Buybacks

Governance > IDLE staking > Buybacks

In June 2023, the DAO decided to pause the IDLE buyback and distribution to stakers.

Part of the fees generated by the Idle DAO product suite is used to acquire IDLE from the market and distribute it to stkIDLE holders on a weekly basis, as a reward for their long-term commitment.

FeeDistributor

Fees are distributed weekly: the proportional amount of fees that each user receives is calculated based on their stkIDLE balance relative to the total stkIDLE supply, and this amount is calculated at the start of the week.

The actual distribution occurs at the end of the week based on collected fees. As such, a user that creates a new vote-lock should expect to receive their first fee payout at the end of the following epoch week.

The available IDLE to distribute is tracked via the “token checkpoint”, updated, at minimum, every 24 hours.

Fees that are received between the last checkpoint of the previous week and the first checkpoint of the new week will be split evenly between the weeks.

Fee distribution might be limited by high network fees (aka gas fees); in that case, accrued fees will be distributed the week after.

Stakers can claim their fees by calling claim().

Sushiswap Exchanger

Protocol fees are converted from underlying tokens in wETH and then allocated to some protocol beneficiaries from the FeeCollector, such as the Fee Treasury (owned by Idle DAO) and the Rebalancer (for operational expenses).

As part of IIP-10, the Sushiswap exchanger was added as a beneficiary to FeeCollector. This contract exchanges the protocol fees from wETH to IDLE via SushiSwap and deposits the $IDLE to the FeeDistributor.

The SushiSwap Exchanger is implemented as an upgradeable contract to make this process sustainable for the future: if liquidity for IDLE migrates to another exchange, the contract can be upgraded.

The SushiSwap exchanger implements a FeeExchanger interface which is located here.

Buybacks history

The cut-off date for the IDLE distribution to stakers is around Wednesday/Thursday night UTC. IDLE tokens received after this date are distributed the week after.

Date	Amount	Tx
2023-04-26 13:33 UTC	6499.4481 IDLE	0x99fba...6a8d
2023-03-06 16:52 UTC	1616.9282 IDLE	0x5c110...4d49
2023-01-29 13:46 UTC	1860.5140 IDLE	0xf140b...50a6
2023-01-07 18:31 UTC	2000.3098 IDLE	0x70c14...5be7
2022-12-31 18:28 UTC	7817.7975 IDLE	0xdf6f9...9d20
2022-12-15 15:29 UTC	4419.5324 IDLE	0x3d54a...ca6d
2022-11-26 18:39 UTC	3191.7107 IDLE	0x711fe...2e97
2022-11-26 09:50 UTC	2873.0738 IDLE	0x2750a...0a23
2022-11-17 09:26 UTC	3029.7297 IDLE	0x5cf1d...9fc7
2022-11-15 09:26 UTC	3207.7912 IDLE	0x0d4ce...f887
2022-11-10 08:05 UTC	2558.1899 IDLE	0x1504f...ce47
2022-11-09 08:37 UTC	2219.8093 IDLE	0xbd7af...1c42
2022-10-21 10:22 UTC	3221.9180 IDLE	0xd228f...bec6
2022-10-16 13:17 UTC	4047.9517 IDLE	0x81059...9be6
2022-10-08 15:47 UTC	3414.6987 IDLE	0x77660...8b72
2022-10-01 08:14 UTC	4450.0398 IDLE	0xd2039...9ac4
2022-09-22 15:58 UTC	2929.2147 IDLE	0xbfc29...ba49
2022-09-12 08:33 UTC	6162.3530 IDLE	0x9111c...9a50
2022-09-07 08:53 UTC	3420.0616 IDLE	0x6b986...65a8
2022-08-23 10:12 UTC	2937.3367 IDLE	0x513c0...3f66
2022-08-01 10:44 UTC	2073.9512 IDLE	0xf7615...710c
2022-07-12 10:39 UTC	3280.9360 IDLE	0xf4673...f6f3
2022-07-02 15:36 UTC	3323.1671 IDLE	0xe2d98...788c
2022-06-21 09:32 UTC	2289.2859 IDLE	0xfd924...db1e
2022-06-19 10:35 UTC	3136.6982 IDLE	0x9ab0b...cb50
2022-06-16 10:12 UTC	17838.6867 IDLE	0x6d940...4468
2022-06-14 08:37 UTC	2481.2270 IDLE	0x0f997...a201
2022-06-11 14:19 UTC	1914.4594 IDLE	0xc7822...b3b2
2022-06-03 18:46 UTC	6183.7999 IDLE	0xe9102...dc73
2022-06-01 07:41 UTC	9268.2775 IDLE	0x83708...ad99
2022-05-30 09:15 UTC	2459.1088 IDLE	0x3a22b...510e
2022-05-27 09:13 UTC	3090.4434 IDLE	0x9a40c...35c9
2022-05-21 21:12 UTC	2030.3982 IDLE	0x2ccda...4ff8
2022-05-07 10:22 UTC	2174.0910 IDLE	0x9e308...df31
2022-04-19 17:18 UTC	1284.4520 IDLE	0x91b3d...b1b9
2022-04-05 01:59 UTC	1167.0359 IDLE	0xf7808...82ad
2022-03-22 05:22 UTC	2634.1806 IDLE	0x6e20a...2504
2022-03-19 23:44 UTC	2929.8569 IDLE	0x1d507...3ae6
2022-03-11 12:56 UTC	1564.1996 IDLE	0x6732b...b22f
2022-03-02 09:09 UTC	3277.7584 IDLE	0x1a3c6...9daf
2022-02-19 10:43 UTC	2782.5205 IDLE	0x5cc62...300c
2022-02-16 11:20 UTC	4708.3255 IDLE	0xda9e6...da9a
2022-02-03 11:09 UTC	1020.3117 IDLE	0xf9de9...958e
2022-01-26 22:35 UTC	2364.2812 IDLE	0xafec9...cfc1
2022-01-22 12:10 UTC	1331.7678 IDLE	0xc8656...91cc
2022-01-16 11:01 UTC	762.6044 IDLE	0xddb55...0adb
2022-01-03 09:40 UTC	915.7266 IDLE	0xa866a...dd34
2021-12-23 12:11 UTC	767.2338 IDLE	0xe2d5d...d1ea
2021-12-14 21:05 UTC	1258.4462 IDLE	0x647b4...2d42
2021-12-13 09:59 UTC	807.3506 IDLE	0x7ef74...f788
2021-12-09 16:51 UTC	1119.1215 IDLE	0x263b5...6d9a
2021-11-23 09:06 UTC	733.5967 IDLE	0x7ef59...1eea
2021-11-07 15:46 UTC	1004.0310 IDLE	0x1eb55...f11b
2021-10-30 08:24 UTC	10371.7968 IDLE	0x03e0b...e8fd
2021-10-19 09:48 UTC	783.5957 IDLE	0x20953...433c
2021-10-01 16:05 UTC	3141.5046 IDLE	0x4f64d...235b
2021-09-29 09:31 UTC	671.8590 IDLE	0x25a05...0546
2021-09-21 09:29 UTC	864.8897 IDLE	0x7dd33...ea93
2021-09-18 15:02 UTC	1004.1261 IDLE	0x3a4cf...3e1e
2021-09-17 15:05 UTC	550.2597 IDLE	0x25ca7...9450
2021-09-11 11:25 UTC	501.3412 IDLE	0x4e336...eeb4
2021-09-07 23:10 UTC	1003.8568 IDLE	0xac5ec...ba7a
2021-08-30 14:42 UTC	308.7532 IDLE	0x14e6f...41f1
2021-08-24 08:50 UTC	3115.0880 IDLE	0x7f7b2...f07a
2021-08-24 00:19 UTC	676.2361 IDLE	0xe45e1...1524
2021-08-17 15:50 UTC	502.8395 IDLE	0x5a061...cf2c
2021-08-11 08:12 UTC	533.7056 IDLE	0xdb77f...cd25
2021-08-04 20:38 UTC	607.3764 IDLE	0xeb5b8...d9b5
2021-07-30 12:59 UTC	2220.4490 IDLE	0xd10b0...709d
2021-07-26 08:04 UTC	535.9220 IDLE	0xc0bf0...7eb5
2021-07-20 07:49 UTC	1220.0801 IDLE	0x3e2c8...5f04
2021-07-12 08:23 UTC	1480.4491 IDLE	0xc7dd3...f1ac
2021-07-06 17:05 UTC	1094.6765 IDLE	0xb70c2...a6e8