# \[Archived\] \[IIP-39\] Update IDLE distribution, transfer IDLE to vesting contract, Steakhouse USDC as a new USDC BY yield source, transfer USDC to seed the IDLE-USDC pool **URL:** \ **Category:** ⛓ IIPs\ **Created:** [March 19, 2024, 3:26pm UTC](https://gov.pareto.credit/t/archived-iip-39-update-idle-distribution-transfer-idle-to-vesting-contract-steakhouse-usdc-as-a-new-usdc-by-yield-source-transfer-usdc-to-seed-the-idle-usdc-pool/1250 "2024-03-19T15:26:36Z")\ **Posts on this page:** 3\ **Page:** 1
**Author:** ![Biaf](https://yyz1.discourse-cdn.com/flex031/user_avatar/gov.pareto.credit/biaf/32/213_2.png) [@Biaf](https://gov.pareto.credit/u/Biaf)\ **Post date:** [March 19, 2024, 3:26pm UTC](https://gov.pareto.credit/t/archived-iip-39-update-idle-distribution-transfer-idle-to-vesting-contract-steakhouse-usdc-as-a-new-usdc-by-yield-source-transfer-usdc-to-seed-the-idle-usdc-pool/1250/1 "2024-03-19T15:26:36Z")
### Summary The IIP aims to pause the Liquidity Mining program, formalize the strategic round agreement with Rockway X, update the USDC Best Yield’s vault underlying markets, and seed a new IDLE pool launch on Uniswap. ### References - [IDLE incentives distribution update V](https://gov.pareto.credit/t/idle-dao-strategic-round-with-rockaway-x/1240) post - Feb 2024 - [Idle DAO Strategic Round with Rockaway X](https://gov.pareto.credit/t/idle-dao-strategic-round-with-rockaway-x/1240) post - Feb 2024 - [Steakhouse vault as new yield source for USDC BY](https://gov.pareto.credit/t/steakhouse-vault-as-new-yield-source-for-usdc-by/1242) post - Mar 2024 - [AMM liquidity improvements II](https://gov.pareto.credit/t/amm-liquidity-improvements-ii/1244) post - Mar 2024 ## Rationale ### 1. [IDLE incentives distribution update](https://gov.pareto.credit/t/idle-incentives-distribution-update-v/1239) The DAO agreed to pause the Liquidity Mining program that has been distributing IDLE to users since 2021 > [@IDLE incentives distribution update V](https://gov.pareto.credit/t/idle-incentives-distribution-update-v/1239/1): > > One option is to pause the Liquidity Mining distribution > > - From 250 to 0 IDLE/day > > From a DAO treasury perspective, this option would stop the emission of IDLE and reduce the selling pressure on the DAO governance token. > > Given the current low emission, the yields of BY vaults would be minimally affected. A possible downside of this pause is linked to the integrators that rely on IDLE rewards. To adjust this the DAO may update the [Integrators program](https://docs.idle.finance/products/get-involved/integrators-program) and create ad-hoc solutions for partners that count on the additional return given by IDLE. ### 2. [Strategic round with Rockway X](https://gov.pareto.credit/t/idle-dao-strategic-round-with-rockaway-x/1240) After the DAO’s favorable vote, this IIP will transfer ~1.7m IDLE to the Leagues multisig wallet that will take care of locking the governance token in a vesting contract. > [@Idle DAO Strategic Round with Rockaway X](https://gov.pareto.credit/t/idle-dao-strategic-round-with-rockaway-x/1240/1): > > This proposal is meant to formalize the funding round and strategic agreement between Idle DAO and [Rockaway X](https://rockawayx.com/) to solidify the relationship as liquidity providers and users of our product suite and pave the way for a new line of institutional-grade yield products. > [@Idle DAO Strategic Round with Rockaway X](https://gov.pareto.credit/t/idle-dao-strategic-round-with-rockaway-x/1240/1): > > This funding round provides the following: > > - Rockaway X will allocate 1,000,000 USDC (or other stablecoins) to Idle DAO’s Fee Treasury. > - Idle DAO will allocate 1,733,333 IDLE from the Idle DAO’s [Long Term Fund](https://etherscan.io/address/0x107a369bc066c77ff061c7d2420618a6ce31b925) to Rockaway X Vesting Contract. > > IDLE tokens taken from Long Term Fund will be subject to a 2-year vesting period, with 33% released after a 12-month cliff and the rest with a 12-month block-by-block linear vesting. ### 3. [Steakhouse vault as new yield source for USDC BY](https://gov.pareto.credit/t/steakhouse-vault-as-new-yield-source-for-usdc-by/1242) The Steakhouse Senior Tranche will be the first underlying market updates to affect the Best Yield vaults > [@Steakhouse vault as new yield source for USDC BY](https://gov.pareto.credit/t/steakhouse-vault-as-new-yield-source-for-usdc-by/1242/1): > > Following the [M1-2024 roadmap](https://gov.pareto.credit/t/leagues-m1-2024-roadmap-and-m4-2023-recap/1231), Idle DAO Leagues has initiated the process of revamping the Best Yield vaults. This process counts on multiple steps: > > 1. Unwind the Junior Best Yield vaults > 2. Renew the BY underlying yield sources to offer the best yield-optimized offering in the market > > This post aims to expand on the second step listed and specifically focuses on the USDC Best Yield market. The vault will improve the yield of the USDC BY vault while having a safe risk score of B. It will take the spot of the Portofino Senior Yield Tranche. ### 4. [AMM liquidity improvements](https://gov.pareto.credit/t/amm-liquidity-improvements-ii/1244) To improve the IDLE liquidity in the markets, the DAO decided to follow these steps > [@AMM liquidity improvements II](https://gov.pareto.credit/t/amm-liquidity-improvements-ii/1244/7): > > The DAO has shared his preferences about the next steps for the IDLE AMM liquidity improvements: > > - Migrate the 8020 IDLE pool to Uniswap v3 > - Launch an IDLE-USDC pool on Uniswap v3 > - Bootstrap the pool with $150,000 of DAO’s treasury ## Specifications The code of the IIP-39 can be found on [GitHub here](https://github.com/Idle-Finance/idle-proposals/pull/22/files#diff-f1d5a032358fb02a35a76315bf598cbfe5ba13531bcb76120fc81ff01dcbd4f0R87-R100) and consists of 5 actions. IIP-39 actions: - 1 action to set the Liquidity Mining distribution, `_setIdleRate`, from 250 to 0 IDLE/day - 1 action to perform the last claim of all unclaimed IDLE for the Best Yields vault - 1 action to transfer 1,733,333 IDLE from the Idle DAO’s [Long Term Fund](https://etherscan.io/address/0x107a369bc066c77ff061c7d2420618a6ce31b925) to the [Treasury multisig wallet](https://etherscan.io/address/0xFb3bD022D5DAcF95eE28a6B07825D4Ff9C5b3814) - 1 action to replace the cp\_POR\_USDC Senior Tranche with the Steakhouse USDC Senior Tranche in the Best Yield USDC vault - 1 action to transfer $150,000 equivalent in stablecoin to the [Treasury multisig wallet](https://etherscan.io/address/0xFb3bD022D5DAcF95eE28a6B07825D4Ff9C5b3814) to seed the new IDLE-USDC pool on Uniswap Where the Steakhouse wrapper contract address is: - Steakhouse USDC Senior tranche [0x96Dd27112bDd615c3A2D649fe22d8eE27e448152](https://etherscan.io/address/0x96Dd27112bDd615c3A2D649fe22d8eE27e448152) ### Next steps The temperature checks for the above proposals have already been successfully closed. We are going to open the on-chain voting phase after having finalized the round paperwork. IDLE tokeholders are advised to check their [delegations](https://docs.idle.finance/governance/idle-dao/guides/how-to-delegate-votes) before the opening of the next Idle Improvement proposal. Once launched, it won’t be possible to delegate your IDLE votes. ---
**Author:** ![Teo](https://yyz1.discourse-cdn.com/flex031/user_avatar/gov.pareto.credit/teo/32/1261_2.png) [@Teo](https://gov.pareto.credit/u/Teo)\ **Post date:** [April 25, 2024, 1:50pm UTC](https://gov.pareto.credit/t/archived-iip-39-update-idle-distribution-transfer-idle-to-vesting-contract-steakhouse-usdc-as-a-new-usdc-by-yield-source-transfer-usdc-to-seed-the-idle-usdc-pool/1250/2 "2024-04-25T13:50:56Z")
**Update on IIP-39: Delays and Next Steps** We want to keep you informed about the latest developments regarding IIP-39 and the Idle DAO Strategic Round with Rockaway X. Unfortunately, we’ve encountered some delays due to the complexity of legal and corporate structures involved in this process. Our legal advisors are working around the clock to navigate through these complexities and ensure that all aspects are managed appropriately and in a timely manner. As of now, we still need to hold on to further progress. However, there hasn’t been one significant change compared to our previous communication about the Strategic Round, apart from the fact that the investment will now occur in two tranches of $500k each. This adjustment has been made to accommodate the evolving circumstances and ensure the smooth execution of the investment. Additionally, another contributing factor to the delay is the potential involvement of other institutional investors. These investors are currently undergoing due diligence processes, which further extends the timeline. In light of these developments, if substantial progress is not made and the legal documents are not finalized by next week, we will proceed with IIP-39, excluding the components related to the Idle DAO Strategic Round with Rockaway X. We understand the importance of transparency and accountability in our community, and we assure you that we are committed to keeping you updated every step of the way. Thank you for your patience and continued support as we work through these challenges together. ---
**Author:** ![Biaf](https://yyz1.discourse-cdn.com/flex031/user_avatar/gov.pareto.credit/biaf/32/213_2.png) [@Biaf](https://gov.pareto.credit/u/Biaf)\ **Post date:** [June 18, 2024, 9:24am UTC](https://gov.pareto.credit/t/archived-iip-39-update-idle-distribution-transfer-idle-to-vesting-contract-steakhouse-usdc-as-a-new-usdc-by-yield-source-transfer-usdc-to-seed-the-idle-usdc-pool/1250/3 "2024-06-18T09:24:37Z")
For a matter of clarity, I’ve published another IIP-39 post. It comes with no major difference other than: - No IDLE transfer out of treasury to Rockaway X - Transfer of 30% of the M2-2024 budget previously voted on > [@\[IIP-39\] Update IDLE distribution, Steakhouse USDC as a new USDC BY yield source, transfer USDC to see the IDLE-USDC pool, transfer M2-2024 budget](https://gov.pareto.credit/t/iip-39-update-idle-distribution-steakhouse-usdc-as-a-new-usdc-by-yield-source-transfer-usdc-to-see-the-idle-usdc-pool-transfer-m2-2024-budget/1255/1): > > ### Summary > > The IIP aims to pause the Liquidity Mining program, formalize the strategic round agreement with Rockway X, update the USDC Best Yield’s vault underlying markets, seed a new IDLE pool launch on Uniswap, and transfer the M2-2024 budget to Leagues. > > This IIP post takes the place of the old one [[Archived] [IIP-39] Update IDLE distribution, transfer IDLE to vesting contract, Steakhouse USDC as a new USDC BY yield source, transfer USDC to seed the IDLE-USDC pool](https://gov.pareto.credit/t/iip-39-update-idle-distribution-transfer-idle-to-vesting-contract-steakhouse-usdc-as-a-new-usdc-by-yield-source-transfer-usdc-to-seed-the-idle-usdc-pool/1250).