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PowerPool Governance Update: LP tokens are in the game!

The tool for voting in PowerPool governance using BPT/Uniswap LP tokens is developed. You can vote on the next proposals without pooling out liquidity from Balancer and Uniswap.

During the voting on Proposal 1 in recently launched PowerPool governance, Uniswap and Balancer LPs faced a necessity to pool out liquidity in order to vote. It is a general issue of on-chain governance that comes to the fact that certain share of tokens, for example in DEX pools or on cold wallets of CEXes cannot participate in votes for technical reasons. Understanding it, the solution allowing LPs to vote using their BPT/Uniswap LP tokens was developed. LPs are key supporters of PowerPool protocol and it is very important to give them an opportunity to issue proposals and vote without pooling out liquidity.

This solution for BPT/LP tokens will be available tomorrow. Also, the solution for staking BPT/LP tokens to claim LP rewards is ready. It is a two-in-one solution: LPs can stake their BPT/LP tokens in order to claim rewards and they can immediately be used for voting:

It allows staking BPT/LP tokens, claiming rewards in real-time, and participating in governance. From the next week, we will finish the manual distribution of LP rewards and transfer the claim function to the LPs themselves.

The first-ever PowerPool voting stats

The voting started yesterday and collected 464,889 CVP for “approve” and only 27.14 for “deny”. As almost all eligible voters approved this proposal and no more votes remaining, the community can consider this proposal as passed.

We will post an official announcement regarding the success of this proposal and distributed increased rewards for the previous two weeks.

The rewards for the current week (11–18 of September) will be distributed in mixed mode: all rewards earned before LP staking is live will be distributed manually, and LPs will have to stake their LP tokens to get the rest of it for this week. Approximately, it will be live on Tuesday and we will notify our community prior to it, specifying the Ethereum block when LPs will be able to stake their tokens.

Power Forum: https://gov.powerpool.finance/

Discord: https://discord.gg/hYJXUBQ

Twitter: https://twitter.com/powerpoolcvp




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