We’re excited to announce that Idle now sponsors Chainlink Price Feeds on Ethereum mainnet.
Since the Governance launch, Idle has integrated Chainlink’s industry-leading decentralized oracle network. The integration allowed Idle to access high-quality, tamper-proof price feeds to distribute $IDLE liquidity mining across our current strategies (Best-Yield & Risk-Adjusted) and our newest tranches product.
The $IDLE Liquidity Mining program’s distribution, planned for 2 years, calculates the performance fees generated by each pool (idleDAI, idleUSDC, …) and shares tokens with LPs proportionally to protocol revenues on a block basis. As Idle continues to add more asset strategies and become a fundamental building block in the DeFi ecosystem, we can safely rely on Chainlink to include future pools in this incentivization initiative.
This sponsorship also sets the ground for $IDLE feeds deployment, built with the oracle industry leader. Chainlink already helps leading DeFi protocols responsible for tens of billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans.
Thanks to Chainlink, the Idle community and the entire DeFi ecosystem can benefit from new $IDLE use cases like the opportunity to use the token in indexes and other financial products, as well as collateral on lending protocols.
To secure the set of $IDLE feeds required by our community to unlock new token functionalities, we need to give $IDLE integrators access to real-time asset prices supplied directly on-chain in a highly reliable manner. One of the great benefits of Chainlink Price Feeds in this regard is that they are already used as an oracle provider by top lending protocols like Aave, Cream, Kashi (Sushi), and Compound. Thus, the $IDLE price feed support on Chainlink opens the door for multiple potential t...