Image for post
Image for post

Money should never sit still. And in 2020, money hasn’t definitely sat still for DeFi and Idle.

We are approaching the end of the year and this article provides a recap of what the core team and community, the Idle governance, achieved so far in these amazing (yet tough, globally) 12 months.

One year ago we were brainstorming with early LPs and users about ways to improve capital efficiency in DeFi, trying to aggregate and optimize across as many primitives as possible.

The mission to provide an effective capital allocation was clearly defined in our first post of the year.

The aggregated and automated supply-side rebalancing protocol took shape when we announced Idle Finance v2, a major update that introduced the Dynamic Funds Allocation mechanism and a new smart contract architecture. …


Image for post
Image for post

This article analyzes the events and consequences of the minor bug found in Idle protocol and the related fix.

Fix Timeline

14th Dec 2020:

  • MRKWHG, an Idle user and community member, informed the Idle team about a misallocation of IDLE tokens in the dashboard, as the amount of the day before was slightly higher than the day after. He also provided some example transactions and more details about the odd behavior.
  • Idle team started the inspection and immediately alerted Quantstamp about the inquiry.
  • Both teams worked side-by-side to investigate the issue, identifying the vulnerability and working on the off-chain temporary mitigation patch.
  • An off-chain patch has been applied to mitigate possible further misallocations. …

Image for post
Image for post

Welcome to Idle Weekly Beats, your regular dose of updates 📢, new features 🤖, and announcements from our team and community 👪

📅 Core Beats

  • Idle’ strategies portfolio now available on DeBank
  • USDC Idle strategy on Yearn v2 is live for testing with Citadel on Test Vaults
  • A minor bug, already mitigated, has been found in the distribution of gov tokens
  • Now you can track the TVL of Idle in DeFi Pulse
  • This PR could enable Idle integration into Curve Finance

🏛 Governance Updates

  • Grant for developing the infrastructure to establish a Balancer Smart Treasury is live and accept applications
  • The on-chain proposal, IIP-1, published by Quantstamp has been proposed and now queued in the Timelock for the execution (which is scheduled in 2…


Image for post
Image for post

Today, Idle embarks on a journey to fulfill our vision of a globally available decentralized capital pool, operated by a community-based administration of the protocol.

The Idle protocol is now governed by a DAO powered by the IDLE token, which promotes key activities to ensure a proper protocol’s maintenance and improvements in the years to come. This decentralized network governs and manages the strategic decisions of the protocol, enabling community participants to drive and contribute to the protocol’s future developments.

The DeFi ecosystem has defined new scalability approaches, focusing on transparent and decentralized protocol management, where builders are rewarded for their contributions. …


Image for post
Image for post

The unveiled Idle’s Governance model is designed to embrace an impartial and trust-minimized way to supervise and operate the protocol. After releasing the initial model, we proudly saw our community letting us hear its voice, with feedback, suggestions, and constructive discussions.

Thanks to this vibrant participation, we decided to iterate on the model.

Community feedback incentivized us to fine-tune the distribution plan. We rolled up our sleeves and, with our partners and collaborators, we designed a token economy that aims to align the interests of passive users, active contributors, and the core team.

We are proud to introduce the outcome of this iteration, Idle’s new distribution plan. …


Image for post
Image for post

The Idle Labs team has been building, researching, and immersed in DeFi since its earliest days. By exploring structured products and cross-protocols interactions, we came up with a powerful rebalancing framework that enables any pool to automatically optimize capital allocation based on users’ risk profiles.

Idle protocol started as a hackathon project in the summer of 2019 and then selected by Consensys’ Tachyon accelerator program. During the program, we had the chance to get in touch with a great community to bounce ideas with and share knowledge and advice with many leading players in the Ethereum ecosystem.

Our Mission

Our mission is to provide a resilient and trustless platform for algorithmic capital allocation across DeFi yield-generating protocols. Thanks to DeFi’s programmability, we see a pathway to Idle being the building block that sits as the simplest primitive of what could change the way idle savings do for every single asset in the world.


Early LPs Fund is now doubled, more power to Idle’s highlanders

Image for post
Image for post

We are approaching the phase where Idle token holders will progressively replace the core team in the administration and development of Idle protocol.

When we unveiled the governance model, we received meaningful feedback about the role of the community and the historical users in the future of the project.

This is why we changed the distribution, marking the importance of LPs and loyal users that supported our protocol since the beta release.

The Early LP Fund, previously set at 2%, has now been increased to 4% of the total supply [520,000 IDLE]. These tokens are not subject to vesting or lock-up. …


Multi-protocol optimization strategies land on a P2P exchange

Image for post
Image for post

In Idle we believe that services like wallets and portfolio managers will play a vital role in reducing the entry barriers to new crypto holders, providing a wide range of services with easy-to-use interfaces.

It is for this reason that we are glad to announce our partnership with CryptoLocally, a P2P trading platform that is improving the access to decentralized finance for the masses.

The Finance Wallet is their DeFi-focused service and they recently added the feature to earn staking rewards on ETH, DAI, USDC, USDT, UNI, and GIV.

The power of yield aggregator’s integration

Instead of using a single yield provider, relying on its performances and security, CryptoLocally is integrating Idle’s Best-Yield strategy in order to provide a multi-protocol approach. …


UPDATE — The below model and distributions for $IDLE have been updated. You can find the most recent release here:

Since the inception of Idle, our goal has always been to design a financial infrastructure that could operate without relying on the effort of a single entity.

We now want to remove an additional degree of dependency, embracing an impartial and trust-minimized way to supervise and operate the protocol.

Today, we want to kick-off a governance system that will replace Idle protocol administration power with community governance — enabling users and contributors to propose, debate, and implement changes to Idle.

The IDLE Governance Token

Image for post
Image for post

All starts with IDLE. …


Image for post
Image for post

We are thrilled to announce our fourth major update, which incorporates multi-protocol yield farming into Idle.

DeFi space on Ethereum has been growing at a fast pace lately, and new opportunities are popping out every day. It’s becoming more and more difficult for users to keep up with the best yields available to them. Additionally, it’s been clear that may users are hungry to use an automated system to move their funds to whoever is offering the best yields.

Since August 2019, we have been working on this rebalancing protocol: adding new yield providers and assets, improving the optimization algorithm, and solving issues that might cause yield aggregators to get stuck in a single provider have been our priorities. …

About

Idle

We are tokeninzing the best interest rate across different lending protocols on the Ethereum money market.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store