IIP-15: Remove DyDx and Cream. Add IDLE to idleFEI

Summary

This off-chain poll aims to gauge the sentiment among stkIDLE holders regarding IIP-15, which has been launched on-chain. If the poll will reach the quorum, the vote will be broadcasted on-chain.

This IIP would enable $IDLE liquidity mining on IdleFEI, deactivate dYdX from DAI and USDC Best-Yield pools, and remove Cream from IdleFEI.

IIP Motivation

The post “dYdX deactivation” already informed $IDLE token holders about dYdX Solo (Layer 1) protocol shutdown and proposed the wind-down of that protocol for DAI and USDC pools. The proposal already passed the Temperature Check.

In regard to idleFEI, last week Idle Leagues introduced the idea of enabling $IDLE farming for the FEI pool. With IIP-15 approval, the idleFEI pool will then be included in the $IDLE liquidity mining program and will dynamically receive $IDLE depending on TVL and APY of the pool. The potential target market is $500m (circulating supply). The proposal already passed the Temperature Check.

The third initiative proposed with IIP-15 is the Cream removal from idleFEI pool. Cream protocol suffered a $130m loss on 27th October 2021, making it the third-largest DeFi hack in history. The attacker found a vulnerability in the platform’s lending system and used it to steal Cream’s assets. Following this incident, Cream can no longer be compatible with Idle’s risk profile and Leagues propose to remove it from idleFEI (the only pool supporting it). There are no material risks on Idle side, as the rebalancer already paused any possible Cream deposit, but this IIP would finalize the underlying protocol deactivation. The proposal already passed the Temperature Check.

Check the details of the motivations here.

Details

Actions:

• dYdX removal from Best-Yield DAI and USDC pools: 2 actions
• $IDLE liquidity mining activation on idleFEI: 2 actions
• Cream protocol removal from idleFEI: 1 action

This IIP complies with the stkIDLE Voting Framework. Only stkIDLE holders can vote on this poll. Threshold to make the poll valid (both metrics should be reached):

• 30% of circulating stkIDLE voting the poll (min. 84’127 stkIDLE)
• at least 70% on the same option

If the poll reaches the quorum, the community multisig will broadcast the decision on-chain. Current On-chain Voting Power: 378’670 $IDLE

Voting Options

Please cast your vote on one of the following options: FOR: Approve IIP-15 execution AGAINST: Vote against IIP-15 execution