Idle Finance (IDLE)

Basics

• Founded in:
• Mainnet release:
• Based in:
• "Earn the yield you deserve without worry about finding the best option, either if you want to optimize returns or risks."

Audits & Exploits

• Idle Finance's Immunefi program offers up to $500k (7-10-2021). None according to Blockchain Security DB (29-6-2020), which does show 1 audit(5-2020).
• Scored 83% on DeFi Safety (7-10-2021):

"Activity is more that 10 transactions a week on contract IdleDAIYield, as indicated in the Appendix.

At 400 commits and 6 branches, this protocol's commitment to development history can be described as anything but idle.

Idle has an average of 33% code coverage across all contracts according to their Quantstamp audits. However, since they clearly have a robust set of tests, we will up their score to 50% according to the guidance below.

Both Idle yield and Idle governance have been continuously audited before, during, and after their launches."

• Previously scored a 86% (1-2021); "They tick every box except code coverage for some reason.  Where are the reports of code coverage? No Biggie. Solid Protocol." 

Governance

Admin Keys

• From DeFi Safety (7-10-2021):

"Idle finance's admin powers section is clearly labelled in the documentation.

a) All contracts are clearly labelled as upgradeable (or not) -- 30% -- IdleToken contract is clearly identified as upgradeable, and that it controls all other contracts. The Pause Guardian is also identified as upgradeable and the rebalancer is too. b) The type of ownership is clearly indicated (OnlyOwner / MultiSig / Defined Roles) -- 30% -- IDLE governance is the sole owner of admin privileges. c) The capabilities for change in the contracts are described -- 30% -- capacities are clearly identified.

A pause guardian is clearly identified with a detailed explanation on how it functions."

DAO

• From The Defiant (27-11-2020):

"Idle Protocol yesterday announced it will be managed by a decentralized autonomous organization powered by the IDLE token. IDLE token holders can vote through self-delegation or can delegate their vote, which each token representing one vote. Token holders with 1% of IDLE owned or delegated to their address can create a proposal, as long as they hold the tokens during the entire voting process. Idle Improvement Proposals, or IIPs, are executed if the majority of voters cast a “For” vote and at least 4% of the total voting right supply [520'000 IDLE] participates."

• From Footprint Analytics: IDLE's visual dashboard

Token

Utility

• From The Defiant (27-11-2020):

"IDLE token holders can vote through self-delegation or can delegate their vote, which each token representing one vote."

Coin Distribution

• From The Defiant (10-12-2020):

"There are only 441 token holders, according to Dune Analytics, and 611 unique deposits."

Tech

• Whitepaper can be found here (22-12-2021).
• Code can be viewed here.
• Built on: Ethereum

Yield Farming

• From EthHub #127 (17-8-2020):

"Idle Finance announced that they will be incorporating multi-protocol yield farming into the protocol."

Roadmap

• Can be found [Insert link here].

Usage

• From The Defiant (10-12-2020):

"Assets in Idle Finance have shot up by 100x since it started rewarding users with its native IDLE token. Assets in Idle jumped to cross $100M today, from $1.7M on the day before the token went live, according to data compiled by Dune Analytics. While Idle had an increase in assets, which would leave it at the 16th place in DeFi Pulse’s total value locked leaderboard, there are only 441 token holders, according to Dune Analytics, and 611 unique deposits."

Team, Funding, Partners

Team

• Full team can be found here (7-10-2021).

Funding

• From EthHub #141 (23-11-2020):

"[Raised] $1.2 Million. The round was led by gumi Cryptos Capital, with participation from Quantstamp, BlockRock Capital and Long Hash, among others."

Partners 

Is a member of Asia DeFi Network (ADN) according to the website (13-7-2021).

(:

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