Moonwell MIP-B09 Proposal Diff Report
This document reports the impact of the execution of MIP-B09 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-B09 was successfully executed on a Hardhat fork at block #6544306 (Nov-13-2023 12:19:19 PM +UTC)
✅ No regression detected on already existing markets (USDC, USDbC, DAI, ETH, cbETH, wstETH)
✅ No accounts are liquidatable
✅ Parameters are same as specified in proposal
✅ The proposal passes sanity check tests
Original execution report (including raw contract values):
Global parameters
Before
110%
0.5%
After
110%
0.5%
mUSDC
Before
0.82
121.951%
8,500,000 8,500,000 USD
10,000,000 10,000,000 USD
After
0.83
120.482%
8,500,000 8,500,000 USD
10,000,000 10,000,000 USD
Before
0%
3.6%
175.6%
After
0%
3.6%
175.6%
Before
0%
2.448%
149.26%
After
0%
2.448%
149.26%
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%
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%
Before
4,815,242.796 4,815,242.796 USD
3,839,992.774 3,839,992.774 USD
79.747%
48.152%
45.176%
2.433% 6.529% Total
3.589% 3.589% Total
After
4,815,242.796 4,815,242.796 USD
3,839,992.774 3,839,992.774 USD
79.747%
48.152%
45.176%
2.433% 6.529% Total
3.589% 3.589% Total
WELL Reward Stream
Before
1.14111149267399
4.096191574872212%
After
1.14111149267399
4.096191574872212%
Before
1e-18
4.501320782781845e-18%
After
1e-18
4.501320782781845e-18%
USDC Reward Stream
Before
0
0%
After
0
0%
Before
0.000001
8.212515453757663e-16%
After
0.000001
8.212515453757663e-16%
mUSDC
Before
0.8
125%
4,000,000 4,004,000 USD
5,000,000 5,005,000 USD
After
0.8
125%
4,000,000 4,004,000 USD
5,000,000 5,005,000 USD
Before
0%
3.6%
175.6%
After
0%
3.6%
175.6%
Before
0%
2.448%
149.26%
After
0%
2.448%
149.26%
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%
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%
Before
1,479,839.236 1,481,319.075 USD
1,081,800.904 1,082,882.705 USD
73.103%
29.597%
27.045%
2.044% 2.044% Total
3.29% 3.29% Total
After
1,479,839.236 1,481,319.075 USD
1,081,800.904 1,082,882.705 USD
73.103%
29.597%
27.045%
2.044% 2.044% Total
3.29% 3.29% Total
WELL Reward Stream
Before
0
0%
After
0
0%
Before
1e-18
1.596206052852882e-17%
After
1e-18
1.596206052852882e-17%
USDC Reward Stream
Before
0
0%
After
0
0%
Before
0.000001
2.912226768325197e-15%
After
0.000001
2.912226768325197e-15%
mWETH
Before
0.8
125%
6,300 13,228,614 USD
10,500 22,047,690 USD
After
0.81
123.457%
6,300 13,228,614 USD
10,500 22,047,690 USD
Before
1%
3.96%
99.96%
After
1%
3.96%
99.96%
Before
0%
2.376%
74.97%
After
0%
2.376%
74.97%
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%
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%
Before
5,880.037 12,346,783.434 USD
3,752.333 7,879,074.308 USD
63.815%
56%
59.561%
1.609% 4.804% Total
3.361% 3.361% Total
After
5,880.037 12,346,783.434 USD
3,752.333 7,879,074.308 USD
63.815%
56%
59.561%
1.609% 4.804% Total
3.361% 3.361% Total
WELL Reward Stream
Before
2.28222298534799
3.195027608583951%
After
2.28222298534799
3.195027608583951%
Before
1e-18
2.1937906159092536e-18%
After
1e-18
2.1937906159092536e-18%
USDC Reward Stream
Before
0
0%
After
0
0%
Before
0.000001
4.002500644783852e-16%
After
0.000001
4.002500644783852e-16%
mcbETH
Before
0.75
133.333%
1,000 2,208,230 USD
4,000 8,832,920 USD
After
0.76
131.579%
1,000 2,208,230 USD
4,000 8,832,920 USD
Before
0%
3.15%
176.4%
After
0%
3.15%
176.4%
Before
0%
1.063%
132.3%
After
0%
1.063%
132.3%
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%
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%
Before
2,403.169 5,306,748.857 USD
493.1 1,088,878.314 USD
20.519%
60.079%
49.31%
0.221% 3.938% Total
1.436% 1.436% Total
After
2,403.169 5,306,748.857 USD
493.1 1,088,878.314 USD
20.519%
60.079%
49.31%
0.221% 3.938% Total
1.436% 1.436% Total
WELL Reward Stream
Before
1.14111149267399
3.716806184847738%
After
1.14111149267399
3.716806184847738%
Before
1e-18
1.5874169830476572e-17%
After
1e-18
1.5874169830476572e-17%
USDC Reward Stream
Before
0
0%
After
0
0%
Before
0.000001
2.89619139224721e-15%
After
0.000001
2.89619139224721e-15%
mwstETH
Before
0.75
133.333%
0.05 120.076 USD
0.1 240.152 USD
After
0.75
133.333%
0.05 120.076 USD
0.1 240.152 USD
Before
0%
3.15%
176.4%
After
0%
3.15%
176.4%
Before
0%
1.063%
132.3%
After
0%
1.063%
132.3%
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%
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%
Before
0.059 142.093 USD
0.04 96.229 USD
67.723%
59.168%
80.14%
37.955% 37.955% Total
74.727% 74.727% Total
After
0.059 142.093 USD
0.04 96.229 USD
67.723%
59.168%
80.14%
37.955% 37.955% Total
74.727% 74.727% Total
WELL Reward Stream
Before
0
0%
After
0
0%
Before
1e-18
1.79623770061987e-13%
After
1e-18
1.79623770061987e-13%
USDC Reward Stream
Before
0
0%
After
0
0%
Before
0.000001
3.2771780965688504e-11%
After
0.000001
3.2771780965688504e-11%
mDAI
Before
0.82
121.951%
5,000,000 4,996,745 USD
7,500,000 7,495,117.5 USD
After
0.82
121.951%
5,000,000 4,996,745 USD
7,500,000 7,495,117.5 USD
Before
0%
3.6%
175.6%
After
0%
3.6%
175.6%
Before
0%
2.448%
149.26%
After
0%
2.448%
149.26%
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%
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%
Before
4,253,699.645 4,250,930.486 USD
2,032,953.07 2,031,629.618 USD
47.793%
56.716%
40.659%
0.874% 5.514% Total
2.151% 2.151% Total
After
4,253,699.645 4,250,930.486 USD
2,032,953.07 2,031,629.618 USD
47.793%
56.716%
40.659%
0.874% 5.514% Total
2.151% 2.151% Total
WELL Reward Stream
Before
1.14111149267399
4.63996224748227%
After
1.14111149267399
4.63996224748227%
Before
1e-18
8.507967755325823e-18%
After
1e-18
8.507967755325823e-18%
USDC Reward Stream
Before
0
0%
After
0
0%
Before
0.000001
1.5522514400207666e-15%
After
0.000001
1.5522514400207666e-15%
Liquidatable accounts
The table below lists accounts that will be at risk of liquidation once the proposal is passed.
Total liquidatable accounts: 0
Nothing to display
Sanity check tests
4 unit tests expectedly failed because wstETH supply and borrow caps are currently set very low.
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
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