The IIP-30 considers three proposals already discussed and presented in the
IIP-29. The IIP-29 didn’t reach the quorum to be executed on-chain.
Treasury League and Development League
This proposal focus 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 →
Strategies revamp: unused assets wind down II →
Both BY and PYTs strategies require a good deal of ongoing bandwidth to ensure users have a quality experience. Idle Leagues have been monitoring the performances of the strategies (as reported in the
M2-22 report), and due to low profit margins or other externalities (eg FEI dissolution) we decided to keep in the main dashboard only the strategies with the most traction and efficiency.
Following the recent decision of the Aave’s community (see
We plan to update the assets listed in the Idle Best Yield accordingly, i.e. remove sUSD and RAI.
In addition, we plan to delist TUSD tokens. These three assets have never reached a sufficient level of traction to justify the rebalance costs incurred by Idle DAO’s smart contracts.
This initiative aligns with the previous proposal to delist FEI and other PYTs tokens.
These four tokens won’t be anymore listed in the main UI under Best Yield, and deposits will no longer be available.
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
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
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. Specifications
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
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. The on-chain voting pools will be opened right after the publication of this post.
On-chain Voting Phase
Cast your on-chain $IDLE vote here: HERE
End date: 2023-01-06T06:30:00Z
$IDLE stakers (stkIDLE holders) can vote here: HERE
End date: 2023-01-05T18:00:00Z
The threshold to make the off-chain poll valid (both metrics should be reached):
20% of circulating stkIDLE voting the poll (min. ~141,242 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 participate in this voting round.
Voting results and IIP queuing
IIP-30 passed with 1,367,700 $IDLE votes in favour and will be soon queued for execution