR / sec
+0.00%3,268.96 GLMR / day3,268.96 GLMR / day
91,530.81 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$5.03
Supplied821,805.50 xcDOT
Borrowed520,272.87 xcDOT
Supplied TVL$4,136,968.88
Borrowed TVL$2,619,053.65
Utilization63.31%
WELL Incentive Share13%
GLMR Incentive Share13%
Estimated APRsCurrentProposed
Supply Side17.40%16.09%
Borrow Side-23.27%-23.27%

WELL Incentives

CurrentProposed
Supply Side0.3339 WELL / sec0.2713 WELL / sec
-23.08%28,846.15 WELL / day23,437.50 WELL / day
807,692.26 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 Side0.0288 GLMR / sec0.0234 GLMR / sec
-23.08%2,490.63 GLMR / day2,023.64 GLMR / day
69,737.76 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

xcUSDT Market

Latest price$1.00
Supplied1,314,525.22 xcUSDT
Borrowed990,307.95 xcUSDT
Supplied TVL$1,314,682.96
Borrowed TVL$990,426.79
Utilization75.34%
WELL Incentive Share5%
GLMR Incentive Share5%
Estimated APRsCurrentProposed
Supply Side7.91%9.28%
Borrow Side-3.84%-3.84%

WELL Incentives

CurrentProposed
Supply Side0.0835 WELL / sec0.1043 WELL / sec
+20.00%7,211.54 WELL / day9,014.42 WELL / day
201,923.06 WELL / cycle*252,403.83 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 / sec0.0090 GLMR / sec
+20.00%622.66 GLMR / day778.32 GLMR / day
17,434.44 GLMR / cycle*21,793.05 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
Supplied5,904,829.45 FRAX
Borrowed4,791,697.77 FRAX
Supplied TVL$5,899,275.37
Borrowed TVL$4,787,190.70
Utilization81.15%
WELL Incentive Share18%
GLMR Incentive Share18%
Estimated APRsCurrentProposed
Supply Side10.04%10.34%
Borrow Side-7.11%-7.11%

WELL Incentives

CurrentProposed
Supply Side0.3547 WELL / sec0.3756 WELL / sec
+5.56%30,649.04 WELL / day32,451.92 WELL / day
858,173.02 WELL / cycle*908,653.79 WELL / cycle*
Borrow Side0 WELL / sec0 WELL / sec
+0%0 WELL / day0 WELL / day
0 WELL / cycle*0 WELL / cycle*

GLMR Incentives

CurrentProposed
Supply Side0.0306 GLMR / sec0.0324 GLMR / sec
+5.56%2,646.30 GLMR / day2,801.96 GLMR / day
74,096.37 GLMR / cycle*78,454.98 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$1,849.85
Supplied2,560.82 ETH.wh
Borrowed979.79 ETH.wh
Supplied TVL$4,737,127.43
Borrowed TVL$1,812,469.53
Utilization38.26%
WELL Incentive Share15%
GLMR Incentive Share15%
Estimated APRsCurrentProposed
Supply Side7.94%7.94%
Borrow Side-8.05%-8.05%

WELL Incentives

CurrentProposed
Supply Side0.3130 WELL / sec0.3130 WELL / sec
+0.00%27,043.27 WELL / day27,043.27 WELL / day
757,211.49 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 Side0.0270 GLMR / sec0.0270 GLMR / sec
+0.00%2,334.97 GLMR / day2,334.97 GLMR / day
65,379.15 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$26,588.71
Supplied213.37 BTC.wh
Borrowed37.11 BTC.wh
Supplied TVL$5,673,111.55
Borrowed TVL$986,646.33
Utilization17.39%
WELL Incentive Share17%
GLMR Incentive Share17%
Estimated APRsCurrentProposed
Supply Side5.04%5.99%
Borrow Side-4.72%-4.72%

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

USDC.wh Market

Latest price$0.9999
Supplied3,251,242.22 USDC.wh
Borrowed2,346,040.31 USDC.wh
Supplied TVL$3,251,073.64
Borrowed TVL$2,345,918.67
Utilization72.16%
WELL Incentive Share11%
GLMR Incentive Share11%
Estimated APRsCurrentProposed
Supply Side9.43%8.32%
Borrow Side-3.67%-3.67%

WELL Incentives

CurrentProposed
Supply Side0.2713 WELL / sec0.2295 WELL / sec
-18.18%23,437.50 WELL / day19,831.73 WELL / day
656,249.96 WELL / cycle*555,288.43 WELL / cycle*
Borrow Side0 WELL / sec0 WELL / sec
+0%0 WELL / day0 WELL / day
0 WELL / cycle*0 WELL / cycle*

GLMR Incentives

CurrentProposed
Supply Side0.0234 GLMR / sec0.0198 GLMR / sec
-18.18%2,023.64 GLMR / day1,712.31 GLMR / day
56,661.93 GLMR / cycle*47,944.71 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

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: e0cf5db9d995a1ee51a491f684a8e9e3924a03730d3614b4478f5f6b550dd9cd

Proposal Config 
{
  "_meta": {
    "generatedAt": "2023-06-08T23:03:11.256Z",
    "generatorVersion": "1.0.13"
  },
  "snapshotBlock": 3739680,
  "safetyModuleInfo": {
    "totalStaked": "236006273.28210608933726655",
    "stakedTVL": "1118760.499206386861717552998829840660899975707153135",
    "govTokenPrice": "0.0047403845823585185179960017",
    "emissions": {
      "emissionsPerSecond": "2.682863839285714285",
      "lastUpdateTimestamp": 1686265332,
      "emissionAPR": "35.873937890388317706",
      "emissionsPerYear": "84664743.894642857120316"
    }
  },
  "dexInfo": {
    "govTokenTotal": "44782770.458355536983368414",
    "nativeAssetTotal": "811660.993319822367467349",
    "govTokenPrice": "0.0047403845823585185179960017",
    "nextFreeSlot": 14,
    "emissionsPerYear": "37628811.5892857142593328",
    "poolTVL": "424575.1092721782262183236246540707394917698500703038",
    "currentPoolAPR": "42.012599046632852695",
    "currentPoolRewardInfo": {
      "startTimestamp": 1684467000,
      "endTimestamp": 1686886200,
      "rewardPerSec": "1.192385085978835978"
    }
  },
  "marketData": {
    "assets": {
      "GLMR": {
        "price": "0.26154707",
        "totalSuppliedUnderlying": "26718410.801340924122221472980654546354866612",
        "totalSuppliedTVL": "6988122.06014707077525934814917436328129454260942684",
        "totalBorrows": "7222616.383169386622606169",
        "totalBorrowedTVL": "1889054.15275195038483983926587483",
        "utilization": "0.27032357713456906716",
        "baseSupplyAPR": "389262199",
        "baseBorrowAPR": "1919981498",
        "govSupplySpeed": "438201093750000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "37835156250000000",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcDOT": {
        "price": "5.034",
        "totalSuppliedUnderlying": "821805.4985623029998178730000917238",
        "totalSuppliedTVL": "4136968.8797626333010831726824617376092",
        "totalBorrows": "520272.8740315741",
        "totalBorrowedTVL": "2619053.6478749440194",
        "utilization": "0.63308517032528834406",
        "baseSupplyAPR": "3150603138",
        "baseBorrowAPR": "6635448723",
        "govSupplySpeed": "333867500000000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "28826785714285714",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcUSDT": {
        "price": "1.00012",
        "totalSuppliedUnderlying": "1314525.218902996049252716173525",
        "totalSuppliedTVL": "1314682.961929264408778626499465823",
        "totalBorrows": "990307.948181",
        "totalBorrowedTVL": "990426.78513478172",
        "utilization": "0.75335789221863433255",
        "baseSupplyAPR": "764865385",
        "baseBorrowAPR": "1194441102",
        "govSupplySpeed": "83466875000000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "7206696428571428",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "FRAX": {
        "price": "0.9990594",
        "totalSuppliedUnderlying": "5904829.451034269463996659993603015800432625",
        "totalSuppliedTVL": "5899275.368452626630138824735213032803770738072925",
        "totalBorrows": "4791697.771293738264726007",
        "totalBorrowedTVL": "4787190.7003700593745142057178158",
        "utilization": "0.81148792035889217567",
        "baseSupplyAPR": "1503059837",
        "baseBorrowAPR": "2179090591",
        "govSupplySpeed": "354734218750000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "30628459821428571",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "ETH.wh": {
        "price": "1849.84699",
        "totalSuppliedUnderlying": "2560.82122224874359898199999042249177974",
        "totalSuppliedTVL": "4737127.4299049593778586197464630752470517819826",
        "totalBorrows": "979.794296146629170753",
        "totalBorrowedTVL": "1812469.52954601057016363308347",
        "utilization": "0.38260940968235131612",
        "baseSupplyAPR": "704211430",
        "baseBorrowAPR": "2454065557",
        "govSupplySpeed": "313000781250000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "27025111607142857",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "BTC.wh": {
        "price": "26588.71465",
        "totalSuppliedUnderlying": "213.3653928299999989017877105",
        "totalSuppliedTVL": "5673111.546142025930299946809361308825",
        "totalBorrows": "37.10771049",
        "totalBorrowedTVL": "986646.3255334216785",
        "utilization": "0.173916256979714437",
        "baseSupplyAPR": "190623924",
        "baseBorrowAPR": "1461423088",
        "govSupplySpeed": "292134062500000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "25223437500000000",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "USDC.wh": {
        "price": "0.99994815",
        "totalSuppliedUnderlying": "3251242.216709983999977481867798",
        "totalSuppliedTVL": "3251073.6398010475873070830353631546737",
        "totalBorrows": "2346040.308815",
        "totalBorrowedTVL": "2345918.66662498794225",
        "utilization": "0.72158275281901906469",
        "baseSupplyAPR": "701705064",
        "baseBorrowAPR": "1144061949",
        "govSupplySpeed": "271267343750000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "23421763392857142",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      }
    },
    "totalTVL": "32000361.88613962801072562165750249544001706266495184",
    "govRewardSplits": {
      "GLMR": 0.21,
      "xcDOT": 0.13,
      "xcUSDT": 0.05,
      "FRAX": 0.18,
      "ETH.wh": 0.15,
      "BTC.wh": 0.17,
      "USDC.wh": 0.11
    },
    "nativeRewardSplits": {
      "GLMR": 0.21,
      "xcDOT": 0.13,
      "xcUSDT": 0.05,
      "FRAX": 0.18,
      "ETH.wh": 0.15,
      "BTC.wh": 0.17,
      "USDC.wh": 0.11
    }
  },
  "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": 54,
    "componentSplits": {
      "ALL_MARKETS": 0.35,
      "SAFETY_MODULE": 0.45,
      "DEX_REWARDER": 0.2
    },
    "emissionAmounts": {
      "0": 14423076,
      "1": 435861
    },
    "submitterWallet": "0x2c4578032aa885C9b4c1Da15e6738D5A0AFb56C4"
  }
}
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0x393C...850566
136.833M

FOR

0x966c...a17c47
49.167M

FOR

0x51c3...bAe040
2.173M

FOR

0x2c45...Fb56C4
2.041M

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Proposal Status
  • Thu June 08 2023, 11:21 pmPublished Onchain 0x2c45...Fb56C4
  • Thu June 08 2023, 11:22 pmVoting Period Starts
  • Sun June 11 2023, 11:22 pmEnd Voting Period
  • Sun June 11 2023, 11:49 pmQueue Proposal
  • Tue June 13 2023, 02:38 amExecute Proposal
Current Results

1-FOR

199.883M

98.85%

2-AGAINST

2.311M

1.14%

3-ABSTAIN

12,445.382

0.01%
Quorum 202.206M/100M
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