[IIP-12] Enable $IDLE LM on idleRAI and fund Leagues mandate

[Davide]

Authors
Idle Leagues

Summary
This IIP would enable $IDLE liquidity mining on idleRAI pool, make accrued $RAI available for FeeCollector management, remove Cream from idleRAI, and execute the transactions to fund the Leagues’ next mandate.

Rationale
The idleRAI pool was released in Beta stage in late May, with Fuse and Cream support. Afterward, with RAI approved and available on Aave, this yield source became part of idleRAI as well.

In mid July, idleRAI passed the Integration Standard Requirements and got approved for Production stage. Governance unanimously approved the extension of the $IDLE LM program to idleRAI via Temperature Check.

Lately, the Governance also agreed on removing Cream from the list of supported yield sources in this pool. One action of this IIP will be dedicated to stkAAVE farming, approved by Aave Governance.

The second batch of transactions is related to Leagues’ next mandate funding. Governance approved via Temperature Check to allocate $104’300 + 16’183 IDLE to fund operations, scaling activities, and compensations.

An additional $4k is required to cover ETHglobal hackathon prizes, not executed during the previous mandate.

The equivalent stablecoin amount will be exchanged with stkAAVE held in FeeCollector, and ETH + COMP held in FeeTreasury. The $IDLE amount would come from Ecosystem Fund.

The unique recipient of the current approved budget will be Treasury League Multisig. The committee will then send $20k in stablecoins to C&M League multisig to kick off their operations.

Here below the financial reports (source):

Specifications
The technical implementation is reported in this Github link and was developed by Dev League.

Treasury League wallet: 0xfb3bd022d5dacf95ee28a6b07825d4ff9c5b3814

Actions:

• idleRAI liquidity mining activation: 3 actions
• $RAI support on FeeCollector: 1 action
• Cream removal from idleRAI: 1 action
• stkAAVE support on idleRAI: 1 action
• ETH transfer from FeeTreasury to Treasury League: 1 action
• COMP transfer from FeeTreasury to Treasury League: 1 action
• stkAAVE transfer from FeeCollector to Treasury League: 1 action
• $IDLE transfer from Ecosystem Fund to Treasury League: 1 action

Next Steps
We are going to leave this thread open for comments regarding these changes, and in about 48hrs, if there are no objections, we will proceed with the on-chain proposal and the voting phase.

The stkAAVE distribution on idleRAI must be activated by Aave before the execution of this proposal, so we might delay a few days the on-chain phase if they are not ready yet.

[Davide]

IIP-12 is ready for the on-chain journey!

Cast your on-chain $IDLE vote here: IIP-12
End date: Sept 19th, 5am UTC

$IDLE stakers (stkIDLE holders) can vote here: stkIDLE snapshot poll
End date: Sept 18th, 9am UTC

Threshold to make the poll valid (both metrics should be reached): 30% of circulating stkIDLE voting the poll (min. 71’996 stkIDLE) and at least 70% on the same option.
The stkIDLE voting calculator will calculate final results.

In comparison to the list of actions listed above, idleRAI liquidity mining activation required 4 actions instead of 3. As a consequence, the allocation of League budget comes from ETH and stkAAVE, without the COMP withdrawal.

Table below reports final values.

[Davide]

The off-chain stkIDLE poll reached the quorum (more than 71’996 stkIDLE votes) with 100% in favor of the proposal, so the multisig broadcasted the “YES” vote

IIP-12 status:
succeeded
queued
executed

Congrats Idle Governance for finalizing the proposal, enabling $IDLE liquidity mining on idleRAI and funding the Leagues’ mandate