[IIP-39] Update IDLE distribution, Steakhouse USDC as a new USDC BY yield source, transfer USDC to see the IDLE-USDC pool, transfer M2-2024 budget


The IIP aims to pause the Liquidity Mining program, formalize the strategic round agreement with Rockway X, update the USDC Best Yield’s vault underlying markets, seed a new IDLE pool launch on Uniswap, and transfer the M2-2024 budget to Leagues.

This IIP post takes the place of the old one [IIP-39] Update IDLE distribution, transfer IDLE to vesting contract, Steakhouse USDC as a new USDC BY yield source, transfer USDC to seed the IDLE-USDC pool.



1. IDLE incentives distribution update

The DAO agreed to pause the Liquidity Mining program that has been distributing IDLE to users since 2021

2. Strategic round with Rockway X

In light of the recent round closure, the parties agreed not to transfer/vest any IDLE tokens to the investor. The DAO tokens will be kept in the long-term reward fund.

RockwayX will transfer the stablecoin to the Idle DAO’s fee treasury in 2 tranches

3. Steakhouse vault as new yield source for USDC BY

The Steakhouse Senior Tranche will be added as a new yield source to the USDC Best Yield vault.

The vault will improve the yield of the USDC BY vault while having a safe risk score of B.

4. AMM liquidity improvements

To improve the IDLE liquidity in the markets, the DAO decided to follow these steps (2/3 already completed). In light of the recent round closed and the new agreement terms, Leagues advise reducing the liquidity increase by half, i.e. $75k, to ensure enough working capital to achieve the next steps in the roadmap.

5. M2-2024 Leagues budget

This IIP will be used also to transfer the M2-2024 budget that has been pending since the DAO vote. Given the calendar difference, this IIP will transfer only 33% of the M2-2024 budget, i.e. $50k.


The code of the IIP-39 can be found on GitHub here and consists of 5 actions.

IIP-39 actions:

  • 1 action to set the Liquidity Mining distribution, _setIdleRate, from 250 to 0 IDLE/day
  • 1 action to perform the last claim of all unclaimed IDLE for the Best Yields vault
  • 1 action to replace the cp_POR_USDC Senior Tranche with the Steakhouse USDC Senior Tranche in the Best Yield USDC vault
  • 1 action to transfer $75,000 equivalent in stablecoin from the Fee Treasury to the Treasury multisig wallet to increase the IDLE-USDC pool liquidity on Uniswap*
  • 1 action to transfer $50,000 equivalent in stablecoin from the Fee Treasury and 66,490 IDLE from the Ecosystem fund to the Treasury multisig wallet to fund the Leagues’ budget for M2-2024*

Where the Steakhouse wrapper contract address is:

*Please note that the above actions concerning stablecoin transfers will be merged in the IIP code.

Next steps

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

IDLE tokeholders are advised to check their delegations before the opening of the next Idle Improvement proposal. Once launched, it won’t be possible to delegate your IDLE votes.

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:writing_hand: Cast your on-chain $IDLE vote here: HERE
:spiral_calendar: End date: 2024-06-21T01:00:00Z

:writing_hand: $IDLE stakers (stkIDLE holders) can vote here: HERE
:spiral_calendar: End date: 2024-06-20T18:00:00Z

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

  • 20% of circulating stkIDLE voting the poll (min. ~77k 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


IIP-39 passed with 1.42m IDLE votes in favor and has already been queued for execution :hourglass: