[IIP-34] - Update DAI Best Yield wrapper

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Authors

Treasury League and Development League

Summary

This IIP focuses on one proposal with the goal to update the Clearpool cpPOR-DAI tranche wrapper for the DAI Senior BY.

Rationale

With IIP-33, the DAO decided to remove Euler YTs from the basket of underlying yield sources of DAI Best Yield and at the same time add the Clearpool (Portofino) Yield Tranches.

Based on the Development League assessment, we need to update the Clearpool wrapper contract included in IIP-33.

This is caused by the fact that we use the Maker PSM to convert from DAI to USDC and the availableLiquidity method of the Clearpool wrapper, which is used during rebalances, is returning the amount in USDC (6 decimals) rather than in DAI (18 decimals), which in turns causes rebalances to see availableLiquidity close to 0, hence miscalculating the rebalances.

Specifications

The code for the IIP-34 can be found on GitHub here and consists of 1 action.

IIP-34 actions:

• 1 action to replace the Clearpool (Portofino)'s contract wrapper. The fix can be found on GitHub here.

Where the new contract wrapper is:

• Clearpool (Portofino) DAI AA YTs 0x6FA86028323Ba310FE4488F74085De99Ed0264d8

Next Step

Given the nature of this proposal, IIP-34 will be an Executive one, i.e. it will be moved directly to the on-chain voting phase.

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On-chain Voting Phase

Cast your on-chain $IDLE vote here: HERE
End date: 2023-04-23T00:00:00Z

$IDLE stakers (stkIDLE holders) can vote here: HERE
End date: 2023-04-22T18:00:00Z

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

• 20% of circulating stkIDLE voting the poll (min. ~146k 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.

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Voting results and IIP queuing

IIP-34 passed with 619,210 $IDLE votes in favour and has already been queued for execution