πŸ“… IdleGov Biweekly Update – 03/22/21 [BW8]

Key Metrics

  • Asset Under Management ($): 112M (+16%)
  • Governance Token Holders: 3,238 (+5%)

Forum Highlights

  • :incoming_envelope: 9 topics created
  • :bulb: 3 Temperature Check
  • :busts_in_silhouette: 4 new members
  • :desktop_computer: 9,400 pageviews
  • :+1: 361 likes

Weeks in review

LP staking implementation discussion collected lots of ideas, feedback, and insights. The community is still discussing the last parameters: Uniswap and/or Sushiswap, program budget, duration, and additional features.

Two candidates are now working on the community analytic dashboard grant – congrats to @aaaaaaaaaa & @8bitporkchop for forming the first Idle Grant working group! A first draft is already available, and the final delivery is expected in 3 weeks.

The Temperature check related to the $IDLE farming activation for the WETH Pool ended with a unanimous agreement to move forward. This proposal will be likely included in the IIP-5.

Compound protocol released a migration plan to update cTokens. This will affect idleWBTC, idleUSDC, idleETH pools, and an on-chain upgrade is required on our side. Community is discussing idleWBTC implementation timeline. According to the latest technical feedback, we would need to apply minor change to the main IdleTokenGovernance before implementing the new cToken model. The on-chain proposal can be bundled with other improvements that are in development (audit is planned for April).

The last core topic of this update is the future League Structure overview. In the article, we described how subDAOs could help the Idle protocol to scale faster. Rather than leaving every token holder voting on every minor topic (similar to the above migrations/implementations), each subDAO can take care of the daily maintenance required to efficiently run the protocol. We look forward to the community’s feedback on this proposed structure and will be keen to answer any questions here in the forum.

Other discussed posts are:

Next Steps

Here’re the next steps for the current governance initiatives:

  • The Pilot League is working on the IIP-5 draft. The proposal should execute the $IDLE farming for $WETH pool and Emiliano Bonassi’s bounty. If there are other free slots (each on-chain proposal has 10 action slots), the proposal might include the Aave V2 wrapper implementation, already discussed in the previous weeks.

  • @Emixprime is collecting feedback on the Educational Contest and an improved version of the grant description will be released. Candidates will be able to pick the preferred topics and be rewarded to create more informative material.

  • @Salome is working on the next steps of the LP staking proposal. A snapshot poll will scan the Governance sentiment on the program parameters. If the initiative will require some customizations, the Pilot League might launch a development grant to build the smart contracts.

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