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Ricochet Exchange integrates $IDLE for Real-Time Finance

We are glad to announce that it’s now possible to stream in real-time USDC for swapping IDLE or depositing into IDLE-WETH Sushi pool on Polygon!

The pools are provided by Ricochet Exchange, a DeFi protocol that allows people to allocate their crypto assets into real-time swap flows using Superfluid’s framework.

Stream it into $IDLE

Ricochet & Idle users are able to join two streams:

  • USDC → IDLE rexMarket, easy-to-use solution for DCA strategy
  • USDC → IDLE-WETH rexLPMarket, a yield-bearing pool that accrues revenues from the Sushi Onsen program and trading fees (the pool is also subject to impermanent loss/gain). Yield is accrued on users’ wallets, with no need to claim.

Both rexMarket and rexLPMarket will come with $2,000/month in $RIC incentives for the first 30 days, to cover the 2% Ricochet fee up to a Total Value Streaming of $100,000/month per pool. Idle DAO incentivized half of the bonuses, with $2,000 in $IDLE.

Streamers will receive these incentives hourly, in proportion to their individual stream rate.

The protocol uses Superfluid infrastructure, a novel primitive based on Super Tokens. Super Tokens are an ERC777 version of the ERC-20 tokens with Superfluid capability. Super Tokens are denoted by {Original Ticker}x: for example, USDC is upgraded to USDCx.

Using Superfluid payment streams, Ricochet developed 3 products:

  • rexMarket, to real-time invest into an asset (e.g. DCA strategy)
  • rexLaunchpad, a platform to launch token sales by offering tokens at a fixed distribution rate
  • rexLP, yield-bearing tokens used in Ricochet Exchange to deliver real-time yield to streamers

The protocol also developed also REX Bank, a contract that lets token holders borrow funds from the DAO at fixed interest rates.

Worth noting that Ricochet Exchange is still in its early stage, with $1m Total Value Streaming per month and unaudited contracts.

What’s next

RexMarket and rexLPMarket are the first of a series of potential collaborations:

  • $IDLE REX Bank, with Idle DAO providing USDC liquidity to let $IDLE holders deposit the token as collateral and borrow USDC at a fixed rate.
  • DAI/USDC/WETH → idleDAI/idleUSDC/idleWETH, to let Ricochet users deposit into yield-bearing vaults and earn extra revenues on their streams. For example, a user who is streaming their USDC into WETH could activate the WETH → idleWETH streaming to further boost profits from their DCA strategy with additional yield. Ricochet already showed interest in this integration, and they applied for the first batch of Polygon Integration Partners.

With composability features in mind, Ricochet and Idle can join the forces to bootstrap new governance token use cases and Idle-based streams.

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Idle DAO is a decentralized organization that builds financial products for Web3. We believe that everyone deserves the best for their idle funds, both in terms of returns and risks.

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