ANGLE rewards for stkIDLE voters

Abstract

This is a proposal from the Angle Protocol to reward stkIDLE token holders voting for the Euler agEUR Senior tranche gauge with ANGLE rewards.

Background

Following this proposal, the Euler agEUR Senior tranche recently got a gauge on Idle.

There’s been another vote on Angle governance to deploy for at least 1 month $250k worth of eagEUR.

This proposal has been executed and Angle deposited liquidity here.

Motivation

Since Angle is the biggest depositor in the pool, it’s logical for the DAO to try maximizing its rewards and get some stkIDLE voting for the pool in order to accumulate IDLE rewards and gain some voting power in IDLE protocol.

On top of that, it is interesting for Angle to incentivize other people to come to the Senior tranche in order to have a safe haven for Euro protected yield and further attract junior + senior lenders.

Specifications

As such, proposal is that for every 10$ of IDLE rewards going to the gauge, Angle proposes to give 1$ of ANGLE tokens to the stkIDLE voters who voted for the gauge.

Payment will be executed every week after the end of the distribution of the IDLE rewards for this week.

On the one hand this allow Angle to receive more rewards as well as stkIDLE voters to receive an extra APY on their votes.

Considering the low value of rewards, sending transactions on Polygon network could be smoother and cheaper. All IDLE voters are using EOA wallets and are eligible to receive tokens on Polygon.

We’ve been in touch with Idle Leagues, which can help us to execute the payments by sharing the list of gauges’ voters every week.

Next steps

Since weights are currently being voted for this week, we propose to have this apply directly for the current voting window which lasts until Thursday 4th (when gauge weights are updated).

Based on the accrued rewards during the period 4th-11th August, we’ll process the payment on the 12th of August calculated as: av. IDLE price * accrued IDLE /10.

This initiative will last for 4 weeks, targeting the gauges updates on 4th, 11th, 18th, 25th of August.

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