May 8, 2023, 4:10pm
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.
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:
These proposals aim to add new Clearpool Yield Tranches to the Senior Best Yield vaults on USDC and USDT:
Clearpool USDC (Portofino) YTs, with specs available on GitHub here
Clearpool USDT (Fasanara) YTs, with specs available on GitHub here
Portofino technologies is a high-frequency trading market maker that uses borrowed funds as trading capital, providing superior returns thanks to its advanced machine learning & stochastic control techniques.
Clearpool (Portofino) pool is live since early March. The Portofino pool has a size of ~$4.7m and a maximum borrowing capacity of up to $28m. Credora rates the borrower with an A.
At the time of writing, the Portofino pool provides 10.99% APR with a 64% utilization rate (
source). Risk rating
Following the new version of the
risk rating framework, the Clearpool (Portofino) Yield Tranches can be considered as a valid market to become a new yield source of the Best Yield strategies.
In order to trigger any BY deployment, the Yield Tranches will need to have at least a 30% coverage on Senior funds coming from the Junior counterparty.
Fasanara Digital is a quantitative investment fund applying a scientific approach to investing in cryptoassets with the aim to achieve exceptional risk-adjusted returns for its investors.
Fasanara Digital was started in 2019 as part of
Fasanara Capital, a 200 people London-based hedge fund founded in 2011 that specializes in alternative credit and fintech strategies. Overall, Fasanara Capital manages more than $4 billion across different funds.
With a team of 15 people fully dedicated to investments and development in digital assets, Fasanara Digital manages a delta-neutral high turnover fund specialized in market-making and arbitrage strategies. The fund trades approximately $10 billion per month in volume on both spot and derivatives on all major trading venues and has approximately $75 million in equity.
Clearpool (Fasanara) pool is live since the end of March. The Fasanara pool has a size of ~$1m and a maximum borrowing capacity of up to $40m. Credora rates the borrower with an AA.
At the time of writing, the Fasanara pool provides 14.25% APR with a 76% utilization rate (
source ). Risk rating
Following the new version of the
risk rating framework, the Clearpool (Fasanara) Yield Tranches can be considered as a valid market to become a new yield source of the Best Yield strategies.
In order to trigger any BY deployment, the Yield Tranches will need to have at least a 24% coverage on Senior funds coming from the Junior counterparty.
The expected budget for M2-2023 is $163,183 in stablecoin and 86,942.43 IDLE (with a 20-day rolling price at the time of writing).
Current Treasury League multisig stablecoin holdings currently stand at $68,223 so if the Temperature Check for IDLE tokenholders is positive, $94,960 will be transferred from the
Idle DAO Fee Treasury via the next IIP. No need to transfer any IDLE at the current time.
The code for the IIP-35 can be found on GitHub
here and consists of eleven 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
Clearpool Fasanara USDT YTs
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.
May 9, 2023, 7:53am
On-chain Voting Phase
Cast your on-chain $IDLE vote here: HERE
End date: 2023-05-11T17:23:00Z
$IDLE stakers (stkIDLE holders) can vote here: HERE
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.
stkIDLE voting calculator will be used to calculate the final results.
Make sure you have been
delegated to participate in this voting round.
May 15, 2023, 9:44am
Voting results and IIP queuing
IIP-35 passed with 1.25m $IDLE votes in favour and has already been executed after the queuing period