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

mUSDC

View on block explorer

WELL Reward Stream

USDC Reward Stream

mUSDC

View on block explorer

WELL Reward Stream

USDC Reward Stream

mWETH

View on block explorer

WELL Reward Stream

USDC Reward Stream

mcbETH

View on block explorer

WELL Reward Stream

USDC Reward Stream

mwstETH

View on block explorer

WELL Reward Stream

USDC Reward Stream

mDAI

View on block explorer

WELL Reward Stream

USDC Reward Stream

Liquidatable accounts

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

Total liquidatable accounts: 0

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