PowerPool Newsletter #011
DAMM Launch Roadmap | PowerPool Analytics | LM Rewards Revamp | Ecosystem Fund News
In today's issue:
DAMM Launch Roadmap
PowerPool Analytics
YETI & PIPT Reward Re-design
xCVP Initiative
Ecosystem Fund & Managing Board
The road to DAMM: launch of PowerOracle v2
External controller signals, such as M.cap changes, trigger DAMM weights changing to optimize the index for the best performance. However, it requires a protocol maintenance system, and PowerPool just presented the PowerOracle v2.
The core element of PowerOracle v2 is the Poker agent:
A Poker — an agent, calling contracts periodically and executing operations, critically important for the network operation.
Poker performs the following operations:
Calculation of TWAPs (Time-weighted average prices) using DEXes
Execution of weights changing strategies in DAMM pools
After PowerOracle v2 is launched, we plan to enable DAMM the next day (stay tuned for updates on this point).
Read the full article 📑
On its journey, PowerPool was always quick to react and adapt to the changing market conditions. The team recently published a short Strategy Update, and it is a must-read for everybody involved or invested with PowerPool.
PowerPool organically moved the focus from pure meta-governance to automatically traded portfolios with active usage of pooled tokens. It efficiently uses capital and brings additional value to portfolio holders.
PowerPool is the protocol for automated portfolio management*. It uses composite tokens for yield-generating strategies (staking, Vaults, lending), and meta-governance.
Read the full update 📑
Protocol Analytics:
🚜 Mint $PIPT & Farm $CVP
🍑$ASSY value grew from $1 at launch to $1.95 today - almost 2x In $ETH, $ASSY value is fluctuating around 0.001 ETH - basket is generally stable against $ETH with +-5% deviation APY at $ASSY is 33% without boost and 214% with $CVP Boost.
🚜 Mint $ASSY & Farm $CVP
$YETI Index is up in USD value but down in $ETH since tokens didn't have correlated growth and AMM rebalances them, as well as and funds lost in $COVER hack. But, it was covered by huge APY in $CVP DAMM version YETIv2 will be launched soon: general AMM drawback will be fixed
🚜 Mint $YETI & Farm $CVP
🎱PowerPool Community treasury stats: 3x in USD last month PowerPool generates value, and all this value belongs to $CVP community Growth driver: trading volumes ($2-5m/day) - 0.1% community fee, entry/exit fee
You can find more data in PowerPool DuneAnalytics dashboard. Track all essential metrics of ASSY, PIPT, YETI, and PowerPool as a whole.
DuneAnalytics dashboard 🔗
YETI & PIPT Reward Re-design
The essential proposal to change the LM (Liquidity Mining) program for YETI & PIPT pools was accepted recently.
Summary:
1. Eliminate YETI-ETH Balancer rewards (the main pair will be Sushiswap YETI-ETH pair rewarded by Sushi Onsen Program)
2. Decrease YETI staking rewards from 0.83 CVP/block to 0.5 CVP/block
3. Move PIPT-ETH liquidity from Balancer to Sushiswap and keep the same rewards as for PIPT-ETH Balancer. Set PIPT-ETH Balancer pool reward to zero.
4. Decrease PIPT staking rewards by 50% (from 1.09 to 0.545 CVP/block)
5. Keep CVP-ETH Uniswap reward the same as before
The team was quick to respond to the proposal, essentially supporting it. So far, the proposal has 221k votes for and 0 votes against and has all the chances to be successful.
🗳 Details
Proposal: future fee distribution and the creation of xCVP
As mentioned before, CVP treasury is accumulating more and more funds, currently sitting on $420k worth of assets. The future distribution of these funds is an important topic for our community.
The first official discussion was started 12 days ago on the government forum. Two days ago, the team issued an official response.
So, what is xCVP in a nutshell? Basically, it is a contract that
(1) allows to stake CVP and provide LP token for the user, who staked CVP (xCVP = "LP token" of this pool)
(2) uses collected fees for buying CVP on the market and adding these CVP tokens to all tokens on the contract. It means that xCVP constantly grows in terms of CVP, and the APY for this pool is based on total collected fees and CVP price.
The team’s vision of technical implementation:
The contract collecting protocol fees will be xCVP contract at the same time. So, all fees will be automatically collected there. The question that remains to be answered here is who and how will convert part of protocol fees to CVP.
We encourage you to join the discussion of the proposal 👇
Ecosystem Fund
The Ecosystem Fund was proposed and accepted by the community to reward PowerPool contributors. As a part of the proposal, a dedicated section was created on the government forum, and we are happy to see the first funding applications and discussion start.
Proposal 21: Setting up Powerhouse - PowerPool Management Board
Important Proposal discussion was started by Sergey. He is a well-known protocol politician, and author of several successful and crucial proposals, such as:
Proposal 4: Significant changes to the current token release schedule and distribution
Proposal 14: Use 350k CVP from canceled testers allocations to create strategic community rewards pool
With Proposal 21, his goal is to address high gas voting fees and streamline the Ecosystem Fund approval process. If accepted, the PowerHouse management board will be created to decrease the number of votes where all the community have to vote, making most standardize most of the necessary votings and make them regular (say, once per month).
Similar structures are being implemented by some leading projects in the space (like Polka and SNX). This structure will allow more efficient and seamless decisions to make PowerPool move quicker to capture a bigger market share.
The core team already responded to the proposal, overall supporting while suggesting to change the Board-member reward size to 50k CVP with 24 month linear vesting.
Read full team’s reply 📑
Details & Discussion 🔗
Ru-community unofficial leader proposal
Proposal to compensate Getmegone as an unofficial Ru-community leader. He lists all his previous contributions, such as the organization of widely successful AMA with incrypted.net, the organization of Video review by CryptoLamer, blogging at cp0x.com, and much much more.
You can find the full proposal and discuss it here 👇
https://gov.powerpool.finance/t/ru-community-unofficial-leader-proposal/672
Final translations proposal
A logical continuation of "Proposal 17: Translator's value proposition for PowerPool" was submitted in the Ecosystem Fund section.
Translations of the articles are essential to communicate PowerPool's vision across different regions and markets. Translators perform necessary work and should be compensated for it.
The proposals set's clear KPIs and proposes a transparent system of how to do it going forward.
The proposal was defeated, but the team was quick to voice their support, highlighting that the proposal was launched during sky-high gas prices, which prevented many people from participating in the on-chain voting.
The team will provide technical support to launch a snapshot voting this week to address the gas issue.
Full team statement 🔗
Other Updates
Onsen program was launched for ETH-ASSY pair on SushiSwap and already attracted $500k of liquidity.
Thanks to our fantastic community member Michel Vaillant, Zapper expanded support for PowerPool Indexes.
More on PowerPool
Power Forum: https://gov.powerpool.finance/
Discord: https://discord.gg/hYJXUBQ
Twitter: https://twitter.com/powerpoolcvp
Medium: https://medium.com/@powerpoolcvp
Website: https://powerpool.finance