[IIP-13] Code Improvements and Flash Loan Fee Adjustment

🗂 Proposals ⛓ IIPs
1

Authors
Idle Dev Leagues

Summary
This IIP would execute a series of minor bug fixes reported in the past months, increasing the robustness of IdleTokens and improving the oracle infrastructure. The post proposes to decrease the Flash Loan fee to 0.02%, introducing more competitive advantages for the upcoming Polygon release.

The proposal will have to pass the Temperature Check before starting the on-chain journey.

Rationale
An Immunefy bug hunter discovered that Idle protocol was using a deprecated method on 2 oracles (used by idleController and idleTokens) that might have led to stale data behavior.
Leagues agreed to pay a $500 bounty to that researcher.
Dev League fixed the bug and released PriceOracleV3, a forked version of the previous code. Devs improved the oracle, making it upgradable and generating a single shared version used by idleController and idleTokens. In this way, one upgrade action would be able to execute any further change.
The owner of this oracle is the Governance Timelock.

Oracle Address: 0x758C10272A15f0E9D50Cbc035ff9a046945da0F2

There are also a couple of small fixes in the IdleTokenGovernance rebalance method for:

  • A possible revert during the activation/deactivation of new underlying protocols: Github commit

  • A possible revert when redeeming all funds altogether from Compound-like protocols: Github commit

The idleController oracle update would embed the Flash Loan fee change.
The current fee is 0.08%, and this IIP proposes to reduce it to 0.02%. This change would allow Idle protocol to become the cheapest FL provider on Polygon (vs Unilend 0.05%) and compete with MakerDAO on Ethereum.

Specifications
The technical implementation is available here and was developed by Dev League.

Actions:

  • Implementation and oracle address update on Best-Yield idleTokens (8 actions)

  • idleController oracle address update and Flash Loan fee change (1 action)

Next Steps
We are going to leave this thread open for comments regarding this IIP, and in about 48hrs, if there are no objections, we will proceed with the Temperature Check.

7 Likes
2

Let’s move the proposal to the Temperature Check phase!

:arrow_right: Poll for $IDLE holders: HERE
:arrow_right: Poll for $IDLE Stakers (stkIDLE holders): HERE

:alarm_clock: Polls will close 2021-10-01T08:00:00Z .

The final $IDLE voting weights will be calculated using the approved calculator .

Cast your vote :writing_hand:

5 Likes
3

Poll closed! :white_check_mark:

IDLE holders and stakers approved the proposal, that now starts the on-chain journey.

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IIP-13 is ready for the on-chain journey! :classical_building:

:writing_hand: Cast your on-chain $IDLE vote here : IIP-13
:spiral_calendar: End date: Oct 4th, 10am UTC

:writing_hand: $IDLE stakers (stkIDLE holders) can vote here : stkIDLE snapshot poll
:spiral_calendar: End date: Oct 3, 1pm UTC

Threshold to make the poll valid (both metrics should be reached): 30% of circulating stkIDLE voting the poll (min. 71’439 stkIDLE) and at least 70% on the same option.
The stkIDLE voting calculator will calculate final results.

2 Likes
4

The stkIDLE poll reached the threshold and the multisig broadcast the delegated $IDLE vote.
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Proposal reached the quorum and got queued! :raised_hands:

Governance will be able to execute it in two days :mantelpiece_clock:

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2 Likes
5

IIP-13 executed! :white_check_mark:

Congrats Idle Governance for proposal finalization, enabling developers to access Flash Loans with just 0.02% fee on assets supported by Idle protocol :tada:

1 Like