PowerUniverse Deliveries: PowerOracle, PowerIndex, Vesting
PowerPool develops quickly. This article covers the latest updates of Power Universe.
Last week was pretty successful for the PowerPool. Recent updates include PowerOracle mainnet launch, vesting contract for LP rewards, CVP on Matic update, and also updates of Baby Power Index.
PowerOracle goes mainnet
The Power Oracle was introduced to the community less than a month ago. PowerOracle is a decentralized cross-chain price oracle, using Uniswap V2 as a primary data source of time-weighted average prices (TWAPs). It autonomously operates by applying economic incentives for independent price reporters.
After intensive testing by the team followed by CVP community test Power Oracle is finally released in Ethereum mainnet.
Currently, it provides price feeds for 12 assets (11 governance tokens and DAI):
Price reporting and fishermen: how it works
Price reporter pulls the contract every 30 mins (note that price reporter doesn’t provide price himself; he just pools the smart-contract which does all operations of fetching data from Uniswap V2 automatically).
Price reporter receives two types of rewards:
(1) compensation of gas costs
(2) payment for his job as 20% of this stake yearly in CVP tokens
Price Reporter’s job is like a business — honest and high-quality work associated with a certain risk of partially losing stake is rewarded. If Price Reporter didn’t report the price within 45 mins (he has an additional 15 mins to fix problems) he got slashed by the fisherman. In the case of slashing, the fisherman receives 5% of the Price reporter stake, and an additional 5% goes to the community pool. Thus, Price Reporter loses 10% of his stake in case of missing the reporting point.
How to become a Price Reporter or a Fisherman?
In PowerOracle, anyone can become a price reporter. To apply for the Price Reporter job, it is necessary to place CVP stake into a contract and win a competition over other stakes. Only the biggest stake can become a price reporter, while other ones become fishermen. Fishermen control price reporters in a way described above and are motivated by possible rewards.
Vesting for LP rewards is applied
TL;DR: You don’t need to pull out your liquidity from Uniswap for this migration. Just take out LP tokens and stake in the “Actual” contract. Old contracts are listed in the “Deprecated” tab.
The vesting for LP rewards was approved by the CVP community in Proposal 2. After this, Proposal 6 defined LP rewards for the mainnet stage of the project (the mainnet stage starts after launch of audited and therefore uncapped Power Index).
As the project is still in pre-mainnet stage vesting rules were applied in the way it was defined in Proposal 2: 10 weeks vesting. Vesting is applied for all LP rewards: Uniswap, Balancer, Baby Power Index, and PIPT-USDC Uniswap pair.
What to do? How to migrate and not miss rewards?
Migration is easy. Since the “old”(unvested) rewards contract is deprecated from the block 11120828 after this block contract wouldn’t allocate rewards anymore.
All previously earned rewards are claimable at any time without vesting. When LP tokens are withdrawn from the old contract, unvested rewards will automatically be sent to your wallet.
For migration, you need to withdraw your LP tokens from the “Deprecated” contract at the Mining page and stake them into the “Actual” ones. Nothing more to do.
Baby Power Index updates
Baby Power index is a mainnet MVP version of the main Power Index, demonstrating almost all functions of the future product. Since security audits are pending, the liquidity is capped ($550k for now, and it is completely filled by our community).
Power Index provides more value to the community using pooled tokens for meta-governance and Vault strategies, being completely community-governed at the same time.
Due to the features mentioned above, we defined Power Index as the “Smart” one. End-user of an index uses PIPT (read it as Power Index Pool Token). Read more info about PIPT here.
New functions of Power Index, delivered this week:
- Supplying liquidity into the index using only ETH. Contract buys 8 GTs from Uniswap (users sign only 1 transaction for that) and supplies it into Baby Power Index, minting PIPT in return. Previously: users had to have 8 GTs for liquidity provision
- Redeeming PIPT token directly into ETH. The contract sells all GTs on Uniswap for ETH and returns ETH to the user wallet. Previously: users received 8 GTs for PIPT redemption.
Transformation of Baby Power Index
Baby Power Index will undergo transformation due to LEND<->AAVE migration. It will take place approximately on Monday. All Index LPs will have to migrate to the new Baby Power Index. It will be easy and almost completely automated. Instruction is coming soon.
CVP on Matic Update
PowerPool has been working with the Matic chain from the first days of PowerPool operation as a GT lending market. Lately, Matic added a CVP contract to the Matic chain allowing CVP transfers on Matic and trading at L2 DEXes such as Quickswap. Besides L2 operations with CVP and trading, PowerPool considers using Matic for costless voting in future governance proposals.
Power Forum: https://gov.powerpool.finance/
Discord: https://discord.gg/hYJXUBQ
Twitter: https://twitter.com/powerpoolcvp
