Wow! These 3-months have flown by!
Our first official 3-month Leagues mandate has come to an end and we would like to share our thoughts and reflections with the community through this report.
During the last mandate, we strived to continue on the path of making Idle one of the most sustainable and leading DeFi protocols in the industry
Despite the bearish market sentiment, which has certainly not helped boost users’ desire to participate in the markets, we think that through a plan of partnership with targeted protocols interested in integrating Idle strategies, we have maintained a progressive TVL growth and a strong expansion of the Idle ecosystem.
In addition, thanks to the request from the Idle community, we have seen the need to focus the same effort that we are employing to improve the protocol also on marketing and communication activities, creating the Communication & Marketing League.
There are still plenty of ideas/activities in the pipeline that we are super excited to announce when ready!
Some of the initiatives we have managed to complete during this mandate are:
- $IDLE Staking
- $RAI strategies
- stkAAVE farming
- Idle Flash Loans
- Integration Standard Requirement
- Bancor Listing
- Loopring Listing
- Coverage protection with Nexus Mutual
- C&M Pilot League
- ETHGlobal (HackMoney 2021) Hackathon
- DeFiSummer Hackathon
- 3 AMAs
During the past mandate, the TVL scored new all-time highs, reaching up to $300m.
This metric is 50% greater than the ATH reached during the bootstrap phase, demonstrating that Idle can scale using its unique value proposition and high-quality standards.
For long periods, the TVL was at $200-250m level, with peaks often followed by a TVL drop.
This trend is the consequence of the dependence from few large integrators that influence the trajectory of Idle TVL depending on the interest rate market fluctuation and maintenance operations.
To increase the resiliency against this trend, Leagues are and will be working to extend the range of B2B partners. With a larger base composed of institutionals LPs, wallets, and other DeFi protocols, the dependency on few ecosystem participants will mitigate the influence of protocol growth.
Token holder engagement
We’ve worked to provide new token use-cases, with their finalization planned for the next mandate. During the last mandate, the number of token holders remained stable, but the engagement with existing token holders reached new heights.
The launch of $IDLE staking unleashed a fee-sharing feature, with more than 20% of the circulating supply locked in a few days after the release. At the time of writing, the average locking period is equal to 20.7 months, confirming the long-term commitment of a core group of token holders.
Staking is just the first feature, with LM boosting and gauge voting that could represent additional layers of interaction and incentivization.
Protocol and dev engagement
Grants, bounties, and hackathons allowed us to reach about 30 developers/projects that experimented with new ideas using Idle as an underlying yield source.
Out of nine hackathon winners and two grants, two integrations reached the final stage: PoolTogether and BarnBridge, multi-million $ TVL protocols that have designed unique primitives and are widely recognized as important industry players.
The outcome in terms of TVL will emerge in the next mandate, after the finalization of the go-to-market strategy. A detailed analysis of dev acquisition costs and ecosystem outcomes is reported here: Mandate #2 performance analysis.
The community has been involved in several core decisions: 10 off-chain polls gauged preliminary consensus, and 4 on-chain IIP executed the proposed changes. Discussions generated 45 new forum posts with hundreds of replies.
This last mandate confirmed that we are on the right track, we improved a lot since the first Pilot League experience. The structure of the Leagues allowed us to dedicate ourselves into various activities and better distribute the work among team members.
The next step is to expand the family within the Leagues, opening up new, more specific positions for members of each League. We believe that, by doing this, we will be able to attract new talents, having the possibility to grow the Idle ecosystem even more
Lastly, the community has proven to be the key to all initiatives we have proposed and voted on. People are the hearth and the engine of DAOs, so we take this opportunity to thank you for your ongoing support during these months