A few weeks ago, we published the post “Set up an initial Treasury Committee” to start a discussion about the conception of a framework to reward value creation in Idle. In that post, we quoted a couple of examples, featuring some key members that stood out with their contributions.
This time we would like to be more specific and point out how @emilianobonassi contributed to expanding the Idle’s ecosystem.
These are the main initiatives led by Emiliano:
- Yearn V2 USDC Idle strategy (in production);
- Yearn V2 WBTC Idle strategy (in production);
- Yearn V2 sUSD Idle strategy (testing phase);
- Curve and Harvest accounting bug report;
- IdleTokenHelper, a tool to simplify Idle protocol integration for third-party services.
The deployment of such contracts cost him approximately a few thousands of dollars - bearing this cost in mind, we can then look at his commitment in terms of knowledge, time, increased visibility for Idle and TVL. The Idle protocol is benefitting from Emiliano’s dedication and the Governance should evaluate to issue a bounty to compensate this value creation. We suggest a range of 1000-2000 $IDLE, but it’s the community/Pilot League that should take the final decision on that.
This would not only work as a recognition for his efforts, but it might be the first step towards a structured approach to attract and reward developers that are building on Idle.
Initiatives related to product and strategy creation can help the protocol scale exponentially, and some other DeFi protocols have tailored specific programs called Developer Mining. Some examples are UMA ($ 250M), BadgerDAO ($88M). On occasional events, other protocols issued top bounties to past contributors, such as “CREAM that rewarded 2 two Yearn strategists 700 CREAM each (~$133,000) for the significant work they’ve done on Iron Bank” (source).
The Idle Governance has currently more than 4 million $IDLE (Ecosystem Fund + Long-term LP program) and part of those funds can be reserved for dev-oriented programs. The Pilot League’s mission is set on generic-purposes grants and bounties, while this initiative might work on a parallel track.
We would love to hear what our community is thinking about this. Any thoughts/inputs on this?