[IIP-15] Remove DyDx and Cream. Add IDLE to idleFEI

🗂 Proposals ⛓ IIPs
1

Authors

Treasury League and Dev League

Summary

This proposal enables $IDLE liquidity mining on IdleFEI, deactivates dYdX from DAI and USDC Best-Yield pools, and removes Cream from IdleFEI.

Rationale

The post “dYdX deactivation” already informed $IDLE tokenholders about dYdX Solo (Layer 1) protocol shutdown and proposed the wind down of that protocol for DAI and USDC pools. The proposal already passed the Temperature Check.

In regard to idleFEI, last week Idle Leagues introduced the idea of enabling $IDLE farming for the FEI pool. With IIP-15 approval, the idleFEI pool will then be included in the $IDLE liquidity mining program and will dynamically receive $IDLE depending on TVL and APY of the pool.
The potential target market is $500m (circulating supply). The proposal already passed the Temperature Check.

The third initiative proposed with IIP-15 is the Cream removal from idleFEI pool.
Cream protocol suffered a $130m loss on 27th October 2021, making it the third-largest DeFi hack in history. The attacker found a vulnerability in the platform’s lending system and used it to steal Cream’s assets. Following this incident, Cream can no longer be compatible with Idle’s risk profile and Leagues propose to remove it from idleFEI (the only pool supporting it).
There are no material risks on Idle side, as the rebalancer already paused any possible Cream deposit, but this IIP would finalize the underlying protocol deactivation. The proposal already passed the Temperature Check.

Specifications

Actions:

  • dYdX removal from Best-Yield DAI and USDC pools: 2 actions

  • $IDLE liquidity mining activation on idleFEI: 2 actions

  • Cream protocol removal from idleFEI: 1 action

Voting Phase

:writing_hand: Cast your on-chain $IDLE vote here: IIP-15
:spiral_calendar: End date: Nov 6th

:writing_hand: $IDLE stakers (stkIDLE holders) can vote here: stkIDLE snapshot poll
:spiral_calendar: End date: Nov 5th

Threshold to make the off-chain poll valid (both metrics should be reached): 30% of circulating stkIDLE voting the poll (min. 84’127 stkIDLE) and at least 70% on the same option.
The stkIDLE voting calculator will be used to calculate the final results.

5 Likes
2

The stkIDLE poll reached the threshold, and the multisig cast the “YES” vote :classical_building:

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IIP-15 status:
:white_check_mark: succeeded
:white_check_mark: queued
:white_check_mark: executed

Congrats Idle Governance for executing the proposal, removing dYdX and Cream, and enabling $IDLE liquidity mining on IdleFEI :tada:

5 Likes