Treasury League and Development League
This proposal focus on one key initiative and minor updates:
We suggest visiting the dedicated governance forum post linked below for a comprehensive analysis of the initiative.
Clearpool PYTs as a new yield source for BY - Folvang →
[…] Today we want to open the discussion on a new integration: the
DAI Clearpool tranches. Folkvang
Similar to Wintermute’s integration, Folkvang’s one would benefit doubly the DAI token holders
Perpetual Yield Tranches are live since December 2021 holding a cumulative TVL of up to $50m.
Clearpool (Folkvang) pool is open since May 2022 and it has been part of the PYTs offering since October 2022. The Folkvang pool has a size of $9m with an average utilization rate of 84%. Folkvang has a borrowing capacity on Clearpool of up to $151m, i.e. the second largest borrower on Clearpool.
To provide a wider stablecoin offering, users can deposit DAI into the Folkvang PYTs. This smart contract will leverage the
Peg Stability Model (PSM) of Maker DAO to swap 1:1 DAI to USDC, avoiding any slippage or impermanent loss risk.
Currently, Folkvang pool provides 8.88% APY with an 84% utilization rate (
source). Thanks to Clearpool’s first-of-its-kind formula, APYs can be maintained stable by high pool utilization up to borrower capacity - equal to $151m for the Folkvang pool.
In the proposal discussion post, we also highlighted some key mechanisms implemented by Clearpool to incentivize the utilization rate of the pools and protect lenders in case of risk of borrower default.
Clearpool developed an
interest curve mechanism that encourages borrowers to optimally utilize liquidity in their pools while increasing lenders’ compensations.
Clearpool’s smart contracts have been developed to incorporate a number of
safety measures which protect both borrowers and lenders during black swan events. Clearpool’s pools have a default mechanism based on each pool utilization rate which forces borrowers to repay loans if the pool’s utilization rate is too high.
No time limit
Until UR = 99% or < 95%
The underlying yield generated by Clearpool is mainly composed of organic lending returns, limiting APY dilution with liquidity growth.
The code for the IIP-27 can be found on GitHub
Add Senior tranche of cpFOL-DAI PYT as a new yield source for idleDAI Best Yield strategy
Disable stkAAVE price feed from Best Yield oracle
Update block number calculation for COMP (since after the merge block time has changed to 12s per block)
Together with the above action, IIP-27 will set a new wrapper contract for the Clearpool Folkvang DAI pool:
We will open the on-chain voting phase shortly after the publication of this IIP.
Given the last events affecting the crypto space, we would like to reiterate that a positive vote regarding this integration won’t lead to an immediate BY deployment in Folkvang’s pool.
With the aim to speed up and facilitate liquidity deployment and make BY and PYTs ready to onboard new capital, we will open today the temperature check for the integration of the Folkvang DAI (Senior) PYTs into BY.
The Governance vote (from proposal discussion to IIP execution) can take up to 15 days and could end up being a blocker for new liquidity deposits. Opening sooner the Temperature Check could let the DAO share his preferences about a new integration while Leagues are working to develop and bootstrap a new pool.
On-chain Voting Phase
Cast your on-chain $IDLE vote here: HERE
End date: 2022-11-13T22:30:00Z
$IDLE stakers (stkIDLE holders) can vote here: HERE
End date: 2022-11-13T12:00:00Z
The threshold to make the off-chain poll valid (both metrics should be reached):
20% of circulating stkIDLE voting the poll (min. ~145659 stkIDLE)
at least 70% on the same option.
stkIDLE voting calculator will be used to calculate the final results.
Make sure you have been
delegated to take part in this voting round.
Voted with recently staked IDLE and wallets funds, hope worked both.
Voting in dashboard goes slow, is that normal?
Dashboard loads slow.
Hi, on the
KARMA DASHBOARD you can easily see your score and activity by clicking your own wallet address.
The IDLE team is working hard on a new dashboard, so hopefully everything works way better soon.
You can always check better twice, cos yesterday i voted on snapshot, and now it was gone and needed to vote again
, normally no problems with snapshot.
@Biaf , was the poll there re-opened or any idea what could happened? Cos my first vote was right after the poll was opened.
Unfortunately, the ending time of the 1st Snapshot pool was wrong (time zone issue) and we had to open a new one with the right deadline.
@Biaf I delegate myself and voted with the idle in my wallet, i saw my amount as as legit after the vote. But later it was zero, now i am not sure if it counted?
Reach us on
Discord > General and share your wallet address. We will investigate the issue.
@emixprime , you had some 0 point votes before, or is this story different?
Doesn’t look like @CryptoBag actually vote with nothing.
@AllinCrypto I think this happened because he made the self-delegation after the IIP was created:
Maybe something to mention on the vote page, that a vote won’t count if the (self) Delegation is created after a poll is launched. That’s te story right?
@Teo @samster91 )
That’s correct, one have to self delegate or delegate to someone before the on-chain vote. You just need to delegate once, no need to do it for each vote