Since the launch of Idle’s decentralized Governance, we have seen notable interest in understanding how the core team can interact with the Idle community and with the Idle Protocol. This document seeks to clarify how Idle Labs, Inc. (the team that founded Idle) can continue to contribute to the Idle Protocol, the Governance platform, and the community.
The Idle Protocol is now fully decentralized, and therefore, the team is not able to change or modify any aspect of the permissionless products. The only control our team retains is the ability to pause minting for idleTokens and rebalancing funds in the event of an emergency. The control of this pause function can be assigned to other parties as directed by the Governance platform.
In order to ensure that the Idle Protocol remains decentralized, Idle Labs adopted certain policies prior to the Governance launch that limits our interaction with the Idle Protocol.
In particular, this is a list of activities that the Idle Labs team will refrain from taking part in the near term (subject to certain exceptions):
- Directly participate in the Idle Protocol governance voting process;
- Market or promote $IDLE as an investment opportunity;
- Take steps to make or prevent $IDLE from becoming available on an exchange, whether centralized or decentralized;
- Submit on-chain governance proposals, other than any policy that further promotes or incentivizes the decentralized nature of the Idle Protocol;
Does that mean that Idle Labs Inc. is stepping back from Idle protocol? Of course, not.
What we can do:
- Develop new products on top of the Idle Protocol
- Support the decentralized development and implementation of proposals approved by the Governance
- Participate and continue to support the activity in our vibrant community;
- Modify and improve the user interface at https://idle.finance (the “Website”);
- Vote for off-chain Snapshot polls with 10% of $IDLE held by team members;
- Delegate voting rights to third-parties for on-chain voting;
- Add new products or assets in the user interface that do not interfere with $IDLE token distribution;
- Support integration partners through the implementation process and maintenance;
- Provide regular updates regarding the project.
Forum’s participation shows that the community and founding team perfectly partnered up and joined the forces to reach common goals. With the upcoming deployment of the Pilot League, the Governance can execute tasks even faster.
This would allow the protocol to create a powerful alignment between teams, communities, users, and open-source software developers that collectively control the evolution of the platform and participate in the value creation of the network.
Other than disrupting finance, DeFi and DAOs are creating a brand new concept of Ownership Experience (OX), and we are thrilled to imagine a future where we can enable a self-directed protocol with a sustainable organizational structure.