# Moonwell MIP-B08 Proposal Diff Report This document reports the impact of the execution of [MIP-B08 proposal](https://forum.moonwell.fi/t/proposal-onboard-wsteth-as-collateral-on-base-deployment/667) 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](https://basescan.org/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](#sanity-check-tests) Original execution report (including raw contract values): {% file src="/files/KXrwqWqET3hHTGr1Nse4" %} ### Global parameters

Parameter	Liquidation Incentive	Close Factor
Before	110%	0.5%
After	110%	0.5%

### mUSDC [View on block explorer](https://basescan.org/address/0xedc817a28e8b93b03976fbd4a3ddbc9f7d176c22)

Parameter	Collateral Factor	Implied Collateral Ratio	Borrow Cap	Supply 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 Parameter	Base rate	Multiplier	Kink	Jump Multiplier	Reserve Factor	Contract
Before	0%	0.045	0.8	8.6	0.15	0x492dcEF1fc5253413fC5576B9522840a1A774DCe
After	0%	0.045	0.8	8.6	0.15	0x492dcEF1fc5253413fC5576B9522840a1A774DCe

Key borrow rates	Base	Kink	Max
Before	0%	3.6%	175.6%
After	0%	3.6%	175.6%

Key supply rates	Base	Kink	Max
Before	0%	2.448%	149.26%
After	0%	2.448%	149.26%

Borrow rates	0%	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 rates	0%	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 State	Total Supply	Total Borrows	Utilization	Supply cap utilization	Borrow cap utilization	Supply rate	Borrow 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-side	Emissions per sec	APR
Before	1.141	3.756%
After	1.141	3.756%

Borrow-side	Emissions per sec	APR
Before	0	0%
After	0	0%

#### USDC Reward Stream

Supply-side	Emissions per sec	APR
Before	0	0%
After	0	0%

Borrow-side	Emissions per sec	APR
Before	0	0%
After	0	0%

### mUSDC [View on block explorer](https://basescan.org/address/0x703843C3379b52F9FF486c9f5892218d2a065cC8)

Parameter	Collateral Factor	Implied Collateral Ratio	Borrow Cap	Supply 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 Parameter	Base rate	Multiplier	Kink	Jump Multiplier	Reserve Factor	Contract
Before	0%	0.045	0.8	8.6	0.15	0x492dcEF1fc5253413fC5576B9522840a1A774DCe
After	0%	0.045	0.8	8.6	0.15	0x492dcEF1fc5253413fC5576B9522840a1A774DCe

Key borrow rates	Base	Kink	Max
Before	0%	3.6%	175.6%
After	0%	3.6%	175.6%

Key supply rates	Base	Kink	Max
Before	0%	2.448%	149.26%
After	0%	2.448%	149.26%

Borrow rates	0%	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 rates	0%	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 State	Total Supply	Total Borrows	Utilization	Supply cap utilization	Borrow cap utilization	Supply rate	Borrow 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-side	Emissions per sec	APR
Before	0	0%
After	0	0%

Borrow-side	Emissions per sec	APR
Before	0	0%
After	0	0%

#### USDC Reward Stream

Supply-side	Emissions per sec	APR
Before	0	0%
After	0	0%

Borrow-side	Emissions per sec	APR
Before	0	0%
After	0	0%

### mWETH [View on block explorer](https://basescan.org/address/0x628ff693426583D9a7FB391E54366292F509D457)

Parameter	Collateral Factor	Implied Collateral Ratio	Borrow Cap	Supply 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 Parameter	Base rate	Multiplier	Kink	Jump Multiplier	Reserve Factor	Contract
Before	1%	0.037	0.8	4.8	0.25	0x142DCAEC322aAA25141B2597bf348487aDBd596d
After	1%	0.037	0.8	4.8	0.25	0x142DCAEC322aAA25141B2597bf348487aDBd596d

Key borrow rates	Base	Kink	Max
Before	1%	3.96%	99.96%
After	1%	3.96%	99.96%

Key supply rates	Base	Kink	Max
Before	0%	2.376%	74.97%
After	0%	2.376%	74.97%

Borrow rates	0%	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 rates	0%	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 State	Total Supply	Total Borrows	Utilization	Supply cap utilization	Borrow cap utilization	Supply rate	Borrow 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-side	Emissions per sec	APR
Before	2.282	4.424%
After	2.282	4.424%

Borrow-side	Emissions per sec	APR
Before	0	0%
After	0	0%

#### USDC Reward Stream

Supply-side	Emissions per sec	APR
Before	0	0%
After	0	0%

Borrow-side	Emissions per sec	APR
Before	0	0%
After	0	0%

### mcbETH [View on block explorer](https://basescan.org/address/0x3bf93770f2d4a794c3d9EBEfBAeBAE2a8f09A5E5)

Parameter	Collateral Factor	Implied Collateral Ratio	Borrow Cap	Supply 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 Parameter	Base rate	Multiplier	Kink	Jump Multiplier	Reserve Factor	Contract
Before	0%	0.07	0.45	3.15	0.25	0x78Fe5d0427E669ba9F964C3495fF381a805a0487
After	0%	0.07	0.45	3.15	0.25	0x78Fe5d0427E669ba9F964C3495fF381a805a0487

Key borrow rates	Base	Kink	Max
Before	0%	3.15%	176.4%
After	0%	3.15%	176.4%

Key supply rates	Base	Kink	Max
Before	0%	1.063%	132.3%
After	0%	1.063%	132.3%

Borrow rates	0%	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 rates	0%	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 State	Total Supply	Total Borrows	Utilization	Supply cap utilization	Borrow cap utilization	Supply rate	Borrow 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-side	Emissions per sec	APR
Before	1.141	4.266%
After	1.141	4.266%

Borrow-side	Emissions per sec	APR
Before	0	0%
After	0	0%

#### USDC Reward Stream

Supply-side	Emissions per sec	APR
Before	0	0%
After	0	0%

Borrow-side	Emissions per sec	APR
Before	0	0%
After	0	0%

### mwstETH [View on block explorer](https://basescan.org/address/0x627Fe393Bc6EdDA28e99AE648fD6fF362514304b)

Parameter	Collateral Factor	Implied Collateral Ratio	Borrow Cap	Supply Cap
Before	-	-	- - USD	None - USD
After	0.75	133.333%	0.05 108.481 USD	0.1 216.961 USD

IRM Parameter	Base rate	Multiplier	Kink	Jump Multiplier	Reserve Factor	Contract
Before	-	-	-	-	-	-
After	0%	0.07	0.45	3.15	0.25	0x1007100Ffc1aC1e63813Fb983bb3D3a8DF1CC193

Key borrow rates	Base	Kink	Max
Before	-	-	-
After	0%	3.15%	176.4%

Key supply rates	Base	Kink	Max
Before	-	-	-
After	0%	1.063%	132.3%

Borrow rates	0%	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 rates	0%	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 State	Total Supply	Total Borrows	Utilization	Supply cap utilization	Borrow cap utilization	Supply rate	Borrow rate
Before	- - USD	- - USD	-	-	-	- - Total	- - Total
After	0 0.002 USD	0 0 USD	0%	-	-	0% 0% Total	0% ∞% Total

#### WELL Reward Stream

Supply-side	Emissions per sec	APR
Before	-	-
After	0	0%

Borrow-side	Emissions per sec	APR
Before	-	-
After	0	∞%

#### USDC Reward Stream

Supply-side	Emissions per sec	APR
Before	-	-
After	0	0%

Borrow-side	Emissions per sec	APR
Before	-	-
After	0	∞%

### mDAI [View on block explorer](https://basescan.org/address/0x73b06D8d18De422E269645eaCe15400DE7462417)

Parameter	Collateral Factor	Implied Collateral Ratio	Borrow Cap	Supply 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 Parameter	Base rate	Multiplier	Kink	Jump Multiplier	Reserve Factor	Contract
Before	0%	0.045	0.8	8.6	0.15	0x492dcEF1fc5253413fC5576B9522840a1A774DCe
After	0%	0.045	0.8	8.6	0.15	0x492dcEF1fc5253413fC5576B9522840a1A774DCe

Key borrow rates	Base	Kink	Max
Before	0%	3.6%	175.6%
After	0%	3.6%	175.6%

Key supply rates	Base	Kink	Max
Before	0%	2.448%	149.26%
After	0%	2.448%	149.26%

Borrow rates	0%	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 rates	0%	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 State	Total Supply	Total Borrows	Utilization	Supply cap utilization	Borrow cap utilization	Supply rate	Borrow 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-side	Emissions per sec	APR
Before	1.141	4.163%
After	1.141	4.163%

Borrow-side	Emissions per sec	APR
Before	0	0%
After	0	0%

#### USDC Reward Stream

Supply-side	Emissions per sec	APR
Before	0	0%
After	0	0%

Borrow-side	Emissions per sec	APR
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

Accounts	Free 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

Accounts	Free 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

--- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.warden.finance/docs/proposal-diff-reports/moonwell-mip-b08-proposal-diff-report.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.