PowerPool Newsletter #021
MultiChain Roadmap Announced | NEAR Partnership | $BSCDEFI Update | Governance Recap
In This Issue
MultiChain Roadmap Announced
NEAR Partnership
$BSCDEFI Update
DAO Governance
Meta Governance
General Announcements
MultiChain Roadmap Announced
PowerPool just released its MultiChain roadmap, laying out the vision and timelines for delivering pools providing exposure to the top DeFi platforms and their staking rewards. In addition to Binance Smart Chain ($BSCDEFI), which is live now, there are plans to launch tokens for the following popular chains:
NEAR Protocol
Avalanche
Polygon
Fantom
Solana
This means that users would be able to buy and sell baskets of Defi tokens generating staking rewards on Near, Solana, or Fantom in a single click. The DAO will manage these portfolios, updating capital allocations using on-chain metrics and harvesting rewards. We can deploy PowerPool’s tech on EVM-compatible chains (or chains with EVM execution environments like Near and Solana).
Now, for the majority of chains, we are in the R&D phase of pool composition research. However, the tech was tested in Ethereum and Binance Smart Chain and did not require many updates. This means that we will be able to launch all these pools in the coming months. For some of them, we have already received official partnerships and support.
NEAR Partnership
Last week PowerPool announced a collaboration with NEAR Protocol to deliver advanced structured investment/asset management solutions for the fast-growing DeFi sector rapidly developing on Near! Diversified, high-yield DeFi pools/indexes like those managed by PowerPool bring new investors and persistent liquidity to fuel the growth of DeFi on NEAR.
For those who may not already know, NEAR is a decentralized application platform built to bridge the users of today’s Internet to the blockchain-based web of the future. NEAR is a PoS layer 1 blockchain platform, built with UX and DevX in mind. NEAR’s novel sharding mechanism, Nightshade, parallelizes computation on chain and automatically increases capacity when needed, resulting in theoretically infinite scalability.
The planned NEAR pooled investment token, tentatively titled $NEARDEFI, will be another in the series of similar diversified, actively-managed PowerPool DeFi-themed investment tokens following on the heels of $BSCDEFI, recently launched on Binance Smart Chain. PowerPool’s pooled DeFi investment tokens will make it simple for new users to achieve exposure to NEAR DeFi growth with a single, one-click token, offering auto-harvested rewards.
DAO Governance
Votes:
Proposal 48: Support PowerPool team expansion by team allocation raise
Status: ☑️ Passed (94%) on 10/7
Synopsis: Proposal to raise PowerPool team allocation by 12.5m CVP (12.5% TTS). If this passes the total team allocation will be 15m CVP (17.5% TTS) after that. The motivation for this is to align PowerPool team allocation with historically proven market practices, support project development, and facilitate the expansion of the team.
Meta Governance
Let’s quickly recap of the recent major events in DeFi in protocols PowerPool has a major stake in.
👀 You can find the full recap in our governance forum.
Compound
The passing of Proposal 62 introduced a bug into the Comptroller contract that allowed users in certain markets to accrue and claim far more COMP. The net result of this was approximately 200,000 COMP tokens still outstanding while 163,000 COMP were returned to the community Timelock, and 130,000 COMP that remained in the Comptroller which could have been incorrectly claimed but weren’t.
Over the following days three proposals (Proposal 63, Proposal 64, Proposal 65) were passed shortly after to address various aspects of the bug introduced in Proposal 62. The total cost to the Compound protocols has been more than $60 Million, becoming the single largest loss of funds in DeFi history.
This is all covered in great detail in the Compound substack.
Yearn Finance
Proposed a new Curve Factory Pool consisting on yveCRV/ibBOOST/ CRV.
Since Convex launched in May, Yearn’s voting power has dropped significantly to sub 7% and yveCRV dramatically lost its peg, currently trading at a 60% discount. As a significant amount of the Yearn strategies currently uses Curve to generate yield, it is important to sustain
amount of voting power (veCRV) for the long-term. This Proposal aims to restore the yveCRV:CRV peg and even incentivizes people to mint new yveCRV, which would mean Yearn would own a bigger part of the veCRV pool again.”
Aave
Passed two adjusted two governance proposals (AIP 39 and AIP 40) making adjustments to 26 Risk Parameters acroso a number of assets.
MakerDAO
Earlier this week Maker off-boarded a number of unprofitable legacy vaults at the direction of their DAO members. In precedent setting news, Maker on-boarded Societe Generale Bonds with $40M in notional value. This marks a major milestone in the merging of TradFi an DeFi.
In other governance news Curve stETH/ETH, and $OHM (Olympus DAO) pool are being considered as collateral, while other votes are happening on eliminating stablecoin trading fees to improve DAI peg stability.
👉 Read the full recap.
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