Update: Completion of Legal Processes and Finalization of Strategic Agreement
Summary
We are pleased to announce the finalization of the strategic agreement and funding round between Idle DAO and Rockaway X. This collaboration aims to solidify our relationship as liquidity providers and users of our product suite, paving the way for the development of new institutional-grade yield products.
Legal Completion
After extensive legal work to accommodate Idle DAO LLC for the investment, we have finalized the agreement. All legal documents have been signed off by both counterparties.
Key Challenges Addressed
The major complexity in finalizing this agreement revolved around establishing the legal framework for a new product we aim to build with Rockaway X: a new kind of Institutional Credit Vaults. Defining this framework required significant time and effort and was a strict requirement for the agreement.
Agreement Terms
The terms of the agreement remain largely unchanged, except for the investment structure. The investment will now occur in two tranches of $500,000 each with the second tranche tied to $50M TVL milestone, as partly mentioned in our previous update here. The first $500,000 tranche has been already deposited into the Fee Treasury controlled by Idle DAO.
Next Steps
With the legal processes completed, we can now launch IIP-39 on-chain and proceed with the vote. The major updates to the IIP include:
- The IDLE tokens related to this investment will remain in the Long Term Fund for the next year as part of the vesting schedule.
- The additional liquidity for IDLE AMM pools (in Uniswap) will be $75,000 given the two $500,000 tranches (as opposed to the initial Temperature Check which stated $150,000 in connection with $1,000,000 treasury increase) . We retain the option to deploy up to $150,000 liquidity in Uniswap once the second tranche hits the Idle DAO Treasury.
An amendment to the IIP-39 post will follow soon.