PowerPool
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PowerPool

β–Round Testers Guide

The PowerPool Beta Round is Ready To Launch

DISCLAIMER: Get ready to start at 2 PM PST on Aug 26. Before that time the app will return an error. Please, prepare your wallet in advance according to instructions in the e-mail.

Over the last few days we’ve been sorting through thousands of applications to participate in the Power Pool Beta Round testing phase. It’s been humbling to see the massive interest in governance token pooling and layer-2 DeFi. From thought leaders to the many applicants with deep technical expertise, deciding who will be the first real testers of Power Pool hasn’t been easy.

In total, we selected 100 participants for the Beta testnet round and have tried to choose product-focused supporters, field experts, researchers, and community members with solid reputations. Furthermore, we aimed to select people who didn’t participate in the Alpha Round. We want to attract a diverse testing audience, as well as make the rewards distribution as fair as possible.

The task for Beta testers will be to examine our protocol that’s been launched on top of the xDAI second-layer network, using real ERC20 tokens from the Ethereum mainnet.

Key objectives for Beta testers are:

  1. Testing of the mediator smart contracts, their parameters and UI/UX for transferring tokens between Ethereum mainnet and xDAI network;
  2. Testing protocol smart-contracts with real ERC20 tokens: USDC, COMP, LEND, and YFI (with $300 limited cap);
  3. Testing the interest rate model and determining its optimal parameters;
  4. Testing the efficiency of price oracles;

The liquidity of the protocol will be capped by $30,000. Each Beta tester will be able to deposit only $300 in one of the aforementioned assets. The reference prices for volatile governance tokens will be fixed prior to launch. During the testing period, we will follow the price volatility of governance tokens using oracles. To protect the funds of our testers, we will not be executing and liquidations, however, we will record each possible liquidation for statistical purposes.

Each address is randomly assigned to one of the two roles — liquidity supplier or governance token borrower.

Instructions will be sent to you via e-mail.

Each tester will be required to make the following operations during the testing period:

  1. Deposit USDC, COMP, YFI, LEND to the address submitted in your application. The token ticker and amount will be indicated in the e-mail with instructions;
  2. Transfer tokens from Ethereum mainnet to xDAI network using the PowerPool UI. You will need some ETH for that.
  3. If you deposit COMP, YFI, or LEND tokens, you will need to deposit them to the corresponding pool. We will airdrop 0.01 xDAI to each address to simplify payment of gas fees.
  4. If you have USDC tokens you need to deposit them to the pool as collateral and borrow the maximum possible amount of governance tokens.
  5. After testing is over all testers must repay their loans and remove their assets from the pools.

After the testing period is finished, we will summarize the following statistics: oracle performance, possible liquidations, gas fees saved, and bug reports.

Testers will be rewarded for their job. The total rewards allocation for the Beta round is 5% TTS, which will be distributed with a vesting period. We are doing this to ensure our testers become long-term holders and supporters while also respecting our mainnet liquidity providers.

The reward distribution mechanism: 10% will be available after the mainnet launch. The remaining 90% of tokens will be locked for 3 months with 3 months vesting period (⅓ will be released per month).

Note: These tokens can still be used to participate in Power Pool governance.

Discord: https://discord.gg/hYJXUBQ

Twitter: https://twitter.com/powerpoolcvp

https://powerpool.finance

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PowerPool allows token holders to lend, pool, borrow, and gain income from governance tokens, while accumulating governance power in protocols based on the Ethereum network. PowerPool’s mission is to expand the utility of governance tokens and improve decision making in DeFi.

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PowerPool

PowerPool

A solution for accumulating governance power in Ethereum based protocols

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