Idle and Reflexer have been working together for months and fostering a great partnership by allowing people to lend RAI on Aave and Fuse through the Idle protocol. This proposal puts forward the idea of Idle itself lending RAI through the Idle strategy (or other strategies) and creating an additional revenue stream for the DAO.
For more context around RAI’s progress: at the moment, there’s more than $15M worth of RAI that was market bought by different participants who want to hold it for the long run.
Implementation
The DAO would need to swap some of its ETH or stables treasury into RAI and then deposit into the Idle protocol. All details should be sorted by discussing here or on Idle’s Discord server.
Next steps
Would love to get the community’s input on this and how we can make it possible!
MoneyGod always brings good news
This supports Treasury diversification with RAI stablecoin and would like to put another 2 options on the table:
Token Swap between the two DAOs … let’s say 5M USD worth, locked for 2-4 years.
Doing RAI Treasury Diversification but using UMA’s success tokens (also 5M), which would mean moneyGOD could try to spice the deal a bit based on some RAI KPI’s.
PS: I know, I know… Idle does not have 5M in its Treasury. So you all geniuses know that the DAO would have to tap funds/reserves to close a deal this size.
I was thinking more about a swap similar to the one performed by DXdao, meaning that Idle can swap some of its ETH or other stables in RAI. Would be interested to know more about the success tokens though.
Wanted to mention there’s now more than $23M worth of RAI in DAOs and backing other protocols and we have more requests from other projects who want to hold RAI for the long term.
Idle would join a whole group of people already using it!
supports Treasury diversification with RAI stablecoin and would like to put another 2 options on the table: