Strategies revamp: unused assets wind down III

Biaf · February 20, 2023, 5:35pm

Authors

Treasury League

Summary

This proposal focuses on one key initiative:

Remove the wBTC market from the Best Yield OG strategy.

References

Rationale

Following the recent decisions of the DAO about some tokens unlisting from the BY and the PYTs, we would like to propose a delisting of the last token in the OG BY: the wBTC.

The new offering on Best Yield would then be:

Senior BY: DAI, USDC, USDT and WETH
Junior BY: DAI, USDC, USDT

This asset has never reached a sufficient level of traction to justify the rebalance costs incurred by Idle DAO’s smart contracts. The fees generated in the last 2 years on top of this market were minimal (~$300).

The wBTC token won’t be anymore listed in the main UI under Best Yield, and deposits will no longer be available. Users will still be able to redeem their funds from either the beta version of our dashboard or by interacting with the contracts on Etherscan.

Next Step

This initiative aligns with the end goal to simplify the Idle product offering. Based on market demand, in the future, we may think to tranche a wBTC market with our PYT primitive or include this market in the leveraged strategies.

This post will be open for discussion, and in about 48 hours, if there are no objections, we will proceed with the Temperature Check.

Biaf · February 22, 2023, 5:18pm

Temperature check voting

The voting phase for the wBTC delisting from the OG Best Yield starts now

For - Agree with the asset delisting from the OG Best Yield strategy
Against - Disagree with the asset delisting from the OG Best Yield strategy
Discuss more - Discuss more the asset delisting from the OG Best Yield strategy

Poll for $IDLE holders: HERE
Poll for $IDLE stakers (stkIDLE holders): HERE

Polls will close on 2023-02-25T17:30:00Z

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

Looking to delegate your vote on Snapshot? Follow the official Snapshot guide.

Let your vote count!

Biaf · February 27, 2023, 9:39am

Temperature check results

Temperature Check passed

The delisting of wBTC tokens from the Best Yield strategy will be paired together with other actions in the next IIP