PowerIndex launch roadmap

PowerIndex will be launched soon. This article is devoted to the roadmap of the index launch and will help our community to stay up to date with it

REMINDER: The PowerIndex is a Smart ETF-like Defi index. Main features: (1) it uses pooled governance tokens for voting in composite protocols (2) it uses pooled tokens for Vault-like strategies, generating additional income for PIPT holders (3) it is entirely community-governed since users can change token set, token weights, and fees via governance proposals.

The Baby version of PowerIndex has launched in mainnet a month ago as a version with limited liquidity (currently cap is $550k). It is the MVP version of the future product in mainnet, offering all main functions to its users:

1. Mint PIPT. Users can provide liquidity into the index and mint PIPT. Liquidity can be provided using ETH (the contract will buy all necessary assets in required proportions and deposit them into the index) or 8 governance tokens basket
2. Redeem PIPT. PIPT can be redeemed for ETH or 8 governance tokens basket
3. Liquidity Mining Program. All Baby PowerIndex users participate in the test LM program, choosing one of two options — PIPT staking or Uviswap PIPT-USDC trading pair liquidity provision
4. The secondary market for PIPT. The secondary market for PIPT was established at Uniswap. This market was added to the liquidity mining program as well.

The testing was carried out pretty well, no critical issues were found. Now we are almost ready to launch the main, uncapped version and grow it up to deliver a top-tier Defi index, providing value for Defi users and investors. The launch is close but there is still a lot to be done, and we want the community to be on the same page with this plan.

The roadmap: From Baby to PowerIndex

The four main steps should be made to deliver an uncapped version of PowerIndex to the market:

1. Vesting contract deployment. The vesting contract containing tokens of Beta/Gamma testers should be deployed in mainnet. Currently, this contract successfully passed the security audit and will be deployed in the coming days. Note, that lock-ups and vesting schedules are calculated from the day of passing Proposal 6.
   Timeline: 1–2 days.
2. Voting for index composition. Currently, the Baby index contains 8 governance tokens: YFI LEND SNX COMP MKR UNI WNXM CVP. The last month of discussions on Discord revealed that the community is satisfied with such index composition. Thus, we consider issuing a simple “YES or NO” proposal to keep this composition for PowerIndex if there wouldn’t be any other ideas from the community.
   Timeline: ~7 days.
3. Audit receiving. Currently, the source code of PowerIndex is auditing. We plan to receive an audit within 7 to 10 days. After this, the index will be technically ready for launch.
   Timeline: 7–10 days.
4. Launch. After all preliminary steps will be done, we will announce the index launch. If the index composition would remain the same, we will deploy a new index contract in which LEND will be replaced by AAVE and provide Baby index users a tool for liquidity migration.
   Timeline: several days after the audit will be received.

Also, recently we released information regarding Community Grants. We plan to grant 1% of CVP supply (1m CVP) to each composite protocol of the PowerIndex. It will provide them leverage in votings, so each composite protocol will be able to participate in the index governance. From this 1m of tokens, 900k CVP is reserved for the treasury of each protocol and will be owned by its community and 100k will be allocated to two Protocol Politicians from each protocol (50k each). This is an ongoing process which will also proceed after the index launch.

Community action

We will preliminary inform our community regarding each update. So, if you currently hold CVP, CVP-ETH UniV2 LP tokens, PIPT, or PIPT-USDC UniV LP tokens — no action is required. For PIPT holders we will provide a special tool for seamless liquidity migration into a new version of the index. But, you can participate in the following community activity and earn CVP rewards for some of them:

1. The “Powerpool simplicity” writing contest. Write a small piece answering three main questions about Powerpool, PowerIndex, and CVP and win $3,500. Yes, you can earn $3,500 for a little piece of the text. The main requirement is to describe all stuff as simple as possible to make it understandable for non-techy users.
2. The community content Grant program. This program is being discussed on the Power Forum, so drop a line with your opinion there! Also, if you help the project by creating or translating content now, you will be rewarded using the grant funds.
3. If you are available for something else — content creation, spreading the word, research, etc — reach us on Discord.