πŸ“… IdleGov Biweekly Update – 10/04/21 [BW22]

Key Metrics

  • Asset Under Management ($): 118M (-29%)
  • Governance Token Holders: 3,727 (+1%)

Forum Highlights

  • :incoming_envelope: 8 topic created
  • :bulb: 4 Temperature Check
  • :busts_in_silhouette: 11 new members
  • :desktop_computer: 6,700 pageviews
  • :+1: 166 likes

Weeks in review

The speed of decision making is the essence of good governance. (Piyush Goyal)

The past two weeks saw a long list of Governance activities, with many proposals in the forum that passed the Temperature Check phase.

IIP-13 concluded the community process in just ten days: the proposal carried several minor code updates and a Flash Loan fee change to make Idle more competitive on Ethereum and Polygon networks.

League also released Risk-Adjusted Removal for Tranches Migration and LP staking Round II.

Those two proposals passed the snapshots, and IIP-14 will merge the on-chain actions needed to deliver the changes.

On one side, the initiative will deactivate $IDLE liquidity mining on DAI, USDC, USDT Risk-Adjusted pool. At the same time, the second batch of actions will enable Leagues to bootstrap a UNI v3 pool ($120k) and a Polygon LP staking (20k $IDLE).

The new staking campaign will follow the model previously adopted for LP staking on Sushi, as it demonstrated a good retention rate over time.

Legal structure for the Idle DAO deserves particular attention. Based on our previous Leagues experience, we are facing the need to have a legal entity; this would ease the connection between Idle DAO and new partners and service providers.

The legal approaches better suited to achieve this goal are an Offshore Foundation Model or a Delaware Unincorporated Nonprofit Association.

Other topics to keep on the radar:

Next Steps

Here’re the most promising initiatives in the pipeline:

  • IIP-14 on-chain journey. Leagues will execute $IDLE LM deactivation on Risk-Adjusted pools and the further actions planned for liquidity boost. Get ready to vote using your $IDLE or sktIDLE!

  • LP staking. IIP-14 will trigger the execution of LP staking. Fund transfer will enable Leagues to directly handle UNI v3 pool. In parallel, dev team will look at the Geyser contract deployment in Polygon. The timeline of LP staking release will be connected with Polygon announcement, fostering liquidity provision just before the Best-Yield launch on the new layer.

  • DAO Legal structure. Treasury League will further discuss the analysis with legal counsels and proceed with a formal request to set up the legal entity that is more supportive of the protocol’s growth.

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