Enable $IDLE farming for the RAI Pool (2)

Abstract

The new RAI pool went live from Beta to mainnet on idle a few weeks ago.
The RAI pool on Idle is showing impressive traction and the tvl locked in the pool has already reached ~4.8 Mio USD.

In a previous discussion brought up by @EmilianoBonassi see here the Idle community already considered enabling Idle farming on the RAI pool.

Rational

The current RAI pool implements Rari Fuse, Cream and AAVE v2 protocol, providing optimized yields across those Yield Providers. Currently, the RAI pool does not have any incentive.

Therefore we would like to introduce the idea again to enable $IDLE farming for the RAI pool. The idleRAI pool will then be included in the $IDLE liquidity mining program, dynamically receiving $IDLE depending on TVL and APY of the pool.

Currently RAI incentives Idle with Reflexer (see details here). Idleโ€™s Liquidity Mining program linearly distributes 2,340,000 IDLE (0.5 IDLE per block) until 26th November 2022. We therefore would like to officialize the ongoing Reflexer rewards program for the same duration as our liquidity mining program. IdleRAI depositors would then be able to receive both $IDLE and $FLX rewards until the end of Idleโ€™s Liquidity Mining program.

In order to do that we need to have a consensus in the community to add RAI to the list of pools rewarded by the Liquidity Mining program.

The Treasury League Committee is looking forward to listening to the feedback from the community! :family_man_woman_girl_boy: :heart:

Next steps

If the community agrees to proceed with this initiative to enable $IDLE rewards for idleRAI pool, weโ€™ll be able to include this proposal in the next on-chain proposal.

10 Likes

Strongly support this. RAI is growing and continually adding more integrations. Idle is incentivized with FLX rewards now which is driving use, but without $IDLE farming I suspect we will see more RAI leaving the system and going other places. Certainly I have allocated less RAI to idle than I otherwise would due to lack of $IDLE rewards.

7 Likes

Love RAI protocol, the dev team and the DAO.
Can IDLE DAO and the RAI DAO work together in C&M activities ahead of this proposal being approved?
Is this proposal being shilled in RAI social media?

5 Likes

Yup it is :grin:

7 Likes

So โ€ฆon chain proposal?

I think a snapshot poll should be created before the actual proposal so to have an idea before voting on-chain

3 Likes

A snap vote has been created to let the community choose to enable $IDLE farming for the RAI Pool.

The snap vote is open from today till the 2021-08-11T00:00:00Z :calendar:.

This Temperature Check complies with the stkIDLE Voting Framework. This poll is available for both $IDLE token holders and stkIDLE holders. The final $IDLE voting weights will be calculated using the approved calculator.

:arrow_right: Idle Stakers please vote here:
https://snapshot.org/#/staking.idlefinance.eth/proposal/QmdkXGMczvrhsYsuRm31ea2LJu8sV4ehrVYakFKgX1xjhG

:arrow_right: Idle holders please vote here: Snapshot

6 Likes

Looks like the options are reversed. The link for stakers takes to the votes for holders and vice versa.

3 Likes

Fixed thanks for spotting :v:

3 Likes

The Temperature check is complete and the result showed a unanimous agreement to move forward. This change can be included in the next IIP :fire:

7 Likes