[IIP-42] Timelock admin update and M1-2025 budget transfer to Leagues

Voting ended about 1 year agoSucceeded

The following is an extract of the proposal posted on the Idle governance.

Summary

The IIP aims to change the Governance Timelock admin temporarily to the Treasury Leagues multisig and transfer the M1-2025 budget to Leagues.

References

Rationale

1. Update Governance Timelock Admin

The DAO agreed to transfer the Governance Timelock admin to the Treasury League multisig before the forthcoming IDLE snapshot to mitigate the risk of governance attack

The primary goal of this proposal is to prevent a governance attack that could happen after the upcoming IDLE snapshot.

$IDLE Snapshot: A snapshot of $IDLE and $stkIDLE balances (considering also balances held on DEXs as LP) across the Ethereum mainnet will be taken on [date=2025-01-10 time=23:59:00 timezone="UTC"].

A malicious actor could purchase IDLE tokens at market prices, which will likely be impacted by the forthcoming snapshot, gain significant voting power, and execute harmful proposals. These include but are not limited to:

Stealing DAO treasury funds: Redirecting funds intended for community growth or strategic initiatives held in the DAO treasury.

Disrupting Best Yield functionalities: reallocating funds deposited in the Best Yield smart contracts.

By temporarily transferring the admin of the Governance Timelock to the TL multisig, the Idle DAO can ensure that critical functions are safeguarded against potential exploits during this transition period.

2. Leagues M1-2025: Roadmap and M4-2024 Recap

This IIP will also be used to transfer the M1-2025 budget to Leagues.

The expected budget for M1-2025 is set at $188’000 in stablecoin.

The Treasury League multisig currently holds approximately ~$13,000 in stablecoins and ~$37,000 in BTC/ETH/LRTs, based on current market prices. Should the temperature check for IDLE token holders yield a positive result, we plan to transfer $138,000 stablecoins or equivalent from the Fee Treasury.

Specifications

The code of the IIP-42 can be found on GitHub here and consists of 9 actions.

IIP-42 actions:

1 action to set pendingAdmin of Timelock to TL multisig so all DAO contracts can be managed temporarily with that multisig (a delay of 2 days for each action will still be in place)
1 action to transfer $138,000 equivalent in stablecoin from the Fee Treasury to the Treasury multisig wallet
7 actions to get various tokens from an old FeeCollector contract for a total of ~$800 in DAI, COMP, USDC, SUSD, WBTC, RAI, TUSD

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Discussion

[IIP-42] Timelock admin update and M1-2025 budget transfer to Leagues

Timeline

Jan 10, 2025Proposal created

Jan 10, 2025Proposal vote started

Jan 12, 2025Proposal vote ended

Jan 13, 2025Proposal updated

Rationale

1. Update Governance Timelock Admin

The DAO agreed to transfer the Governance Timelock admin to the Treasury League multisig before the forthcoming IDLE snapshot to mitigate the risk of governance attack

The primary goal of this proposal is to prevent a governance attack that could happen after the upcoming IDLE snapshot.

$IDLE Snapshot: A snapshot of $IDLE and $stkIDLE balances (considering also balances held on DEXs as LP) across the Ethereum mainnet will be taken on [date=2025-01-10 time=23:59:00 timezone="UTC"].

A malicious actor could purchase IDLE tokens at market prices, which will likely be impacted by the forthcoming snapshot, gain significant voting power, and execute harmful proposals. These include but are not limited to:

Stealing DAO treasury funds: Redirecting funds intended for community growth or strategic initiatives held in the DAO treasury.
Disrupting Best Yield functionalities: reallocating funds deposited in the Best Yield smart contracts.

By temporarily transferring the admin of the Governance Timelock to the TL multisig, the Idle DAO can ensure that critical functions are safeguarded against potential exploits during this transition period.

2. Leagues M1-2025: Roadmap and M4-2024 Recap

This IIP will also be used to transfer the M1-2025 budget to Leagues.

The expected budget for M1-2025 is set at $188’000 in stablecoin.

The Treasury League multisig currently holds approximately ~$13,000 in stablecoins and ~$37,000 in BTC/ETH/LRTs, based on current market prices. Should the temperature check for IDLE token holders yield a positive result, we plan to transfer $138,000 stablecoins or equivalent from the Fee Treasury.

Specifications

The code of the IIP-42 can be found on GitHub here and consists of 9 actions.

IIP-42 actions:

1 action to set pendingAdmin of Timelock to TL multisig so all DAO contracts can be managed temporarily with that multisig (a delay of 2 days for each action will still be in place)

1 action to transfer $138,000 equivalent in stablecoin from the Fee Treasury to the Treasury multisig wallet

7 actions to get various tokens from an old FeeCollector contract for a total of ~$800 in DAI, COMP, USDC, SUSD, WBTC, RAI, TUSD