[IIP-21] – Set final $IDLE distribution rate on Gauges

Authors

Treasury League and Dev League

Summary

This IIP follows IIP20, which activated the Gauges, and sets the IDLE distribution rate to 990 IDLE/day.

With its on-chain execution in about 5 days, Idle DAO will complete the production release of Gauges at the full IDLE distribution rate approved by the Governance.

Rationale

[IIP-20] – $IDLE Gauges ActivationForum post

Gauges were deployed earlier in a guarded launch phase, allowing Dev League to test the contracts and customize the UI.
IIP-20, which finalized the IDLE transfer to IdleDistribution contract, did not include the change of the Gauges’ IDLE distribution rate, now set at 10 IDLE/week.
Leagues launch IIP-21 to unlock the full Gauges’ IDLE distribution rate (990 IDLE/day), whose on-chain finalization will be on April 15th.

Consequently, IIP-21 will:

  • Change IdleDistributor rate to 0.0114583333 IDLE per second, equal to 990 IDLE/day

Specifications

The code related to this IIP is here.

IIP-21 actions:

On-chain Voting Phase

:writing_hand: Cast your on-chain $IDLE vote here: IIP-21
:spiral_calendar: End date: 2022-04-09T08:05:00Z

:writing_hand: $IDLE stakers (stkIDLE holders) can vote here: stkIDLE snapshot poll
:spiral_calendar: End date: 2022-04-08T13:00:00Z

The threshold to make the off-chain poll valid (both metrics should be reached):

  • 30% of circulating stkIDLE voting the poll (min. 154,246 stkIDLE)
  • at least 70% on the same option.

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

4 Likes

The off-chain snapshot for stkIDLE holders reached the quorum, and more than 680k IDLE votes were broadcast during the on-chain voting phase!

As a result, IIP-21 succeeded and Idle DAO executed it.
Final $IDLE distribution rate on Gauges will be live after GMT: Friday 15 April 2022 09:13:21! :partying_face:

3 Likes