Hi everyone!
I’m Emiliano, member of Idle DAO and Project Manager for its Treasury League, and I would like to propose to the CREAM community to list IDLE as collateral asset.
What is IDLE?
Idle is a decentralized yield aggregator and rebalancing protocol, allowing users to use two different strategies to earn the yield they are looking for:
- The Best-Yield allocation strategy allows to maximize the interest rate returns by detecting the interest rate changes on other lending protocols;
- The Risk-Adjusted allocation strategy provides a way to earn the best rate at the lowest risk level.
Learn more about Idle strategies here.
Idle has integrated many lending providers (such as Compound, AAVE) and currently supports the following underlying tokens: DAI, USDC, USDT, SUSD, TUSD, WBTC, WETH, and *RAI (you can lend RAI on the beta dashboard).
IDLE token contract: https://etherscan.io/token/0x875773784Af8135eA0ef43b5a374AaD105c5D39e
Voting options
For: Add IDLE as collateral asset
Against: Do nothing
Market Statistics & Info
- IDLE is currently launched on:
- Sushiswap (date listed: Dec-11-2020)
- Uniswap (date listed: Nov-26-2020)
- Balancer (creation date: Feb-3-2021)
- Hotbit (date listed: Dec-3-2020)
- Market cap: ~$12,000,000
- Token holders: 3,071
- Circulating supply: 1,742,607 / 13,000,000
- Token distribution: Token Distribution - Idle
Why IDLE
- Since November 2020 the TVL increased from $2M to $255M;
- Idle enabled LP Staking and, after the community approved the proposal, is going to release in the next weeks single $IDLE staking with lockup and fee-sharing;
- Idle is currently deploying into CREAM part of the $3M deposited in the idleRAI strategy;
- The proposal to have CREAM listed on USDT passed the snapshot and will move to integration phase, with millions of $ that could come into CREAM, potentially increasing its TVL;
- Idle is collaborating with various integration partners for yield optimization (e.g. Yearn, Enzyme, PoolTogether, Harvest) and asset integration (e.g. RAI);
- We are discussing and planning the next steps regarding Treasury diversification; thus, having IDLE as collateral on CREAM would allow the governance to consider stablecoin loans.
Security
Idle takes security seriously:
- $500k Bug Bounty Program;
- Integration Standard Requirement for protocols that want to be integrated into Idle;
-
Audits:
- Idle protocol contracts audits: GitHub - Idle-Labs/idle-contracts
- Quantstamp Protocol Audits: idle-finance (quantstamp.com)
- Idle governance contracts audits: GitHub - Idle-Labs/idle-governance
- Quantstamp Governance Audits: idle-goverance (quantstamp.com)
Benefits to CREAM
- By adding IDLE as a collateral asset, C.R.E.A.M will increase TVL and generate more usage;
- The Idle League Treasury Team is committed to publicly marketing and promoting the additional utility of IDLE as collateral in CREAM with ~10k Twitter followers;
Following up to announce that $IDLE is also available on 