PowerPool & DappNode partner to bundle decentralized smart-contract automation with blockchain node infrastructure
Ethereum node operators should add the PowerAgent automation network client to their stack to earn even more ETH. Also combine with any LST DVT client to eliminate slashing risk. Combined bundle is MAX APR on ETH stakes
Why decentralized automation networks for smart-contracts execution?
All but the simplest DeFi protocol or product requires automatic smart-contract execution, usually triggered by on-chain events or specific time conditions. But Ethereum and other EVM-compatible blockchains don’t provide a built-in solution for the automatic execution of smart contracts.
To realize their potential, DeFi protocols require not only oracle networks to access offchain data, but also automation networks, external actors — historically known as Keepers, whose job is to sign designated transactions if and when the specified condition(s) is/are met. At least one Keeper is needed to call a specified method and sign the transaction according to a predefined condition. Other Keepers are needed to confirm that each task is done exactly as specified.
The PowerAgent network consists of an expanding number of independent nodes, such that multiple keepers can coordinate their work and act as independent nodes in a decentralized network. Defi automation cases include auto-compounding vaults, Uniswap v3 position management protocols, and liquidation protection mechanisms.
Standalone (centralized) bots introduce a single point of failure, whereas coordinated, multi-node, autonomous automation networks like PowerAgent provide robust and fault-tolerant transaction execution service that reduces trust assumptions, risk and time-to-market
Multi-node automation networks like PowerAgent ensure that at least one node/Keeper will be available at the needed time, eliminating single points of failure. Innovative PowerAgent features like random keeper selection, automatic slashing, variability (an option to apply various keepers selection algorithms and crypto economic mechanics to different tasks), and gas efficiency reflect original research and continuing leading-edge innovation.
On Ethereum, independent node operators are the best foundation for adding effective nodes/Keepers to PowerAgent
The cornerstone of robust execution of transaction signing tasks is the ability of Keepers to access individual Ethereum nodes. Now, node-as-a-Service tools and public RPCs widely used in Defi aren’t the best choices for running a Keeper. There have been several well-known issues with such types of node providers, causing ‘blackouts’ for Defi apps and other companies using them[1],[2]:
Incorporating as many independent Ethereum node operators as possible into PowerAgent Keeper Network will make PowerAgent increasingly robust and fault-tolerant. That’s why PowerPool is cooperating with a major blockchain node software provider — DAppNode to provide a common software bundle, incentivised testnet and subsequent launch.
PowerAgent & DappNode: simple node launch for new users and additional ETH income for existing Ethereum node runners
By partnering with DappNode, PowerPool aims to:
1. Leverage the simplicity of the DappNode app store for new users, allowing them to launch combined Ethereum Validator and PowerAgent Keeper nodes easily
2. Provide an additional ETH income stream from automation fees, paid for executing PowerAgent tasks, using only tiny amounts of additional resources and bandwidth to encourage more decentralized Ethereum node providers and solo stakers
Participation as a node/Keeper in the PowerAgent network requires a minimum of 2,000 CVP token stake so that PowerPool will provide up to 100 initial mainnet CVP stakes for new nodes as an additional incentive for the DappNode community of Ethereum node operators.
Sharing the same values: promoting the decentralized infrastructure narrative together!
DappNode significantly contributes to decentralizing Ethereum and other protocols by lowering the entry barrier for users to launch their nodes. Decentralized infrastructure is the future of blockchains. It starts with decentralized software offering IPFS-based, smart-contracts-based package sharing, allowing independent nodes to be launched with one click, with a privacy feature if needed.
PowerAgent V2 will be available on the DappStore soon, allowing everyone to join the PowerAgent Network as a keeper node.
We believe that DAppNode and PowerPool can build towards a truly accessible, secure, decentralized, censorship-resistant future for reliable on-chain transaction execution and (shortly) off-chain computation for DeFi/Web3 apps and individuals.
Next steps: How to become a DappNode-powered PowerAgent?
PowerPool plans to launch an incentivized testnet to onboard DappNode users shortly. We also plan to provide special CVP grants for testnet participants and physical, branded DappNodes as special prizes. Stay tuned for our AMAs and other future announcements on PowerPool Twitter.
About PowerPool and PowerAgent V2
PowerPool is a DAO-managed protocol that develops the PowerAgent network and facilitates adoption. PowerAgent v2 is a decentralized network of Keepers providing guaranteed automatic transaction execution for Defi/Web3 apps and individuals. PowerAgent is permissionless. Anyone can become a node runner and begin automatically executing tasks submitted by various client protocols, earning additional ETH fees and gas compensations on top of validator rewards.
In the past, PowerPool has built and operated several automated Defi products on top of PowerAgent v1 network, partnering with Yearn.Finance, Balancer, SushiSwap, Boardroom, and other notable Defi protocols. Read our story here.
About DappNode
DappNode is an open-source, decentralized platform that provides a decentralized infrastructure layer accessible to everyone.
It is a major player in the web3 space, providing the easiest way to launch and maintain blockchain nodes working as a Web3-powered app store. DappNode public nodes number over 2,500, with over 4400 Ethereum validators self-reporting to be using its software. They also have partnerships with Gnosis Chain, HOPR, and several other top-tier projects in the industry.
