What Is Idle (IDLE)?
Idle is a decentralized finance project that lives by one simple motto: “Money should never sit still.”
The first iteration of this project went live in August 2019 — and a series of enhancements have been made in the months since. This subsequently led to the launch of Idle Finance V3, which aimed to deliver a streamlined interface and a better experience for users.
Through Idle, crypto investors can establish a portfolio that best manages their risk appetite. Once users make a deposit, funds are automatically distributed among a range of DeFi protocols, enabling them to earn interest. Portfolios are regularly rebalanced when better opportunities come along, and a dashboard offers at an at-a-glance insight into how funds are performing.
Who Are the Founders of Idle (IDLE)?
Idle’s CEO is Matteo Pandolfi, and according to his LinkedIn profile, the project was co-founded during a ConsenSys hackathon. He has described his role at the company as “everything but code” — meaning that he is tasked with establishing the platform’s vision for the future, recruiting new talent and leading strategic sales.
In an interview with BitCompare, he explained that one of the most powerful lessons he’s learned since starting the company is that there’s little point in attempting to build a perfect product the first time round — instead, it’s better to make improvements along the way that are informed by feedback from users.
Pandolfi’s fellow co-founder at Idle is William Bergamo, who serves as the company’s chief technical officer.
What Makes Idle Finance Unique?
One of Idle’s unique selling points lies in how users don’t need to move their money manually between the plethora of DeFi protocols that exist today. This is achieved through holding IDLE tokens.
But another distinctive attribute concerns the fact that Idle Finance’s team have aimed to make their product as easy to use as possible. Blockchain complexity is an insurmountable hurdle for many investors who would otherwise be interested in learning more about what crypto has to offer.
In a recent interview with DeFi Prime, Pandolfi said that he believes gas should only be a thing that developers need to be concerned with — adding that insurance should be integrated into products to eliminate the risks associated with smart contract losses.
Tech deep dive: What is decentralized finance?
Learn more about yearn.finance.
DeFi’s 10 biggest moments in 2020.
Subscribe to the CoinMarketCap newsletter.
How Many Idle Finance (IDLE) Coins Are There in Circulation?
As of late January 2020, CoinMarketCap data suggests that there are 892,640 IDLE in circulation, with a maximum supply of 13 million tokens.
An airdrop for IDLE tokens was held in late 2020 — and anyone who had interacted with this platform before October 2020 was eligible.
How Is the Idle Finance Network Secured?
Idle Finance’s tokens are based on the Ethereum network. The platform has undergone several security audits courtesy of Quantstamp, which concluded in a December 2020 assessment that these contracts “are generally well documented and well designed.”
Where Can You Buy Idle Finance (IDLE)?
The main market for acquiring Idle Finance tokens is found on Uniswap, where a pairing is offered with Wrapped ETH (otherwise known as WETH for short.) Learn more about how to convert local fiat currencies into crypto assets such as Bitcoin with our straightforward guide.