[Temperature Check] - Code Improvements and Flash Loan Fee Adjustment
Summary
This IIP would execute a series of minor bug fixes reported in the past months, increasing the robustness of IdleTokens and improving the oracle infrastructure. The post proposes to decrease the Flash Loan fee to 0.02%, introducing more competitive advantages for either Ethereum layer and the upcoming Polygon release.
The proposal will have to pass the Temperature Check before starting the on-chain journey.
IIP Motivation
An Immunefi security researcher reached out to signal the Idle protocol was using a deprecated method on 2 oracles (used by idleController and idleTokens) that might have led to stale data behavior.
Leagues agreed to pay a $500 bounty to that researcher.
The Dev League fixed the bug and released PriceOracleV3, a forked version of the previous code. Devs improved the oracle, making it upgradable and generating a single shared version used by idleController and idleTokens. In this way, one upgrade action would be able to execute any further change.
The owner of this oracle is the Governance Timelock. Oracle Address: 0x758C10272A15f0E9D50Cbc035ff9a046945da0F2
There are also a couple of small fixes in the IdleTokenGovernance rebalance method for:
- A possible revert during the activation/deactivation of new underlying protocols: Github commit
- A possible revert when redeeming all funds altogether from Compound-like protocols: Github commit
The idleController oracle update would embed the Flash Loan fee change. The current fee is 0.08%, and this IIP proposes to reduce it to 0.02%. This change would allow Idle protocol to become the cheapest FL provider on Polygon (vs Unilend 0.05%) and compete with MakerDAO on Ethereum.
Details
The technical implementation is available here and was developed by Dev League.
Actions:
- Implementation and oracle address update on Best-Yield idleTokens (8 actions)
- idleController oracle address update and Flash Loan fee change (1 action)
Voting Options
Please cast your vote on one of the following options: FOR: Approve the proposal and initiate the on-chain IIP-13 AGAINST: Vote against the proposal DISCUSS MORE: Discuss more the proposal
| Voter | Cast Power | Vote & Rationale |
|---|---|---|
 0x2bC4...f92c4c | 40,000 | FOR |
 0xF578...708577 | 5,052 | FOR |
 0x34AA...09b14F | 1,123 | FOR |
 0xb373...AE7bF7 | 117 | FOR |
 0xc592...8ea0Da | 0.03 | FOR |
VOTE POWER
Proposal Status
- Tue September 28 2021, 08:00 amVoting Period Starts
- Fri October 01 2021, 08:00 amEnd Voting Period
Current Results
1-FOR
46,291.696