[IIP-25] M3-2022 Leagues budget, and $IDLE incentives distribution update

[Biaf]

The IIP-25 consists of the 2 proposals already discussed and presented in the IIP-24. The IIP-24 hasn’t reached the quorum to be executed on-chain.

@Biaf

Authors

Treasury League and Development League

Summary

This proposal collects multiple initiatives:

• Leagues M3: Resurrection (M2 Report + M3 Structure, Goals & Budget)
• $IDLE incentives distribution update

Rationale

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

Leagues M3-2022 budget → Forum post

@Teo shared a detailed analysis of the M2 achievements and the M3 goals. He also presented a Leagues restructure plan aiming to reduce Leagues expense and asked for the M3-2022 budget.

@Teo

[…] Counting July as M2 rewards, and August/September with the revised M3 rewards, we get to a required budget of $36k in stables or eq, and 88k IDLE.

$IDLE incentives distribution update → Forum post

I have analysed the $IDLE incentives programs (Liquidity Mining program for BY and the Gauges system for PYTs) and shared some proposals to address the $IDLE’s distribution strategy challenges:

1. Adjust $IDLE incentive distribution
2. Gauges distribution adjustment
3. Best Yield deployment into Senior PYTs
4. Governance mining

This IIP focuses on the first 2 points

@Biaf

We would like to propose a change to the daily $IDLE distribution rate (currently at ~3200 $IDLE/day) by decreasing it to ~2000 $IDLE/day. This change would affect mainly the Best Yield strategy (Liquidity Mining program) and incidentally the Perpetual Yield Tranches (Gauges distribution) and can be summarized as follows

• Liquidity Mining program (Best Yield strategy): 2,215 → 1000 $IDLE/day
• Gauges system (Perpetual Yield Tranches): 990 $IDLE/day

@Biaf

The updated distribution rates would let us increase the length of both incentivization programs up to early February 2023.

Specifications

The code for the IIP-24 can be found here .

IIP-24 actions:

• Transfer $IDLE from IdleController to the Gauge Distributor
• Set the new distribution rate for the Liquidity Mining program (i.e. Best Yield incentives)
• Transfer of funds to the Treasury League Multisig for the M3-2022 budget
  • 99.8 stkAAVE from the Fee Collector
  • 5.5 WETH from the Fee Treasury
  • 39.7 COMP from the Fee Treasury
  • 1467 USDT from the Fee Treasury
  • 1007 DAI from the Fee Treasury

The length of the Gauge Distributor’s distribution should update automatically with the new $IDLE received.

Specifications

The code for the IIP-25 can be found here .

Next steps

We will open the voting pools right after the publication of this post.

[Biaf]

On-chain Voting Phase

Cast your on-chain $IDLE vote here: HERE
End date: 2022-09-09T04:00:00Z

$IDLE stakers (stkIDLE holders) can vote here: HERE
End date: 2022-09-08T14:00:00Z

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

• 20% of circulating stkIDLE voting the poll (min. 146,459 stkIDLE)
• at least 70% on the same option.

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

Make sure you have been delegated to take part in this voting round.

[Biaf]

IIP Execution

IIP-25 passed with 1,608,950 $IDLE votes in favour and is now queued for execution