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executedEnded 3 years ago ·  Onchain

MIP-63 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: 1.0.16
  • Generated At: Thu, 03 Aug 2023 19:21:12 GMT
  • Network: Moonbeam
  • Block Height: 4,135,719

The submitter (Curly), as part of this proposal, will get 10,000 WELL sent to their wallet at 0x9F94Ff95cbC403cbfC18802eDEAeF71dA8155f36.

Safety Module

At the time this proposal was generated there was 357,613,464 WELL staked in the Safety Module, with a valuation of $3,095,250.12 (based on a WELL price of $0.008655 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 = ~23.67%):
    • 2.6829 WELL / second
    • 231,799.44 WELL / day
    • 6,490,384.20 WELL / reward cycle (28 days)

  • Proposed (estimated APR = ~23.67%):
    • 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 30,025,985 WELL and 1,142,858 GLMR provided by liquidity providers in the StellaSwap WELL/GLMR pool totaling $519,767.53.

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, 11 Aug 2023 03:30:00 GMT

Proposed rewards will expire at Fri, 08 Sep 2023 03:30:00 GMT

  • Current (estimated APR = ~62.66%) days:
    • 1.1924 WELL / second
    • 103,022.07 WELL / day
    • 2,884,618.00 WELL / reward cycle (28 days)

  • Proposed (estimated APR = ~62.66%):
    • 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$0.2274
Supplied23,393,740.44 GLMR
Borrowed8,098,831.82 GLMR
Supplied TVL$5,319,694.00
Borrowed TVL$1,841,659.62
Utilization34.62%
WELL Incentive Share18%
GLMR Incentive Share18%
Estimated APRsCurrentProposed
Supply Side8.53%6.82%
Borrow Side-7.46%-7.46%

WELL Incentives

CurrentProposed
Supply Side0.3965 WELL / sec0.3756 WELL / sec
-5.56%34,254.81 WELL / day32,451.92 WELL / day
959,134.55 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 Side0.0342 GLMR / sec0.0223 GLMR / sec
-53.36%2,957.63 GLMR / day1,928.57 GLMR / day
82,813.59 GLMR / cycle*54,000.00 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$5.01
Supplied798,116.78 xcDOT
Borrowed489,636.34 xcDOT
Supplied TVL$3,997,496.57
Borrowed TVL$2,452,422.58
Utilization61.35%
WELL Incentive Share13%
GLMR Incentive Share13%
Estimated APRsCurrentProposed
Supply Side13.69%11.91%
Borrow Side-16.23%-16.23%

WELL Incentives

CurrentProposed
Supply Side0.2921 WELL / sec0.2713 WELL / sec
-7.69%25,240.38 WELL / day23,437.50 WELL / day
706,730.72 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 Side0.0252 GLMR / sec0.0161 GLMR / sec
-56.46%2,179.31 GLMR / day1,392.86 GLMR / day
61,020.54 GLMR / cycle*39,000.00 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$0.9993
Supplied1,792,324.32 xcUSDT
Borrowed1,361,898.43 xcUSDT
Supplied TVL$1,791,069.69
Borrowed TVL$1,360,945.10
Utilization75.99%
WELL Incentive Share7%
GLMR Incentive Share7%
Estimated APRsCurrentProposed
Supply Side8.31%8.82%
Borrow Side-4.86%-4.86%

WELL Incentives

CurrentProposed
Supply Side0.1043 WELL / sec0.1461 WELL / sec
+28.57%9,014.42 WELL / day12,620.19 WELL / day
252,403.83 WELL / cycle*353,365.36 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 / sec0.0087 GLMR / sec
-3.78%778.32 GLMR / day750.00 GLMR / day
21,793.05 GLMR / cycle*21,000.00 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
Supplied5,894,463.05 FRAX
Borrowed4,811,061.90 FRAX
Supplied TVL$5,883,914.20
Borrowed TVL$4,802,451.93
Utilization81.62%
WELL Incentive Share20%
GLMR Incentive Share20%
Estimated APRsCurrentProposed
Supply Side11.75%10.70%
Borrow Side-8.38%-8.38%

WELL Incentives

CurrentProposed
Supply Side0.3965 WELL / sec0.4173 WELL / sec
+5.00%34,254.81 WELL / day36,057.69 WELL / day
959,134.55 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 Side0.0342 GLMR / sec0.0248 GLMR / sec
-38.02%2,957.63 GLMR / day2,142.86 GLMR / day
82,813.59 GLMR / cycle*60,000.00 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$1,842.27
Supplied1,713.10 ETH.wh
Borrowed498.46 ETH.wh
Supplied TVL$3,155,992.77
Borrowed TVL$918,306.41
Utilization29.10%
WELL Incentive Share11%
GLMR Incentive Share11%
Estimated APRsCurrentProposed
Supply Side9.31%6.73%
Borrow Side-7.74%-7.74%

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 / sec0.0136 GLMR / sec
-71.70%2,023.64 GLMR / day1,178.57 GLMR / day
56,661.93 GLMR / cycle*33,000.00 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$29,230.38
Supplied182.27 BTC.wh
Borrowed37.57 BTC.wh
Supplied TVL$5,327,792.08
Borrowed TVL$1,098,196.76
Utilization20.61%
WELL Incentive Share18%
GLMR Incentive Share18%
Estimated APRsCurrentProposed
Supply Side7.78%5.72%
Borrow Side-5.22%-5.22%

WELL Incentives

CurrentProposed
Supply Side0.4173 WELL / sec0.3756 WELL / sec
-11.11%36,057.69 WELL / day32,451.92 WELL / day
1,009,615.32 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 Side0.0360 GLMR / sec0.0223 GLMR / sec
-61.43%3,113.29 GLMR / day1,928.57 GLMR / day
87,172.20 GLMR / cycle*54,000.00 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
Supplied3,606,205.67 USDC.wh
Borrowed2,796,724.51 USDC.wh
Supplied TVL$3,607,172.03
Borrowed TVL$2,797,473.94
Utilization77.55%
WELL Incentive Share13%
GLMR Incentive Share13%
Estimated APRsCurrentProposed
Supply Side8.41%8.50%
Borrow Side-4.97%-4.97%

WELL Incentives

CurrentProposed
Supply Side0.2087 WELL / sec0.2713 WELL / sec
+23.08%18,028.85 WELL / day23,437.50 WELL / day
504,807.66 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 Side0.0180 GLMR / sec0.0161 GLMR / sec
-11.76%1,556.65 GLMR / day1,392.86 GLMR / day
43,586.10 GLMR / cycle*39,000.00 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: 45b54e784dc6a8cddf8b14f107d4361a40097153d10471fd8f12c7f842c6540d

Proposal Config 
{
  "_meta": {
    "generatedAt": "2023-08-03T19:18:27.874Z",
    "generatorVersion": "1.0.16"
  },
  "snapshotBlock": 4135719,
  "safetyModuleInfo": {
    "totalStaked": "357613463.807940765963000804",
    "stakedTVL": "3095250.1230228952723914860352581210927083826933481168",
    "govTokenPrice": "0.0086552952734610256535991892",
    "emissions": {
      "emissionsPerSecond": "2.682863839285714285",
      "lastUpdateTimestamp": 1691090154,
      "emissionAPR": "23.674931864453724795",
      "emissionsPerYear": "84664743.894642857120316"
    }
  },
  "dexInfo": {
    "govTokenTotal": "30025984.936412718530908533",
    "nativeAssetTotal": "1142857.719886522212164758",
    "govTokenPrice": "0.0086552952734610256535991892",
    "nextFreeSlot": 16,
    "emissionsPerYear": "37628811.5892857142593328",
    "poolTVL": "519767.5310022899151837610423421830037959573081614436",
    "currentPoolAPR": "62.660411754974597913",
    "currentPoolRewardInfo": {
      "startTimestamp": 1689305400,
      "endTimestamp": 1691724600,
      "rewardPerSec": "1.192385085978835978"
    }
  },
  "marketData": {
    "assets": {
      "GLMR": {
        "price": "0.22739818",
        "totalSuppliedUnderlying": "23393740.43616591975936664997141127455778724",
        "totalSuppliedTVL": "5319693.9985765363313060141561959758659211232032232",
        "totalBorrows": "8098831.822239857776882905",
        "totalBorrowedTVL": "1841659.6165034271819220186701129",
        "utilization": "0.3461965325442074992",
        "baseSupplyAPR": "592221663",
        "baseBorrowAPR": "2280868843",
        "govSupplySpeed": "396467656250000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "34231808035714285",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcDOT": {
        "price": "5.00866125",
        "totalSuppliedUnderlying": "798116.7753011062999076766866798043",
        "totalSuppliedTVL": "3997496.565425608206478458798101526954993375",
        "totalBorrows": "489636.3433077304",
        "totalBorrowedTVL": "2452422.579317126079927",
        "utilization": "0.61348960259982609153",
        "baseSupplyAPR": "2195373122",
        "baseBorrowAPR": "4771334594",
        "govSupplySpeed": "292134062500000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "25223437500000000",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "xcUSDT": {
        "price": "0.9993",
        "totalSuppliedUnderlying": "1792324.315204991233886600951489",
        "totalSuppliedTVL": "1791069.6881843477400228803308229577",
        "totalBorrows": "1361898.425124",
        "totalBorrowedTVL": "1360945.0962264132",
        "utilization": "0.75985044312041111828",
        "baseSupplyAPR": "972632053",
        "baseBorrowAPR": "1505918717",
        "govSupplySpeed": "104333593750000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "9008370535714285",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "FRAX": {
        "price": "0.99821038",
        "totalSuppliedUnderlying": "5894463.051085823974064024985263409709292989",
        "totalSuppliedTVL": "5883914.20212033976176356052486928260600904408102582",
        "totalBorrows": "4811061.901968566377697371",
        "totalBorrowedTVL": "4802451.92936756539193651623091098",
        "utilization": "0.81620019673926306764",
        "baseSupplyAPR": "1770955087",
        "baseBorrowAPR": "2552653850",
        "govSupplySpeed": "396467656250000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "34231808035714285",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "ETH.wh": {
        "price": "1842.27",
        "totalSuppliedUnderlying": "1713.100018034545988896999995549985169592",
        "totalSuppliedTVL": "3155992.77022450303896527618180187117838425384",
        "totalBorrows": "498.464618275712361431",
        "totalBorrowedTVL": "918306.41231079661209348837",
        "utilization": "0.2909722800934909781",
        "baseSupplyAPR": "515936745",
        "baseBorrowAPR": "2364196552",
        "govSupplySpeed": "271267343750000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "23421763392857142",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "BTC.wh": {
        "price": "29230.37896637",
        "totalSuppliedUnderlying": "182.26900458999999964020745581",
        "totalSuppliedTVL": "5327792.0779887329751214275840518752511097",
        "totalBorrows": "37.57039072",
        "totalBorrowedTVL": "1098196.7586601906400864",
        "utilization": "0.20612605420494659692",
        "baseSupplyAPR": "249612671",
        "baseBorrowAPR": "1614627984",
        "govSupplySpeed": "417334375000000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "36033482142857142",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      },
      "USDC.wh": {
        "price": "1.00026797",
        "totalSuppliedUnderlying": "3606205.674930990540676794428202",
        "totalSuppliedTVL": "3607172.02986570179821197958880492528994",
        "totalBorrows": "2796724.506501",
        "totalBorrowedTVL": "2797473.94476700707297",
        "utilization": "0.77553105912477356941",
        "baseSupplyAPR": "1013189607",
        "baseBorrowAPR": "1536995534",
        "govSupplySpeed": "208667187500000000",
        "govBorrowSpeed": "1",
        "nativeSupplySpeed": "18016741071428571",
        "nativeBorrowSpeed": "1",
        "nativeSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        },
        "govSupplyBorrowSplit": {
          "SUPPLY": 1,
          "BORROW": 0
        }
      }
    },
    "totalTVL": "29083131.33238576985186959716464841484635749612424902",
    "govRewardSplits": {
      "GLMR": 0.18,
      "xcDOT": 0.13,
      "xcUSDT": 0.07,
      "FRAX": 0.2,
      "ETH.wh": 0.11,
      "BTC.wh": 0.18,
      "USDC.wh": 0.13
    },
    "nativeRewardSplits": {
      "GLMR": 0.18,
      "xcDOT": 0.13,
      "xcUSDT": 0.07,
      "FRAX": 0.2,
      "ETH.wh": 0.11,
      "BTC.wh": 0.18,
      "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": "Curly",
    "network": "Moonbeam",
    "mipNumber": 63,
    "componentSplits": {
      "ALL_MARKETS": 0.35,
      "SAFETY_MODULE": 0.45,
      "DEX_REWARDER": 0.2
    },
    "emissionAmounts": {
      "0": 14423076,
      "1": 300000
    },
    "submitterWallet": "0x9F94Ff95cbC403cbfC18802eDEAeF71dA8155f36"
  }
}
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Votes 122
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0x393C...850566
104.79M

FOR

0x80f3...f04e06
73.765M

FOR

0x9F94...155f36
3.51M

FOR

0xbaA0...9934d3
3.501M

FOR

0x1aA5...E9D222
3.025M

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Proposal Status
  • Fri August 04 2023, 01:05 amPublished Onchain 0x9F94...155f36
  • Fri August 04 2023, 01:06 amVoting Period Starts
  • Mon August 07 2023, 01:06 amEnd Voting Period
  • Mon August 07 2023, 03:28 pmQueue Proposal
  • Tue August 08 2023, 03:41 pmExecute Proposal
Current Results

1-FOR

205.94M

98.5%

2-ABSTAIN

1.829M

0.88%

3-AGAINST

1.305M

0.62%
Quorum 209.074M/100M
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