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

Summary

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, and seed a new IDLE pool launch on Uniswap.

References

Rationale

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

After the DAO’s favorable vote, this IIP will transfer ~1.7m IDLE to the Leagues multisig wallet that will take care of locking the governance token in a vesting contract.

3. Steakhouse vault as new yield source for USDC BY

The Steakhouse Senior Tranche will be the first underlying market updates to affect the Best Yield vaults

The vault will improve the yield of the USDC BY vault while having a safe risk score of B. It will take the spot of the Portofino Senior Yield Tranche.

4. AMM liquidity improvements

To improve the IDLE liquidity in the markets, the DAO decided to follow these steps

Specifications

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 transfer 1,733,333 IDLE from the Idle DAO’s Long Term Fund to the Treasury multisig wallet
  • 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 $150,000 equivalent in stablecoin to the Treasury multisig wallet to seed the new IDLE-USDC pool on Uniswap

Where the Steakhouse wrapper contract address is:

Next steps

The temperature checks for the above proposals have already been successfully closed. We are going to open the on-chain voting phase after having finalized the round paperwork.

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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