Idle Perpetual Yield Tranches, time to build: Gitcoin GR 11

Idle Leagues are thrilled to announce our sponsorship for the Gitcoin Grants Round 11 Hackathon.

Gitcoin is an organization with the mission to facilitate the funding of open-source, collaborative Web3 projects, creating a solid and worldwide community of crypto enthusiasts and developers.

Gitcoin holds a special place in our hearts: Idle was born during a Gitcoin Hackathon, and thanks to that ecosystem we moved our first steps in the DeFi world. We would like to give back new opportunities to community members, inspiring ideas with funds and mentorship.

The last Hackathon edition saw 4600 participants, 21 sponsors, and over $350,000 worth of bounties.

Now Gitcoin Grants Round 11, a 3-week virtual Hackathon, begins with the biggest matching pool yet: developers have the opportunity to prove their coding skills, express their creativity by building ideas from scratch, and interact with industry leaders and different communities through webinars and workshops.

The event takes place from Sep 8th to Sep 29th, 2021.

Idle is the longest-running and most-resilient DeFi yield aggregator and rebalancing protocol, which offers allocation strategies that allow users to maximize returns and optimize risk exposure across DeFi protocols.

Our Best-yield strategy deploys capital in Aave (v1 & v2), Compound, and dYdX, supporting a large range of assets: DAI, USDC, USDT, TUSD, sUSD, WBTC, WETH.

Recently we released “Perpetual Yield Tranches” (in beta version here), capped at $500k during the guarded launch: 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. We launched the first $DAI tranches pool that tokenizes the risks & yields of idleDAI Best-Yield pool.

Read more in the official announcement.

Some benefits of building with Idle technology:

Challenges of this hackathon are focused on developing integrations based on the Idle Perpetual Yield Tranches. We will award winners of the 2 challenges with 1000 $IDLE as total prizes!

These are the challenges with the relative bounties:

Integrate additional underlying yield sources for Idle Perpetual Yield Tranches (500 IDLE):

  • Protocols that provide high yields but carry a series of concerns due to system risks or contract complexities would be good potential targets.
  • Some examples that would be worth exploring could be Yearn, Lido, Convex, Alpha Homora. In order to be integrated into Idle tranches, it’s mandatory that those protocols provide an interest-bearing token. Sometimes a wrapped version that tokenizes the fund deployment is required (e.g. dYdx deposits tokenization).

An example of strategy is available here.

Build products or strategies on top of Idle Perpetual Yield Tranches (500 IDLE):

  • A challenge to show creativity: hackers should create and develop a product employing Idle Tranches as yield source (e.g., create a “real” CDO contract where you bundle Idle tranches together).

We are looking forward to exploring the next batch of integrations, and our Idle Leagues would love to hear from you via Discord!

For all the DeFi protocols and dApp out there, you can become a Matching Partner and foster the integration of your protocol into Idle Tranches, unlocking a new protocol use case that could work as a gateway for TVL growth. 🤝

Devs can ask questions and receive support from the Idle team by joining the dedicated Discord #Dev channel

Useful resources:

Whether you will be one of the winners or not, you can receive additional economic support (Idle Grant Program, with $15k grant issued directly by Treasury League), mentorship and earn up to 50% of the generated fees via B2B program.

Proving your experience, you will start the journey to join the Dev League as core developer (with monthly compensations ranging from $4k to $11k).

This program is an opportunity to contribute to the Idle ecosystem, shape the future of finance, and grow yourself and your skills in DeFi, as part of a community of passionate contributors.

Earn the yield you deserve without worrying about finding the best option, whether you want to optimize returns or risks.