This document describes how to propose an IIP (Idle Improvement Proposal) and what is its implementation path, from idea to execution.
IIPs are the tool to let the Idle Governance implement new ideas in Idle protocol through transparent on-chain voting processes.
IIPs are executed if the majority (50% +1) of the voters cast a “For” vote and at least 4% of the total voting right supply [520,000 IDLE] has casted a vote on that proposal, in favor or against.
Community members can create a proposal if they have at least 130,000 IDLE as delegated votes and hold them during the entire voting process (up to the implementation).
The IIP process uses 3 portals and consists of 7 steps, that are detailed in the Community Governance Process.
How to propose an Idle Improvement Proposal (IIP)
Begin by starting a new post under the IIP subcategory and include a clear, concise title beginning with “[IIP-N] - Your Title Here”.
Bear in mind that your proposal will be better perceived and will lead to implementation if it is focused, includes sufficient background information, and has action points that are easy to understand. Additionally, please structure your proposal as modeled below, and for more information about the IIP process, see [Guide] - How to propose an IIP.
Authors
Who has been working on the idea and leading the proposed changes
Summary
Short description of why are you writing this proposal and the expected outcomes. This shouldn’t be deeply technical but should be accessible to a casual community member.
Rationale
This is the why of the IIP. It should clearly explain what is going to be improved or what is the deficiency that is going to be solved. Providing tangible elements, like data from previous discussions and forum posts, would be beneficial.
Also, describe how you solve the aforementioned problem. Define the process from the operational and technical points of view.
Specifications
This section details how the IIP will be implemented, and should clearly and succinctly describe the different actions included in the IIP.
Next Steps/Voting Phase
Use the Next Steps nomenclature when the proposal requires further discussions. In this way, the thread would be open for comments. If there are no objections in about 48hrs, you can proceed with the on-chain voting phase.
Use the Voting Phase nomenclature when the Governance has already approved via Temperature Check the initiative and there are no material changes to the proposal. In this way, the IIP can land directly to the on-chain phase. You would need to report the related links to the on-chain proposal for IDLE holders and the stkIDLE off-chain poll. For more info about stkIDLE pool, check out this article.
In this stkIDLE poll section, you need to always report the following sentence “Threshold to make the off-chain poll valid (both metrics should be reached): 30% of circulating stkIDLE voting the poll and at least 70% on the same option. The stkIDLE voting calculator will be used to calculate the final results.”
References
- Link any related post from the Idea stage to Temperature Check. The community needs to see the journey of the proposed IIP.
- Link any external sources or case studies that can reinforce your statements
Step-by-step Guide for on-chain proposals
To create an on-chain proposal, community members need to use an Ethereum wallet.
Step 1: Connect the wallet and land in the homepage
Click on this link: Idle Finance - The Yield Automation Protocol
Click “Connect” in the left part of the header, choose “Ethereum Wallet” and select your wallet type.
Step 2: Proposals section
Once you hold enough voting rights and have connected your wallet, in the homepage you can click on the “Proposals” category. Here you see the button “New Proposal” in the upper right of the page.
Step 3: Create Proposal
For the actual on-chain proposal, you would need to follow the following structure:
[IIP-N] – Self-Explaining Title
Description
Write in human-readable terms what is the purpose of this proposal, benefits and drawbacks. Link here the posts related to the Idea discussion, the Proposal in the Forum, the Temperature Check and the Consensus Check.
Actions
List the implementable code in the form of Actions.
Actions are function/methods call to Idle-related smart contracts. Each proposal is required to have at least one Action. Up to 10 Actions can be implemented in each proposal. You can select the contract and the functions, that may require entering additional inputs.
After filling the list of Actions, click “Submit Proposal”.
After one block (Pending State), the proposal will be activated and IDLE token holders can vote in favor or against.
At any stage, the proposal can be canceled only by its creator.
If the proposer goes below the 130,000 delegated IDLE threshold at any steps before the execution of the proposal, anyone can delete it.