$IDLE Real-Time Investing Is Here
Ricochet Exchange collaborates with Idle DAO, will be incentivizing the USDC➡IDLE-WETH rexLP and the USDC➡IDLE rexMarket with $RIC rewards from Idle DAO.
About Idle
Idle is a DAO-controlled DeFi yield aggregator protocol dedicated to bringing automatic asset allocation and aggregation to the interest-bearing tokens economy. Battle-tested since mid-2019, Idle is one of the longest-running and most-resilient DeFi protocols.
The protocol bundles crypto-assets into tokenized baskets programmed to automatically provide a yield according to different management strategies.
Currently, Idle offers two different allocation strategies:
– Best-Yield to maximize the interest rate return across different DeFi lending protocols
– Perpetual Yield Tranches to diversify yields and risks across different DeFi yield sources
The protocol is backed by Consensys, Gumi Cryptos, Dialectic, GreenField One, BrCapital, LongHash, The LAO, and other DeFi VCs.
The Idle DAO mission to make top-notch yield aggregation simple and reliable aligns with the Ricochet DAO’s effortless investing mission. As we continue to innovate in the new space of real-time investing, we’re glad to have Idle as one of our earliest collaborators.
Offering
Using Superfluid payment streams, you will be able to:
- rexLP – Stream invest USDC into yield-bearing IDLE-WETH Sushi LP tokens with the earned yield and trading fees (30% APR at time of writing) accruing straight to your wallet (no need to claim!).
This product is an excellent way to responsibly invest in the IDLE-WETH Sushi LP pool. You’re essentially dollar-cost averaging into the LP position each hour while automatically earning yield on your growing position.
Visualization of the USDC➡IDLE-WETH rexLP process
2. rexMarket – Stream invest USDC into the IDLE governance token
Using this rexMarket, you can easily auto-buy into $IDLE every 20 minutes at a rate of your choosing.
Visualization of the USDC➡IDLE rexMarket process
Incentives/Rewards
To boost the offering, both the rexLP and the rexMarket will provide $2,000/mo. worth of $RIC incentives for the first 30 days (may be prolonged based on offering performance). This amount of $RIC will cover the 2% Ricochet fee for users all the way until a Total Value Streaming of $100,000/month is reached. As always, these incentives will be rewarded proportional to the user’s stream rate and will be received hourly (no need to claim!). These incentives were set on behalf of a $2,000 $IDLE provision from the Idle DAO treasury.
What’s Next?
There are 2 future Idle-related offerings that we are looking into developing:
- $IDLE rexBank Vault – Currently, $RIC holders are able to utilize the rexBank fixed-rate collateralized lending protocol to get USDC liquidity against their $RIC holding. The idea would be to offer the same but for $IDLE holders.
- Stream investing into interest-bearing idleTokens – For instance, streaming WETH into idleWETH and earning +2.3% yield. This integration would come with support from Idle’s B2B Polygon Program. This is also powerful as we look to give users the opportunity to network their investment strategies. So a user who was previously streaming their USDC income into WETH could take that WETH inflow and use the WETH➡idleWETH streaming tool to further juice up their auto-investing with additional yield.
Conclusion
Well, that’s it! Ricochet Exchange and Idle Finance have joined forces to amplify the $IDLE governance token, look into novel real-time yield aggregation tools, and generate further attention to the power of real-time investing. Look out Polygon DeFi landscape, here we come
SOURCE:
Medium
