[IIP-4] Pilot League's budget allocation and IdleTokenGovernace Aave V2 adaptive fix implementation

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[IIP-4] - Pilot League’s budget allocation and IdleTokenGovernace Aave V2 adaptive fix implementation

On a side note, this proposal is labeled as IIP-4 because IIP-2 (Smart Treasury) was executed in two phases (here [IIP-2] - Add a Smart Treasury to IDLE and here IIP 2 - Add a Smart Treasury (2/2), and the correct nomenclature of the second phase should be IIP-3.

Authors

Pilot League Committee

Abstract

Initiate the IIP-4 Budget allocation of 5000 $IDLE from the Ecosystem Fund to the League’s multisig wallet plus execute the IdleTokenGovernace adaptive fix for Aave V2 previously approved here Snapshot

Problem

Currently community contributors are not being rewarded for their efforts in growing and developing the IDLE community. Right now there is no way to support new initiatives in order to expand Idle’s capabilities or respond to urgent needs of the ecosystem.

At the same time, the Idle protocol needs to schedule an update on time since, in about one month, there will be Aave’s migration from V1 to V2. After drafting the new required wrapper, the main IdleTokenGovernance implementation (shared among all idleTokens) requires a small change in the contract, in order to correctly support the addition of new wrappers.

Solution

Transfer of 5000 $IDLE from the Ecosystem Fund to the Pilot League’s multisig wallet to facilitate grants distribution to community contributors. By rewarding talent early with incentives, bounties, and infrastructure support, this initial Pilot League would fuel growth and help foster Idle’s community development and organization.

In relation to the Aave v2 fix, no concerns have been expressed in the Forum post, where the adaptive fix has been proposed. The final code that will execute this part of the proposal is reported here.

The Pilot on-chain proposal consists of only one action (from the Ecosystem Fund to the Committee multisig), and the other 9 actions can be used to implement the fix in the 9 idleTokens.

Benefits

The whole Idle community will benefit from this Pilot League. Through the grant program, users will be encouraged to work on community-based initiatives, build new products and release more resources. Users that contributed in the past to the protocol growth can be rewarded too with bounties. Achievements, activities and growth metrics will be tracked through periodic reports.

The IdleTokenGovernance adaptive fix will enable Idle protocol to implement Aave V2, ensuring a continuity of the main value proposition.

The Journey

Following successful pitch for delegation Pilot league Committee multisig wallet - Delegation Pitch here, the Pilot League Committee multisig wallet reached the minimum threshold to propose this IIP-4.

The exact amount of delegated votes can be checked in the leaderboard here:

Idle Finance - The Yield Automation Protocol under multisig wallet address 0xFb3bD022D5DAcF95eE28a6B07825D4Ff9C5b3814

The following links track the journey of how we got to the IIP-4

References

SoV-Reign withe paper

8 Likes
2

Would it be possible to have a positive confirmation from someone rather than just lack of expressed concerns?

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The change is one single line in an admin method so it’s pretty safe (that admin method can only be called with another proposal) and it’s been extensively tested + reviewed interally by me and @gravityblast. That being said, @emilianobonassi took a look at it too, but in the long run we need to setup or leverage a pool of peer reviewers

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