PowerPool Newsletter #14
YLA TVL Growth | YLA CVP Boost | ZAPs for PowerIndex | Management Board Update | NFT Index Proposal
In Today's Issue:
YLA Zaps & TVL growth
YLA CVP Boost
Token Engineering AMA
xCVP Update
Management Board Report
NFT Index Proposal
YLA Zaps and TVL growth
ZAP is a one-click solution to allow users to join or exit indexes with only USDC or ETH by leveraging ZAP contracts. Now users will only submit ERC "Approve" and "Transfer" transactions and save up to 98.5% in gas fees.
After the ZAP was activated, YLA total value locked (TVL) skyrocketed and is showing steady growth ever since. We are now working to provide ZAPs for all PowerPool indexes.
You can read more about ZAP’s technical implementation here:
🔗 https://medium.com/powerpool/powerpool-scalability-ux-update-ff993df15bfc
Yearn Finance supports YLA
Yearn Finance & Andre Cronje tweeted about YLA, and added a direct link to quickly "ape into it" on the vault's page.
Yearn Lazy Ape CVP Boost
In order to provide additional incentives for the CVP holders and attract more liquidity to YLA, the Management Board and Core team unanimously voted in favor to activate the CVP Boost program for this index.
Summary:
PowerPool will allocate total of 150k CVP as rewards for 1 month to YLA CVP Boosted program, which is roughly 0.77 CVP per block. Formula to calculate your monthly reward:
$1,000 of YLA-USDC liquidity approximately corresponds to 0.0005 SLP token. The minimum stake is 19.5 CVP per 0.0005 SLP and the maximum stake is 195 CVP. It corresponds to a dispersion from 5% to 50% of provided liquidity.
Practical Example
A liquidity provider supplies 0.002 SLP to the CVP Boost contract. The minimum required CVP stake is (19.5)4 = 78 CVP while the maximum CVP stake is (195)4 = 780 CVP.
A simulation of the estimated APY relative to TVL is presented below:
All rewards are subjected to a 10 week linear vesting similar to other PowerPool liquidity mining programs.
📑 Read full announcement & details
Balancer Simulations AMA by Token Engineering
Token Engineering research group will share their latest developments on Balancer AMM Research, including presentation of the Balancer cadCAD Python model, case studies, Dynamic AMM research roadmap and additionally presentation from special guest. This AMA will be useful for all community members willing to understand Balancer Pools and PowerPool products.
The research team includes members of the Token Engineering Community: Angela Kreitenweis, Raul Martinez, and Vasily Sumanov (PowerPool Board Member). The research was funded by a joint grant from PowerPool and Balancer communities.
xCVP Implementation Update
Powerpool’s xCVP is a game changer because it allows CVP stakers to receive cash flow from PowerPool’s operations. This will increase CVP’s utility and decrease selling pressure while providing additional composability opportunities.
The code is already developed, and you can find it 🔗 here:
The last step before implementation is external security audits. We want to ensure the code’s security as it will hold a large TVL. The goal is to fully launch the audited xCVP feature in mid April.
Proposal 27: Continuous Security Audits
On that note, as DeFi and NFT space is booming, security audits are in extremely high demand. Pessimistic offers to CVP community monthly subscription to streamline the audit process and ensure new tech updates are released on schedule. The proposal is live and you can vote now.
Main Terms:
Cost: 6600 USD / month
Included: 40 dedicated man-hours of the security team.
For reference, usually, we spend 40 man-hours on the audit of 1000 physical lines of unique code (sloc-p) written in Solidity, including preparation of the audit report, interaction with the development team, and one re-check of amendments made based on the result of the audit.
🗳 Cast your vote
💬 Forum discussion
Official CVP Market-Maker
At first, PowerPool core team negotiated with FalconX to become the official market-maker of CVP. The proposal was launched and accepted on the Snapshot vote. However, before the payment was made, another suitor made a proposal.
Wintermute, proposed their services on the Governance forum and quickly proceeded to launch the proposal.
The terms of the new offer are much better. Not only do they require 500k CVP less, but they offer to repay the loan with a 50% premium on the current CVP price. Moreover, Wintermute is considered a relatively better market-maker, as FalconX focuses more on providing top-notch OTC services, not market-making services.
If Wintermute's proposal passes, which it will likely do, it will cancel the previous proposal by FalconX and make Wintermute our official Market Maker.
In our opinion, such interest in PowerPool from service providers such as FalconX, Wintermute, MixBytes, and Pessimistic is a clear sign of growing awareness and recognition.
MetaFest participation
Sergey & Delacroix, with extensive help from Vasily Sumanov, represented PowerPool on MetaConf.
NFT Index Proposal
CryptoDelacroix proposed NFT Index powered by DAMM. We expect some changes to be made before the Index going live on the snapshot.
Plz join the discussion and suggest a name for the new Index on our governance forum.
🔗 Details & Discussion
Meta-Governance Portal Proposal
PowerPool coined the Meta-Governance term, and we are eager to make it happen. In the nearest future, CVP holders will be able to vote on proposals of compositing protocols. Portal development is performed and funded by the Management Board.
Below you can see a sneak-peak.
Gnosis-Safe x CVP x Sablier
CVP was added to Gnosis Safe and Sablier to handle contributor's payments without a need to deploy new vesting contracts. The first test payment will go to Getmegone in the nearest future.
Upcoming Updates:
We have several updates expected to go public before the end of the month, including:
Testers Allocation Report
CVP Tokenomics Revision by Sergey
Content & Infographics competition
New Indexes Set
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