[IIP-17] IdleTokens upgrade to remove flash loans
Summary
This off-chain poll aims to gauge the sentiment among stkIDLE holders regarding IIP-17, which has been launched on-chain. If the poll will reach the quorum, the vote will be broadcasted on-chain.
This IIP would disable the flashLoan functionality from Idle Protocol.
IIP Motivation
Idle Leagues were notified regarding a potential vulnerability that was affecting partners’ integration with Idle Protocol.
The vulnerability was discovered and mitigated within 1 hour. All funds are safe and no action is required by partners or users. Deposits in Idle protocol have always been safe.
To dampen any possible malicious outcome on the partners’ side, Leagues activated the Pause Guardian procedure. The deposit and rebalance functions have been temporarily paused on Ethereum, while redeem is still available. This IIP does not involve Polygon strategies, which have been already updated.
IIP-17 will finalize the issue removal by changing the flashLoan method in a no-op, effectively disabling this functionality. After the on-chain execution of IIP-17, the protocol can be unpaused and deposit and rebalance functions activated again.
A more in-depth analysis will be made in the future on a possible fix that would allow flash loans to be offered in the Idle protocol without creating similar issues. A detailed description of the potential partners’ vulnerability is available in this report.
Details
The new implementation is available here. The code for the IIP is here.
With one action still available in IIP-17, Dev League proposes to also include a minor update related to idleFEI Best-Yield (proxyAdmin update). This update is not related to the potential vulnerability fix described above.
Actions:
- IdleToken update: 9 actions
- idleFEI Best-Yield proxyAdmin update: 1 action
This IIP complies with the stkIDLE Voting Framework. Only stkIDLE holders can vote on this poll. Threshold to make the poll valid (both metrics should be reached):
- 30% of circulating stkIDLE voting the poll (min. 87’857 stkIDLE)
- at least 70% on the same option
If the poll reaches the quorum, the community multisig will broadcast the decision on-chain. Current On-chain Voting Power: 393’232 $IDLE
Voting Options
Please cast your vote on one of the following options: FOR: Approve IIP-17 execution AGAINST: Vote against IIP-17 execution
| Voter | Cast Power | Vote & Rationale |
|---|---|---|
 0x50eE...d89e4A | 36,910 | FOR |
 0x8B6B...43826F | 8,995 | FOR |
 0x2513...DcfEd6 | 8,584 | FOR |
 0xefdF...F1E196 | 1,568 | FOR |
 0xF136...CF7464 | 19 | FOR |
VOTE POWER
Proposal Status
- Sat November 20 2021, 06:00 pmVoting Period Starts
- Mon November 22 2021, 03:00 pmEnd Voting Period
Current Results
1-FOR
56,080.608