PowerPool Newsletter #019
New Approach to Rebalancing | $BSCDEFI Update | xCVP Update | YLA Update | PowerPool Data | Public Team AMA
Autumn is almost upon us and that means it’s high time to pause and reflect on just how much has been accomplished by the PowerPool team since our July newsletter!
In This Issue
New Approach to Rebalancing
$BSCDEFI Update
xCVP Update
YLA Update
PowerPool Data
Public Team AMA
New Approach to Rebalancing
In addition to all this the PowerPool team has been busy evaluating various approaches to rebalancing tokens within their products with the ultimate goal of reducing what every liquidity provider (LPs) fears most, impermanent loss. A detailed overview is covered in a post on the topic, but suffice it to say that the team has determined that a static basket of tokens (without swaps) will generally be more profitable for LPs than a tradeable pool. To that end, it was decided that the best path forward was to disable swaps in the pool except for short windows in which rebalancing will occur.
📄Read more
Public Team AMA (Today)
We have scheduled an AMA session with our Public Team to talk to our community and answer all the questions about our vision and updates.
Please join us in our Discord server on Wednesday September 15th at 11AM PDT / 6 PM UTC / 8PM CEST. We have prizes and perks for the community members who ask the best questions.
To make sure we see your question, use 🔗this form to submit them.
🔗 Discord Link
$BSCDEFI Update
With the successful launch of $BSCDEFI behind us the team has already gotten to work bringing us additional enhancements. The first was a single asset supply option so users could mint BSCDEFI in a single click using $BNB. Soon to follow will be a $BUSD supply option, followed by staking of the underlying assets to accrue additional yield back to $BSCDEFI. Additional information about what is to come can be found in the product roadmap.
The team has also launched a new landing page where all liquidity mining opportunities will be reported.
xCVP Update
August marked the long anticipated launch of PowerPools xCVP token, which was approved by the community earlier this year. To recap, holders of CVP can now stake their tokens in the xCVP strategy which automatically exchanges PowerPool treasury holdings to CVP and adds this CVP to the xCVP pool. This means that CVP stakers receive their part of protocol fees over time and directly benefit from the success of the PowerPool DAO. When xCVP is redeemed, the user receives more CVP that was initially deposited. As an added benefit, xCVP is an option for staking CVP without risks of impermanent loss.
Currently there are 1.3M CVP staked in the xCVP contract earning approximately 30% APY for users.
The addition of xCVP has also created a new token gated collection of channels in the PowerPool Discord for users holding between 100-999 xCVP (Spark) and 1000+ xCVP (Illuminati). These channels provide an opportunity for users holding varying amounts xCVP to collaborate on the direction of the project.
YLA Update
Yearn Lazy Ape, launched in March of this year, is PowerPool’s most popular product with over $14M in total value locked at the time of writing. This shouldn’t come as too much of a surprise as the current yield for users underlying stablecoins is just shy of 18% APY! That’s not including additional yield paid out in CVP for CVP staked along with YLA which is currently being earned at about 26% APY!
We also recently released a new landing page so users can quickly check the current, boosted, and total yields in one place.
PowerPool Data
A key component of any DAO is ensuring that DAO members have as much information as possible available to them to make decisions and track performance. In support of that we’ve just put the final touches on a new dashboard to give us insights into both CVP as well as the PowerPool Treasury.
Key stats:
Total TVL: $23.2M
Treasury Balance: $680,000 (Including BSC)
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