PowerPool Newsletter #001
Dear community,
Today we are releasing the first issue of our PowerPool Newsletter, another step in creating better community engagement and highlighting important news.
This newsletter will be mostly focused around PowerPool. We will cover:
PowerPool News (PowerPool Improvement Proposals, Updates, Community Spotlight, and more)
Power Index News (Performance, Updates, News of included tokens)
Selected DeFi news & updates of partners.
In today’s issue:
Power Governance
Over the last two weeks the community has launched and voted on five new proposals.
A note to all CVP holders. In order to be able to vote on proposals you have to create your vote. To do it you need to go to PowerPool.finance, connect your wallet and press the “Create Votes” button. In order to vote on a proposal, you must do it before the proposal is launched.
Successful Proposal 6: Vesting, Liquidity Mining & PowerIndex Design
The Delphi Digital team’s proposal aimed to improve tokenomics by increasing vesting schedules and changing the reward model.
The proposal was successfully approved with outstanding community support, proving unity between the community and testers.
Results:
3,235,513 votes for "approve"
171,112 for "reject"
Summary
CVP Supply & Vesting:
Beta (5m CVP) - 6 month lock and 18 month linear vest
Gamma (5m CVP) - 6 month lock and 18 month linear vest
DAO Grants (7m CVP) - 3 year lock & 12 month linear vest for the initial composite members of the PowerIndex
If implemented, it will lead to a very tight supply side over the first 6 months, with vested tokens gradually unlocking in year 2, ensuring strong buy pressure.
Read full Discuss it on the forum - Link
Important
The PowerPool team released a statement covering all recent proposals linked to tokenomics of the project. You can read the full article here - Link.
On top of that, since Gamma and Beta testers are affected by these proposals, it is only fair to give them the right to participate in voting, albeit with some limitations:
The current number of CVP registered to votes = ~2.7m
Hence, Beta+Gamma will be able to use ~2.7m votes also.
A simple calculation will give you how much votes each beta/gamma wallet gets: 2,700,000/200 = 13.5k CVP votes each
To eliminate the need for smart-contract re-deployment, Gamma & Beta testers will be able to vote via the xDai chain. Expect a tweet-storm with a thorough guide from @powerpoolcvp
Proposal: Reputation System (Discussion)
With long lock-ups and vesting, holders of locked tokens could be alienated from the protocol’s governance. Hence, the team is going to let them vote. The voting model’s specific details are not out yet, but the community-driven proposal sets the right conversation direction to give active participants increased voting power.
Vote Delegation & Governance Leaderboard
It was a long-requested feature. The update is combined with UI improvements and other functions:
Register a personal nickname (for example, Power Forum or Twitter nickname) and bond it to the Ethereum address
Delegate votes to any CVP holder. A delegate can use all votes delegated to him for voting or proposal issuing
Attract votes from any CVP holder(s) and use them for voting or proposal issuing
Future roadmap for Vote Delegation function:
Add delegation of LP tokens and PIPT tokens votes
Add L2 delegation (function to delegate tokens on xDAI and Matic chains)
Implementation of more complex delegation logic
You can find a helpful video walkthrough on our official twitter.
Power Oracle
Another fantastic announcement from the team was published just days ago. Based on problems the PowerPool team encountered developing Power Index and the main app, a new product was born - Power Oracle.
It will be used to track all governance token prices once PowerPool products are deployed on the Ethereum mainnet. Additionally, price feeds support xDAI and Matic networks, further optimizing PowerPool L2 operations.
Power Oracles are open-source, public, decentralized, and offer free price feeds. As such, they can be used by any external DeFi project in a permissionless manner.
Want to know something crazy? The team has already started testing Power Oracle in Kovan! Want to read more? - LINK
Power Index
Power Index is already deployed on the Kovan testnet. On top of that, PowerIndex received very positive feedback from testers. To further increase transparency, everybody can see uncensored posts from them on the forum.
At the same time, Power Index design is covered in the mentioned previous proposal - Proposal 6: Vesting, Liquidity Mining & PowerIndex Design. According to that design, the price of CVP is strongly correlated to TVL in the Power Index.
Baby Power Index
As a part of the Power Index roll-out, we are getting ready to announce the baby Power Index, it’s going to be live for 2-3 weeks.
It will have a liquidity cap of $20k. If this cap will be filled, we will expand it, and make it repeatedly. It means that if $20k is filled it will be expanded to $50k, if $50k is also filled the cap will be expanded to $100k, etc.
On top of that, the Baby Power Index compositions will be decided by the Power Pool team & Delphi Digital. At the same time, the community vote will determine the main Power Index compositions. This voting will be incentivized by 3 million CVP.
It is up to the community to decide the reward for Liquidity Provision for the Baby Power Index. Hence, join the discussion at our gov forum.
Our team released a Q&A article covering all the main topics - Link.
Gamma Round Results
We are excited to announce that Gamma Round has finished. Five participants didn’t complete the task.
Total of 250,000 CVP will be transferred to Community Pool (100,000 CVP) and Early LPs rewards (150,000 CVP).
The testing process didn’t reveal any critical bugs in the operation of smart-contracts, while some minor bugs were discovered and rapidly fixed (or example, an issue with the input form).
Community spotlight
Vest those rewards real slow
PowerPool Discord is super vocal and engaged. The recent debate on vesting between users Scott G & Napolean PowerPoolaparte was so heated that another user created a meme for them.
Join our Discord: https://discord.gg/hYJXUBQ to witness more great conversations and debates.
Expectation Mismatch
Power Pool is a community driven project. DefiPrime, being one of the beta testers didn’t fulfill his role and his tester allocation (50,000 CVP) was transferred to the community pool.
The broader community reaction matched PowerPool’s official stance.
Power Forum: https://gov.powerpool.finance/
Discord: https://discord.gg/hYJXUBQ
Twitter: https://twitter.com/powerpoolcvp
https://powerpool.finance