# Moonwell MIP-M09 Proposal Diff Report

This document reports the impact of the execution of [MIP-M09 proposal ](https://forum.moonwell.fi/t/gauntlet-s-base-moonbeam-moonriver-recommendations-2023-11-07/669)on Moonwell Moonbeam.

All diffs detected by the simulation are <mark style="background-color:orange;">highlighted in orange</mark>

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

```
0xDA95691A00000000000000000000000000000000000000000000000000000000000000A0000000000000000000000000000000000000000000000000000000000000010000000000000000000000000000000000000000000000000000000000000001600000000000000000000000000000000000000000000000000000000000000280000000000000000000000000000000000000000000000000000000000000046000000000000000000000000000000000000000000000000000000000000000020000000000000000000000008E00D5E02E65A19337CDBA98BBA9F84D4186A1800000000000000000000000008E00D5E02E65A19337CDBA98BBA9F84D4186A1800000000000000000000000000000000000000000000000000000000000000002000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000002000000000000000000000000000000000000000000000000000000000000004000000000000000000000000000000000000000000000000000000000000000A000000000000000000000000000000000000000000000000000000000000000255F736574436F6C6C61746572616C466163746F7228616464726573732C75696E743235362900000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000295F7365744D61726B6574426F72726F774361707328616464726573735B5D2C75696E743235365B5D2900000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000002000000000000000000000000000000000000000000000000000000000000004000000000000000000000000000000000000000000000000000000000000000A00000000000000000000000000000000000000000000000000000000000000040000000000000000000000000B6C94B3A378537300387B57AB1CC0D2083F9AEAC0000000000000000000000000000000000000000000000000737693EB33400000000000000000000000000000000000000000000000000000000000000000100000000000000000000000000000000000000000000000000000000000000004000000000000000000000000000000000000000000000000000000000000000A00000000000000000000000000000000000000000000000000000000000000002000000000000000000000000744B1756E7651C6D57F5311767EAFE5E931D615B000000000000000000000000AAA20C5A584A9FECDFEDD71E46DA7858B774A9CE00000000000000000000000000000000000000000000000000000000000000020000000000000000000000000000000000000000000000000000022ECB25C000000000000000000000000000000000000000000000000000000000012A05F200000000000000000000000000000000000000000000000000000000000000029923204D49502D4D30393A204761756E746C6574204D6F6F6E77656C6C204D6F6F6E6265616D205265636F6D6D656E646174696F6E730A0A412070726F706F73616C20746F2061646A757374203320746F74616C207269736B20706172616D65746572733A0A0A7C20506172616D65746572207C2043757272656E742056616C7565207C205265636F6D6D656E6465642056616C7565207C0A7C202D2D2D2D2D2D2D2D207C202D2D2D2D2D2D2D2D207C202D2D2D2D2D2D2D2D207C0A7C20555344432E776820426F72726F7720436170207C20322C3230302C303030207C20322C3430302C303030207C0A7C20574254432E776820426F72726F7720436170207C20313130207C203530207C0A7C20574554482E776820436F6C6C61746572616C20466163746F72207C20353025207C20353225207C0A0A486572652069732074686520666F72756D205B706F73745D285B68747470733A2F5D2868747470733A2F2F666F72756D2E6D6F6F6E77656C6C2E66692F742F6761756E746C65742D732D626173652D6D6F6F6E6265616D2D6D6F6F6E72697665722D7265636F6D6D656E646174696F6E732D323032332D31312D30372F363639292F292077697468206675727468657220616E616C7973697320616E6420737570706F7274696E67206461746120666F72206F7572207265636F6D6D656E646174696F6E732E0A0A427920617070726F76696E6720746869732070726F706F73616C2C20796F75206167726565207468617420616E792073657276696365732070726F7669646564206279204761756E746C6574207368616C6C20626520676F7665726E656420627920746865207465726D73206F66207365727669636520617661696C61626C65206174206761756E746C65742E6E6574776F726B2F746F732E0A00000000000000
```

## Execution results

MIP-M09 was successfully executed on a Hardhat fork at block #[4859596](https://moonscan.io/block/4859596) (Nov-13-2023 12:09:06 PM +UTC)

* ✅ No regression detected on already active markets (ETH.wh, BTC.wh, FRAX, GLMR, xcUSDT, xcDOT) and deprecated markets (BUSD.wh, BTC.mad, USDC.mad, ETH.mad)
* ✅ No accounts are liquidatable
* ✅ Parameters are same as specified in proposal

Original execution report (including raw contract values):

{% file src="<https://1824368772-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F7ib23mVYfcO3v1kBRcB9%2Fuploads%2FharZATnwU3twSsnro0oq%2FMIP-M09.md?alt=media&token=7cec46ff-b6f1-40b1-b673-cec26e2b84ef>" %}

## Global parameters

<table data-full-width="true"><thead><tr><th>Parameter</th><th>Liquidation Incentive</th><th>Close Factor</th></tr></thead><tbody><tr><td>Before</td><td>110%</td><td>0.5%</td></tr><tr><td>After</td><td>110%</td><td>0.5%</td></tr></tbody></table>

## mETH.mad

[View on block explorer](https://moonscan.io/address/0xc3090f41Eb54A7f18587FD6651d4D3ab477b07a4)

<table data-full-width="true"><thead><tr><th>Parameter</th><th>Collateral Factor</th><th>Implied Collateral Ratio</th><th>Borrow Cap</th><th>Supply Cap</th></tr></thead><tbody><tr><td>Before</td><td>0</td><td>∞%</td><td>0<br>0 USD</td><td>None<br>undefined USD</td></tr><tr><td>After</td><td>0</td><td>∞%</td><td>0<br>0 USD</td><td>None<br>undefined USD</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>IRM Parameter</th><th>Base rate</th><th>Multiplier</th><th>Kink</th><th>Jump Multiplier</th><th>Reserve Factor</th><th>Contract</th></tr></thead><tbody><tr><td>Before</td><td>2%</td><td>0.1</td><td>0.8</td><td>1.09</td><td>1</td><td><a href="https://basescan.org/address/0x1Ce7e4928943d6A4820375eBe737204dc1E73755">0x1Ce7e4928943d6A4820375eBe737204dc1E73755</a></td></tr><tr><td>After</td><td>2%</td><td>0.1</td><td>0.8</td><td>1.09</td><td>1</td><td><a href="https://basescan.org/address/0x1Ce7e4928943d6A4820375eBe737204dc1E73755">0x1Ce7e4928943d6A4820375eBe737204dc1E73755</a></td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Key borrow rates</th><th>Base</th><th>Kink</th><th>Max</th></tr></thead><tbody><tr><td>Before</td><td>2%</td><td>10%</td><td>31.8%</td></tr><tr><td>After</td><td>2%</td><td>10%</td><td>31.8%</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Key supply rates</th><th>Base</th><th>Kink</th><th>Max</th></tr></thead><tbody><tr><td>Before</td><td>0%</td><td>0%</td><td>0%</td></tr><tr><td>After</td><td>0%</td><td>0%</td><td>0%</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Borrow rates</th><th>0%</th><th>10%</th><th>20%</th><th>30%</th><th>40%</th><th>50%</th><th>60%</th><th>70%</th><th>80%</th><th>90%</th><th>100%</th></tr></thead><tbody><tr><td>Before</td><td>2%</td><td>3%</td><td>4%</td><td>5%</td><td>6%</td><td>7%</td><td>8%</td><td>9%</td><td>10%</td><td>20.9%</td><td>31.8%</td></tr><tr><td>After</td><td>2%</td><td>3%</td><td>4%</td><td>5%</td><td>6%</td><td>7%</td><td>8%</td><td>9%</td><td>10%</td><td>20.9%</td><td>31.8%</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Supply rates</th><th>0%</th><th>10%</th><th>20%</th><th>30%</th><th>40%</th><th>50%</th><th>60%</th><th>70%</th><th>80%</th><th>90%</th><th>100%</th></tr></thead><tbody><tr><td>Before</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td></tr><tr><td>After</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Market State</th><th>Total Supply</th><th>Total Borrows</th><th>Utilization</th><th>Supply cap utilization</th><th>Borrow cap utilization</th><th>Supply rate</th><th>Borrow rate</th></tr></thead><tbody><tr><td>Before</td><td>2,244.515<br>4,702,549.712 USD</td><td>0.001<br>2.763 USD</td><td>0%</td><td>NaN%</td><td>∞%</td><td>0%<br>0% Total</td><td>2%<br>2% Total</td></tr><tr><td>After</td><td>2,244.515<br>4,702,549.712 USD</td><td>0.001<br>2.763 USD</td><td>0%</td><td>NaN%</td><td>∞%</td><td>0%<br>0% Total</td><td>2%<br>2% Total</td></tr></tbody></table>

## mBTC.mad

[View on block explorer](https://moonscan.io/address/0x24A9d8f1f350d59cB0368D3d52A77dB29c833D1D)

<table data-full-width="true"><thead><tr><th>Parameter</th><th>Collateral Factor</th><th>Implied Collateral Ratio</th><th>Borrow Cap</th><th>Supply Cap</th></tr></thead><tbody><tr><td>Before</td><td>0</td><td>∞%</td><td>0<br>0 USD</td><td>None<br>undefined USD</td></tr><tr><td>After</td><td>0</td><td>∞%</td><td>0<br>0 USD</td><td>None<br>undefined USD</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>IRM Parameter</th><th>Base rate</th><th>Multiplier</th><th>Kink</th><th>Jump Multiplier</th><th>Reserve Factor</th><th>Contract</th></tr></thead><tbody><tr><td>Before</td><td>2%</td><td>0.1</td><td>0.8</td><td>1.09</td><td>1</td><td><a href="https://basescan.org/address/0x1Ce7e4928943d6A4820375eBe737204dc1E73755">0x1Ce7e4928943d6A4820375eBe737204dc1E73755</a></td></tr><tr><td>After</td><td>2%</td><td>0.1</td><td>0.8</td><td>1.09</td><td>1</td><td><a href="https://basescan.org/address/0x1Ce7e4928943d6A4820375eBe737204dc1E73755">0x1Ce7e4928943d6A4820375eBe737204dc1E73755</a></td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Key borrow rates</th><th>Base</th><th>Kink</th><th>Max</th></tr></thead><tbody><tr><td>Before</td><td>2%</td><td>10%</td><td>31.8%</td></tr><tr><td>After</td><td>2%</td><td>10%</td><td>31.8%</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Key supply rates</th><th>Base</th><th>Kink</th><th>Max</th></tr></thead><tbody><tr><td>Before</td><td>0%</td><td>0%</td><td>0%</td></tr><tr><td>After</td><td>0%</td><td>0%</td><td>0%</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Borrow rates</th><th>0%</th><th>10%</th><th>20%</th><th>30%</th><th>40%</th><th>50%</th><th>60%</th><th>70%</th><th>80%</th><th>90%</th><th>100%</th></tr></thead><tbody><tr><td>Before</td><td>2%</td><td>3%</td><td>4%</td><td>5%</td><td>6%</td><td>7%</td><td>8%</td><td>9%</td><td>10%</td><td>20.9%</td><td>31.8%</td></tr><tr><td>After</td><td>2%</td><td>3%</td><td>4%</td><td>5%</td><td>6%</td><td>7%</td><td>8%</td><td>9%</td><td>10%</td><td>20.9%</td><td>31.8%</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Supply rates</th><th>0%</th><th>10%</th><th>20%</th><th>30%</th><th>40%</th><th>50%</th><th>60%</th><th>70%</th><th>80%</th><th>90%</th><th>100%</th></tr></thead><tbody><tr><td>Before</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td></tr><tr><td>After</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Market State</th><th>Total Supply</th><th>Total Borrows</th><th>Utilization</th><th>Supply cap utilization</th><th>Borrow cap utilization</th><th>Supply rate</th><th>Borrow rate</th></tr></thead><tbody><tr><td>Before</td><td>42.295<br>1,556,968.853 USD</td><td>0.002<br>56.824 USD</td><td>0.004%</td><td>NaN%</td><td>∞%</td><td>0%<br>0% Total</td><td>2%<br>2% Total</td></tr><tr><td>After</td><td>42.295<br>1,556,968.853 USD</td><td>0.002<br>56.824 USD</td><td>0.004%</td><td>NaN%</td><td>∞%</td><td>0%<br>0% Total</td><td>2%<br>2% Total</td></tr></tbody></table>

## mUSDC.mad

[View on block explorer](https://moonscan.io/address/0x02e9081DfadD37A852F9a73C4d7d69e615E61334)

<table data-full-width="true"><thead><tr><th>Parameter</th><th>Collateral Factor</th><th>Implied Collateral Ratio</th><th>Borrow Cap</th><th>Supply Cap</th></tr></thead><tbody><tr><td>Before</td><td>0</td><td>∞%</td><td>0<br>0 USD</td><td>None<br>undefined USD</td></tr><tr><td>After</td><td>0</td><td>∞%</td><td>0<br>0 USD</td><td>None<br>undefined USD</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>IRM Parameter</th><th>Base rate</th><th>Multiplier</th><th>Kink</th><th>Jump Multiplier</th><th>Reserve Factor</th><th>Contract</th></tr></thead><tbody><tr><td>Before</td><td>2%</td><td>0.1</td><td>0.8</td><td>1.09</td><td>1</td><td><a href="https://basescan.org/address/0x1Ce7e4928943d6A4820375eBe737204dc1E73755">0x1Ce7e4928943d6A4820375eBe737204dc1E73755</a></td></tr><tr><td>After</td><td>2%</td><td>0.1</td><td>0.8</td><td>1.09</td><td>1</td><td><a href="https://basescan.org/address/0x1Ce7e4928943d6A4820375eBe737204dc1E73755">0x1Ce7e4928943d6A4820375eBe737204dc1E73755</a></td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Key borrow rates</th><th>Base</th><th>Kink</th><th>Max</th></tr></thead><tbody><tr><td>Before</td><td>2%</td><td>10%</td><td>31.8%</td></tr><tr><td>After</td><td>2%</td><td>10%</td><td>31.8%</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Key supply rates</th><th>Base</th><th>Kink</th><th>Max</th></tr></thead><tbody><tr><td>Before</td><td>0%</td><td>0%</td><td>0%</td></tr><tr><td>After</td><td>0%</td><td>0%</td><td>0%</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Borrow rates</th><th>0%</th><th>10%</th><th>20%</th><th>30%</th><th>40%</th><th>50%</th><th>60%</th><th>70%</th><th>80%</th><th>90%</th><th>100%</th></tr></thead><tbody><tr><td>Before</td><td>2%</td><td>3%</td><td>4%</td><td>5%</td><td>6%</td><td>7%</td><td>8%</td><td>9%</td><td>10%</td><td>20.9%</td><td>31.8%</td></tr><tr><td>After</td><td>2%</td><td>3%</td><td>4%</td><td>5%</td><td>6%</td><td>7%</td><td>8%</td><td>9%</td><td>10%</td><td>20.9%</td><td>31.8%</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Supply rates</th><th>0%</th><th>10%</th><th>20%</th><th>30%</th><th>40%</th><th>50%</th><th>60%</th><th>70%</th><th>80%</th><th>90%</th><th>100%</th></tr></thead><tbody><tr><td>Before</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td></tr><tr><td>After</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td><td>0%</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Market State</th><th>Total Supply</th><th>Total Borrows</th><th>Utilization</th><th>Supply cap utilization</th><th>Borrow cap utilization</th><th>Supply rate</th><th>Borrow rate</th></tr></thead><tbody><tr><td>Before</td><td>10,724,868.175<br>10,721,747.238 USD</td><td>1,214.382<br>1,214.029 USD</td><td>0.011%</td><td>NaN%</td><td>∞%</td><td>0%<br>0% Total</td><td>2.001%<br>2.001% Total</td></tr><tr><td>After</td><td>10,724,868.175<br>10,721,747.238 USD</td><td>1,214.382<br>1,214.029 USD</td><td>0.011%</td><td>NaN%</td><td>∞%</td><td>0%<br>0% Total</td><td>2.001%<br>2.001% Total</td></tr></tbody></table>

## mBUSD.wh

[View on block explorer](https://moonscan.io/address/0x298f2E346b82D69a473BF25f329BDF869e17dEc8)

<table data-full-width="true"><thead><tr><th>Parameter</th><th>Collateral Factor</th><th>Implied Collateral Ratio</th><th>Borrow Cap</th><th>Supply Cap</th></tr></thead><tbody><tr><td>Before</td><td>0</td><td>∞%</td><td>325,000<br>324,853.75 USD</td><td>None<br>undefined USD</td></tr><tr><td>After</td><td>0</td><td>∞%</td><td>325,000<br>324,853.75 USD</td><td>None<br>undefined USD</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>IRM Parameter</th><th>Base rate</th><th>Multiplier</th><th>Kink</th><th>Jump Multiplier</th><th>Reserve Factor</th><th>Contract</th></tr></thead><tbody><tr><td>Before</td><td>2%</td><td>0.1</td><td>0.8</td><td>1.09</td><td>0.99</td><td><a href="https://basescan.org/address/0x1Ce7e4928943d6A4820375eBe737204dc1E73755">0x1Ce7e4928943d6A4820375eBe737204dc1E73755</a></td></tr><tr><td>After</td><td>2%</td><td>0.1</td><td>0.8</td><td>1.09</td><td>0.99</td><td><a href="https://basescan.org/address/0x1Ce7e4928943d6A4820375eBe737204dc1E73755">0x1Ce7e4928943d6A4820375eBe737204dc1E73755</a></td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Key borrow rates</th><th>Base</th><th>Kink</th><th>Max</th></tr></thead><tbody><tr><td>Before</td><td>2%</td><td>10%</td><td>31.8%</td></tr><tr><td>After</td><td>2%</td><td>10%</td><td>31.8%</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Key supply rates</th><th>Base</th><th>Kink</th><th>Max</th></tr></thead><tbody><tr><td>Before</td><td>0%</td><td>0.08%</td><td>0.318%</td></tr><tr><td>After</td><td>0%</td><td>0.08%</td><td>0.318%</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Borrow rates</th><th>0%</th><th>10%</th><th>20%</th><th>30%</th><th>40%</th><th>50%</th><th>60%</th><th>70%</th><th>80%</th><th>90%</th><th>100%</th></tr></thead><tbody><tr><td>Before</td><td>2%</td><td>3%</td><td>4%</td><td>5%</td><td>6%</td><td>7%</td><td>8%</td><td>9%</td><td>10%</td><td>20.9%</td><td>31.8%</td></tr><tr><td>After</td><td>2%</td><td>3%</td><td>4%</td><td>5%</td><td>6%</td><td>7%</td><td>8%</td><td>9%</td><td>10%</td><td>20.9%</td><td>31.8%</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Supply rates</th><th>0%</th><th>10%</th><th>20%</th><th>30%</th><th>40%</th><th>50%</th><th>60%</th><th>70%</th><th>80%</th><th>90%</th><th>100%</th></tr></thead><tbody><tr><td>Before</td><td>0%</td><td>0.003%</td><td>0.008%</td><td>0.015%</td><td>0.024%</td><td>0.035%</td><td>0.048%</td><td>0.063%</td><td>0.08%</td><td>0.188%</td><td>0.318%</td></tr><tr><td>After</td><td>0%</td><td>0.003%</td><td>0.008%</td><td>0.015%</td><td>0.024%</td><td>0.035%</td><td>0.048%</td><td>0.063%</td><td>0.08%</td><td>0.188%</td><td>0.318%</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Market State</th><th>Total Supply</th><th>Total Borrows</th><th>Utilization</th><th>Supply cap utilization</th><th>Borrow cap utilization</th><th>Supply rate</th><th>Borrow rate</th></tr></thead><tbody><tr><td>Before</td><td>1,271.551<br>1,270.979 USD</td><td>1,102.893<br>1,102.396 USD</td><td>86.736%</td><td>NaN%</td><td>0.339%</td><td>0.15%<br>0.15% Total</td><td>17.342%<br>17.342% Total</td></tr><tr><td>After</td><td>1,271.551<br>1,270.979 USD</td><td>1,102.893<br>1,102.396 USD</td><td>86.736%</td><td>NaN%</td><td>0.339%</td><td>0.15%<br>0.15% Total</td><td>17.342%<br>17.342% Total</td></tr></tbody></table>

## mGLMR

[View on block explorer](https://moonscan.io/address/0x091608f4e4a15335145be0A279483C0f8E4c7955)

<table data-full-width="true"><thead><tr><th>Parameter</th><th>Collateral Factor</th><th>Implied Collateral Ratio</th><th>Borrow Cap</th><th>Supply Cap</th></tr></thead><tbody><tr><td>Before</td><td>0.62</td><td>161.29%</td><td>22,555,000<br>5,995,502.435 USD</td><td>None<br>undefined USD</td></tr><tr><td>After</td><td>0.62</td><td>161.29%</td><td>22,555,000<br>5,995,502.435 USD</td><td>None<br>undefined USD</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>IRM Parameter</th><th>Base rate</th><th>Multiplier</th><th>Kink</th><th>Jump Multiplier</th><th>Reserve Factor</th><th>Contract</th></tr></thead><tbody><tr><td>Before</td><td>2%</td><td>0.15</td><td>0.6</td><td>3</td><td>0.25</td><td><a href="https://basescan.org/address/0x03232b5ee80369A88620615f8328BeEC1884b731">0x03232b5ee80369A88620615f8328BeEC1884b731</a></td></tr><tr><td>After</td><td>2%</td><td>0.15</td><td>0.6</td><td>3</td><td>0.25</td><td><a href="https://basescan.org/address/0x03232b5ee80369A88620615f8328BeEC1884b731">0x03232b5ee80369A88620615f8328BeEC1884b731</a></td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Key borrow rates</th><th>Base</th><th>Kink</th><th>Max</th></tr></thead><tbody><tr><td>Before</td><td>2%</td><td>11%</td><td>131%</td></tr><tr><td>After</td><td>2%</td><td>11%</td><td>131%</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Key supply rates</th><th>Base</th><th>Kink</th><th>Max</th></tr></thead><tbody><tr><td>Before</td><td>0%</td><td>4.95%</td><td>98.25%</td></tr><tr><td>After</td><td>0%</td><td>4.95%</td><td>98.25%</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Borrow rates</th><th>0%</th><th>10%</th><th>20%</th><th>30%</th><th>40%</th><th>50%</th><th>60%</th><th>70%</th><th>80%</th><th>90%</th><th>100%</th></tr></thead><tbody><tr><td>Before</td><td>2%</td><td>3.5%</td><td>5%</td><td>6.5%</td><td>8%</td><td>9.5%</td><td>11%</td><td>41%</td><td>71%</td><td>101%</td><td>131%</td></tr><tr><td>After</td><td>2%</td><td>3.5%</td><td>5%</td><td>6.5%</td><td>8%</td><td>9.5%</td><td>11%</td><td>41%</td><td>71%</td><td>101%</td><td>131%</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Supply rates</th><th>0%</th><th>10%</th><th>20%</th><th>30%</th><th>40%</th><th>50%</th><th>60%</th><th>70%</th><th>80%</th><th>90%</th><th>100%</th></tr></thead><tbody><tr><td>Before</td><td>0%</td><td>0.262%</td><td>0.75%</td><td>1.462%</td><td>2.4%</td><td>3.562%</td><td>4.95%</td><td>21.525%</td><td>42.6%</td><td>68.175%</td><td>98.25%</td></tr><tr><td>After</td><td>0%</td><td>0.262%</td><td>0.75%</td><td>1.462%</td><td>2.4%</td><td>3.562%</td><td>4.95%</td><td>21.525%</td><td>42.6%</td><td>68.175%</td><td>98.25%</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Market State</th><th>Total Supply</th><th>Total Borrows</th><th>Utilization</th><th>Supply cap utilization</th><th>Borrow cap utilization</th><th>Supply rate</th><th>Borrow rate</th></tr></thead><tbody><tr><td>Before</td><td>19,506,601.765<br>5,185,186.361 USD</td><td>6,508,170.181<br>1,729,982.273 USD</td><td>33.364%</td><td>NaN%</td><td>28.855%</td><td>1.753%<br>1.753% Total</td><td>7.005%<br>7.005% Total</td></tr><tr><td>After</td><td>19,506,601.765<br>5,185,186.361 USD</td><td>6,508,170.181<br>1,729,982.273 USD</td><td>33.364%</td><td>NaN%</td><td>28.855%</td><td>1.753%<br>1.753% Total</td><td>7.005%<br>7.005% Total</td></tr></tbody></table>

## mFRAX

[View on block explorer](https://moonscan.io/address/0x1C55649f73CDA2f72CEf3DD6C5CA3d49EFcF484C)

<table data-full-width="true"><thead><tr><th>Parameter</th><th>Collateral Factor</th><th>Implied Collateral Ratio</th><th>Borrow Cap</th><th>Supply Cap</th></tr></thead><tbody><tr><td>Before</td><td>0.59</td><td>169.492%</td><td>5,250,000<br>5,249,359.5 USD</td><td>None<br>undefined USD</td></tr><tr><td>After</td><td>0.59</td><td>169.492%</td><td>5,250,000<br>5,249,359.5 USD</td><td>None<br>undefined USD</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>IRM Parameter</th><th>Base rate</th><th>Multiplier</th><th>Kink</th><th>Jump Multiplier</th><th>Reserve Factor</th><th>Contract</th></tr></thead><tbody><tr><td>Before</td><td>0%</td><td>0.05</td><td>0.8</td><td>2.5</td><td>0.15</td><td><a href="https://basescan.org/address/0x4c68fDA91bfb4683eAB90017d9B76a99F2d77Eed">0x4c68fDA91bfb4683eAB90017d9B76a99F2d77Eed</a></td></tr><tr><td>After</td><td>0%</td><td>0.05</td><td>0.8</td><td>2.5</td><td>0.15</td><td><a href="https://basescan.org/address/0x4c68fDA91bfb4683eAB90017d9B76a99F2d77Eed">0x4c68fDA91bfb4683eAB90017d9B76a99F2d77Eed</a></td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Key borrow rates</th><th>Base</th><th>Kink</th><th>Max</th></tr></thead><tbody><tr><td>Before</td><td>0%</td><td>4%</td><td>54%</td></tr><tr><td>After</td><td>0%</td><td>4%</td><td>54%</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Key supply rates</th><th>Base</th><th>Kink</th><th>Max</th></tr></thead><tbody><tr><td>Before</td><td>0%</td><td>2.72%</td><td>45.9%</td></tr><tr><td>After</td><td>0%</td><td>2.72%</td><td>45.9%</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Borrow rates</th><th>0%</th><th>10%</th><th>20%</th><th>30%</th><th>40%</th><th>50%</th><th>60%</th><th>70%</th><th>80%</th><th>90%</th><th>100%</th></tr></thead><tbody><tr><td>Before</td><td>0%</td><td>0.5%</td><td>1%</td><td>1.5%</td><td>2%</td><td>2.5%</td><td>3%</td><td>3.5%</td><td>4%</td><td>29%</td><td>54%</td></tr><tr><td>After</td><td>0%</td><td>0.5%</td><td>1%</td><td>1.5%</td><td>2%</td><td>2.5%</td><td>3%</td><td>3.5%</td><td>4%</td><td>29%</td><td>54%</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Supply rates</th><th>0%</th><th>10%</th><th>20%</th><th>30%</th><th>40%</th><th>50%</th><th>60%</th><th>70%</th><th>80%</th><th>90%</th><th>100%</th></tr></thead><tbody><tr><td>Before</td><td>0%</td><td>0.042%</td><td>0.17%</td><td>0.382%</td><td>0.68%</td><td>1.062%</td><td>1.53%</td><td>2.082%</td><td>2.72%</td><td>22.185%</td><td>45.9%</td></tr><tr><td>After</td><td>0%</td><td>0.042%</td><td>0.17%</td><td>0.382%</td><td>0.68%</td><td>1.062%</td><td>1.53%</td><td>2.082%</td><td>2.72%</td><td>22.185%</td><td>45.9%</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Market State</th><th>Total Supply</th><th>Total Borrows</th><th>Utilization</th><th>Supply cap utilization</th><th>Borrow cap utilization</th><th>Supply rate</th><th>Borrow rate</th></tr></thead><tbody><tr><td>Before</td><td>5,235,629.616<br>5,234,990.869 USD</td><td>4,477,111.191<br>4,476,564.983 USD</td><td>85.512%</td><td>NaN%</td><td>85.278%</td><td>12.924%<br>12.924% Total</td><td>17.781%<br>17.781% Total</td></tr><tr><td>After</td><td>5,235,629.616<br>5,234,990.869 USD</td><td>4,477,111.191<br>4,476,564.983 USD</td><td>85.512%</td><td>NaN%</td><td>85.278%</td><td>12.924%<br>12.924% Total</td><td>17.781%<br>17.781% Total</td></tr></tbody></table>

## mETH.wh

[View on block explorer](https://moonscan.io/address/0xb6c94b3A378537300387B57ab1cC0d2083f9AeaC)

<table data-full-width="true"><thead><tr><th>Parameter</th><th>Collateral Factor</th><th>Implied Collateral Ratio</th><th>Borrow Cap</th><th>Supply Cap</th></tr></thead><tbody><tr><td>Before</td><td>0.5</td><td>200%</td><td>500<br>1,047,565 USD</td><td>None<br>undefined USD</td></tr><tr><td>After</td><td><mark style="background-color:orange;">0.52</mark></td><td><mark style="background-color:orange;">192.308%</mark></td><td>500<br>1,047,565 USD</td><td>None<br>undefined USD</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>IRM Parameter</th><th>Base rate</th><th>Multiplier</th><th>Kink</th><th>Jump Multiplier</th><th>Reserve Factor</th><th>Contract</th></tr></thead><tbody><tr><td>Before</td><td>2%</td><td>0.187</td><td>0.6</td><td>3</td><td>0.25</td><td><a href="https://basescan.org/address/0x4393277B02ef3cA293990A772B7160a8c76F2443">0x4393277B02ef3cA293990A772B7160a8c76F2443</a></td></tr><tr><td>After</td><td>2%</td><td>0.187</td><td>0.6</td><td>3</td><td>0.25</td><td><a href="https://basescan.org/address/0x4393277B02ef3cA293990A772B7160a8c76F2443">0x4393277B02ef3cA293990A772B7160a8c76F2443</a></td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Key borrow rates</th><th>Base</th><th>Kink</th><th>Max</th></tr></thead><tbody><tr><td>Before</td><td>2%</td><td>13.25%</td><td>133.25%</td></tr><tr><td>After</td><td>2%</td><td>13.25%</td><td>133.25%</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Key supply rates</th><th>Base</th><th>Kink</th><th>Max</th></tr></thead><tbody><tr><td>Before</td><td>0%</td><td>5.962%</td><td>99.937%</td></tr><tr><td>After</td><td>0%</td><td>5.962%</td><td>99.937%</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Borrow rates</th><th>0%</th><th>10%</th><th>20%</th><th>30%</th><th>40%</th><th>50%</th><th>60%</th><th>70%</th><th>80%</th><th>90%</th><th>100%</th></tr></thead><tbody><tr><td>Before</td><td>2%</td><td>3.875%</td><td>5.75%</td><td>7.625%</td><td>9.5%</td><td>11.375%</td><td>13.25%</td><td>43.25%</td><td>73.25%</td><td>103.25%</td><td>133.25%</td></tr><tr><td>After</td><td>2%</td><td>3.875%</td><td>5.75%</td><td>7.625%</td><td>9.5%</td><td>11.375%</td><td>13.25%</td><td>43.25%</td><td>73.25%</td><td>103.25%</td><td>133.25%</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Supply rates</th><th>0%</th><th>10%</th><th>20%</th><th>30%</th><th>40%</th><th>50%</th><th>60%</th><th>70%</th><th>80%</th><th>90%</th><th>100%</th></tr></thead><tbody><tr><td>Before</td><td>0%</td><td>0.291%</td><td>0.862%</td><td>1.716%</td><td>2.85%</td><td>4.266%</td><td>5.962%</td><td>22.706%</td><td>43.95%</td><td>69.694%</td><td>99.937%</td></tr><tr><td>After</td><td>0%</td><td>0.291%</td><td>0.862%</td><td>1.716%</td><td>2.85%</td><td>4.266%</td><td>5.962%</td><td>22.706%</td><td>43.95%</td><td>69.694%</td><td>99.937%</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Market State</th><th>Total Supply</th><th>Total Borrows</th><th>Utilization</th><th>Supply cap utilization</th><th>Borrow cap utilization</th><th>Supply rate</th><th>Borrow rate</th></tr></thead><tbody><tr><td>Before</td><td>1,207.073<br>2,528,973.977 USD</td><td>247.113<br>517,732.892 USD</td><td>20.472%</td><td>NaN%</td><td>49.423%</td><td>0.896%<br>0.896% Total</td><td>5.839%<br>5.839% Total</td></tr><tr><td>After</td><td>1,207.073<br>2,528,973.977 USD</td><td>247.113<br>517,732.892 USD</td><td>20.472%</td><td>NaN%</td><td>49.423%</td><td>0.896%<br>0.896% Total</td><td>5.839%<br>5.839% Total</td></tr></tbody></table>

## mBTC.wh

[View on block explorer](https://moonscan.io/address/0xaaa20c5a584a9fECdFEDD71E46DA7858B774A9ce)

<table data-full-width="true"><thead><tr><th>Parameter</th><th>Collateral Factor</th><th>Implied Collateral Ratio</th><th>Borrow Cap</th><th>Supply Cap</th></tr></thead><tbody><tr><td>Before</td><td>0.35</td><td>285.714%</td><td>110<br>4,049,320 USD</td><td>None<br>undefined USD</td></tr><tr><td>After</td><td>0.35</td><td>285.714%</td><td><mark style="background-color:orange;">50</mark><br><mark style="background-color:orange;">1,840,600 USD</mark></td><td>None<br>undefined USD</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>IRM Parameter</th><th>Base rate</th><th>Multiplier</th><th>Kink</th><th>Jump Multiplier</th><th>Reserve Factor</th><th>Contract</th></tr></thead><tbody><tr><td>Before</td><td>2%</td><td>0.15</td><td>0.6</td><td>3</td><td>0.25</td><td><a href="https://basescan.org/address/0x03232b5ee80369A88620615f8328BeEC1884b731">0x03232b5ee80369A88620615f8328BeEC1884b731</a></td></tr><tr><td>After</td><td>2%</td><td>0.15</td><td>0.6</td><td>3</td><td>0.25</td><td><a href="https://basescan.org/address/0x03232b5ee80369A88620615f8328BeEC1884b731">0x03232b5ee80369A88620615f8328BeEC1884b731</a></td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Key borrow rates</th><th>Base</th><th>Kink</th><th>Max</th></tr></thead><tbody><tr><td>Before</td><td>2%</td><td>11%</td><td>131%</td></tr><tr><td>After</td><td>2%</td><td>11%</td><td>131%</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Key supply rates</th><th>Base</th><th>Kink</th><th>Max</th></tr></thead><tbody><tr><td>Before</td><td>0%</td><td>4.95%</td><td>98.25%</td></tr><tr><td>After</td><td>0%</td><td>4.95%</td><td>98.25%</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Borrow rates</th><th>0%</th><th>10%</th><th>20%</th><th>30%</th><th>40%</th><th>50%</th><th>60%</th><th>70%</th><th>80%</th><th>90%</th><th>100%</th></tr></thead><tbody><tr><td>Before</td><td>2%</td><td>3.5%</td><td>5%</td><td>6.5%</td><td>8%</td><td>9.5%</td><td>11%</td><td>41%</td><td>71%</td><td>101%</td><td>131%</td></tr><tr><td>After</td><td>2%</td><td>3.5%</td><td>5%</td><td>6.5%</td><td>8%</td><td>9.5%</td><td>11%</td><td>41%</td><td>71%</td><td>101%</td><td>131%</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Supply rates</th><th>0%</th><th>10%</th><th>20%</th><th>30%</th><th>40%</th><th>50%</th><th>60%</th><th>70%</th><th>80%</th><th>90%</th><th>100%</th></tr></thead><tbody><tr><td>Before</td><td>0%</td><td>0.262%</td><td>0.75%</td><td>1.462%</td><td>2.4%</td><td>3.562%</td><td>4.95%</td><td>21.525%</td><td>42.6%</td><td>68.175%</td><td>98.25%</td></tr><tr><td>After</td><td>0%</td><td>0.262%</td><td>0.75%</td><td>1.462%</td><td>2.4%</td><td>3.562%</td><td>4.95%</td><td>21.525%</td><td>42.6%</td><td>68.175%</td><td>98.25%</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Market State</th><th>Total Supply</th><th>Total Borrows</th><th>Utilization</th><th>Supply cap utilization</th><th>Borrow cap utilization</th><th>Supply rate</th><th>Borrow rate</th></tr></thead><tbody><tr><td>Before</td><td>180.378<br>6,640,065.271 USD</td><td>36.801<br>1,354,732.026 USD</td><td>20.402%</td><td>NaN%</td><td>33.456%</td><td>0.774%<br>0.774% Total</td><td>5.06%<br>5.06% Total</td></tr><tr><td>After</td><td>180.378<br>6,640,065.271 USD</td><td>36.801<br>1,354,732.026 USD</td><td>20.402%</td><td>NaN%</td><td>33.456%</td><td>0.774%<br>0.774% Total</td><td>5.06%<br>5.06% Total</td></tr></tbody></table>

## mUSDC.wh

[View on block explorer](https://moonscan.io/address/0x744b1756e7651c6D57f5311767EAFE5E931D615b)

<table data-full-width="true"><thead><tr><th>Parameter</th><th>Collateral Factor</th><th>Implied Collateral Ratio</th><th>Borrow Cap</th><th>Supply Cap</th></tr></thead><tbody><tr><td>Before</td><td>0.64</td><td>156.25%</td><td>2,200,000<br>2,199,359.8 USD</td><td>None<br>undefined USD</td></tr><tr><td>After</td><td>0.64</td><td>156.25%</td><td><mark style="background-color:orange;">2,400,000</mark><br><mark style="background-color:orange;">2,399,301.6 USD</mark></td><td>None<br>undefined USD</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>IRM Parameter</th><th>Base rate</th><th>Multiplier</th><th>Kink</th><th>Jump Multiplier</th><th>Reserve Factor</th><th>Contract</th></tr></thead><tbody><tr><td>Before</td><td>0%</td><td>0.062</td><td>0.8</td><td>3.5</td><td>0.15</td><td><a href="https://basescan.org/address/0x5A996387E75D5b1f976F2c8f20C03CB610460C5d">0x5A996387E75D5b1f976F2c8f20C03CB610460C5d</a></td></tr><tr><td>After</td><td>0%</td><td>0.062</td><td>0.8</td><td>3.5</td><td>0.15</td><td><a href="https://basescan.org/address/0x5A996387E75D5b1f976F2c8f20C03CB610460C5d">0x5A996387E75D5b1f976F2c8f20C03CB610460C5d</a></td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Key borrow rates</th><th>Base</th><th>Kink</th><th>Max</th></tr></thead><tbody><tr><td>Before</td><td>0%</td><td>4.96%</td><td>74.96%</td></tr><tr><td>After</td><td>0%</td><td>4.96%</td><td>74.96%</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Key supply rates</th><th>Base</th><th>Kink</th><th>Max</th></tr></thead><tbody><tr><td>Before</td><td>0%</td><td>3.373%</td><td>63.716%</td></tr><tr><td>After</td><td>0%</td><td>3.373%</td><td>63.716%</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Borrow rates</th><th>0%</th><th>10%</th><th>20%</th><th>30%</th><th>40%</th><th>50%</th><th>60%</th><th>70%</th><th>80%</th><th>90%</th><th>100%</th></tr></thead><tbody><tr><td>Before</td><td>0%</td><td>0.62%</td><td>1.24%</td><td>1.86%</td><td>2.48%</td><td>3.1%</td><td>3.72%</td><td>4.34%</td><td>4.96%</td><td>39.96%</td><td>74.96%</td></tr><tr><td>After</td><td>0%</td><td>0.62%</td><td>1.24%</td><td>1.86%</td><td>2.48%</td><td>3.1%</td><td>3.72%</td><td>4.34%</td><td>4.96%</td><td>39.96%</td><td>74.96%</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Supply rates</th><th>0%</th><th>10%</th><th>20%</th><th>30%</th><th>40%</th><th>50%</th><th>60%</th><th>70%</th><th>80%</th><th>90%</th><th>100%</th></tr></thead><tbody><tr><td>Before</td><td>0%</td><td>0.053%</td><td>0.211%</td><td>0.474%</td><td>0.843%</td><td>1.317%</td><td>1.897%</td><td>2.582%</td><td>3.373%</td><td>30.569%</td><td>63.716%</td></tr><tr><td>After</td><td>0%</td><td>0.053%</td><td>0.211%</td><td>0.474%</td><td>0.843%</td><td>1.317%</td><td>1.897%</td><td>2.582%</td><td>3.373%</td><td>30.569%</td><td>63.716%</td></tr></tbody></table>

<table data-full-width="true"><thead><tr><th>Market State</th><th>Total Supply</th><th>Total Borrows</th><th>Utilization</th><th>Supply cap utilization</th><th>Borrow cap utilization</th><th>Supply rate</th><th>Borrow rate</th></tr></thead><tbody><tr><td>Before</td><td>1,599,529.348<br>1,599,063.885 USD</td><td>1,284,606.637<br>1,284,232.816 USD</td><td>80.312%</td><td>NaN%</td><td>58.391%</td><td>4.13%<br>4.13% Total</td><td>6.05%<br>6.05% Total</td></tr><tr><td>After</td><td>1,599,529.348<br>1,599,063.885 USD</td><td>1,284,606.637<br>1,284,232.816 USD</td><td>80.312%</td><td>NaN%</td><td>58.391%</td><td>4.13%<br>4.13% Total</td><td>6.05%<br>6.05% Total</td></tr></tbody></table>

## 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 |                              |                             |            |