The Idle DAO team recently hosted its second Community Call, providing the community with the latest updates for Idle. Don’t worry if you missed it, we have put together a recap for you below:
DAO updates: LisCon & ETH Lisbon
Some of the Idle DAO team were in Portugal for the LisCon and Eth Lisbon events. The team met some great people during their time there, talking to other DAOs, developers, and industry influencers.
Matteo and Denis also spoke on a panel discussing the future of DAOs, the challenges, and opportunities. Being at these events was a great opportunity to increase the awareness of Idle and begin to build deeper relationships with other protocols and industry leaders. We will be following up with the contacts made over the week to explore possible collaborations.
In addition, Matteo updated the community on moving the Idle DAO towards a recognized legal entity structure. With a formal legal structure, Idle DAO may be able to interact with different companies to achieve broader goals. Currently, there appear to be two viable options: Offshore Foundation and an Unincorporated Nonprofit Association. We discussed the pros and cons of each structure. Like many legal entities, the Idle DAO could opt to have multiple registered legal entities to serve different purposes.
Deep-dive: Perpetual Yield Tranches
We dived deeper into the latest addition to Idle’s product suite: Perpetual Yield Tranches.
Tranches allow users to enjoy optimized DeFi yields with built-in protection on deposits by holding the Senior class, and leveraged yield exposure with Junior one.
You can find out more about Perpetual Yield Tranches in our documentation.
We are currently focusing on integrating more yield sources for the Perpetual Yield Tranches such as stETH (via Lido) and MIM (via Convex) supported by some new grants.
Treasury updates: Protocol Metrics
Next up was Davide and Salomé giving a treasury update:
- FEI has been the protocol’s best-performing asset in the last month, providing investors with an average APY of 12.2%.
- Idle TVL for the month settle to $123 millions.
- ~21k $IDLE were distributed to stakers.
Treasury updates: Liquidity Staking
Recently, our 6-month liquidity mining program on SushiSwap came to an end. In light of this, the Idle community voted to provide a 3-month incentivization scheme for SushiSwap on the Polygon network.
Tokenomics: Fuse Collateral
The Treasury League is currently exploring ways to integrate $IDLE into borrowing and lending protocols so that holders can borrow using IDLE as collateral for positions. This will unlock new use cases for our token.
Rari’s DAO Governance has already approved $IDLE to join the Rari pool #3, which is currently in the implementation phase. As we want to offer our users the best possible borrowing rates, high liquidity is crucial. Therefore the Treasury League is also exploring to get listed in the Rari Fuse pools.
Once we have our Perpetual Yield tranches on mainnet, one option is to have Idle hosting its own pool on Rari Fuse. Watch this space!
Further to this, the treasury League is very excited about the new partnership with Paladin. This new money lego allows all of us to extract value from IDLEs voting power.
Paladin will allow $IDLE token holders to lend their Governance tokens and make the voting power available to others for a fee. When voting power is lent, the $IDLE tokens are never handed over to the borrower, which ensures that the lender’s capital is never exposed to counterparty risk.
We see the partnership with Paladin as a big step to bring more participation and engagement to the Idle DAO. By making Idle voting power available on a marketplace, we are allowing everyone to enter the governance game without owning big amounts of tokens.
The Paladin team has an upcoming community call on the 9th of November at 18:00 CET in their Discord, an opportunity to ask them any questions that you might have.
Thank you to all the community members that we’re able to join the call. We really enjoyed the opportunity to provide the community with a live update. If you missed the call, check out the whole recorded session on Idle Youtube channel:
If there is a topic you would like us to cover in more detail, let us know on the Idle DAO Discord. We look forward to next month's community call with more juicy updates. See you next time!