[IIP-35] - Update Liquidity Mining, Best Yield USDC and USDT yield sources and transfer budget for M2-2023


Treasury League and Development League


This IIP aims to update the IDLE incentives distribution of the Liquidity Mining program. The proposal also focuses on updating the USDC and USDT Senior Best Yield’s underlying markets by adding Clearpool’s Portofino (USDC) and Fasanara (USDT) Yield Tranches.


1. $IDLE incentives distribution update v3

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

3. Clearpool YTs as a new yield source for USDT BY - Fasanara

After the recent exploit on Euler, Leagues have suggested removing the Euler Yield Tranches from the basket of yield source of Best Yield strategies as a precautionary measure before a new audit is completed.

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

These proposals aim to add new Clearpool Yield Tranches to the Senior Best Yield vaults on USDC and USDT:

  1. Clearpool USDC (Portofino) YTs, with specs available on GitHub here
  2. Clearpool USDT (Fasanara) YTs, with specs available on GitHub here

4. Leagues M2-2023 Expected Budget


The code for the IIP-35 can be found on GitHub here and consists of eleven actions.

IIP-35 actions:

  • 1 action to replace Euler Yield Tranches with Clearpool Portofino Yield Tranches on the Senior USDC Best Yield strategy
  • 1 action to replace Euler Yield Tranches with Clearpool Fasanara on the Senior USDT Best Yield strategy
  • 1 action to drop WBTC market from idleController. Removing it from the assets benefiting from the Liquidity Mining distribution of IDLE incentives.
  • 1 action to reduce the Liquidity Mining distribution from 500 to 250 IDLE/day
  • 4 actions to redeem stkAAVE, USDC, WETH, and USDT worth in total ~$96k from the Fee Treasury to fund M2-2023
  • 3 actions to withdraw stkAAVE, SUSD, and RAI worth in total ~$400 as those cannot be sold in Fee Collector to fund M2-2023

Where the Clearpool contracts addresses are:

  • Clearpool Portofino USDC YTs 0x1329e8db9ed7a44726572d44729427f132fa290d
  • Clearpool Fasanara USDT YTs 0xc4574C60a455655864aB80fa7638561A756C5E61

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: 2023-05-11T17:23:00Z

:writing_hand: $IDLE stakers (stkIDLE holders) can vote here: HERE
:spiral_calendar: End date: 2023-05-11T08:00:00Z

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

  • 20% of circulating stkIDLE voting the poll (min. ~143k 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-35 passed with 1.25m $IDLE votes in favour and has already been executed after the queuing period :hourglass_flowing_sand: