[IIP-2] - Add a Smart Treasury to IDLE

🗂 Proposals ⛓ IIPs
21

@8bitporkchop you can use this one

0xe4e69ef860d3018b61a25134d60678be8628f780

for me and @gravityblast

5 Likes
22

I’ve signed the transactions for 5/6 of the reviewers + development grant on the gnosis safe.

Still awaiting @EndymionJkb for the final reviewer, however, that isn’t blocking us from proceeding in the meantime :slight_smile:.

4 Likes
23

@8bitporkchop @william @emilianobonassi @gravityblast @patitonar @MickdeGraaf
Sooooo… DAOs really work! Lol … This feels like the future has arrived. We might not have flying cars but DAOs are way cooler!

7 Likes
24

Buyback is now enabled

I am glad to announce that now phase 2 of IIP-2 has been successfully executed. The fee addresses for all idle strategy tokens has been updated to the fee collector contract.

The pool weights will gradually update to 90/10 IDLE/WETH from 2021-02-15T00:00:00Z to 2021-04-11T00:00:00Z. This can be monitored on the balancer dashboard. The weights will need to be periodically poked to actually update the weights (This can be done by navigating to the Actions tab on the balancer dashboard). This longer duration will make the weight update as smooth as possible, which should minimise any impact on the market.

The strategy tokens which have been updated include

Fees from these tokens will be routed to the fee collector here 0xBECC659BFC6EDCA552FA1A67451CC6B38A0108E4.

The fees will periodically be converted into WETH and deposited into the following contracts based on this distribution.

These addresses and distribution can be updated in the future by governance proposals.

Thanks again to everyone who delegated votes to me, and to the reviewers who contributed to the proposal. And special thanks to the idle team for building such an awesome protocol :rocket:.

10 Likes
25

I’m super happy to see the Smart Treasury finally completed and fully operational!

I really want to congratulate with you @8bitporkchop for the great job and all the community and reviewers for this achievement.

I saw that @8bitporkchop initiated the multisig txs for peer reviewers and proposal bounties Gnosis Safe Multisig I will procede with the second sign and execution later today and post here the txs

6 Likes
26

Peer reviewers bounty:
@patitonar Ethereum Transaction Hash (Txhash) Details | Etherscan
@MickdeGraaf Ethereum Transaction Hash (Txhash) Details | Etherscan
@emilianobonassi Ethereum Transaction Hash (Txhash) Details | Etherscan
@bugduino + @gravityblast Ethereum Transaction Hash (Txhash) Details | Etherscan

Proposal bounty:
@8bitporkchop Ethereum Transaction Hash (Txhash) Details | Etherscan

We are missing only the address for @EndymionJkb (@Fernando maybe you can help us on this side) for the peer review and we are done!

As a side note to the future Treasury Committee the expenses for this proposal, like these

Should ideally be reimbursed given the non neglegible amount of gas spent

7 Likes
27

Thanks a lot for this offer @william!

@EndymionJkb did this review on behalf of Balancer Labs, so we will forego the bounty here. To us the most important thing is that we (together with the Idle team) do all we can to make this a success =)

Best
Fernando

7 Likes
28

Thanks william,

This is the table summarising all the deployment costs for this IIP. (Queuing and voting are excluded)

Action Contract Sender Link Tx Fee in ETH
Deploy SmartTreasuryBootstrap - Asaf tx 0.23262057
Deploy FeeCollector - Asaf tx 0.21096691
Propose IIP-2 Phase 1 Idle Governor Asaf tx 0.147218782
Execute IIP-2 Phase 1 Timelock Asaf tx 0.101991928
swap() SmartTreasuryBootstrap IDLE Deployer tx 0.142847232
setIDLEPrice() SmartTreasuryBootstrap IDLE Deployer tx 0.01165214
initialise() SmartTreasuryBootstrap IDLE Deployer tx 0.849633288
bootstrap() SmartTreasuryBootstrap IDLE Deployer tx 0.757283364
renounce() SmartTreasuryBootstrap IDLE Deployer tx 0.019781304
setSmartTreasuryAddress() FeeCollector IDLE Deployer tx 0.019411392
Propose IIP-2 Phase 2 Idle Governor Asaf tx 0.140209534
Execute IIP-2 Phase 2 Timelock Asaf tx 0.067771045
SUM 2.701387489

Asaf sum : 0.900778769 ETH
IDLE sum : 1.80060872 ETH

5 Likes
29

Yesterday the first claim for weekly BAL rewards has been made Ethereum Transaction Hash (Txhash) Details | Etherscan! A total of 23.52 BAL have been transferred to the FeeCollector. As a reminder anyone can claim BAL rewards for the Smart Treasury once a week here Balancer.

For this reason BAL has been added, through the multisig, as one of the supported ‘fee’ tokens in in the FeeCollector, tx.

4 Likes
30

Thanks @Fernando , virtual hug sent :grin:

1 Like
31

Last steps for this IIP is to transfer the 50 IDLE (of the peer review of @EndymionJkb) from the multisig to the ecosystem fund (or to the treasury committee once their multisig is setup) and then transfer the ownership of the FeeCollector from the multisig to the Governance.

3 Likes
32

Great, thanks :+1: :facepunch:

1 Like
33

Multisig-tx to send 50 IDLE to the Ecosystem Fund Ethereum Transaction Hash (Txhash) Details | Etherscan

Multisig-tx to transfer FeeCollector ownership to Governance (ie Timelock address) here: Ethereum Transaction Hash (Txhash) Details | Etherscan

Screenshot from 2021-02-15 12-16-02
Screenshot from 2021-02-15 12-16-021450×714 42.1 KB

3 Likes
34

This is the first Ethereum Transaction Hash (Txhash) Details | Etherscan made by the rebalancer to convert prototol fees into ISTT (Idle Smart Treasury Tokens) and effectively kicking off the fees routing mechanism for the Smart Treasury!

  • 4.935 WETH have been supplied to the Smart Treasury and converted in 2.71 ISTT tokens (Initial ISTT supply was 1000)
  • 0.925 WETH went to the FeeTreasury
  • 0.308 WETH went to the rebalancer address

I have to say it: This is impressive!

7 Likes