Moonwell MIP-B08 Proposal Diff Report

This document reports the impact of the execution of MIP-B08 proposal on Moonwell Base.

All diffs detected by the simulation are highlighted in orange

The simulation executes the proposal on chain on a local fork. The state of the protocol is compared before and after the proposal is executed.

Proposal calldata

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Execution results

MIP-B08 was successfully executed on a Hardhat fork at block #6295939 (Nov-07-2023 06:20:25 PM +UTC)

  • ✅ No regression detected on already existing markets (USDC, USDbC, DAI, ETH, cbETH)

  • ✅ No difference in liquidity for all existing accounts

  • ✅ wstETH market is correctly initialized

    • ✅ Decimals for all parameters are correct

    • ✅ All borrow-side reward rates are greater than 0

    • ✅ Hundred Finance exploit is correctly mitigated (market total supply is greater than 0)

    • ✅ Parameters are same as specified in proposal

  • ✅ The proposal passes sanity check tests

Original execution report (including raw contract values):

Global parameters

ParameterLiquidation IncentiveClose Factor

Before

110%

0.5%

After

110%

0.5%

mUSDC

View on block explorer

ParameterCollateral FactorImplied Collateral RatioBorrow CapSupply Cap

Before

0.82

121.951%

5,000,000 5,005,000 USD

10,000,000 5,005,000 USD

After

0.82

121.951%

5,000,000 5,005,000 USD

10,000,000 5,005,000 USD

IRM ParameterBase rateMultiplierKinkJump MultiplierReserve FactorContract

Before

0%

0.045

0.8

8.6

0.15

After

0%

0.045

0.8

8.6

0.15

Key borrow ratesBaseKinkMax

Before

0%

3.6%

175.6%

After

0%

3.6%

175.6%

Key supply ratesBaseKinkMax

Before

0%

2.448%

149.26%

After

0%

2.448%

149.26%

Borrow rates0%10%20%30%40%50%60%70%80%90%100%

Before

0%

0.45%

0.9%

1.35%

1.8%

2.25%

2.7%

3.15%

3.6%

89.6%

175.6%

After

0%

0.45%

0.9%

1.35%

1.8%

2.25%

2.7%

3.15%

3.6%

89.6%

175.6%

Supply rates0%10%20%30%40%50%60%70%80%90%100%

Before

0%

0.038%

0.153%

0.344%

0.612%

0.956%

1.377%

1.874%

2.448%

68.544%

149.26%

After

0%

0.038%

0.153%

0.344%

0.612%

0.956%

1.377%

1.874%

2.448%

68.544%

149.26%

Market StateTotal SupplyTotal BorrowsUtilizationSupply cap utilizationBorrow cap utilizationSupply rateBorrow rate

Before

4,666,590.28 4,671,256.87 USD

3,563,037.674 3,566,600.712 USD

76.352%

46.666%

71.261%

2.23% 5.986% Total

3.436% 3.436% Total

After

4,666,590.28 4,671,256.87 USD

3,563,037.674 3,566,600.712 USD

76.352%

46.666%

71.261%

2.23% 5.986% Total

3.436% 3.436% Total

WELL Reward Stream

Supply-sideEmissions per secAPR

Before

1.141

3.756%

After

1.141

3.756%

Borrow-sideEmissions per secAPR

Before

0

0%

After

0

0%

USDC Reward Stream

Supply-sideEmissions per secAPR

Before

0

0%

After

0

0%

Borrow-sideEmissions per secAPR

Before

0

0%

After

0

0%

mUSDC

View on block explorer

ParameterCollateral FactorImplied Collateral RatioBorrow CapSupply Cap

Before

0.8

125%

4,000,000 3,999,696 USD

5,000,000 3,999,696 USD

After

0.8

125%

4,000,000 3,999,696 USD

5,000,000 3,999,696 USD

IRM ParameterBase rateMultiplierKinkJump MultiplierReserve FactorContract

Before

0%

0.045

0.8

8.6

0.15

After

0%

0.045

0.8

8.6

0.15

Key borrow ratesBaseKinkMax

Before

0%

3.6%

175.6%

After

0%

3.6%

175.6%

Key supply ratesBaseKinkMax

Before

0%

2.448%

149.26%

After

0%

2.448%

149.26%

Borrow rates0%10%20%30%40%50%60%70%80%90%100%

Before

0%

0.45%

0.9%

1.35%

1.8%

2.25%

2.7%

3.15%

3.6%

89.6%

175.6%

After

0%

0.45%

0.9%

1.35%

1.8%

2.25%

2.7%

3.15%

3.6%

89.6%

175.6%

Supply rates0%10%20%30%40%50%60%70%80%90%100%

Before

0%

0.038%

0.153%

0.344%

0.612%

0.956%

1.377%

1.874%

2.448%

68.544%

149.26%

After

0%

0.038%

0.153%

0.344%

0.612%

0.956%

1.377%

1.874%

2.448%

68.544%

149.26%

Market StateTotal SupplyTotal BorrowsUtilizationSupply cap utilizationBorrow cap utilizationSupply rateBorrow rate

Before

1,686,380.582 1,686,252.417 USD

1,016,104.578 1,016,027.354 USD

60.254%

33.728%

25.403%

1.389% 1.389% Total

2.711% 2.711% Total

After

1,686,380.582 1,686,252.417 USD

1,016,104.578 1,016,027.354 USD

60.254%

33.728%

25.403%

1.389% 1.389% Total

2.711% 2.711% Total

WELL Reward Stream

Supply-sideEmissions per secAPR

Before

0

0%

After

0

0%

Borrow-sideEmissions per secAPR

Before

0

0%

After

0

0%

USDC Reward Stream

Supply-sideEmissions per secAPR

Before

0

0%

After

0

0%

Borrow-sideEmissions per secAPR

Before

0

0%

After

0

0%

mWETH

View on block explorer

ParameterCollateral FactorImplied Collateral RatioBorrow CapSupply Cap

Before

0.8

125%

6,300 11,943,855 USD

10,500 11,943,855 USD

After

0.8

125%

6,300 11,943,855 USD

10,500 11,943,855 USD

IRM ParameterBase rateMultiplierKinkJump MultiplierReserve FactorContract

Before

1%

0.037

0.8

4.8

0.25

After

1%

0.037

0.8

4.8

0.25

Key borrow ratesBaseKinkMax

Before

1%

3.96%

99.96%

After

1%

3.96%

99.96%

Key supply ratesBaseKinkMax

Before

0%

2.376%

74.97%

After

0%

2.376%

74.97%

Borrow rates0%10%20%30%40%50%60%70%80%90%100%

Before

1%

1.37%

1.74%

2.11%

2.48%

2.85%

3.22%

3.59%

3.96%

51.96%

99.96%

After

1%

1.37%

1.74%

2.11%

2.48%

2.85%

3.22%

3.59%

3.96%

51.96%

99.96%

Supply rates0%10%20%30%40%50%60%70%80%90%100%

Before

0%

0.103%

0.261%

0.475%

0.744%

1.069%

1.449%

1.885%

2.376%

35.073%

74.97%

After

0%

0.103%

0.261%

0.475%

0.744%

1.069%

1.449%

1.885%

2.376%

35.073%

74.97%

Market StateTotal SupplyTotal BorrowsUtilizationSupply cap utilizationBorrow cap utilizationSupply rateBorrow rate

Before

4,183.132 7,930,589.964 USD

2,113.415 4,006,717.238 USD

50.522%

39.839%

33.546%

1.087% 5.512% Total

2.869% 2.869% Total

After

4,183.132 7,930,589.964 USD

2,113.415 4,006,717.238 USD

50.522%

39.839%

33.546%

1.087% 5.512% Total

2.869% 2.869% Total

WELL Reward Stream

Supply-sideEmissions per secAPR

Before

2.282

4.424%

After

2.282

4.424%

Borrow-sideEmissions per secAPR

Before

0

0%

After

0

0%

USDC Reward Stream

Supply-sideEmissions per secAPR

Before

0

0%

After

0

0%

Borrow-sideEmissions per secAPR

Before

0

0%

After

0

0%

mcbETH

View on block explorer

ParameterCollateral FactorImplied Collateral RatioBorrow CapSupply Cap

Before

0.75

133.333%

1,000 1,997,110 USD

4,000 1,997,110 USD

After

0.75

133.333%

1,000 1,997,110 USD

4,000 1,997,110 USD

IRM ParameterBase rateMultiplierKinkJump MultiplierReserve FactorContract

Before

0%

0.07

0.45

3.15

0.25

After

0%

0.07

0.45

3.15

0.25

Key borrow ratesBaseKinkMax

Before

0%

3.15%

176.4%

After

0%

3.15%

176.4%

Key supply ratesBaseKinkMax

Before

0%

1.063%

132.3%

After

0%

1.063%

132.3%

Borrow rates0%10%20%30%40%50%60%70%80%90%100%

Before

0%

0.7%

1.4%

2.1%

2.8%

18.9%

50.4%

81.9%

113.4%

144.9%

176.4%

After

0%

0.7%

1.4%

2.1%

2.8%

18.9%

50.4%

81.9%

113.4%

144.9%

176.4%

Supply rates0%10%20%30%40%50%60%70%80%90%100%

Before

0%

0.052%

0.21%

0.472%

0.84%

7.087%

22.68%

42.997%

68.04%

97.807%

132.3%

After

0%

0.052%

0.21%

0.472%

0.84%

7.087%

22.68%

42.997%

68.04%

97.807%

132.3%

Market StateTotal SupplyTotal BorrowsUtilizationSupply cap utilizationBorrow cap utilizationSupply rateBorrow rate

Before

2,059.421 4,112,890.98 USD

359.018 716,998.907 USD

17.433%

51.486%

35.902%

0.16% 4.425% Total

1.22% 1.22% Total

After

2,059.421 4,112,890.98 USD

359.018 716,998.907 USD

17.433%

51.486%

35.902%

0.16% 4.425% Total

1.22% 1.22% Total

WELL Reward Stream

Supply-sideEmissions per secAPR

Before

1.141

4.266%

After

1.141

4.266%

Borrow-sideEmissions per secAPR

Before

0

0%

After

0

0%

USDC Reward Stream

Supply-sideEmissions per secAPR

Before

0

0%

After

0

0%

Borrow-sideEmissions per secAPR

Before

0

0%

After

0

0%

mwstETH

View on block explorer

ParameterCollateral FactorImplied Collateral RatioBorrow CapSupply Cap

Before

-

-

- - USD

None - USD

After

0.75

133.333%

0.05 108.481 USD

0.1 216.961 USD

IRM ParameterBase rateMultiplierKinkJump MultiplierReserve FactorContract

Before

-

-

-

-

-

-

After

0%

0.07

0.45

3.15

0.25

Key borrow ratesBaseKinkMax

Before

-

-

-

After

0%

3.15%

176.4%

Key supply ratesBaseKinkMax

Before

-

-

-

After

0%

1.063%

132.3%

Borrow rates0%10%20%30%40%50%60%70%80%90%100%

Before

-

-

-

-

-

-

-

-

-

-

-

After

0%

0.7%

1.4%

2.1%

2.8%

18.9%

50.4%

81.9%

113.4%

144.9%

176.4%

Supply rates0%10%20%30%40%50%60%70%80%90%100%

Before

-

-

-

-

-

-

-

-

-

-

-

After

0%

0.052%

0.21%

0.472%

0.84%

7.087%

22.68%

42.997%

68.04%

97.807%

132.3%

Market StateTotal SupplyTotal BorrowsUtilizationSupply cap utilizationBorrow cap utilizationSupply rateBorrow rate

Before

- - USD

- - USD

-

-

-

- - Total

- - Total

After

0 0.002 USD

0 0 USD

0%

-

-

0% 0% Total

0% ∞% Total

WELL Reward Stream

Supply-sideEmissions per secAPR

Before

-

-

After

0

0%

Borrow-sideEmissions per secAPR

Before

-

-

After

0

∞%

USDC Reward Stream

Supply-sideEmissions per secAPR

Before

-

-

After

0

0%

Borrow-sideEmissions per secAPR

Before

-

-

After

0

∞%

mDAI

View on block explorer

ParameterCollateral FactorImplied Collateral RatioBorrow CapSupply Cap

Before

0.82

121.951%

5,000,000 4,996,600 USD

10,000,000 4,996,600 USD

After

0.82

121.951%

5,000,000 4,996,600 USD

10,000,000 4,996,600 USD

IRM ParameterBase rateMultiplierKinkJump MultiplierReserve FactorContract

Before

0%

0.045

0.8

8.6

0.15

After

0%

0.045

0.8

8.6

0.15

Key borrow ratesBaseKinkMax

Before

0%

3.6%

175.6%

After

0%

3.6%

175.6%

Key supply ratesBaseKinkMax

Before

0%

2.448%

149.26%

After

0%

2.448%

149.26%

Borrow rates0%10%20%30%40%50%60%70%80%90%100%

Before

0%

0.45%

0.9%

1.35%

1.8%

2.25%

2.7%

3.15%

3.6%

89.6%

175.6%

After

0%

0.45%

0.9%

1.35%

1.8%

2.25%

2.7%

3.15%

3.6%

89.6%

175.6%

Supply rates0%10%20%30%40%50%60%70%80%90%100%

Before

0%

0.038%

0.153%

0.344%

0.612%

0.956%

1.377%

1.874%

2.448%

68.544%

149.26%

After

0%

0.038%

0.153%

0.344%

0.612%

0.956%

1.377%

1.874%

2.448%

68.544%

149.26%

Market StateTotal SupplyTotal BorrowsUtilizationSupply cap utilizationBorrow cap utilizationSupply rateBorrow rate

Before

4,216,758.173 4,213,890.778 USD

1,894,275.479 1,892,987.372 USD

44.923%

42.168%

37.886%

0.772% 4.935% Total

2.022% 2.022% Total

After

4,216,758.173 4,213,890.778 USD

1,894,275.479 1,892,987.372 USD

44.923%

42.168%

37.886%

0.772% 4.935% Total

2.022% 2.022% Total

WELL Reward Stream

Supply-sideEmissions per secAPR

Before

1.141

4.163%

After

1.141

4.163%

Borrow-sideEmissions per secAPR

Before

0

0%

After

0

0%

USDC Reward Stream

Supply-sideEmissions per secAPR

Before

0

0%

After

0

0%

Borrow-sideEmissions per secAPR

Before

0

0%

After

0

0%

Liquidatable accounts

The table below lists accounts that will be at risk of liquidation once the proposal is passed.

Total liquidatable accounts: 0

AccountsFree collateral Before (USD)Free collateral After (USD)Diff (USD)

Nothing to display

Impacted accounts

The table is filtered for accounts have at least 1 borrow transaction.

Liquidatable accounts count: 0

AccountsFree collateral Before (USD)Free collateral After (USD)Diff (USD)

Nothing to display

Sanity check tests

4 unit tests failed. All of those tests were expected to fail given the very low caps.

4 tests failed:
1) wstETH
    borrow cap
      X should be within sane range

2) wstETH
    borrow cap
      X should be less than underlying token total supply

3) wstETH
    supply cap
      X should be within sane range

4) wstETH
    supply cap
      X should be less than underlying token total supply
      
MIP-B06 sanity check tests  
  Global governance parameters
      close factor
        ✔ should be within sane range
  USDC
    borrow cap
      ✔ should be within sane range
      ✔ should not be increased by more than 4x
      ✔ should not be decreased by more than 0.25x
      ✔ should be less than supply cap
      ✔ should be less than underlying token total supply (132ms)
      ✔ user cannot borrow more than borrow cap (10984ms)
    supply cap
      ✔ should be within sane range
      ✔ should not be increased by more than 4x
      ✔ should not be decreased by more than 4x
      ✔ should be less than underlying token total supply (75ms)
      ✔ user cannot deposit more than supply cap (1373ms)
    interest rate model
      ✔ kink should be within sane range
      ✔ base supply rate should be within sane range
      ✔ base borrow rate should be within sane range
      ✔ max supply rate should be within sane range
      ✔ max borrow rate should be within sane range
    collateral factor
      ✔ should not drastically change
      ✔ should be within sane range
      ✔ should make no account liquidatable (60424ms)
      ✔ should leave enough buffer for liquidation incentive

  USDbC
    borrow cap
      ✔ should be within sane range
      ✔ should not be increased by more than 4x
      ✔ should not be decreased by more than 0.25x
      ✔ should be less than supply cap
      ✔ should be less than underlying token total supply (124ms)
      ✔ user cannot borrow more than borrow cap (10578ms)
    supply cap
      ✔ should be within sane range
      ✔ should not be increased by more than 4x
      ✔ should not be decreased by more than 4x
      ✔ should be less than underlying token total supply (76ms)
      ✔ user cannot deposit more than supply cap (1357ms)
    interest rate model
      ✔ kink should be within sane range
      ✔ base supply rate should be within sane range
      ✔ base borrow rate should be within sane range
      ✔ max supply rate should be within sane range
      ✔ max borrow rate should be within sane range
    collateral factor
      ✔ should not drastically change
      ✔ should be within sane range
      ✔ should make no account liquidatable (56181ms)
      ✔ should leave enough buffer for liquidation incentive
  
  ETH
    borrow cap
      ✔ should be within sane range
      ✔ should not be increased by more than 4x
      ✔ should not be decreased by more than 0.25x
      ✔ should be less than supply cap
      ✔ should be less than underlying token total supply (114ms)
      ✔ user cannot borrow more than borrow cap
    supply cap
      ✔ should be within sane range
      ✔ should not be increased by more than 4x
      ✔ should not be decreased by more than 4x
      ✔ should be less than underlying token total supply (74ms)
      ✔ user cannot deposit more than supply cap (1347ms)
    interest rate model
      ✔ kink should be within sane range
      ✔ base supply rate should be within sane range
      ✔ base borrow rate should be within sane range
      ✔ max supply rate should be within sane range
      ✔ max borrow rate should be within sane range
    collateral factor
      ✔ should not drastically change
      ✔ should be within sane range
      ✔ should make no account liquidatable (67284ms)
      ✔ should leave enough buffer for liquidation incentive
      
  cbETH
    borrow cap
      ✔ should be within sane range
      ✔ should not be increased by more than 4x
      ✔ should not be decreased by more than 0.25x
      ✔ should be less than supply cap
      ✔ should be less than underlying token total supply (119ms)
      ✔ user cannot borrow more than borrow cap
    supply cap
      ✔ should be within sane range
      ✔ should not be increased by more than 4x
      ✔ should not be decreased by more than 4x
      ✔ should be less than underlying token total supply (75ms)
      ✔ user cannot deposit more than supply cap (1381ms)
    interest rate model
      ✔ kink should be within sane range
      ✔ base supply rate should be within sane range
      ✔ base borrow rate should be within sane range
      ✔ max supply rate should be within sane range
      ✔ max borrow rate should be within sane range
    collateral factor
      ✔ should not drastically change
      ✔ should be within sane range
      ✔ should make no account liquidatable (10082ms)
      ✔ should leave enough buffer for liquidation incentive
  
  DAI
    borrow cap
      ✔ should be within sane range
      ✔ should not be increased by more than 4x
      ✔ should not be decreased by more than 0.25x
      ✔ should be less than supply cap
      ✔ should be less than underlying token total supply (129ms)
      ✔ user cannot borrow more than borrow cap
    supply cap
      ✔ should be within sane range
      ✔ should not be increased by more than 4x
      ✔ should not be decreased by more than 4x
      ✔ should be less than underlying token total supply (75ms)
      ✔ user cannot deposit more than supply cap (1345ms)
    interest rate model
      ✔ kink should be within sane range
      ✔ base supply rate should be within sane range
      ✔ base borrow rate should be within sane range
      ✔ max supply rate should be within sane range
      ✔ max borrow rate should be within sane range
    collateral factor
      ✔ should not drastically change
      ✔ should be within sane range
      ✔ should make no account liquidatable (17280ms)
      ✔ should leave enough buffer for liquidation incentive

  wstETH
    borrow cap
      X should be within sane range
      ✔ should not be increased by more than 4x
      ✔ should not be decreased by more than 0.25x
      ✔ should be less than supply cap
      X should be less than underlying token total supply
      ✔ user cannot borrow more than borrow cap (10829ms)
    supply cap
      X should be within sane range
      ✔ should not be increased by more than 4x
      ✔ should not be decreased by more than 4x
      X should be less than underlying token total supply
      ✔ user cannot deposit more than supply cap (1359ms)
    interest rate model
      ✔ kink should be within sane range
      ✔ base supply rate should be within sane range
      ✔ base borrow rate should be within sane range
      ✔ max supply rate should be within sane range
      ✔ max borrow rate should be within sane range
    collateral factor
      ✔ should not drastically change
      ✔ should be within sane range
      ✔ should make no account liquidatable (17280ms)
      ✔ should leave enough buffer for liquidation incentive

Last updated