This proposal focuses on one key initiative:
- Remove the wBTC market from the Best Yield OG strategy.
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.
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.