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unknown sendersent to0x88a6cee1…8f98·#11,555,016·0xe2b2abbe…fba844
;Proposal 16: Reduce the mining rewards for all pools by ~50% for the next month Summary: 1. Reduce the LM rewards by ~50% for all mining pools in January-2021 2. Keep voting on the next month's mining rewards for the next 3 months (incl January-2021) at the end of each month This separate proposal is required as YETI pool rewards will be 0 next month if we don't set it up Abstract: For the next 3 months which will be critical for PP development, I suggest ruling the LM rewards manually and see what gives results and what doesn't give the results. The main goal - don't allow the overinflation of CVP and the price drop to go beyond the point of no return. The actions proposed are SUPER SIMPLE (please see below the summary and specification) As everything is pretty clear here and due to the urgency please see just brief facts below, would be happy to share more info on abstract and motivation at the end of the next month Motivation: Current rewards structure creates inadequate returns, CVP oversupply and deflates the value of CVP 1. The team works on a new design of the mechanics behind the index 2. The community is about to launch at least 2 indexes Why should we keep having such enormous returns? Either the product has its product-market-fit and TVL grows naturally or the product has failed and nothing helps in this case. In both situations, artificial inflation should be implemented manually, not by default. We are trying different ways of how to increase the TVL, and at the moment it looks like the CVP overinflation doesn't work. Please don't forget that in case we keep these high returns and the price falls down due to overinflation (and looks like it will) the APY will decrease anyway So I believe it would be better lower price and no inflation than lower price and overinflation Specification: The current pool rewards planned for the next month PIPT (Staking + Balancer) Month 1 rewards will be 1m CVP Month 2 rewards will be 700k CVP Month 3+ rewards will be 400k CVP -> SET UP 500K CVP PER MONTH IN JANUARY CVP/ETH Uniswap Month 1 rewards will be 182k CVP (per week) Month 2+ rewards will be 91k CVP (per week) -> SET UP 91K CVP PER WEEK IN JANUARY (AS IS) Proposal 12: Month 1: Staking 200k + ETH/YETI balancer 250 (450k total) Month 2: Zero -> SET UP 300K CVP PER MONTH IN JANUARY (SAME PROPORTION)
0x750c31d2…f881sent to0x88a6cee1…8f98·#11,555,016·0xe2b2abbe…fba844
Proposal 16: Reduce the mining rewards for all pools by ~50% for the next month Summary: 1. Reduce the LM rewards by ~50% for all mining pools in January-2021 2. Keep voting on the next month's mining rewards for the next 3 months (incl January-2021) at the end of each month This separate proposal is required as YETI pool rewards will be 0 next month if we don't set it up Abstract: For the next 3 months which will be critical for PP development, I suggest ruling the LM rewards manually and see what gives results and what doesn't give the results. The main goal - don't allow the overinflation of CVP and the price drop to go beyond the point of no return. The actions proposed are SUPER SIMPLE (please see below the summary and specification) As everything is pretty clear here and due to the urgency please see just brief facts below, would be happy to share more info on abstract and motivation at the end of the next month Motivation: Current rewards structure creates inadequate returns, CVP oversupply and deflates the value of CVP 1. The team works on a new design of the mechanics behind the index 2. The community is about to launch at least 2 indexes Why should we keep having such enormous returns? Either the product has its product-market-fit and TVL grows naturally or the product has failed and nothing helps in this case. In both situations, artificial inflation should be implemented manually, not by default. We are trying different ways of how to increase the TVL, and at the moment it looks like the CVP overinflation doesn't work. Please don't forget that in case we keep these high returns and the price falls down due to overinflation (and looks like it will) the APY will decrease anyway So I believe it would be better lower price and no inflation than lower price and overinflation Specification: The current pool rewards planned for the next month PIPT (Staking + Balancer) Month 1 rewards will be 1m CVP Month 2 rewards will be 700k CVP Month 3+ rewards will be 400k CVP -> SET UP 500K CVP PER MONTH IN JANUARY CVP/ETH Uniswap Month 1 rewards will be 182k CVP (per week) Month 2+ rewards will be 91k CVP (per week) -> SET UP 91K CVP PER WEEK IN JANUARY (AS IS) Proposal 12: Month 1: Staking 200k + ETH/YETI balancer 250 (450k total) Month 2: Zero -> SET UP 300K CVP PER MONTH IN JANUARY (SAME PROPORTION)
unknown sendersent to0x88a6cee1…8f98·#11,551,748·0xbbd44b52…db1f58
Proposal 15 - Version 3 - Confirming Vesting for Rewards on CVP/ETH and YETI Pools Proposal 15 - Version 3 This past week the community voted overwhelmingly 592,000+ "Yes" votes to 92 "No" votes to extend the rewards for the CVP and Yeti Pools for the next 12 months. In that proposal which passed, there was a typo on the timeframe associated with the vesting rewards...24 weeks (3 months). The Powerpool team says we as a community need to confirm the vesting schedule for these rewards. The team has stated that the functionality doesn't currently exists to have different vesting schedules on the various pools. Therefore, this proposal is to approve the rewards for the CVP/ETH and Yeti Pools continue to vest over a 10 week period as they were previously. Please see Proposal 15 - Version 2 for details on how the rewards will be paid out over the next year between the various pools. Disclaimer; If this proposal does not pass with majority of votes and with quorum (400K+ Yes votes), then we will assume as a community that Proposal 15 - Version 2 will also become VOID since it contained conflicting language. If this proposal fails to pass, Rewards for the YETI Pools will expire and CVP/ETH Rewards will drop by 50% as originally planned.
0x00397d81…3377sent to0x88a6cee1…8f98·#11,551,748·0xbbd44b52…db1f58
Proposal 15 - Version 3 - Confirming Vesting for Rewards on CVP/ETH and YETI Pools Proposal 15 - Version 3 This past week the community voted overwhelmingly 592,000+ "Yes" votes to 92 "No" votes to extend the rewards for the CVP and Yeti Pools for the next 12 months. In that proposal which passed, there was a typo on the timeframe associated with the vesting rewards...24 weeks (3 months). The Powerpool team says we as a community need to confirm the vesting schedule for these rewards. The team has stated that the functionality doesn't currently exists to have different vesting schedules on the various pools. Therefore, this proposal is to approve the rewards for the CVP/ETH and Yeti Pools continue to vest over a 10 week period as they were previously. Please see Proposal 15 - Version 2 for details on how the rewards will be paid out over the next year between the various pools. Disclaimer; If this proposal does not pass with majority of votes and with quorum (400K+ Yes votes), then we will assume as a community that Proposal 15 - Version 2 will also become VOID since it contained conflicting language. If this proposal fails to pass, Rewards for the YETI Pools will expire and CVP/ETH Rewards will drop by 50% as originally planned.
0x00397d81…3377sent to0x88a6cee1…8f98·#11,538,149·0x0e96131b…13efca
Proposal 15.3 - Overturn Proposal 15.2 The purpose of this proposal is to overturn the passing of proposal 15.2. Though this proposal passed to continue on the rewards for next 12 months for both the Yeti and CVP/ETH Pools, there was a typo in that proposal on the vesting rewards. 24 weeks (3 months). In fairness to some who may have voted for this proposal thinking the rewards would vest over a longer period of time - 24 weeks while others were expecting only a 12 week vesting period. In addition, the team notified the community that setting a vesting schedule on these pools that was different than the PIPT Pools would cause a need for additional development. Upon overturning Proposal 15.2, a new proposal will be made over the next few weeks allowing for a vote on extending Yeti Rewards under a 10 week vesting schedule so that additional development is not required by the team at this time.
unknown sendersent to0x88a6cee1…8f98·#11,518,349·0xfe8e19be…d7011b
Proposal 15 - Version 2 - Renew Mining Rewards for CVP/ETH and YETI/ETH and YETI Mining Proposal 15 - Version 2 The last proposal had some incorrect rewards listed. I have made the corrections. In addition, to address the concerns of flooding the market with reward tokens, I have changed the vesting of these rewards from 10 weeks to 24 week (3 months) The purpose of this proposal is to vote on renewing the current Rewards for the CVP/ETH, YETI/ETH and YETI Mining Pools. In the first week of January, the Yeti Rewards for both mining pools are set to expire. This proposal would continue on with the same reward rate for the next 12 months. Current Mining Rewards; 250K/Month for YETI/Eth Balancer Pool 200K/Month for Yeti Pool At the end of December, the rewards for the CVP/ETH Uniswap Mining Pool are set to get cut in half. From 182K/week down to 91/K per week. This proposal would keep those mining rewards for this pool at current rate of 182k/week for the next 12 months. All rewards for the above pools would vest over 24 weeks (3 months). After Dec 31st, 2021 all rewards would end for these pools. A new proposal would need to be passed by this date to continue on Mining Rewards for these pools.
0x00397d81…3377sent to0x88a6cee1…8f98·#11,518,349·0xfe8e19be…d7011b
Proposal 15 - Version 2 - Renew Mining Rewards for CVP/ETH and YETI/ETH and YETI Mining Proposal 15 - Version 2 The last proposal had some incorrect rewards listed. I have made the corrections. In addition, to address the concerns of flooding the market with reward tokens, I have changed the vesting of these rewards from 10 weeks to 24 week (3 months) The purpose of this proposal is to vote on renewing the current Rewards for the CVP/ETH, YETI/ETH and YETI Mining Pools. In the first week of January, the Yeti Rewards for both mining pools are set to expire. This proposal would continue on with the same reward rate for the next 12 months. Current Mining Rewards; 250K/Month for YETI/Eth Balancer Pool 200K/Month for Yeti Pool At the end of December, the rewards for the CVP/ETH Uniswap Mining Pool are set to get cut in half. From 182K/week down to 91/K per week. This proposal would keep those mining rewards for this pool at current rate of 182k/week for the next 12 months. All rewards for the above pools would vest over 24 weeks (3 months). After Dec 31st, 2021 all rewards would end for these pools. A new proposal would need to be passed by this date to continue on Mining Rewards for these pools.
unknown sendersent to0x88a6cee1…8f98·#11,498,600·0xc74e7d78…f5fd03
Proposal 15 - Renew Current Rewards for Yeti and CVP/ETH Mining The purpose of this proposal is to vote on renewing the current Rewards for the Yeti and CVP/ETH Mining Pools. In the first week of January, the Yeti Rewards for both mining pools are set to expire. This proposal would continue on with those same rewards for the next 3 months. 250K/Week for YETI/Eth Balancer Pool 200K/Week for Yeti Pool At the end of December, the rewards for the CVP/Eth Uniswap Mining Pool is set to get cut in half. From 182K/week down to 91/K per week. This proposal would keep those mining rewards for this pool at current rate of 182k/week for the next 3 months. All rewards for the above pools would vest over 10 weeks. On April 1st, 2021 these rewards will end. After that date, Yeti Staking Rewards would need to be extended and the CVP/Eth Pool Rewards would drop to their normal distribution rate of 91k/week.
0x00397d81…3377sent to0x88a6cee1…8f98·#11,498,600·0xc74e7d78…f5fd03
Proposal 15 - Renew Current Rewards for Yeti and CVP/ETH Mining The purpose of this proposal is to vote on renewing the current Rewards for the Yeti and CVP/ETH Mining Pools. In the first week of January, the Yeti Rewards for both mining pools are set to expire. This proposal would continue on with those same rewards for the next 3 months. 250K/Week for YETI/Eth Balancer Pool 200K/Week for Yeti Pool At the end of December, the rewards for the CVP/Eth Uniswap Mining Pool is set to get cut in half. From 182K/week down to 91/K per week. This proposal would keep those mining rewards for this pool at current rate of 182k/week for the next 3 months. All rewards for the above pools would vest over 10 weeks. On April 1st, 2021 these rewards will end. After that date, Yeti Staking Rewards would need to be extended and the CVP/Eth Pool Rewards would drop to their normal distribution rate of 91k/week.
unknown sendersent to0x88a6cee1…8f98·#11,432,740·0xfbf5de95…62744b
Rewards vesting structure changes for all YETI pools Change the CVP reward structure for all YETI pools from 10 weeks to 50% CVP rewards vested immediately and remaining 50% rewards vested over 10 weeks.
0xe0f90546…78a2sent to0x88a6cee1…8f98·#11,432,740·0xfbf5de95…62744b
Rewards vesting structure changes for all YETI pools Change the CVP reward structure for all YETI pools from 10 weeks to 50% CVP rewards vested immediately and remaining 50% rewards vested over 10 weeks.
unknown sendersent to0x88a6cee1…8f98·#11,407,518·0x61f6a313…c24b62
Proposal 11: Issue a grant to co-fund research on Balancer AMM with Balancer Labs Provide 3200 CVP (~10,000$) as a grant for the team from the Token Engineering community to build the cadCAD model of the Balancer AMM and run simulations for PowerIndex and similar use cases. Deliverables will cover documentation, code examples, and video tutorials. The team includes members of the Token Engineering Community with a track record in token engineering: Angela Kreitenweis, Raul Martinez, and me - Vasily Sumanov. This research proposal has already attracted a $25k grant from Balancer Labs for building a generalized model. The PowerPool grant will enable additional documentation and video tutorials to demonstrate the cadCAD workflow for various use case simulations, including PowerIndex. Total project runtime November 2020 – March 2021. Phase 1 end 12/2020 - derive core algorithms from Balancer smart contracts and build simple Python model, implementation in cadCAD end 01/2021 - open source cadCAD model and documentation Phase 2 end 02/2021 - run fundamental simulations based on 2-3 real-world use cases (basic templates: LM program, LBP, index, weights changing model and reserve model, portfolio, etc) end 03/2021 - produce and publish tutorials and documentation, demonstrate 2-3 simulation workflows including dynamic weights changing for PowerIndex
0x6da0514f…f75bsent to0x88a6cee1…8f98·#11,407,518·0x61f6a313…c24b62
Proposal 11: Issue a grant to co-fund research on Balancer AMM with Balancer Labs Provide 3200 CVP (~10,000$) as a grant for the team from the Token Engineering community to build the cadCAD model of the Balancer AMM and run simulations for PowerIndex and similar use cases. Deliverables will cover documentation, code examples, and video tutorials. The team includes members of the Token Engineering Community with a track record in token engineering: Angela Kreitenweis, Raul Martinez, and me - Vasily Sumanov. This research proposal has already attracted a $25k grant from Balancer Labs for building a generalized model. The PowerPool grant will enable additional documentation and video tutorials to demonstrate the cadCAD workflow for various use case simulations, including PowerIndex. Total project runtime November 2020 – March 2021. Phase 1 end 12/2020 - derive core algorithms from Balancer smart contracts and build simple Python model, implementation in cadCAD end 01/2021 - open source cadCAD model and documentation Phase 2 end 02/2021 - run fundamental simulations based on 2-3 real-world use cases (basic templates: LM program, LBP, index, weights changing model and reserve model, portfolio, etc) end 03/2021 - produce and publish tutorials and documentation, demonstrate 2-3 simulation workflows including dynamic weights changing for PowerIndex
unknown sendersent to0x88a6cee1…8f98·#11,401,915·0x8599c0a6…545122
Proposal 12: Yearn Ecosystem Token Index (YETI) Please read the full proposal post for additional information and rationale https://gov.powerpool.finance/t/proposal-12-yearn-ecosystem-token-index-yeti/442 Summary Launch an index in the PowerPool ecosystem consisting of Yearn ecosystem projects: YFI, SUSHI, CREAM, AKRO, COVER, K3PR, CVP, PICKLE. The proposed weights of tokens will be: YFI 35%, SUSHI 17%, other tokens 8% each. The name of the new index is proposed to be “Yearn Ecosystem Token Index", with the ticker “YETI”. The index will serve two purposes. For investors it would create a passive vehicle for broad exposure to the Yearn ecosystem - like an index on the Yearn conglomerate of protocols. For Yearn it would be a way of formalizing its recent mergers, aligning the treasuries and governance systems of the protocols in its ecosystem. The index will allow Defi users to invest into the Yearn ecosystem using a single token, receive cash flows from Vault strategies applied to composite tokens, and vote on proposals in the Yearn ecosystem governance using PowerPool’s meta-governance approach. We propose supporting the index launch with the following CVP liquidity mining program: 250k CVP for 1st month with 10 weeks vesting and YETI/ETH Balancer 80-20 pair with 200k CVP for 1st month with 10 weeks vesting. We will re-define liquidity mining incentives at the end of the first month via an additional follow-up proposal.
0x7111cbd1…7734sent to0x88a6cee1…8f98·#11,401,915·0x8599c0a6…545122
Proposal 12: Yearn Ecosystem Token Index (YETI) Please read the full proposal post for additional information and rationale https://gov.powerpool.finance/t/proposal-12-yearn-ecosystem-token-index-yeti/442 Summary Launch an index in the PowerPool ecosystem consisting of Yearn ecosystem projects: YFI, SUSHI, CREAM, AKRO, COVER, K3PR, CVP, PICKLE. The proposed weights of tokens will be: YFI 35%, SUSHI 17%, other tokens 8% each. The name of the new index is proposed to be “Yearn Ecosystem Token Index", with the ticker “YETI”. The index will serve two purposes. For investors it would create a passive vehicle for broad exposure to the Yearn ecosystem - like an index on the Yearn conglomerate of protocols. For Yearn it would be a way of formalizing its recent mergers, aligning the treasuries and governance systems of the protocols in its ecosystem. The index will allow Defi users to invest into the Yearn ecosystem using a single token, receive cash flows from Vault strategies applied to composite tokens, and vote on proposals in the Yearn ecosystem governance using PowerPool’s meta-governance approach. We propose supporting the index launch with the following CVP liquidity mining program: 250k CVP for 1st month with 10 weeks vesting and YETI/ETH Balancer 80-20 pair with 200k CVP for 1st month with 10 weeks vesting. We will re-define liquidity mining incentives at the end of the first month via an additional follow-up proposal.
unknown sendersent to0x88a6cee1…8f98·#11,394,238·0x07ee017d…b82311
Proposal 10: CVP tokens allocation for PowerPool team Summary We propose to allocate 5% of TTS (5m CVP) to the PowerPool team as a long-term incentive for project development. Terms of allocation: lock-up for 1 year and 18 months linearly vesting after starting from the date of vesting contract deployment if this proposal passes. The voting power of locked tokens will be linearly vested for 18 months, starting from the same date. Motivation The PowerPool’s team originated the project and developed it without any external funding, declining all investment offers. The team delivered several mainnet audited products with “first-ever” functions and tech on the market, research and educational materials, built community, and attracted attention from top-tier DeFi professionals during four months of full-time work. Two main products got initial traction (PowerIndex, PowerOracle). The main product, PowerIndex, is successfully delivered to the market and has $4.6m TVL in less than 24hrs of operation. According to the project progress and team achievements (read below), the team demonstrated its capability to deliver reliable tech, conduct research, and build an ecosystem around the project. Token allocation as a long-term incentive for the team will secure a great future for the project, create solid DeFi products, and finally deliver the first-ever meta-governance protocol. The 5% TTS allocation will not dilute liquidity mining incentives and voting power from a long-term perspective and represent a fair incentive for the team.
0xff34a99e…9b89sent to0x88a6cee1…8f98·#11,394,238·0x07ee017d…b82311
Proposal 10: CVP tokens allocation for PowerPool team Summary We propose to allocate 5% of TTS (5m CVP) to the PowerPool team as a long-term incentive for project development. Terms of allocation: lock-up for 1 year and 18 months linearly vesting after starting from the date of vesting contract deployment if this proposal passes. The voting power of locked tokens will be linearly vested for 18 months, starting from the same date. Motivation The PowerPool’s team originated the project and developed it without any external funding, declining all investment offers. The team delivered several mainnet audited products with “first-ever” functions and tech on the market, research and educational materials, built community, and attracted attention from top-tier DeFi professionals during four months of full-time work. Two main products got initial traction (PowerIndex, PowerOracle). The main product, PowerIndex, is successfully delivered to the market and has $4.6m TVL in less than 24hrs of operation. According to the project progress and team achievements (read below), the team demonstrated its capability to deliver reliable tech, conduct research, and build an ecosystem around the project. Token allocation as a long-term incentive for the team will secure a great future for the project, create solid DeFi products, and finally deliver the first-ever meta-governance protocol. The 5% TTS allocation will not dilute liquidity mining incentives and voting power from a long-term perspective and represent a fair incentive for the team.
unknown sendersent to0x88a6cee1…8f98·#11,321,695·0x31ef8635…dad2d3
2Proposal 9: Launch of PowerIndex with Update to Vesting, Liquidity Mining & PowerIndex Design Summary of proposal 9: Please read the full proposal post additional information and rationale https://gov.powerpool.finance/t/proposal-9-update-to-vesting-liquidity-mining-powerindex-design/412 The composition of the index will remain relatively unchanged in the transition, consisting of CVP, YFI, SNX, LEND, wNXM, UNI, COMP, and MKR. The only change will be AAVE replacing LEND now that Aave has gone through the token migration. Since the index remains unchanged, the 3M in CVP rewards will also no longer be rewarded for those who vote on the composition. Liquidity Mining Program for the Power Index: Month 1 rewards will be 1m CVP Month 2 rewards will be 700k CVP Month 3+ rewards will be 400k CVP In general, 50% of rewards will vest immediately and 50% will vest over a 10 week period. In the early days, the vesting schedule will vary according to a conditional vesting parameter for PowerIndex rewards that’s based on total Index liquidity. <$1,000,000 : 10% rewards immediately vest (90% 10 week vest) From $1m to $5m: 20% immediately vest (80% 10 week vest) From $5m to $10m: 35% immediately vest (65% 10 week vest) From $10m: 50% immediately vest (50% 10 week vest, in line with most recent proposal) The normal rule is that 50% of rewards vest immediately and 50% vest over a 10 week span. Once there is at least $10m of total liquidity in the index, this adjustment has no effect. This means the only difference is when the Index has less than $10m of liquidity. Power Index LP’s can claim rewards by either directly depositing their PI LP token in the PowerPool app, or they can deposit it in an AMM with ETH and deposit that LP token on PowerPool. The AMM pool they deposit to will be an 80/20 PI/ETH pool. This will improve the efficiency of pool rewards, meaning Power Index holders will receive a higher yield. It’ll also allow users to be more targeted with their exposure. Liquidity Mining Rewards for CVP/ETH Liquidity Pool Rather than fractionalize liquidity across a variety of pools, the plan is to have all CVP liquidity mining rewards focused on the CVP/ETH Uniswap Pool. Month 1 rewards will be 182k CVP (per week) Month 2+ rewards will be 91k CVP (per week) These rewards will come with a 10 week vesting period.
0x6f6f5f08…2b00sent to0x88a6cee1…8f98·#11,321,695·0x31ef8635…dad2d3
Proposal 9: Launch of PowerIndex with Update to Vesting, Liquidity Mining & PowerIndex Design Summary of proposal 9: Please read the full proposal post additional information and rationale https://gov.powerpool.finance/t/proposal-9-update-to-vesting-liquidity-mining-powerindex-design/412 The composition of the index will remain relatively unchanged in the transition, consisting of CVP, YFI, SNX, LEND, wNXM, UNI, COMP, and MKR. The only change will be AAVE replacing LEND now that Aave has gone through the token migration. Since the index remains unchanged, the 3M in CVP rewards will also no longer be rewarded for those who vote on the composition. Liquidity Mining Program for the Power Index: Month 1 rewards will be 1m CVP Month 2 rewards will be 700k CVP Month 3+ rewards will be 400k CVP In general, 50% of rewards will vest immediately and 50% will vest over a 10 week period. In the early days, the vesting schedule will vary according to a conditional vesting parameter for PowerIndex rewards that’s based on total Index liquidity. <$1,000,000 : 10% rewards immediately vest (90% 10 week vest) From $1m to $5m: 20% immediately vest (80% 10 week vest) From $5m to $10m: 35% immediately vest (65% 10 week vest) From $10m: 50% immediately vest (50% 10 week vest, in line with most recent proposal) The normal rule is that 50% of rewards vest immediately and 50% vest over a 10 week span. Once there is at least $10m of total liquidity in the index, this adjustment has no effect. This means the only difference is when the Index has less than $10m of liquidity. Power Index LP’s can claim rewards by either directly depositing their PI LP token in the PowerPool app, or they can deposit it in an AMM with ETH and deposit that LP token on PowerPool. The AMM pool they deposit to will be an 80/20 PI/ETH pool. This will improve the efficiency of pool rewards, meaning Power Index holders will receive a higher yield. It’ll also allow users to be more targeted with their exposure. Liquidity Mining Rewards for CVP/ETH Liquidity Pool Rather than fractionalize liquidity across a variety of pools, the plan is to have all CVP liquidity mining rewards focused on the CVP/ETH Uniswap Pool. Month 1 rewards will be 182k CVP (per week) Month 2+ rewards will be 91k CVP (per week) These rewards will come with a 10 week vesting period.