What Is Idle (IDLE)?

What Is Idle (IDLE)? Complete Guide Review About Idle.

What Is Idle (IDLE)?

Idle Protocol and DAO compose a decentralized organization that builds financial infrastructure for Web3. Businesses of every size, from brand new DeFi protocols to FinTech companies, use your protocol to maximize capital efficiency and manage their treasuries within DeFi. They believe that everyone deserves the best for their idle funds, both in terms of returns and risks. They work with other DeFi protocols, security auditors, and regulators so businesses that run on Idle don’t have to.

Idle Storage Key Points

Coin BasicInformation
Coin NameIdle
Short NameIDLE
Circulating Supply4,519,718.52 IDLE
Total Supply13,000,000
Source CodeClick Here To View Source Code
ExplorersClick Here To View Explorers
Twitter PageClick Here To Visit Twitter Group
WhitepaperClick Here To View
Support24/7
Official Project WebsiteClick Here To Visit Project Website

Why Idle Finance?

Idle games live in the margins of digital games and automated applications. Finance lives in the same margins of decentralised finance and automated smart contracts interactions. This genre of automated decentralised financial services requires little or no user interaction. Yield aggregators, or other kinds of structured primitives built-in DeFi, tap from this concept to simplify and minimise the interactions required by their users. With games, active withdrawal from the game comprises an essential part of the gameplay as players wait for the game state to change over time.

Same for Idle Finance, users actively check their balances growing with DeFi yields, waiting for their funds to change over time until they reach a specific threshold of financial satisfaction. This mode of interaction is paradigmatic for the change of roles decentralised financial technologies have in your lives.

Suddenly consumers could commission robo-advisors to move their cash to whoever is offering the best rates or to automatically refinance debt. Value-added services from multiple providers would be equally easy to access, meaning they would have to compete on price or terms. In other words, much like the open Internet, profits will be rapidly transformed into a consumer benefit.

Best Yield

Idle A lending aggregator that aims to offer the highest yield for supported stable coins at all times. It does this by programmatically allocating these assets across several lending protocols operating on the Ethereum and the Polygon blockchains. Best Yield benefits users by socializing gas costs, automating the yield generation and rebalancing process, and automatically shifting capital as opportunities arise.

Users’ funds are pooled together in the main contract (one for each token supported by) in order to minimize gas paid for reallocating funds and provide, at the same time, the highest aggregated interest rate for all pooled funds. Interest rates are constantly monitored, and an off-chain bot computes the exact allocations to maximize aggregated APY. If, for a given pool, the current on-chain allocations are different from the newly calculated one, the smart contract receive new allocations and the pool gets rebalanced.

How does Best Yield work?

Best Yield strategy constantly monitors interest rates on various DeFi yield sources to ensure the current allocation is yielding the best aggregate interest rate available on the market. Users’ funds are pooled together and programmatically deposited into one or more of the available lending protocols. Currently, the Best Yield strategy is available on Ethereum and Polygon blockchains. For each network, there is a different basket of assets available in the pools.

Guides

In these quick guides, will show you how to deposit assets into the protocol using the Best Yield strategy. Similarly, they will cover the withdrawal process. Jump to the section of your interest following the list of contents below. Once the approval is confirmed, you will be able to deposit your approved asset into the Idle Strategy of choice. You will now possess Yield tokens for the asset you deposited depending on the strategy you chose. By clicking on your wallet, you can see your current portfolio assets and balance.

Idle currently offers DAI, USDC and pools on Polygon through its Best Yield strategy. Select the token you would like to deposit/redeem from the list in the dashboard, and then follow the standard deposit process.