Summary
This proposal is to approve the budget and goals for Leagues M4-2024 (October to December 2024) contributors and operations, and a brief outline of the achieved milestones for M3-2024.
M3-2024 Retrospective
As we close out M3 2024, we’re excited to reflect on the work that’s been happening behind the scenes. This mandate has been a period of intense focus for the Idle Leagues, as the team has been fully heads down preparing the launch of a new product line – Credit Vaults.
Although we’ve only lightly hinted at this to the public, we’re preparing for a more comprehensive and high-profile release in Q4-2024 or Q1-2025. We know the community is eager to learn more, and we’re just as excited to share it. However, as always, big things take time, and we appreciate your patience as we fine-tune the final details. The release will be worth the wait.
In addition to Credit Vaults, we’ve been working on revamping our tokenomics, with the goal of introducing a comprehensive overhaul of the entire Idle DAO ecosystem. The new tokenomics will mark a turning point for our protocol, bringing more utility, alignment, and long-term sustainability.
On the Credit Vaults side, we’ve been receiving great feedback from liquidity providers, curators and borrowers. While the current TVL has seen a downward trend – primarily due to the closure of several pools on Clearpool, following requests from borrowers – we remain confident in our roadmap. Liquidity providers have expressed strong interest in the upcoming opportunities, and we’re optimistic that TVL levels will rebound to match the potential of our expanding product suite.
Thank you to our community for your continued trust and support. We are building something that will define the next chapter of Idle, and we can’t wait to share it with you soon!
M3-2024 DAO Metrics
In anticipation of a more comprehensive analysis of the performance and metrics with the upcoming M3-2024 Performance Report, below is an overlook of the TVL and fees for Idle DAO for the past quarter:
TVL
Average TVL has been $17.3M, with peak of $25M.
(Source)
Fees
Overall $62.2k has been accrued by the product suite. Of the aggregated fees, 89.5% is coming from Yield Tranches and 10.5% from Best Yield vaults.
(Source)
Budget vs. actual
Budgeted expenses has been respected with 97.34% usage. The remaining difference will be allocated to M4-2024 budget when approved.
The upcoming performance report for M3-2024 will provide a more detailed look at the balance sheet and income statement for Idle DAO. The report will give our tokenholders a better understanding of the financial health and performance of the DAO and its product suite.
Leagues M3-2024 Quarterly Goals
1. Institutional Strategy & Credit Vaults Release
We’re thrilled to share that we have officially begun onboarding liquidity providers for our two new Credit and Strategy Vaults. Our goal remains steadfast: to create a seamless bridge between traditional finance and decentralized finance, enhancing accessibility and efficiency in the lending process.
This initiative has involved considerable effort on both the technological and legal fronts. Our team has worked around the clock to ensure that the infrastructure we’re building is not only robust and scalable but also compliant with regulatory standards. We believe that these advancements will enable a new chapter for DeFi lending, providing our liquidity partners with innovative opportunities and strategies for yield generation.
We are aiming for an official announcement in M4-2024, where we will unveil the details of our offerings and share insights into how these vaults will transform the landscape for liquidity providers and borrowers alike. The momentum we’re building with our committed partners is promising, and we look forward to further shaping the future of finance together.
2. Credit Vaults as Collateral for DeFi
As we gear up for the launch of our new Credit Vaults, we have already forged strong partnerships and developed interfaces with DeFi lending protocols such as Morpho and Euler. These collaborations are integral to our efforts to establish a secondary overcollateralized lending market specifically designed for our Credit Vaults.
This initiative is an extension of our previous work on Senior repo markets, which are crucial for maximizing efficiency for our liquidity providers. With this setup, users will be able to utilize their Credit Vault tokens as collateral, providing them with enhanced opportunities to unlock liquidity and improve overall capital effectiveness.
3. IDLE tokenomics
As we look forward to M4-2024 (and expecting to extend it in M1-2025), we are excited to confirm our ongoing commitment to revamping the tokenomics and token structure for IDLE, aligning it with the upcoming Credit Vault product line. During the previous and over the next mandate, we will keep collaborating with specialized partners to design these updates, ensuring they deliver significant value to our community and token holders. We’re committed to including our community in these discussions over the coming months, as we aim to drive a transformative turnaround for the entire Idle ecosystem in response to the increasing interest in the Credit Vaults.
Leagues M4-2024 Expected Budget
The expected budget for M4-2024 is set at $168’000 in stablecoin.
Currently, the Treasury League multisig holds approximately ~$18,000 in stablecoins and ~$50,000 in BTC/ETH/LRTs, based on current market prices.
Should the Temperature Check for IDLE tokenholders yield a positive result, we plan to transfer $100,000 stablecoins or equivalent from the Fee Treasury.
Next Steps
All Idle DAO stakeholders and the Ethereum community are invited to weight in on the proposal. This proposal will be followed by a Temperature Check vote with the published here, when ready.
If positive, the M4-2024 mandate (budget and goals) will be officially approved, and the budget transfer will be included in the upcoming IIP.
Poll for $IDLE holders: 
Polls will close on 
