PowerPool governance portal was launched less than 24 hrs ago. Two proposals are already submitted to the community forum, and almost 400,000 CVP were used for creating votes.
PowerPool was developed to address known governance issues and establish a meta-governance across decentralized protocols. When it comes to the decision-making in the PowerPool itself, our vision is that the community has to have a voice regarding important problems. This is why PowerPool governance was recently launched: community and protocol faced the first issue, that can be solved only by collectively decision-making.
The first-ever PowerPool governance proposal
The issue regarding rewards for LPs in Balancer/Uniswap pools attracted a lot of community attention. The first proposal for it appeared shortly after the governance launch and was published at the Power Forum.
The main idea of Proposal 1 is to multiple 10x Balancer/Uniswap rewards retrospectively, compensating risks for early liquidity provers, replacing 9,100 CVP/weekly with 91,000 CVP/weekly. This proposal got significant community attention, being reposted in Twitter and triggering insightful discussion at the Power Forum. As a team behind PowerPool, we excited to see such self-organization of community around an important issue and will closely follow the voting process once it will be officially submitted to the PowerPool governance system.
Proposal 2: Empowering the Minority
The second PowerPool proposal tackles a very sensitive question — the minimal CVP balance threshold to proposal issuance. Currently, 10,000 CVP is required to issue a new proposal while in Proposal 2 10x decrease of this value is suggested.
This proposal is motivated by simple math — currently, 58 holders can issue proposals (holding >10,000 CVP). If this suggestion would find support in the CVP community and the proposal would pass, 270 new CVP holders could issue new proposals. It looks like such a fresh initiative that is focused on empowering minority token holders. Let’s see what CVP token holders think about it.
Proposals issuance and voting on them will be allowed in the coming hours on the PowerPool governance portal.
The final word regarding this and any other upcoming proposals is in the hand of CVP holders.
Since the governance was launched, a lot of questions appeared in Discord, Twitter, and our DMs. All of them will be addressed in this traditional Q&A article.
Community questions
Q: I am a CVP holder. How I can participate in voting?
A: Please, access https://app.powerpool.finance/#/mainnet/governance for that using your Ethereum address with CVP tokens. Press the “create votes” button and sign the transaction. Once the transaction is mined, your votes will be created. After that, you can vote on proposals. Note please, that if you move your CVP from this address, you still will be able to vote on proposals, created before you moved your tokens.
Q: I want to issue a proposal. What’s the proper way for that?
A: First of all, we suggest you publish the text on Power Power first and receive feedback from other community members. It will help you to attract attention and collect opinions on it. When your proposal is ready, submit it on the governance portal and see how the voting goes. Note, that you need to have at least 10,000 votes to issue a proposal, so you need to create them preliminarily. Use the “create voting” function for that.
Q: I read the previous article, and it states that I can vote even if I moved my CVP to another address. Is it true?
A: Yes, it is. You can vote using your votes on any proposal issued before the block with a transaction, transferring CVP to another address. For example, if you created your votes on block 100,000 and then moved CVP on block 110,000 you can vote on any proposal issued in the 100,000 to 110,000 block range.
Q: I am a liquidity provider in the Balancer pool. Can I vote on Proposal 1?
A: Technically, at the moment you cannot vote using BPT tokens. We will fix this issue soon by creating a special contract that will allow voting using BPT and Uniswap LP tokens. Unfortunately, it wouldn’t be developed so fast. We plan to release it in the coming days, so all LPs will be able to vote without pooling their liquidity from the pools.
Q: I heard that Beta and Gamma tokens are already released, is it true?
A: No, it is not true. Beta and Gamma tokens will be released after the mainnet launch, and 90% of rewards will be locked for 3 months and then vested for an additional 3 months. You can easily verify it on Etherscan.
Q: What do you think regarding Proposal 1, which retrospectively multiplies rewards for LPs? If it will pass, would you drop additional tokens to early LPs?
A: Our position is that the LPs reward is a decision, which can be made only by CVP holders. We launched PowerPool governance exactly to allow our community to decide themselves what is the proper reward scheme. If this proposal will be supported by our community, we undoubtedly will drop additional rewards to LPs.
