Grant for developing the infrastructure to establish a Smart Treasury for idle.finance
Establishing a smart treasury for IDLE will help foster healthy long-term growth for the protocol, and provide value incentives for $IDLE holders over time while providing utility to the ecosystem. The initial idea for a smart treasury was described in an article by Placeholder VC link, which facilitates a buyback and make model.
There are 3 benefits to this model.
- Automatic buyback machine - Fee’s earned by idle strategy tokens will be used to buy $IDLE on the open market.
- Liquidity provider - Smart Treasury works as a liquidity provider, and can generate trading fees
- Token Issuance - Liquidity from the smart treasury can be withdrawn to fund community grants.
2. Scope of Work
At a high level, there are 2 components that need to be developed
- Bootstrapping the smart treasury with liquidity funded by the ecosystem fund, and existing fee treasury.
- Fee collector smart contract which will deposit a portion of the fees generated from IDLE into the smart treasury.
The specifications of the pool have been discussed by the community, and are as follows
Smart Treasury Candidate v1.0
- Tokens: IDLE, ETH,
- LiquidityTokenName: “IdleSmartTreasuryToken (ISTT)”
- Weights (Initial): 99/1 (IDLE/ETH) [Gradually adjusted after bootstrapping]
- WeightsAfter3Months: 90/10 (IDLE/ETH)
- SwapFee: 0.5% (pending snapshot vote completion)
- UseWhiteList: True
- WhiteList: FeeCollectionContract address, Governance address
- CanChangeSwapFee: True
- CanChangeWeights: True
- MinimumGradualUpdateDurationForSwapFee: 3 days
- CanChangeTokens: True
- AddTokenLockTime: 3 days
- CanLimitBPTSupply: False
Fee Collection Specification
Refer to discussion - Link
Refer to discussion - Link
We will take suggestions from candidates to update the specification as required.
3. Discussion Links
Temperature check & snapshot polls
- [Temperature Check] - Should IDLE Establish a Smart Treasury?
- [Smart Treasury] What should the initial trading fee be set to?
- Smart Treasury Starting Weights
4. Application Window
The dev application window will open from when this post is created and will end on Monday 2020-12-21T00:00:00Z. This may be extended up to 24 hours.
5. Snapshot poll
Once candidates have been collected a snapshot poll will be posted to vote on who will be selected
How to apply
To apply, candidates should provide the following information:
- Bio & Background : Briefly introducing yourself (or the team) and past works. Applicants can remain anonymous, but past works should be mandatory to evaluate the skills of the developer.
- Technology Specs : Specify tech & approach you will use to develop the Proposal
- Budget : Provide a quote in $USD to deliver the Proposal
- Timeline : Provide a roadmap/timeline for the assignment