Roadmap Re-prioritization + New Initiatives

:pencil2: Abstract

At the beginning of the Pilot League mandate, we announced the creation of the community roadmap, bringing into it all the initiatives and activities that were planned and already in progress.

Since the end of the Pilot League’s mandate and the kick-off activities of Dev & Treasury Leagues, we want to revisit the cards in the roadmap to add new initiatives and re-prioritize the current ones.

As you can see from the Pilot League mandate report, until now the priority has always been the initiatives with HU (High User Value Activity). Other LU (Low User Value Activity) initiatives are in the backlog or the discussion phase, and sometimes priority could be given to these.

:mag_right: What the team is working on

At the moment the team is working and focusing on these initiatives:

  • $IDLE Staking
  • CEXs Listing
  • PoolTogether integration
  • CREAM integration
  • AAVE V2 AMM integration
  • B.protocol integration
  • Idle Insurance
  • B2B Affiliate outreach/onboarding

:loudspeaker: Give your feedback

We want to hear your voice regarding the current roadmap :slightly_smiling_face:

  1. What initiatives that are already in the backlog would you like to see handled first?
  2. Do you think there are other new initiatives we could add to the roadmap?
    If so, which ones?

Please reply following this format:

  1. Top 5 initiatives in your opinion (ordered by priority);
  2. New initiatives you would like to add to the roadmap:
    • Summary
    • Motivation & Opportunity

:arrow_right: Click here to see the roadmap

8 Likes

Things in backlog that should be priority are:

  1. IDLE MakerDAO collateral
  2. Tranches
  3. New Assets (Preferably large marketcap and large user base ones such as Chainlink, BNB, XRP, BAT)
  4. Automated reinvesting of gov tokens
  5. Gas optimization

For new initiatives (Even tho I brought up idea long ago, but don’t see it anywhere on roadmap), is BAT token collaboration.

I’m still not sure if team has tried to reach out to Brendan/CEO to find out the best way to go about things to make integration and collaboration possible. Even tho APY is not very high across the lending protocols, we would still benefit massively from their large user base. Their platform will only continue to grow massively at a fast pace imo. I also think a built in browser savings account is game changing/innovative in itself. There has to be a way to get this done while avoiding high gas fees somehow.

11 Likes

Priorities:

  1. There is a serious need for gas optimisation. Redeeming costs over $1500 at the moment. This is unsustainable.
  2. Batch Redeem - For same reason as above.
    Not really fussed about anything else at the moment…
11 Likes

1 - MakerDAO + Unit + Ruler + ichi.org
2 - Tranches
3 - New strategy : stablecoin yield paid into ETH (dollar cost averaging strategy)
4 - L2
5 - DAO Governed Hedge Fund Strategies (on Enzyme?)

10 Likes

Hi everyone,

Just leaving my 2 Gwei on this topic discussion:

Assuming what is in flight remains until closure, the top 5 initiatives in my mind would be:

IDLE as MarkerDAO Collateral

It appears there would be value for IDLE Token holders to be able to use their IDLE as collateral in MakerDAO. I think this adds another use case for IDLE that should encourage user growth.

Tranches

I believe tranches adds another bow into Idle’s suite of yielding features that could enable fixed APY for users who are seeking such a product. I believe this should be a sizeable opportunity to grow TVL.

Auto-compound

In the spirit of not leaving assets Idle, the same case can be made for any reward tokens an Idle user accumulates over time from pooling in one of the Best Yield or Risk-Adjusted strategies or the upcoming IDLE staking :rocket:.

I agree with @Falcone and @unicorn that building a mechanism to make the cumulative rewards work sooner in the form of an auto-reinvest feature would be very valuable for users. Potentially, this could be a “mode” or default depending on the user preferences.

Gas Optimisation

I believe this is a problem across Ethereum DeFi projects, however, if we can do something to reduce the gas for various methods, that would make Idle more accessible and attract more users/TVL.

Layer 2

Layer 2 (namely, Polygon) has been gaining a fair bit of momentum with other DeFi projects like Aave, Autofarm, UniLend, etc. I think it is worth exploring the possibility of tapping into the growing ecosystem of Polygon. Particularly if we could traverse across L1 and L2 for best yield across something like Aave. Notwithstanding, this should also reduce fees for users.

8 Likes

I personally see these four features as short term priorities. In my opinion, they are valuable for the protocol and can improve idle’s visibility and value proposition.

  1. $IDLE as collateral for minting stablecoin(s) via MakerDAO/Ruler/Ichi

  2. Wyoming DAO LLC

  3. Layer 2 solution

  4. B2B partnerships

Personally, I am very motivated to research and discuss with the community setting up a “legal interface” that allows Governance (Idle’s DAO) to interact with the physical world. DeFi’s AUM has ballooned in 2021 and it is just natural that these funds demand “freedom of movement”. This will be a 2-way street, with DeFi profits looking for real-world opportunities and simultaneously TradFin players/users out of DeFi looking for investment opportunities on Idle.
Idle is a pioneer in DeFi Governance and I will contribute to make sure that we also lead in terms of interfacing (connecting) with the “real” world.
Governance of a DAO LLC will introduce many new challenges for Governance but also even more opportunities in B2B partnerships.
The present is exciting and I am thrilled to be able to build it together with the rest of the Idle coomunity :nerd_face: .

NEW WEEKLY / MONTHLY(?) COMMUNITY INITIATIVE:

I would also like to propose an idea of how we could continuously update the roadmap with innovative initiatives in the future. Idle Leagues and the community can collect ideas and I can create polls in the gov forum to validate them with the entire community :arrow_down:. What do you think about this idea?

  • Yes, let’s collect new ideas via polls
  • No, these polls are not a good way to collect new ideas

0 voters

8 Likes

Excluding the activities we are actively working on, these are the initiatives I would like to see handled first :slightly_smiling_face:

  1. $IDLE as collateral (MakerDAO, Ruler, ichi, Unit)
  2. Tranches
  3. Layer 2
  4. Gas optimization
  5. Automated reinvesting of the governance tokens

This order stems from a need to increase use cases for Idle users, to have margins for TVL growth, to improve the experience, and bring new users to Idle.


Regarding new initiatives, I’m for the one mentioned by @Falcone: it would bring really important visibility considering the number of users that use their product.

We can create a collaboration between Brave and Idle, not only through the B2B affiliate program but also by exploring other kinds of integrations from which Brave and Idle end users can benefit :raised_hands:

8 Likes

Thanks everyone for the contribution here on the roadmap re-prioritization. I would like to share the view of Idle Labs team (@Teo, @william, @samster91, @Davide, @gravityblast).

We’re glad to see that our community is in line on different topics in backlog, and the trajectory for some initiatives seems pretty clear. Bearing in mind that we have some ongoing initiative that will still require attention (particularly B2B program) from both Leagues and community, our take on the roadmap backlog prioritization is:

  1. Tranches
  2. L2s/sidechains (firstly Polygon, later there are different solutions like Optimism/ZK-synch/starkware/…)
  3. Wyoming DAO LLC analysis and set up
  4. New assets & protocols
  5. $IDLE as collateral

(Bonus point: Governance accessibility)

Rationale:

Tranches would allow fragmentation of the risks and provide a tailored solution according to users’ needs. Even if the Risk-adjusted strategy uses highly secure protocols, pool losses would be equally split across LPs. With senior tranches, we can be a step nearer to have an institutional-grade offering, and junior tranches would better suit the native crypto audience (higher APYs and higher risks).

Gas optimization could benefit from tranches too, as the product can be re-designed from the ground. This would avoid duplicating the efforts, automating many operations (eg selling gov tokens), and reduce the impact of gas cost. Yet, it is still a problem and will potentially increase with ETH price if we look at the $ value. All solutions on L1 (including batched redeems and batched gov tokens auto-compound) would optimize gas, but it’s a temporary solution. That’s why L2s solutions would need to be prioritized, as they could be a solid solution to dampen this barrier for retail users.

Furthermore, tranches would enable to automatically reinvest governance tokens, and could be considered as a coverage product, adding a new layer of security for senior tranches investors.

The second initiative that would be worth moving forward is L2s/sidechains and, at this time, Polygon. The protocol hosts leading and battle-tested lending protocols, setting the conditions for having a yield-generating infrastructure that complies with the Idle standard. The benefits for retail users are clear, and the protocol would benefit as one of the first yield aggregators that operate on that layer.

In our long-term vision, L1 might work as the onboarding layer for integrators, while retail users would find a comfortable solution in L2.

Additionally, Idle is surfing the wave of governance innovations with cutting-edge infrastructures like the Leagues system. TradFi and DeFi still have a gap to fill, and a Wyoming DAO LLC might be the bridge to allow protocols to interact with traditional companies. We would be amped to keep moving forward with this initiative, and there are still many considerations that need to be analyzed, as the partnership with a DAO would eventually lead to tax implications for its token holders.

New assets & protocols are a core aspect of the Idle vision. The ecosystem is expanding fast, with downstream lenders improving the APY and new assets that could increase our TVL. As a rebalancing protocol, Idle should be agile in integrating yield generators that meet the standard requirements.

$IDLE as collateral would create a new token use case, unlocking a new liquidity source that could be implied in different ways. This initiative would enrich the suite of token applications, enabling the Governance and Leagues to evaluate different treasury management operations.

Governance plays a crucial role in setting up the direction of the protocol, and Governance accessibility would help increase participation rate and ease the ownership experience for our token holders. Scattershot could be an initial improvement to allow granular voting for multi-options polls, and other governance tools could be evaluated and tested along the way. Moreover, the improvements reported here could ease voting costs thus increasing community engagement for governance purposes.

(We are already researching most of the above concepts. We currently are in the process of analyzing the technical feasibility and implementation of these initiatives)

Of course, the roadmap is an iterative process, and the market structure rapidly changes. Priorities might vary according to the community’s needs and the evolution of the DeFi ecosystem.

We can’t wait to help our community and Governance to improve and steer the protocol across its growth for the foreseeable future.

11 Likes

First of all, thank you all for your involvement in this discussion; we appreciate every piece of feedback and thoughts you have regarding Idle’s future initiatives that need to be prioritized in the roadmap :building_construction:

From all the comments received that we see, what emerges is a clear desire to have new features for Idle and enhance the user experience in using the protocol, particularly to act in different ways on the problem of high fees.

:point_down: To summarize, these are the activities that, in addition to those already listed in the first message, will be handled first by Idle Leagues:

  • IDLE as a collateral (MakerDAO, Ruler, Unit)
  • Tranches
  • Layer 2 / Sidechains
  • Gas optimization
  • Wyoming DAO LLC
  • New Assets & Protocols
  • DAO Fund Management
  • Automated reinvesting of gov tokens (N.B. this requires to have Tranches already implemented)

:mag_right: We are already discussing and analyzing some of these initiatives (e.g.we are working on Polygon, discussing about Tranches, and DAO Fund management) and we are working on delivering the highest value we can.

Some tasks could be handled sooner than others, as @teo said:

There will always be new posts on the forum to announce the launch of these initiatives or start a constructive discussion.

We can’t wait to complete the initiatives we are currently working through now and start new ones; let’s bring Idle onto the main scene :rocket:

10 Likes

@Salome and @Teo, you both placed incorporation of DAO as a US LLC high on proposed roadmap. This sounds like a very far-reaching development that can seriously change relationship of Idle DAO with external entities, but also with its members.

Do you have more thoughts to share on how this would unfold and what opportunities+challenges it would bring for protocol and DAO?

4 Likes

The legal research about an Wyoming DAO has been going on for several months already and multiple legal advisors have been heard.

It is crucial that any new legal structure does not change the relationship and Governance of the Idle protocol with its existing ecosystem. Its is also crucial that a Wyoming DAO does not slowdown the protocol ability to adapt and grow but instead opens the door to further innovation :money_mouth_face:
On the back of that research, it looks like there are actually multiple options and in the following weeks the Treasury League expects to follow up with good news.

Personally, I see a Wyoming DAO as a bridge to TradFi that would add TVL, increase the user base, increase the utility of $IDLE and put Idle ahead of the competition.

The challenge, of course, is not letting that “bridge” to create any limitations to the evolution of the protocol or to Governance.

9 Likes