CIP#6 - Add a pool of idle tokens

Proposals
#1

Summary:

Adding a pool of idleDAI/idleUSDC/idleUSDT(and idleSUSD?) - idle platform has optimized lending functions and can lend to multiple platforms, distributes underlying governance tokens(COMP) to users and has their own governance token in the works to be distributed to users.

Idle has been audited multiple times by QuantStamp, latest in August 2020 - https://certificate.quantstamp.com/full/idle-finance

Abstract:

Adding an idleDAI/idleUSDC/idleUSDT(/idleSUSD?) pool in Curve

Motivation:

Idle has two types of yield strategies - best-yield and risk-adjusted yield. In this proposal I’m talking about the best-yield strategy.

Idle can lend to multiple platforms - with pools having a lot of deposits this means that the lending yield of a pool will be more optimized(they measured for idleUSDC will be twice as the yield of yUSDC)

Underlying governance tokens(for example COMP when lending on Compound are distributed to users i.e will be distributed to pool which can then distibute to Curve LPs)

They have a coming idle DAO token which will also be distributed to users(i.e Curve LPs)

Specification:

An idle pool would be identical to the current y pool with additional ability to distribute governance tokens to LPs.

This new pool can also have a built-in buffer of unlent tokens so to lower gas costs for small deposits/withdrawals

For:

More optimized lending yield, more optimized gas costs

Against:

May lead to dilution of liquidity across pools

Poll:

  • Yes
  • No

0 voters

Which currencies should be included in pool?

  • DAI
  • USDC
  • USDT
  • TUSD
  • SUSD

0 voters

8 Likes
#2

is there any circulation number of idle stablecoin?

1 Like
#3

Yes from there https://idle.finance/#/dashboard/best

But they are largely irrelevant as you can just mint tokens by depositing stable coins.

1 Like
#4

I don’t think so. Less circulation means less holder. Why people will mint idle tokens? yusd(yycrv) has the same function to get high yield, and has many holders. yusd should be added first.

1 Like
#5

y tokens do not have the same yields, they don’t support the same lending protocols.

1 Like
#6

if this is added with susd, call me greedy but i think it would be nice if we could get the snx rewards moved to this pool.
im a fan of the defi legos.

2 Likes
#7

Hi team, fantastic idea . y coins are really outdated at this point. Would love to see this happen sooner than later. Best

4 Likes
#8

I’ve been using idle.finance for while and can confirm the project is solid. William and Matteo are always available on Discord for any support/advice. Strongly advice to get this CIP passed.

6 Likes
#9

I’ve also been a user of idle.finance for a while, really appreciate that they put particular emphasis on their security for the protocol. Highly encourage support for this CIP.

5 Likes
#10

Sounds good to me, the more pools means more potential liquidity and revenue.

1 Like