The results of hacking PowerPool’s bounty at ETHGlobal Istanbul hackathon

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PowerPool

5 min readNov 21, 2023

Let’s dig into the results of the Automate Defi track powered by Gnosis Chain and PowerPool

PowerPool participated in the ETHGlobal Istanbul 2023 by sponsoring the Automating Defi challenge bounty at the Gnosis section. It was the only hackathon challenge focused purely on on-chain automation strategies built on top of Gnosis Chain and PowerPool.

The hackathon was the perfect opportunity to showcase PowerAgent v2 to various protocols and teams that could start building on top of it immediately as it is deployed on the Gnosis mainnet.

Automation in Defi is taking the next level of adoption with the growing number of low-fee chains and Account Abstraction. Automation is no longer a feature; it is an essential part of the infrastructure for the efficient use of most existing and future products.

PowerPool Automating Defi track winners

PowerPool’s aim for the hackathon was to showcase the automating capabilities of PowerAgent v2 to the developer community, get new ideas regarding possible use cases, and see what could be built on top of the network in just 48 hours.

Several teams have started to build on PowerAgent; however, final submissions were received from three teams, two of which received prizes and one of which received a special POAP with a CVP prize (a runner-up prize).

1st prize — YieldNest

YieldNest streamlines decentralized finance with a unified GUI, offering account abstraction, self-custody, and modularity.

Using PowerAgent, they’ve developed a DCA (Dollar Cost Average) module for their project that allows for the automated and systematic purchase of tokens. The purchase is executed as a Job in the PowerAgent network.

As the next step of development, this DCA Job can be released as an automation template that can be easily used without any necessity to code or make additional development.

The YieldNest team has big plans for the future, including the development of more modules and the implementation of push notifications.

Watch YieldNest’s project presentation video: https://stream.mux.com/RRxYX400J00xeJF4sIcyJ2ovi6LSTGMiFdJiVM028tSOcg/high.mp4

We congratulate YieldNest for being the №1 hacker team in PowerPool’s Automating DeFi nomination and bringing home a $2000 prize!

The team expressed an interest in applying for a PowerPool Builder Grant, and we look forward to further collaboration. Check out the YieldNest GitHub.

2nd prize — PieSlicer

The project winning PowerPool’s second prize — “PieSlicer”, tackled the concept of public goods and automatic revenue redistribution and applied PowerAgent to execute payments streaming.

PieSlicer is a profit-sharing network for art collectives, encouraging sustainable collaboration and community governance. Members collectively create and share profits, fostering transparency and fairness within the ecosystem.

Their square-root-weighted distribution routine needs to run every sixty days, and they have found PowerPool to be an indispensable tool for doing that in a cost-efficient and reliable manner.

With PowerAgent as the backend for automatic distribution, one can be sure that everything is allocated in a decentralized, transparent, and equitable way without delays or inconsistencies.

Watch PieSlicer’s project presentation video: https://stream.mux.com/FpNkA00Es5IY77umbD39gYOD7rujIw02D5HzYdbeZuGus/high.mp4

We wish PieSlicer a great future in web3 development and PowerPool’s doors will always be open for them! For winning second place in PowerPool’s Automate DeFi challenge, they received a $1,500 prize! Check out the PieSlicer GitHub.

Networking and collaboration

During the Hackathon, we contacted and had insightful conversations and opinion-sharing with many developers seeking a decentralized automation solution to integrate into their projects. During these conversations, we provided ideas on how they can leverage PowerAgent to automatically execute all necessary operations for their users.

Here are some highlights from our conversations:

Snaps could allow PowerPool to develop the first native automation solution in Metamask. By adding the possibility of executing transactions based on arbitrary on-chain conditions straight through a wallet app, PowerPool can open its doors to a whole new user base.

Gearbox is working on creating automated on-chain strategies (liquidation protection, yield compounding, etc.) and is the perfect use case for PowerAgent.

Pendle wants to buy stable tokens with a discount while they are immature, and later sell them when their price goes up. They can easily create such orders using PowerAgent and automate the whole process.

Spark (sDAI) proposed the creation of an automated strategy based on the automatic conversion of borrowed DAI to sDAI, built-in CDP protection, and auto-compounding yields, all carried out with the help of the PowerAgent network.

Gnosis Safe offers great potential with its modular abstraction. PowerPool could benefit greatly from the implementation of modular abstraction into the protocol.

Merch and POAPs

Winners and participants of PowerPool’s Automate DeFi challenge, as well as blockchain automation enthusiasts who delighted us with interesting conversations during ETHGlobal, received limited edition POAPs that entitle the owners to receive 1000/500/50 $CVP on Ethereum.

Check out the sweet designs!

The PowerPool team came to ETHGlobal with a bag full of branded merch! Everyone who visited our stand got a PowerPool sticker. The most active hackathon participants who came to chat and got the team into a deep and interesting conversation could choose one of 4 PowerPool mouse pads!

Conclusion

The hackathon was an absolute blast for PowerPool. The energy and enthusiasm of all the developers and the incredible projects on display really highlighted the growing interest in PowerAgent and on-chain automation in general within the blockchain industry.

As automation becomes increasingly important and the demand for streamlined processes grows, PowerPool is poised to make a lasting impact by providing a cornerstone feature for any protocol built for DeFi in 2023.

Our presence at the ETH Global Hackathon not only allowed us to connect with other protocols but also provided us with valuable insights and inspiration for future developments and collaborations.

As we continue to explore and innovate in the blockchain space, the lessons learned and connections made at this event will undoubtedly contribute to PowerPool’s growth and success.