PowerPool Newsletter #013
YLA Launch | Governance Update | Rewards Bug Fix Report
In todays issue:
YLA Index Launch
Governance Update on 6 Proposals
Rewards Bug Fix Report
Yearn Lazy APE is LIVE
Contract address: 0x9ba60ba98413a60db4c651d4afe5c937bbd8044b
Supply liquidity: 🔗 link
The Yearn Lazy APE index is composed of the v1 Yearn Vaults' LP, and it serves as a perfect single entry/exit point into the ecosystem of Yearn v1 vaults.
On top of that, as it utilizes PowerPool v2 Dynamic AMM technology, YLA LPs don't need to migrate between vaults and spend tons of funds on gas to chase the best yields. YLA is got you covered.
Following Vaults' LPs are used:
yearn Curve.fi cDAI/cUSDC
yearn Curve.fi DAI/USDC/USDT (y3Crv)
yearn Curve.fi GUSD/3Crv (yvgusd3CRV)
yearn Curve.fi yDAI/yUSDC/yUSDT/yTUSD
yearn Curve.fi yDAI/yUSDC/yUSDT/yBUSD
Boosted Rewards
Powerpool is allocating 150,000 CVP from the Boost Reserve to reward LPs. The boost program has simpler mechanics compared to the ASSY boost. Every LP will get rewards corresponding to their share in overall staked CVP in the YLA boost program.
Minimum boost: 0.05 CVP per YLA
Maximum boost: 0.25 CVP per YLA
Simply put, the more CVP you stake, the higher your reward. But to stake more CVP, you need to deposit more YLA.
🔗 More details & technical implementation
Governance Update
As we expected, after the Snapshot voting implementation, governance literally exploded. CVP holders can vote on five different proposals with 0 gas cost. Here is a quick rundown:
Proposal: Translator's payment for February
Translators are requesting payment of 560 CVP for translations done in February as per to previously accepted proposal. As the proposal falls into Ecosystem Fund category, Management Board & The team accepted it unanimously.
You can find full payment breakdown 🔗here
✅ Accepted
Proposal 21: Setting up Powerhouse - PowerPool Management Board
The most controversial proposal on the ballot sparked heated debates on the governance forum and Discord. We already mentioned this proposal in PowerPool Newsletter #011. The core idea is to streamline decision-making, while the main goal is to increase TVL via an extensive list of activities.
To bring you up to date:
🔗 Update from MB candidate on Discord
Result: ✅ Accepted
FALCONX MARKET-MAKING PROPOSAL
A proposal by the core PowerPool team aimed to increase the efficiency of CVP on the centralized exchanges. The team is proposing to schedule FalconX as an official Market maker to do it.
Summary/Abstract:
This proposal is published for presenting the terms of $CVP market-making services to the PowerPool community and approving it:
Authorize FalconX as an official $CVP market-maker.
Transfer 2% of CVP supply (2 million CVP) to the Community treasury for market-making purposes as a loan to the FalconX. FalconX will have to get it back in 1 year (Feb 26, 2022).
You can read more about FalconX on our website (https://falconx.io) and in the company blog (https://blog.falconx.io).
FalconX is backed by a legion of investors including Fidelity-affiliated Avon Ventures, corporate shop Coinbase Ventures, and a host of more traditional players including Lightspeed, Flybridge, Accel, Fenbushi, and Accomplice.
Result: ⚠️ Resubmission
The Snapshot proposal was launched b a community member and was missing a crucial information regarding loan terms:
“The loan will be returned in 1 year, in March 2022 in CVP tokens or in DAI/USDT/USDC equivalent based on the price at the moment of transferring 2m CVP to FalconX”
⚠️ The PowerPool team will resubmit the proposal to address it.
Proposal 22: Decrease CVP inflation
A proposal created by Defly and VasilySumanov, the main goal is to decrease CVP inflation:
Result: ✅ Accepted
Proposal for PowerPool translators
The proposal s setting up the structure, KPI, and payment schedule for translators who are translating PowerPool articles to the following languages: Russian, Spanish, Chinese, Vietnamese, Thai, Portuguese, Korean, Malay, Turkish, Hindi.
Previously defeated due to inability to reach quorum (the most probably due to high gas cost), this time got outstanding support.
Result: ✅ Accepted
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.
Result: ✅ Accepted
Сongrats to Getmegone for finally being rewarded for his great work for the PowerPool community.
Team statement: Liquidity mining program vesting bug
Our fellow community members found a bug in the audited by Pessimistic smart-contract. The initial thought - it is just a UI/UX bug. Nevertheless, the tech team conducted a special test - it also didn’t reveal anything. However, it was a real issue.
Community members kept reporting the issue, uncovering that the bug was real.
The team conducted an additional investigation and initiated a set of damage control actions. By the end of the day, the total number of illegally claimed CVP equals to 993,005. The team then slashed 351,101 CVP from the LPs who used the exploit rewards, decreasing the total damage for the protocol to 641,904 CVP.
You can find the full report 🔗here.
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