- Asset Under Management ($): 127M (-10%)
- Governance Token Holders: 3,937 (+5%)
- 13 topics created
- 3 Temperature Check
- 10 new members
- 9,100 pageviews
- 160 likes
What a week! Leagues launched an LP staking program on Polygon to compensate IDLE/WETH liquidity providers. More than 45k $IDLE has been bridged so far, resulting in 150 new token holders.
$IDLE is now available on Polygon network, with cheap transaction fees for community members interested in joining Idle ecosystem.
On the Governance side, token holders approved and executed IIP-15. The proposal deactivates dYdX from DAI and USDC Best-Yield pools because dYdX Solo (Layer 1) protocol will be shut down, and removes Cream from IdleFEI after the $130m loss on 27th October 2021 (Idle protocol not affected).
Furthermore, this IIP enables $IDLE liquidity mining on IdleFEI. On top of optimized yields across Aave and Fuse, Liquidity providers that deposit into idleFEI receive $IDLE depending on TVL and APY of the pool.
The third initiative that popped up during these weeks is a proposal by Paladin to enable vote lending. Instead of borrowing governance tokens, Paladin built voting markets where it’s possible to deposit gov tokens and delegate votes for money. This mechanism unlocks a new token use case and aims to increase Governance participation. Read their manifesto and express your opinion in the forum proposal.
Here’re the next steps for the most promising initiatives:
IIP-16. After Compound approved Proposal 62, it changed the method to interact with the $COMP reward distribution mechanism. Dev League is working on the code to update the contracts and the oracle. This change will be included in the next IIP.
UNI v3 Liquidity Analysis. Leagues came in touch with Visor Finance and are analyzing the scenarios to define a potential asset allocation. A forum post will introduce the results and the community will vote on the next steps.