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executedEnded 3 years ago ·  Onchain

MIP-58 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: 1.0.14
  • Generated At: Fri, 07 Jul 2023 23:51:16 GMT
  • Network: Moonbeam
  • Block Height: 3,945,174

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 332,200,164 WELL staked in the Safety Module, with a valuation of $1,126,678.85 (based on a WELL price of $0.003392 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 = ~25.49%):
    • 2.6829 WELL / second
    • 231,799.44 WELL / day
    • 6,490,384.20 WELL / reward cycle (28 days)

  • Proposed (estimated APR = ~25.49%):
    • 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 50,876,884 WELL and 711,130 GLMR provided by liquidity providers in the StellaSwap WELL/GLMR pool totaling $345,104.64.

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, 14 Jul 2023 03:30:00 GMT

Proposed rewards will expire at Fri, 11 Aug 2023 03:30:00 GMT

  • Current (estimated APR = ~36.98%) days:
    • 1.1924 WELL / second
    • 103,022.07 WELL / day
    • 2,884,618.00 WELL / reward cycle (28 days)

  • Proposed (estimated APR = ~36.98%):
    • 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$0.2426
Supplied24,682,499.55 GLMR
Borrowed7,631,742.38 GLMR
Supplied TVL$5,989,094.48
Borrowed TVL$1,851,807.03
Utilization30.92%
WELL Incentive Share19%
GLMR Incentive Share19%
Estimated APRsCurrentProposed
Supply Side7.17%6.63%
Borrow Side-6.86%-6.86%

WELL Incentives

CurrentProposed
Supply Side0.4382 WELL / sec0.3965 WELL / sec
-10.53%37,860.57 WELL / day34,254.81 WELL / day
1,060,096.09 WELL / cycle*959,134.55 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 / sec0.0342 GLMR / sec
-10.53%3,268.96 GLMR / day2,957.63 GLMR / day
91,530.81 GLMR / cycle*82,813.59 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$5.11
Supplied829,668.64 xcDOT
Borrowed523,692.08 xcDOT
Supplied TVL$4,240,002.74
Borrowed TVL$2,676,316.48
Utilization63.12%
WELL Incentive Share14%
GLMR Incentive Share14%
Estimated APRsCurrentProposed
Supply Side15.03%15.41%
Borrow Side-22.58%-22.58%

WELL Incentives

CurrentProposed
Supply Side0.2713 WELL / sec0.2921 WELL / sec
+7.14%23,437.50 WELL / day25,240.38 WELL / day
656,249.96 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 Side0.0234 GLMR / sec0.0252 GLMR / sec
+7.14%2,023.64 GLMR / day2,179.31 GLMR / day
56,661.93 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

xcUSDT Market

Latest price$1.00
Supplied1,448,813.08 xcUSDT
Borrowed1,054,924.58 xcUSDT
Supplied TVL$1,448,850.46
Borrowed TVL$1,054,951.79
Utilization72.81%
WELL Incentive Share5%
GLMR Incentive Share5%
Estimated APRsCurrentProposed
Supply Side8.38%8.38%
Borrow Side-4.66%-4.66%

WELL Incentives

CurrentProposed
Supply Side0.1043 WELL / sec0.1043 WELL / sec
+0.00%9,014.42 WELL / day9,014.42 WELL / day
252,403.83 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 Side0.0090 GLMR / sec0.0090 GLMR / sec
+0.00%778.32 GLMR / day778.32 GLMR / day
21,793.05 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$0.9994
Supplied5,846,715.37 FRAX
Borrowed4,816,576.17 FRAX
Supplied TVL$5,843,195.12
Borrowed TVL$4,813,676.16
Utilization82.38%
WELL Incentive Share19%
GLMR Incentive Share19%
Estimated APRsCurrentProposed
Supply Side12.15%12.43%
Borrow Side-10.46%-10.46%

WELL Incentives

CurrentProposed
Supply Side0.3756 WELL / sec0.3965 WELL / sec
+5.26%32,451.92 WELL / day34,254.81 WELL / day
908,653.79 WELL / cycle*959,134.55 WELL / cycle*
Borrow Side0 WELL / sec0 WELL / sec
+0%0 WELL / day0 WELL / day
0 WELL / cycle*0 WELL / cycle*

GLMR Incentives

CurrentProposed
Supply Side0.0324 GLMR / sec0.0342 GLMR / sec
+5.26%2,801.96 GLMR / day2,957.63 GLMR / day
78,454.98 GLMR / cycle*82,813.59 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$1,869.55
Supplied2,053.45 ETH.wh
Borrowed500.08 ETH.wh
Supplied TVL$3,839,034.54
Borrowed TVL$934,921.33
Utilization24.35%
WELL Incentive Share13%
GLMR Incentive Share13%
Estimated APRsCurrentProposed
Supply Side7.47%6.63%
Borrow Side-6.79%-6.79%

WELL Incentives

CurrentProposed
Supply Side0.3130 WELL / sec0.2713 WELL / sec
-15.38%27,043.27 WELL / day23,437.50 WELL / day
757,211.49 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 Side0.0270 GLMR / sec0.0234 GLMR / sec
-15.38%2,334.97 GLMR / day2,023.64 GLMR / day
65,379.15 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

BTC.wh Market

Latest price$30,325.04
Supplied207.30 BTC.wh
Borrowed37.04 BTC.wh
Supplied TVL$6,286,309.44
Borrowed TVL$1,123,175.70
Utilization17.87%
WELL Incentive Share20%
GLMR Incentive Share20%
Estimated APRsCurrentProposed
Supply Side4.96%5.73%
Borrow Side-4.79%-4.79%

WELL Incentives

CurrentProposed
Supply Side0.3547 WELL / sec0.4173 WELL / sec
+15.00%30,649.04 WELL / day36,057.69 WELL / day
858,173.02 WELL / cycle*1,009,615.32 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 / sec0.0360 GLMR / sec
+15.00%2,646.30 GLMR / day3,113.29 GLMR / day
74,096.37 GLMR / cycle*87,172.20 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$1.00
Supplied2,930,562.43 USDC.wh
Borrowed2,254,640.96 USDC.wh
Supplied TVL$2,930,562.43
Borrowed TVL$2,254,640.96
Utilization76.94%
WELL Incentive Share10%
GLMR Incentive Share10%
Estimated APRsCurrentProposed
Supply Side9.21%8.66%
Borrow Side-4.93%-4.93%

WELL Incentives

CurrentProposed
Supply Side0.2295 WELL / sec0.2087 WELL / sec
-10.00%19,831.73 WELL / day18,028.85 WELL / day
555,288.43 WELL / cycle*504,807.66 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 / sec0.0180 GLMR / sec
-10.00%1,712.31 GLMR / day1,556.65 GLMR / day
47,944.71 GLMR / cycle*43,586.10 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: 6c2d17f26669601a8842fb9fc688bb090884a6c279c702cc1dbe7b7ad07416a9

Proposal Config 
{
  "_meta": {
    "generatedAt": "2023-07-07T23:50:57.036Z",
    "generatorVersion": "1.0.14"
  },
  "snapshotBlock": 3945174,
  "safetyModuleInfo": {
    "totalStaked": "332200163.518337055037778973",
    "stakedTVL": "1126678.8456276483479342578736772222519514162052294088",
    "govTokenPrice": "0.0033915661982070548014449256",
    "emissions": {
      "emissionsPerSecond": "2.682863839285714285",
      "lastUpdateTimestamp": 1688771766,
      "emissionAPR": "25.486063281232991828",
      "emissionsPerYear": "84664743.894642857120316"
    }
  },
  "dexInfo": {
    "govTokenTotal": "50876883.91875186128909086",
    "nativeAssetTotal": "711129.631930115027103785",
    "govTokenPrice": "0.0033915661982070548014449256",
    "nextFreeSlot": 15,
    "emissionsPerYear": "37628811.5892857142593328",
    "poolTVL": "345104.639537885788390907172601323614623384384340016",
    "currentPoolAPR": "36.980263619699337348",
    "currentPoolRewardInfo": {
      "startTimestamp": 1686886200,
      "endTimestamp": 1689305400,
      "rewardPerSec": "1.192385085978835978"
    }
  },
  "marketData": {
    "assets": {
      "GLMR": {
        "price": "0.24264538",
        "totalSuppliedUnderlying": "24682499.54824885491140068088557489683663232",
        "totalSuppliedTVL": "5989094.4822346717345416845457390573613854472066816",
        "totalBorrows": "7631742.382837235707457097",
        "totalBorrowedTVL": "1851807.03054564653638549613526186",
        "utilization": "0.30919649640502813798",
        "baseSupplyAPR": "488115984",
        "baseBorrowAPR": "2104879326",
        "govSupplySpeed": "438201093750000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "37835156250000000",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcDOT": {
        "price": "5.11047728",
        "totalSuppliedUnderlying": "829668.6412424198996510777666056565",
        "totalSuppliedTVL": "4240002.74099785786938671285375135026273432",
        "totalBorrows": "523692.08113068",
        "totalBorrowedTVL": "2676316.4823342568509504",
        "utilization": "0.63120630948092327597",
        "baseSupplyAPR": "3056638896",
        "baseBorrowAPR": "6456713863",
        "govSupplySpeed": "271267343750000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "23421763392857142",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcUSDT": {
        "price": "1.0000258",
        "totalSuppliedUnderlying": "1448813.082071995965079538777161",
        "totalSuppliedTVL": "1448850.4614495134225754378292614507538",
        "totalBorrows": "1054924.575435",
        "totalBorrowedTVL": "1054951.792489046223",
        "utilization": "0.72813021119764955487",
        "baseSupplyAPR": "893121280",
        "baseBorrowAPR": "1443053595",
        "govSupplySpeed": "104333593750000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "9008370535714285",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "FRAX": {
        "price": "0.99939791",
        "totalSuppliedUnderlying": "5846715.373801503774185600995854464441449395",
        "totalSuppliedTVL": "5843195.12494209162677820158735087042695384273376445",
        "totalBorrows": "4816576.168705712818506891",
        "totalBorrowedTVL": "4813676.15636029679587599618599781",
        "utilization": "0.82380890136849609813",
        "baseSupplyAPR": "2209830685",
        "baseBorrowAPR": "3155829953",
        "govSupplySpeed": "375600937500000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "32430133928571428",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "ETH.wh": {
        "price": "1869.55",
        "totalSuppliedUnderlying": "2053.453796103037917501999999220373618748",
        "totalSuppliedTVL": "3839034.5445044345386658640985424494989303234",
        "totalBorrows": "500.078272776312408433",
        "totalBorrowedTVL": "934921.33486895486318591515",
        "utilization": "0.24353032618768479501",
        "baseSupplyAPR": "380295679",
        "baseBorrowAPR": "2082126335",
        "govSupplySpeed": "313000781250000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "27025111607142857",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "BTC.wh": {
        "price": "30325.04",
        "totalSuppliedUnderlying": "207.29764692999999622231525012",
        "totalSuppliedTVL": "6286309.4350581270854415588524990048",
        "totalBorrows": "37.0378967",
        "totalBorrowedTVL": "1123175.698943368",
        "utilization": "0.17867012601694851604",
        "baseSupplyAPR": "198864502",
        "baseBorrowAPR": "1484034718",
        "govSupplySpeed": "354734218750000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "30628459821428571",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "USDC.wh": {
        "price": "1",
        "totalSuppliedUnderlying": "2930562.426949985718377301010122",
        "totalSuppliedTVL": "2930562.426949985718377301010122",
        "totalBorrows": "2254640.955581",
        "totalBorrowedTVL": "2254640.955581",
        "utilization": "0.76935435152205297321",
        "baseSupplyAPR": "997114805",
        "baseBorrowAPR": "1524754152",
        "govSupplySpeed": "229533906250000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "19818415178571428",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      }
    },
    "totalTVL": "30577049.21613668199576676077726618310380393334044605",
    "govRewardSplits": {
      "GLMR": 0.19,
      "xcDOT": 0.14,
      "xcUSDT": 0.05,
      "FRAX": 0.19,
      "ETH.wh": 0.13,
      "BTC.wh": 0.2,
      "USDC.wh": 0.1
    },
    "nativeRewardSplits": {
      "GLMR": 0.19,
      "xcDOT": 0.14,
      "xcUSDT": 0.05,
      "FRAX": 0.19,
      "ETH.wh": 0.13,
      "BTC.wh": 0.2,
      "USDC.wh": 0.1
    }
  },
  "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": 58,
    "componentSplits": {
      "ALL_MARKETS": 0.35,
      "SAFETY_MODULE": 0.45,
      "DEX_REWARDER": 0.2
    },
    "emissionAmounts": {
      "0": 14423076,
      "1": 435861
    },
    "submitterWallet": "0x2c4578032aa885C9b4c1Da15e6738D5A0AFb56C4"
  }
}
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0x80f3...f04e06
75.557M

FOR

0x966c...a17c47
49.167M

FOR

0x22d3...89CfE6
3.749M

FOR

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Proposal Status
  • Sat July 08 2023, 12:12 amPublished Onchain 0x2c45...Fb56C4
  • Sat July 08 2023, 12:13 amVoting Period Starts
  • Tue July 11 2023, 12:13 amEnd Voting Period
  • Tue July 11 2023, 12:14 amQueue Proposal
  • Wed July 12 2023, 01:08 amExecute Proposal
Current Results

1-FOR

153.03M

99.38%

2-AGAINST

960,135.7

0.62%

3-ABSTAIN

N/A Tokens

0%
Quorum 153.99M/100M
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