[IIP-18] - Governor bravo update, M1-2022 Leagues budget transfer, Idle Smart Treasury migration, and Enzyme Bug Bounty

Authors

Treasury League and Development League

Summary

This proposal collects multiple initiatives:

Rationale

For a comprehensive analysis of each initiative, we suggest visiting the dedicated governance forum posts linked below.

Governor Bravo upgrade โ†’ 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 โ†’ Forum post

The Leaguesโ€™ 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:

  • $109k worth of $IDLE will be transferred from the Ecosystem fund .
  • $138k of $USDC and Ethereum will be transferred from the Fee treasury .

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 โ†’ 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 โ†’ 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 partnersโ€™ integrations.

Specifications

The code for the IIP is here.

New contracts for Governor Bravo are

IIP-18 actions:

  • 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

Next Step

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.

9 Likes

On-chain Voting Phase

:writing_hand: Cast your on-chain $IDLE vote here: IIP-18

:spiral_calendar: End date: 2022-01-20T07:30:00Z

:writing_hand: $IDLE stakers (stkIDLE holders) can vote here: stkIDLE snapshot poll

:spiral_calendar: End date: 2022-01-19T14:00:00Z

The threshold to make the off-chain poll valid (both metrics should be reached): 30% of circulating stkIDLE voting the poll (min. 87โ€™857 stkIDLE) and at least 70% on the same option.

The stkIDLE voting calculator will be used to calculate the final results.

6 Likes