PowerPool
Published in

PowerPool

PowerIndex is launched!

The first step is liquidity migration from the Baby index.

*Read this carefully:

The first step for PowerIndex launch is the liquidity migration from Baby Power Index. Other liquidity provision options will be disabled for the first hours of the index operation.

During the liquidity migration process, LM rewards will be temporarily disabled (for about 24 hours) to allow all LPs to prepare for CVP mining.

PowerIndex is live for liquidity migration with brand new UI/UX: powerindex.io

Read a complete guide to PowerIndex

new PIPT contract: 0x26607aC599266b21d13c7aCF7942c7701a8b699c

PIPT-ETH Balancer Pool contract: https://pools.balancer.exchange/#/pool/0x12d165dc02ef89fff66b53e165a532507e51b2c7/

Liquidity migration for Baby PowerIndex liquidity providers

Instruction for migrating liquidity for Baby PowerIndex liquidity providers:

  1. Unstake PIPT from PIPT staking contract or PIPT-USDC Uniswap pair
  2. Once PIPT is on the wallet use the “Remove liquidity” function at https://app.powerpool.finance/#/mainnet/pools/shared/0xb2B9335791346E94245DCd316A9C9ED486E6dD7f. You will receive a basket of 8 tokens
  3. Access https://app.aave.com/migration-portal and migrate LEND tokens to AAVE tokens
  4. Supply 8 token basket at powerindex.io using the “Multi assets” option
  5. Participate in the CVP liquidity mining program. There are two options for that (1) stake PIPT into mining contract or (2) supply PIPT into PIPT-ETH 80–20 Balancer pool and stake BPT token of this pool into the mining contract.

Supply liquidity into PowerIndex and get CVP rewards

Instruction for liquidity providers. Note, that you can use any option you prefer.

  1. Access powerindex.io
  2. Select “Supply”. There are three options for LPs:
    (1) single asset — ETH, USDT, USDC, DPI, DAI. DPI option transfers liquidity from Defi Pulse Index to PowerIndex. Contract buys the 8 tokens basket from Uniswap using the selected asset and provides it to the index contract in one transaction
    (2) Multi-asset — you need a basket of 8 tokens for this
    (3) single-side liquidity provision using governance tokens from the index composition (any of YFI, SNX, AAVE, wNXM, UNI, COMP, CVP, MKR). This option will be enabled once the index attracts enough liquidity
  3. After successful liquidity supplying you will receive minted PIPT
  4. Participate in the CVP liquidity mining program. There are two options for that (1) stake PIPT into mining contract or (2) supply PIPT into PIPT-ETH 80–20 Balancer pool and stake BPT token of this pool into the mining contract

Liquidity mining rewards allocation for the first month is 1,000,000 CVP with adaptive vesting mechanism — more liquidity is in the index, more tokens are unvested (tokens can be instantly claimed and used):

  1. <$1,000,000: 10% without vesting (90% 10 week vest)
  2. From $1m to $5m: 20% without vesting (80% 10 week vest)
  3. From $5m to $10m: 35% without vesting (65% 10 week vest)
  4. From $10m: 50%: without vesting (50% 10 week vest, in line with most recent proposal)

Q&A

Is it necessary to migrate liquidity? Can I use the old PIPT for the CVP liquidity mining program?

No, you can’t. You need to migrate liquidity into the new index. Outdated PIPT cannot be used for liquidity mining anymore. The new PIPT has another contract address.

WTF is PIPT? It is a new PowerPool native token?

No, it is an index share. PIPT is PowerIndex Pool Token. It represents a basket of 8 governance tokens inside the pool. Read guide to PIPT: https://medium.com/powerpool/understanding-powerindex-the-pipt-token-magic-7a6ecde849ec

Can PIPT significantly grow in value when PowerIndex TVL becomes huge?

No. PIPT price is connected with the growth of the Defi market in general as its price is based on the price of a basket of 8 governance tokens such as UNI, COMP, AAVE, YFI, etc. But, CVP value can grow as its value is connected with the success of PowerIndex. This article provides a comprehensive explanation of CVP value capturing mechanisms.

Where I can learn more about the CVP liquidity mining program?

Read this article, please: https://medium.com/powerpool/understanding-powerindex-the-liquidity-mining-program-79dc3b0f57b5

Are there any rewards for holding PIPT?

No. You need to stake PIPT in a mining contract or provide liquidity to PIPT-ETH 80–20 Balancer pool and stake BPT tokens from this pool to get rewards.

How can the CVP community change PoweIndex composition?

It can be done via governance proposal using Dynamic weights changing mechanism. Read more about index governance: https://medium.com/powerpool/understanding-powerindex-the-value-of-index-governance-6e9a1fe5c119

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store