[IIP-28] Update BY wrapper contracts


Treasury League and Development League


This proposal focus on one key initiative:

  • Update the idleUSDC and idleDAI Best Yield wrapper contracts released in the latest [IIP-26] and [IIP-27]


We need to update the wrappers of the Best Yield idleUSDC and idleDAI to deposit in our Senior Clearpool PYTs as @william discovered a small issue during the calculation of the available liquidity on Clearpool pools.

This wrong calculation can trigger the rebalance method to redeem more than what’s available to withdraw in Clearpool and can cause the failure of the rebalance tx.


The code for the IIP-28 can be found on GitHub here.

Old wrappers addresses:

  • IIP-26 idleUSDC wrapper: 0xdb1b149177b5819cf467ad6519cf55416789300a
  • IIP-27 idleDAI wrapper: 0x67e78ED1cC4732816816A62F2e99CDC5CfaAc06E

IIP-28 actions:

  • BY idleUSDC updated wrapper for aa_cpWIN-USDC tranche
    const clearPoolWrapperUSDC = '0xFF12A5eaE3E60096c774AD7211AE5C0c5b5Cc0F5'
  • BY idleDAI updated wrapper for aa_cpFOL-DAI tranche
    const clearPoolWrapper = '0xDd585E6e3AcB30594E7b70DCee34400E172cee31'

Next Step

Given that this IIP will only fix some already deployed contracts, we won’t open a temperature check but directly open the on-chain voting phase in 24 hours.


To give more color to this update, initially we were naively calculating the liquidity available to withdraw on Clearpool by simply checking the underlying balance of the cpToken contract. This is not correct because it does not account for the liquidity reserved as insurance and also the small reserve of liquidity that needs to be available to avoid the provisional default. So the issue has been fixed by using the availableToWithdraw method of cpTokens which considers both.


On-chain Voting Phase

:writing_hand: Cast your on-chain $IDLE vote here: HERE
:spiral_calendar: End date: 2022-11-25T02:00:00Z

:writing_hand: $IDLE stakers (stkIDLE holders) can vote here: HERE
:spiral_calendar: End date: 2022-11-24T16:00:00Z

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

  • 20% of circulating stkIDLE voting the poll (min. ~145,164 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.


Voting results and IIP queuing

IIP-28 passed with 1,158,797 $IDLE votes in favour and is now queued for execution :tada: