Treasury League and Development League
This proposal collects multiple initiatives:
- Governor Bravo update
- M1-2022 Leagues budget transfer
- Idle Smart Treasury migration
- Enzyme Bug Bounty cooperation
For a comprehensive analysis of each initiative, we suggest visiting the dedicated governance forum posts linked below.
Governor Bravo upgrade → Forum post
Idle Governance contracts are based on Compound Governor Alpha, a battle-tested fully on-chain module that allows token holders to permissionless propose protocol improvements, vote proposals, delegate their votes, execute protocol changes.
The Governor Alpha contract has become a standard in the Ethereum community. It demonstrated robustness and transparency for on-chain processes, with composability via meta-governance features.
In March 2021, Compound DAO deployed an upgraded version of it: Governor Bravo.
Major upgrades introduced by Governor Bravo will be:
- More flexibility in voting options;
- Upgradability of the key Governance parameters (proposal submission threshold, quorum threshold, voting delay, and voting periods).
M1-2022 Leagues budget → Forum post
The Leagues’ budget for Mandate 1 of 2022 (M1-2022) spanning from January to March 2022.
The budget will be used to pay for Leagues members contributions (Rewards) and to cover the operational costs of the three Idle Leagues (Operations).
The overall budget can be split as follows:
Additionally, all the funds remaining from 2021 in the Treasury League multisig wallet (~$30k after December rewards) will contribute to the mandate stablecoin funding, resulting in a net budget need of ~$108k.
Idle Smart Treasury migration → Forum post
This proposal will redeem liquidity from Idle Smart Treasury (210k IDLE and 14 WETH) to deploy 187k IDLE into IDLE/BNT pool on Bancor and 23k IDLE + 14 WETH into Uni v3 full-range pool.
Idle DAO will benefit from Bancor single-sided liquidity deployment and impermanent loss protection while reducing slippage on DEX.
Furthermore, the DAO will increase the robustness of Uni v3 oracle, allowing more users to safely interact with $IDLE lending platforms.
Enzyme bug bounty → Forum post
This proposal aims to refund $25k in $IDLE to Enzyme Finance for the bug bounty paid to the reporter of a potential vulnerability in our partners’ integrations.
The code for the IIP is here.
New contracts for Governor Bravo are
- Migrate to Governor Bravo:
- Set new admin for the Timelock
- Set Dev Multisig wallet as the Governor Bravo whitelisted guardian
- Initialize Governor Bravo
- Withdraw WETH balance from Fee Treasury Fund to the Treasury multisig wallet
- Withdraw USDC balance from Fee Treasury Fund to the Treasury multisig wallet
- Withdraw 48,493 $IDLE from Ecosystem Fund to the Treasury Multisig wallet
- Remove Smart Treasury from Fee Collector distribution (fees will be distributed to the Fee Treasury Fund)
- Withdraw all funds from the Smart Treasury (~15 WETH, ~208,000 $IDLE)
- Send 6250 $IDLE from Ecosystem Fund to Enzyme wallet
We are going to leave this thread open for comments regarding these changes, and in about 72hrs, if there are no objections, we will proceed with the on-chain proposal and the voting phase.