[IIP-29] Assets BY delisting, BY yield sources update, Governor update


Treasury League and Development League


This proposal focuses on three initiatives:

  1. Delist RAI, SUSD, TUSD and FEI from the Best Yield strategy and from the IDLE liquidity mining distribution.
  2. Update the yield sources of the Best Yield strategy: remove the Senior Clearpool USDC PYTs and the Senior Clearpool DAI PYTs from the idleUSDC BY and idleDAI BY respectively.
  3. Update the Governor voting delay following the Immenufy bug bounty.


1. Delist RAI, SUSD, TUSD and FEI from the BY strategy and from the IDLE LM distribution

For a comprehensive analysis of the initiative, we suggest visiting the related governance forum posts

  • Strategies revamp: unused assets wind down → Forum post
  • Strategies revamp: unused assets wind down II → Forum post

We will remove accordingly these tokens from the list of eligible assets receiving the IDLE incentives as part of the Liquidity Mining program distributed to the Best Yield strategies.

2. Update the yield sources of the Best Yield strategy

Through IIP-26 and IIP-27, Idle DAO approved the Clearpool Senior PYTs as new yield sources, in addition to Aave and Compound, for the BY’s USDC and DAI markets

Following the FTX collapse, both borrowers, i.e. Wintermute for the USDC market and Folkvang for the DAI one, fully repaid their loans to reduce their market exposure (i.e. utilization rate = 0%).

Removing these two markets from the Best Yield strategies yield source base will reduce computational complexity and gas costs in managing the allocation, harvesting and movement of funds. These markets could be later added again to the Idle Best Yield if the utilization rate will increase.

3. Update the Governor voting delay following the Immenufy bug bounty.

A white hacker discovered a very low vulnerability on a parameter of the GovernorBravo contract and reported it to Immunefy. We will then update one parameter to increase the Governor voting delay, after a proposal is launched, from 1 to 100 blocks.


The code for the IIP-29 can be found on GitHub here and consists of seven actions

IIP-29 actions:

  • 4 actions to delist four idleTokens from IDLE BY distribution: RAI, SUSD, TUSD and FEI
  • 1 action to remove cpWIN from idleUSDC BY
  • 1 action to remove cpFOL from idleDAI BY
  • 1 action to increase the Governor voting delay from 1 to 100 blocks (Immunefy bounty)

The following BY tokens will be removed from the IdleController:

Next Step

The temperature checks for the idleTokens removal have already been voted. Consequently, we won’t open a new temperature check to vote on the GovernorBravo fix and the Clearpool markets removal. In ~24 hours, we will open the on-chain voting phase.


On-chain Voting Phase

:writing_hand: Cast your on-chain $IDLE vote here: HERE
:spiral_calendar: End date: 2022-12-23T18:30:00Z

:writing_hand: $IDLE stakers (stkIDLE holders) can vote here: HERE
:spiral_calendar: End date: 2022-12-23T14:00:00Z

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 participate in this voting round.


Voting results

IIP-29 hasn’t reached the quorum to be executed on-chain

Next steps

With the launch of the new Idle Dashboard :eyes:, we moved the voting processes to Tally. This change of platform created some doubts and delays in the DAO users and we end up collecting a lower voting engagement than excepted, causing the proposal to miss the minimum threshold to be executed on-chain.

Still, we can see that the DAO agreed on the execution of the proposals under vote (Assets BY delisting, BY yield sources update, Governor update).

We will then re-open the IIP adding some additional actions.

Here’s a guide from the Tally team on how to vote using their platform :books:

1 Like

Except for figuring out how to vote with Coinbase wallet on Tally, all worked good and fast.

I think there where multiple reasons why there was less voting activity.

First 1 i can think of, voting on this proposal wouldn’t feel as a necessary thing.

Some members felt a bit disappointed about the big announcements of announcements around the new dashboard.
I was not, cos i know what this means for you guys and the future of IDLE.
But i can agree that there should be less announcements around such thing and only when 100% sure it will be launched within the announced range of time.

Further i see the less community activity in total at this moment. People taking some rest from crypto it seems… not much happening with BTC, ETH etc. Prices at this moment.

So if a next proposal will make it at this moment…
Maybe only with a personal approach :sweat_smile:
I will definitely try to help with some extra announcements when it’s there… so let’s see.
Worked before :sweat_smile: