Almost two weeks have passed since the token launch of the Idle Finance yield farming protocol, and the IDLE token has already increased by 328%.
This is a governance token that is used to vote on the various proposals through a dedicated forum, thus a token conceived more as a function of the protocol.
With the launch of this token, which can be farmed by depositing funds on one of the pools according to the desired crypto, not only are there the advantages of always getting the best APR of the underlying protocols, but users also get the IDLE token in proportion to their funds deposited in the various pools.
As if this wasn’t enough, when using a protocol that has its own governance token, users will also get those tokens: for example, if the smart contract has moved funds to the Compound pool, we will get both IDLE and COMP tokens, and of course also the relative interest on the asset deposited, for example DAI (more details on how this protocol works can be found in the Mastering DeFi book).
The price of the Idle Finance token
Numbers don’t lie and looking at the data provided by CoinGecko, the minimum value that touched this asset was $0.78 while its peak, at least for the moment, has almost reached $5, showing that the token has already aroused the interest of users, including Andre Cronje himself of Yearn Finance.
This is a token with great potential as it is very similar to the Compound (COMP) governance token of which it follows its function and distribution.
Finally, it is worth noting that all those who used the platform in October will receive an airdrop of IDLE tokens in proportion to both the time and the amount of assets they had in the platform.
Here we can see all the addresses involved. There are still 250,000 IDLE tokens that will not be redeemed within 90 days and will decrease the total supply of available tokens.