• AIP
  • [AIP-69] Alchemix x Idle - USDC Clearpool Senior PYTs Integration

Proposal

Confirm the launch of Idle strategy for USDC Clearpool Senior Perpetual Yield Tranches (PYTs), based on the Wintermute pool, with the same parameters reported in AIP-63:

Accepted Collateral: USDC
Deposit Caps: USDC = $2m
Maximum Loss: USDC = 5 bps (0.05%)
Cap Raises: Vault is not pre-authorized to have its caps automatically increased.

Reference: [IIP-63] Alchemix x Idle - USDC Clearpool Senior PYTs integration

Context

This proposal reports operational and technical updates linked to [AIP-63] Alchemix x Idle - USDC Clearpool Senior PYT Integration.

After Alchemix DAO approved AIP-63, Wintermute reported a $160m hack in their DeFi wallet. Consequently, Idle Leagues and Alchemix core team members had frequent chats to evaluate the impact of the loss on Wintermute capital and its borrower behavior.

Here below you can find some evidence to help Alchemix community make the final decision in confirming this integration:

Wintermute stated it is able to meet its repayment obligations, and the firm is financially healthy.
Idle DAO monitored the utilization rate of the Clearpool pool, which resulted in being stable after the incident. The Clearpool pool returned to normal operations, with $20m in deposited assets.
Credora, the rating firm specialized in borrower rate and borrower capacity analysis, upgraded Wintermute to an “A” grade and increased borrowing capacity to $223m.
Lastly, Wintermute fully repaid the $92m USDT loan on TrueFi on October 15th.

Performances
Rates on yvUSDC and aUSDC are respectively equal to 1.28% APY and 0.81% APY.
USDC Clearpool Senior PYT overperformed existing Alchemix integrations, with 3.73% APY since October 1st.

As originally reported in AIP-63, deposits in Clearpool Senior PYT are fully fungible, there are no locking periods or epochs: liquidity providers can deposit and redeem liquidity anytime. The yield is accrued natively in USDC, as CPOOL incentives are automatically harvested.

Technical integration

In accordance with Alchemix team, Idle Leagues completed the development of the vault adapter, which can be used for Clearpool Senior PYT as well as for other future integrations.
The adapter passed Alchemix’s internal security review.

Deployed and verified adapter address: 0x70728f08E97303D757be4Cd97A7D27B65Dd41E6D
Deployment repo PR: Github
Transaction details for the dev multisig:

YIELD_TOKEN_ADDRESS = `0xb86264c21418aA75F7c337B1821CcB4Ff4d57673`
ADAPTER_ADDRESS = `0x70728f08e97303d757be4cd97a7d27b65dd41e6d`
MAX_LOSS = `5`
MAXIMUM_EXPECTED_VALUE = `2000000000000`
CREDIT_UNLOCK_BLOCKS = 7200

0x5C6374a2ac4EBC38DeA0Fc1F8716e5Ea1AdD94dd.addYieldToken(0x5C6374a2ac4EBC38DeA0Fc1F8716e5Ea1AdD94dd, (0x70728f08e97303d757be4cd97a7d27b65dd41e6d, 5, 2000000000000, 7200));

0x5C6374a2ac4EBC38DeA0Fc1F8716e5Ea1AdD94dd.setYieldTokenEnabled(0xb86264c21418aA75F7c337B1821CcB4Ff4d57673, true);

For further information, check out AIP-63 and its approved snapshot.

Next steps

This proposal aims to confirm the integration of USDC Clearpool Senior PYT into Alchemix UI as a new valut. A new snapshot will be launched by the Alchemix team.


About Idle DAO: Website | Twitter | Discord | Medium | Documentation
About Clearpool: Website | Twitter | Telegram | Medium | Documentation

n4n0 changed the title to [RFC] Alchemix x Idle - USDC Clearpool Senior PYTs Integration.
4 days later
ov3rkoalafied changed the title to [AIP-69] Alchemix x Idle - USDC Clearpool Senior PYTs Integration.
Write a Reply...