This IIP finalizes the transfer of 200k IDLE from the Ecosystem Fund to the Treasury League Multisig to activate the stkIDLE delegation and KPI option, as part of the D2D collaboration proposal: Idle <> Lido.
With its on-chain execution in about 5 days, Idle Leagues will stake the received $IDLE for 4 years, delegate the LP reward boost to Lido DAO as an NFT, and deploy the KPI option.
D2D collaboration proposal: Idle <> Lido → Forum post
We see this proposal as a good opportunity to value the trust placed by Lido in our PYTs and double down on this collaborative effort for the benefit of both DAOs, communities, and the DeFi ecosystem as a whole. The proposal relies upon three initiatives, each lasting six months:
- stkIDLE delegation in favour of Lido
- $IDLE KPI option in favour of Lido
- $LDO reward program in favour of Idle LPs
Currently, the most used methodology of DAO2DAO collaboration is token swaps. A token swap creates an economic relationship between DAOs and lets communities diversify their treasury.
A direct token swap, though, presents one main limitation such as a financial return bound solely to the token price and not to the performance of the collaboration. Historically it has proven poor in aligning incentives between DAOs.
We would like to introduce, instead, a voting power delegation. A delegation of voting power between DAOs through Gauges weights and LP reward boost opens up the doors to a new form of collaboration, by temporarily assigning resources that carry intrinsic financial benefits.
Thanks to this delegation, Idle and Lido will be able to:
- Foster meta-governance activities, with $LDO token holders involved in Idle DAO governance decisions. Idle will be able to broaden the current voting user-base, onboarding a reputable stakeholder in its decision-making process.
- Expand the Gauges ecosystem adoption, enabling Lido to join the competition to increase their stETH-based Gauge weights.
- Improve the business value proposition, with Lido empowered to offer increased APY (via LP reward boost) to onboard strategic liquidity providers interested to use risk-adjusted liquid staking solutions.
Details about stkIDLE delegation, $IDLE KPI option and $LDO reward program are available here.
Cast your on-chain $IDLE vote here: HERE
End date: 2022-07-02T08:52:00Z
$IDLE stakers (stkIDLE holders) can vote here: HERE
End date: 2022-07-01T15:00:00Z
The threshold to make the off-chain poll valid (both metrics should be reached):
- 30% of circulating stkIDLE voting the poll (min. 178,007 stkIDLE)
- at least 70% on the same option.
The stkIDLE voting calculator will be used to calculate the final results.