PowerPool launches collaboration to launch diversified DeFi pools/indexes on NEAR

Today we are excited to announce a collaboration between PowerPool and NEAR Protocol to deliver advanced structured investment/asset management solutions for the fast-growing DeFi sector rapidly developing on Near. Diversified, high-yield DeFi pools/indexes like those managed by PowerPool bring new investors and persistent liquidity to fuel the growth of DeFi on NEAR.

The planned NEAR pooled investment token, tentatively titled ‘$NEARDEFI’, will be another in the series of similar diversified, actively-managed PowerPool DeFi-themed investment tokens following on from $BSCDEFI, recently launched on Binance Smart Chain. PowerPool’s pooled DeFi investment tokens will make it simple for new users to achieve exposure to NEAR DeFi growth with a single, one-click token, offering auto-harvested rewards.

Powerpool will run smart contracts on NEAR using Aurora, NEAR’s EVM execution environment.

More than just a basket of tokens: PowerPool offers actively managed pools/indices with auto-harvesting of staking rewards from underlying tokens

While highly incentivised staking rewards on new chains with emerging DeFi sectors like NEAR are very attractive for investors, proliferating wallet issues and the substantial price volatility and associated risks of periodic downside loss can act as a disincentive slowing an emerging chain’s TVL acquisition process.

PowerPool hopes to solve this problem for NEAR and other EVM-compatible chains by offering thematic DeFi pools/indices with both auto-harvested rewards (staking underlying assets and harvesting rewards benefiting token holders) and hedging options (options to “short” the pool token through collaboration with lending sites or synthetic assets platforms). PowerPool investors will be able to own either bullish ‘long’ token (with rewards), or a defensive, hedged market-neutral position (pooled token + short pooled token) all the while still harvesting rewards.

PowerPool’s active management of pooled assets involves making frequent contract calls, and the scalability of the host network plays a crucial role. The incredible scalability of NEAR is perfect for building a new generation of DeFi products with a high level of optimization and low operating costs. Aurora EVM execution environment plays a key role in PowerPool deployment on NEAR since it combines NEAR’s innovation and scalability with historically proven practices for building smart contracts using Solidity.

About PowerPool

PowerPool is a multi-chain DAO manager of non-custodial, structured, thematic investment products. These products are rewards-rich, gas-efficient, targeting various L1 and L2 chains, offering average investors easy-to-use hedging options. PowerPool operates an advanced asset management platform using an affiliated network of Power Agent contracts that can automate any on-chain activity. It allows building actively-managed pools/indices with auto-harvested rewards and more complex structured investment products such as:

• Indices with automated rewards harvesting and smart rebalancing
• Yield aggregators working on top of the fund-of-funds model
• AMM pools with additional asset management features, using tokens outside AMM for an extra yield

Current products already launched by PowerPool include three Ethereum-based investment pools ($PIPT, $YETI, $ASSY), and most recently $BSCDEFI launched on Binance Smart Chain. Powerpool also operates $YLA (Yearn Lazy Ape), one of the oldest and most effective stablecoin yield optimizers originally launched in collaboration with Yearn.Finance and in use by the Yearn/YFI treasury.

You can learn more about PowerPool on our website: https://powerpool.finance/

About NEAR: A Developer-Friendly, Sharded, Proof-of-Stake Public Blockchain

NEAR is a decentralized application platform built to bridge the users of today’s Internet to the blockchain-based web of the future. NEAR is a PoS layer 1 blockchain platform, built with UX and DevX in mind. NEAR’s novel sharding mechanism, Nightshade, parallelizes computation on chain and automatically increases capacity when needed, resulting in theoretically infinite scalability.

NEAR Protocol is built by a world-class team of engineers and entrepreneurs, who have won two ICPC world championships and medals, Google Code Jam and TopCoder. NEAR is backed by A16Z, Pantera Capital, Electric Capital, Coinbase Ventures, Blockchain.com, and Baidu Ventures.

To learn more about NEAR, please visit their official website or follow their Twitter and Telegram.