[IIP-33] Update Best Yield DAI yield sources


Treasury League and Development League


This IIP focuses on two proposals with the goal to update the DAI Best Yield’s underlying markets by removing Euler YTs and adding the Clearpool (Portofino) Yield Tranches.


1. Remove Euler as a yield source of Senior and Junior Best Yield strategies on DAI

On March 13th, Euler suffered an exploit by a hacker stealing around $200m of funds deposited in the protocol. Euler was one of the underlying markets below Best Yield strategies and Yield Tranches. Part of the funds deposited on Euler was then locked with users unable to withdraw their funds.

With the recent positive events leading to a full recovery of the stolen funds, we can start discussing the next steps of the strategies affected.

The current yield source of the Best Yield strategies would then be:

Strategy Token Underlying markets
Senior BY DAI Aave, Compound, Euler
Junior BY DAI Euler, Morpho

2. Clearpool YTs as a new yield source for DAI BY - Portofino

This proposal aims to add a new Clearpool Yield Tranche to the Best Yield strategies based on DAI:


The code for the IIP-33 can be found on GitHub here and consists of 1 action.

IIP-33 actions:

  • 1 action to replace the Euler DAI staking wrapper with the Clearpool (Portofino)'s tranche as a Senior DAI BY yield source

Where the contract addresses are:

  • Euler staking DAI AA YTs 0xC9C83bEBd31aff93a2353920F2513D372847A517
  • Clearpool (Portofino) DAI AA YTs 0xd325673B928F5C099b510aD63c8A18671773a331

Next Step

The temperature checks for the above proposals have already been successfully closed. We are going to open the on-chain voting phase right after the publication of this Idle improvement proposal.

On-chain Voting Phase

:writing_hand: Cast your on-chain $IDLE vote here: HERE
:spiral_calendar: End date: 2023-04-14T18:00:00Z

:writing_hand: $IDLE stakers (stkIDLE holders) can vote here: HERE
:spiral_calendar: End date: 2023-04-14T08:00:00Z

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

  • 20% of circulating stkIDLE voting the poll (min. ~148k 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 and IIP queuing

IIP-33 passed with 1,280,925 $IDLE votes in favour and has already been queued for execution :hourglass_flowing_sand: