[IIP-16] PriceOracle Upgrade

Authors

Treasury League and Dev League

Summary

This proposal upgrades the PriceOracle to properly account for COMP distribution after Compound Proposal 62.

Rationale

With Proposal 62 approval, Compound changed the Comptroller logic into two different COMP distribution rates: borrow-side (compBorrowSpeeds) rate and supply-side (compSupplySpeeds) rate.

The technical change is described as follows:

Comptroller#compSpeeds storage variable is no longer being used and has been effectively deleted. It’s replaced by Comptroller#compBorrowSpeeds and Comptroller#compSupplySpeeds. This proposal copies the current rates into the new storage variables.

Idle protocol’s oracle uses compSpeeds and it needs to be updated with compSupplySpeeds.

Executing the change, IdleController will properly account for COMP rewards when calculating how much IDLE distribute to each IdleToken.

Specifications

The new implementation is available here.

Actions:

  • Oracle update: 1 action

Temperature Check

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

:alarm_clock: Polls will close on 2021-11-14T14:00:00Z.

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

Cast your vote :writing_hand:

The thread is open for comments and feedback for the duration of the Temperature Check. If Governance will approve the snapshot, we will proceed with the on-chain proposal and the voting phase.

4 Likes

Governance approved the proposal :white_check_mark:

Temperature Check is now closed, here below the results :arrow_down:

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Next step: launch on-chain IIP-16 :chains:

3 Likes

On-chain Voting Phase

:writing_hand: Cast your on-chain $IDLE vote here: IIP-16
:spiral_calendar: End date: Nov 18th

:writing_hand: $IDLE stakers (stkIDLE holders) can vote here: stkIDLE snapshot poll
:spiral_calendar: End date: Nov 17th

Threshold to make the off-chain poll valid (both metrics should be reached): 30% of circulating stkIDLE voting the poll (min. 83’631 stkIDLE) and at least 70% on the same option.
The stkIDLE voting calculator will be used to calculate the final results.

5 Likes

Voting update

stkIDLE voters cast “yes” vote and reached the threshold, with the multisig reporting the result on-chain.
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Thanks to those votes, IIP-16 succeeded :white_check_mark:

The proposal will stay on standby for 2 days, and then Governance will be able to execute it.

4 Likes