Treasury League and Development League
This proposal focuses on three initiatives:
- Delist RAI, SUSD, TUSD and FEI from the Best Yield strategy and from the IDLE liquidity mining distribution.
- 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.
- 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
- 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
- idleRAI -
- idlesUSD -
- idletUSD -
- idleFEI - 0xb2d5CB72A621493fe83C6885E4A776279be595bC
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.