The IIP aims to pause the Liquidity Mining program, formalize the strategic round agreement with Rockway X, update the USDC Best Yield’s vault underlying markets, and seed a new IDLE pool launch on Uniswap.
After the DAO’s favorable vote, this IIP will transfer ~1.7m IDLE to the Leagues multisig wallet that will take care of locking the governance token in a vesting contract.
The Steakhouse Senior Tranche will be the first underlying market updates to affect the Best Yield vaults
The vault will improve the yield of the USDC BY vault while having a safe risk score of B. It will take the spot of the Portofino Senior Yield Tranche.
The temperature checks for the above proposals have already been successfully closed. We are going to open the on-chain voting phase after having finalized the round paperwork.
IDLE tokeholders are advised to check their delegations before the opening of the next Idle Improvement proposal. Once launched, it won’t be possible to delegate your IDLE votes.
We want to keep you informed about the latest developments regarding IIP-39 and the Idle DAO Strategic Round with Rockaway X. Unfortunately, we’ve encountered some delays due to the complexity of legal and corporate structures involved in this process. Our legal advisors are working around the clock to navigate through these complexities and ensure that all aspects are managed appropriately and in a timely manner.
As of now, we still need to hold on to further progress. However, there hasn’t been one significant change compared to our previous communication about the Strategic Round, apart from the fact that the investment will now occur in two tranches of $500k each. This adjustment has been made to accommodate the evolving circumstances and ensure the smooth execution of the investment.
Additionally, another contributing factor to the delay is the potential involvement of other institutional investors. These investors are currently undergoing due diligence processes, which further extends the timeline.
In light of these developments, if substantial progress is not made and the legal documents are not finalized by next week, we will proceed with IIP-39, excluding the components related to the Idle DAO Strategic Round with Rockaway X.
We understand the importance of transparency and accountability in our community, and we assure you that we are committed to keeping you updated every step of the way. Thank you for your patience and continued support as we work through these challenges together.