M2-2022 Coordinators Applications

References

Summary

This post will serve as the official application post for contributors who want to run for a Coordinator position for M2-2022 mandate. This post also outlines the election process that will be used to determine and vote in members of the Coordinators. The new Coordinators will have a term of 3 months, after which the election process will take place again.

Background

The Coordinators is a new framework introduced for the Idle Leagues application process. Its aim is to introduce a more lean process to create and structure Leagues, while relieving IDLE tokenholders from the burden of voting every newly empowered contributor for the Leagues, scoping the vote to Leagues budget and Coordinators only.

This framework has been voted and approved by IDLE tokenholders via Snapshot.

Application

Prospective Coordinators are required to share their Proposal below this post with the following information.

Coordinators Proposal

  • Leagues Roadmap: essential part of a Coordinator Proposal, where the Coordinators specify their perspective, in as great detail as possible, on what they want to achieve within the next Leagues Mandate. Their responsibilities will be to coordinate efforts and foster cross-Leagues initiatives to reach the proposed roadmap.
  • Leagues Structure: illustrate the organizational structure of the Leagues that will be formed in order to achieve the Roadmap. The Structure shall describe the different Leagues that will be formed (e.g. the current Treasury, Development, and Communication) and the respective positions for each League, with a description of their main responsibilities and activities. Coordinators can propose positions that are already filled with contributors they’ve already agreed with, otherwise, it will be their responsibility to recruit and fill the positions that are open for the mandate
  • Leagues Budget: outline the required budget that the Coordinators require to fund contributors’ rewards and expenses for the mandate, and how they plan to organize and provide accountability into their use of the budget. Provide a projection of costs of this request, including a line-item breakdown of the expenses. The Proposal must be specific about what the Coordinators plan to do with the funding, so that there is no confusion about the Mandate purpose or goal.

Timeline

  • Application Period: The application period will last from: 2022-04-04T20:00:00Z2022-04-08T14:00:00Z
  • Voting Period: The voting period will last from: 2022-04-08T15:00:00Z2022-04-10T18:00:00Z, 2022-04-11T16:00:00Z2022-04-14T18:00:00Z, and will be held on both IDLE and stkIDLE Snapshots.
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Authors

@Teo @william

Summary

This post outlines the Coordinators Proposal for M2-2022 (April-June) with @Teo and @william as Coordinators. Find below more about the proposed Leagues’ Roadmap, Structure, and Budget for it.

Leagues Roadmap

The Vision :sparkles:

To bring Idle into the mainstream and serve all businesses and institutional partners, we have to make the protocol more scalable, keep our high-security standard, and provide a sustainable way to integrate with our product suite.

Expanding the Idle DAO product suite and extending the yield sources for PYTs to strengthen its market fit is the primary objective for M2 2022. Our North Star metric will be the TVL in Idle DAO product suite (Best Yield, Perpetual Yield Tranches, and future products).

There is a significant margin for improvement regarding the TVL and we believe we can aim to see triple digits growth this year.

In addition, we will be using as KPI the fees generated by the Idle DAO product suite, as they indicate the sustainability of Idle DAO.

The Strategy :chess_pawn:

To do that, we want to focus on what the customer needs and wants to use. Our goal is to be the platform of choice for yield automation and optimization, both in terms of returns and risks.

The product suite will be tailored for:

  • Yield Integration Partners: like other DeFi protocols, wallets, and platforms that want to build compelling use-cases and monetize their models to maximize yields by serving their users’ risk-adjusted products with high-security standards. Idle’s partnership programs allow partners and developers to easily integrate yield into their own services. In an effort to make BY and PYT strategies accessible from virtually anywhere, any protocol that integrates our product suite can earn up to a 50% profit share from its contributed TVL. We are here to grow the DeFi ecosystem together.
  • DAOs, Institutional and Corporate Treasuries: All over the world there are trillions of dollars sitting in DAO, institutional and corporate treasures. These balances earn nothing. In some cases, they have to pay banks for the privilege of holding their cash. Treasury management is typically a conservative approach to capital management, due to the many responsibilities tied to this capital, as well as the need for a certain degree of predictability around it, if at least for budgetary allocation purposes. As such, we focus on PYTs’ risk-adjusted profiles as a solution to provide structured, reliable, and efficient capital growth, depending on their risk profile and allocation strategy.

Product Roadmap :factory:

Below is a list of high-level product initiatives we are prioritizing for this second mandate of 2022; as they progress, proposals will be made including all the details. These initiatives will be mainly developed by the Development League, and propagated and amplified with the community by the Treasury and Communication Leagues.

PYTs Collabs: AMMs Flywheel

Strengthening the AMMs flywheel for PYTs with integration partners by adding Uniswap, Sushiswap, Quickswap and Balancer as yield sources (both on Ethereum and Polygon). The AMMs flywheel is a powerful mechanism for DAOs or protocols that need to bootstrap liquidity for their markets without having to sacrifice their governance tokens to do so, but rather leveraging the Senior/Junior APY distribution.

Leveraged staked ETH derivatives PYTs

A series of PYTs based on derivatives of staked ETH with a folding strategy to leverage APYs. In sight of The Merge, this will allow investors to squeeze all the capital efficiency out of ETH staking while preserving their risk profile.

PYTs Factory: achieve the long tail of assets

Build a factory interface for PYTs, where anyone can create new opportunities, bootstrap financial products, and markets. This implementation would allow partners to create and bootstrap their own PYTs and include them in the IDLE Gauges with the whitelisting governance framework.

Best Yield 5.0: yield sources expansion

Expand the yield sources for our flagship Best Yield strategy; these can include new lending protocols such as Euler, or our own PYTs to bundle the yield generation and automation experience for the Idle ecosystem.

Best Yield and PYTs maintainance

Maintaining Best Yield and PYTs strategies, either in terms of continuous improvement of our security monitoring systems or harvesting operations.

Yield Automation Rebranding: a new face for Idle DAO

Release of the brand new landing page and dashboard, with a revamped visual identity, new robot mascots, and aesthetics, all oriented towards the concept of “DeFi Yield Automation Protocol”.

Organizational Roadmap :classical_building:

Below is a list of high-level organizational initiatives we are looking to work on during this second mandate of 2022; as they progress, proposals will be made including all the details. These initiatives will be mainly executed and maintained by the Treasury and Communication Leagues, with the help of the Development League where any technical input is needed.

Partnerships/Collaborations

  • Implement and improve the BizDev strategy with a focus on:
    • Integration with DeFi protocols, wallets, and dashboards
    • Collab with DAO and institutional treasury managers
  • BY and PYTs content creation (docs, articles, one-pagers, decks) and onboarding/feedback sessions with current and prospective partners

Communication and Growth

  • Prepare Idle DAO for summer DeFi conferences
  • Grow community engagement in Discord and Twitter
  • Grow presence in DeFi media outlets
  • Organize open talks with DeFi SME for topics concerning Idle DAO (eg legal structure for Idle DAO)
  • Maintain constant communications with our community in Twitter/Discord/Telegram regaring the updates from Leagues initiatives and DAO achievements
  • Prepare launch campaign, content, and design materials for the upcoming Yield Automation rebranding

Community Engagement

  • Maintain, support, and update IGPs and RFPs
  • Improve governance participation via meta-delegates (universities initiative)

$IDLE Tokenomics

  • Maintain and make IDLE markets more efficient in terms of slippage
  • Coordinate with lending protocols and leverage tools to implement IDLE as collateral
  • Collabs with current PYTs partners for Gauges voting and VEV
  • Convex/Backscratcher for IDLE Gauges

Organizational and Financial Management

  • HR League with a legal structure (collab with Kali DAO or similar) for payroll mgmt and 3rd party contracts
  • Additional research for UNA or similar legal structure for Idle DAO
  • Setup a common Leagues task mgmt dashboard (now it’s Trello + Notion)
  • Recurrent financial reporting in the forum regarding Idle DAO North Star and main KPIs

Leagues Structure

To achieve the aforementioned goals and roadmap, we propose the following Leagues Structure with 15 core contributors and advisors:

  • Communication League: 2 contributor.
  • Development League: 4 contributors.
  • Treasury League: 5 contributors.
  • HR League: 1 contributor (initially provided by Treasury League).

This structure can be changed throughout the mandate, within the budget scope, to allow new Leagues members to join if needed. Contributors will be announced after the vote take place and it’s successful.

Leagues Budget

The Leagues’ budget for Mandate 2 of 2022 (M2-2022), spanning from April to June 2022, sums up to ~$155k.

The budget will be used to pay for Leagues members’ contributions (Rewards) and to cover the operational costs of the three Idle Leagues (Operations).

The complete M2-2022 budget file is accessible at this link.


*Please note that the reported token amounts are subject to price fluctuations, hence their amounts could change at the time of funds transfer. The prices shown are quotes from April 06th, 2022.

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"Apes cry about not getting 100x
Devs cry they are busy shipping
DAO management cry there’s nothing they can do

Price and shipping decouple when some part of the DAO is not performing.
A F1 race is not won by the car with the best engine, it’s won by the best team."

Some of you seem to have missed this tweet, so lets go thru it and how it applies to your proposal.

TLDR; Idle does not need bosses, it needs a Jedi (many)

Long answer:

By now you guys already created: best yield, risk-adjusted, flash loans, and tranches.
Now, if I understand your cryptic communication, it looks like that either you are already building something else or you plan to start building a new product in “the future”.

In the past I would get excited about this way of doing things, but not anymore.
That strategy has created not only TVL, incentives, and brand dilution but also HR problems of severe magnitude (namely during the onboarding of new League members).

Your measuring of success leaves out wallet count and the performance of the $idle chart. It must not.

Your strategy proposal lacks detail, which paired with the fact that “coordinators” are basically dictators in disguise, can become a dangerous combination in the future as it creates a new attack vector at the DAO.

Mentioning that you plan to pursue institutional and corporate treasuries with the proposed budget, the existing HR and C&M strategy is vague, delusional, and amateurish, which both of you are not.

What institutions are you trying to target? Crypto FinTech, legacy TrafFi or SMEs? Even if there are any institutional clients out there willing to take hack risk for 7% APY on senior PYT, how does the DAO benefit from it in terms of revenue and marketcap? How do these institutions participate in the Idle wars? With Idle’s small marketcap, what partners can we realistically build bridges with and at what costs? How long can the DAO treasury burn $idle to build this bridge?

For these reasons, as it currently is presented, soon there will be the need for more proposals to change both the budget and Leagues structure for the next mandate.
RIP KPI’s based decisions and the 155k budget spreadsheet.
Welcome $idle inflation.

The short term product roadmap is very solid as it focus on Best yield and PYT. Great.

Also short term, improving the UX is crucial: we must have faster loading speeds and the UX in mobile must be friendlier too.
I remember the time 2 years ago when Idle Finance friendly and easy UX was the key element to onboard noobs. That has been lost. It has been reported countless times and it still sitting on a “wishlist” somewhere.

The organizational roadmap, from my understanding, since its a high-level description, does not seem to introduce significant changes in the way business is done. If this is the case, it is a terrible mistake.

The pressure to be institutional-ready by the next mandate will create problems. Idle does not have a legal structure, processes (management), operations product, business plan, budget or HR.

Also, ideally, the community and marketcap needs to grow at the same time decisons are made about the “IRL Idle DAO” and potential partners are contacted.

The Communication and Growth roadmap, adds nothing new.
That is a problem because with same (lack of) marketing budget, same lack of long term activities (collabs that last for at least 3 months) and same echo chambers (idle’s own discord/twitter) its fair to expect our community to grow at the same pace like now.

In terms of C&M initiatives, too many bridges have already been burn because we lacked focus, a target audience and budget. I would love to see more feedback between League members and the community on discord regarding the pick of influential people to contact/collab.

About Idle tokenomics, improvements in the next 3 months that should be in the roadmap are not rocket science:

1) Idle own stablecoin
2) Make locked idle tradable in “secondary markets” (open sea for example)
3) Bonds
4) Pay all contributors with a $Idle “token option plan”, instead of $IDLE directly
5) Gas kickbacks tiers for big Idle stakers.
6) Add a Tier 2 CEX, allocate budget

Some final notes. I have been active in the DAO since day 0, so for the ones that have been around longer you know I don’t like to engage in public conversations like this in the forum.

Unfortunately, League members lack the motivation and skills to chit-chat with the rest of the community and so this forum has become my last line of hope to be heard and taken into consideration.

Several League members are not active on social media and do not talk with the members of the community or members of other Leagues. Coordinape is a joke, now you all also know that.

I know for a fact that @william is overwhelmed with code and IMHO should sleep sometimes.
I have a hard time imagining him having any fun as a coordinator.
I even think that he wrote his post from his Python IDE. Apologies in advance if I am wrong.

The proposal does nothing to address existing problems and simply adds a “boss” on top of them all, hoping for a quick band-aid.

A boss can not fix IDLE’s biggest problem: a frustrated community that does not grow in numbers and engagement. It can be argued that it does quite the opposite: expecting a coordinator to fix everything will facilitate onboarding “salarypeople” that are demotivated and blame the boss and layers of internal processes, for their own lack of results.

I rather have a Jedi, or many, instead of a coordinator/boss.

4 Likes

I empathise with @unicorn

With a specific emphasis on the “Institutional” money direction…I’ve always been a bit skeptical, as I don’t believe (from whatever I can see) that idle’s offering is that appealing to ‘institutions’.

As unicorn mentioned… What kind of “institutions”??? I don’t believe IDLE’s offerings are that attractive to most of these institutions?

Tradefi You’re not attracting these guys… the most they may do is chuck in some stablecoin and lend on a CEXs… or sit on options trading platforms doing cash and carry trades (getting 10% APY or so)>

crypto funds. They primarily do farm and dumps while hedging the volatile side through shorting, OR simply chuck their USt into anchor at 20% APY… don’t think idle’s offering is attractive to them…This is further emphasized by your own investors not even putting their crypto with IDLE… Where is GUMI’s money? I know for a fact that those guys farm yield…

crypto businesses… c’mon these guys are crypto native businesses… they know crypto… and they know IDLE finance is not the best place for risk or yield…

Of course, maybe im wrong… maybe you guys have relationships with “institutions” who have committed billions of LTV to the IDLE protocol, in which case I will bow down and kiss your feet… but realistically?? c’mon… I don’t think any “institution” who knows their shit will use IDLE.

I’ve always thought that IDLE was a platform for retail and DAOs to integrate with… Your auto re-balancing… ease of use… and IDLE token is designed for retail and DAOs. I also believe that this is where most of the opportunity for us lies… Let’s begin working together with some of these players! Smaller to mid level sized DAOs… While at the same time, we allocate some budget to do promotions within their discord so that we can cross pollinate into other communities and capture their retail users.

I think IDLE can be such a great project… fuck we can be the project that brings back Defi summer… I just don’t think the current strategy of only playing with the big/established dogs is the most effective way to go.

3 Likes

@unicorn, @idlehusbandry,

As you have so many insights and certainties regarding the strategy the Idle DAO should take, let’s have a chat 2022-04-11T14:00:00Z in Idle DAO Discord. Open to anyone. Keen to see what is the result in terms of improvements for Idle DAO from this shitposting. In the end, you want that right? We will go through your feedback together.

TLDR: Idle DAO don’t need catchphrases, needs coordination.

3 Likes

Really appreciated the insightful open conversation in Discord today, @unicorn @idlehusbandry @JonnyReid – thank you and everybody who participated!

I felt we’ve been aligned on both the product suite audience and strategy and proud to have heard that now you are on the same line with that. In addition to that, regarding the Coordinators Framework, we felt that our community wants to be more close to the internal processes and decisions that will be made via the addition of this coordination layer.

As an immediate improvement to the Coordinators Framework, taking into account the feedback discussed during the call, we would like to propose the following items:

  • Bi-Weekly Leagues Updates. Restoring and improving the recurrent Bi-weekly Governance Updates, that would allow the community to be on the same line with Leagues initiatives and results; we will be fostering a more open conversation about that in Discord to hear community’ ideas for the current and perspective initiatives that Leagues members are working on.
  • Coordinators Temperature Checks. For any structural change to the Leagues that Coordinators want to propose during a specific mandate, they should get approval from the community via a Temperature Check (in Snapshot) to avoid any edge cases and maintain an open process for the Leagues.

These processes/improvements, as well as the Coordinators Framework outline, will be made available in the documentation soon. And we’re keen to have other open conversations in order to add more components to the Coordinators-Leagues Structure according to our community feedback.

That said, we will give some time for the community to share any feedback regarding this update, and then the M2-2022 Coordinators Proposal will be available to vote from 2022-04-12T16:00:00Z :ballot_box:

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The voting phase for the Coordinators Proposal is now live :ballot_box:

:arrow_right: Poll for $IDLE holders: HERE
:arrow_right: Poll for $IDLE Stakers (stkIDLE holders): HERE

:alarm_clock: Polls will close on 2022-04-15T16:00:00Z

The final $IDLE voting weights will be calculated using the approved calculator.

Let your vote count! :writing_hand:

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Coordination Proposal approved! :white_check_mark:

The M2-2022 can officially start next week :tada:

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