The vesting contract for Beta and Gamma is deployed
This article is devoted to vesting rules for CVP tokens of Beta/Gamma testers and using locked voting power
Today we deployed a vesting contract for Beta and Gamma testers. The address of the contract: https://etherscan.io/address/0xfd28be82e453860f41c36029175377f470af754b
Note, that CVP tokens aren’t transferred to the contract yet — the second security audit is still pending. These tokens will be deposited into the contract a little bit later.
Currently, only the voting vesting function is enabled.
If you are a Beta/Gamma tester you will be able to use your locked voting power. The instruction is in the final part of this article.
Beta and Gamma testing rounds
The Beta and Gamma PowerPool testing rounds took place in August and September. The Beta and Gamma testers are early supporters of the project, helping PowerPool with testing the technical solution, product development, research, brand awareness, liquidity attraction, and other activities.
The Beta/Gamma testers are rewarded — each tester will receive 50k CVP. But, these tokens will be vested. The lock-up and vesting schedule was proposed and approved by the community in Proposal 6. This proposal aroused great community interest and was widely discussed (99 forum posts in 2 weeks). Finally, more than 2m CVP voted “yes” (36% of TTS and 75% of created votes). The Beta/Gamma holders also voted using xDAI and demonstrated great support for this proposal. Finally, it was approved.
Beta/Gamma tokens: lock-ups and vesting
According to Proposal 6, Beta/Gamma testers have two types of vesting. The first type is classical lock-up + vesting for CVP tokens:
Beta/Gamma CVP tokens are locked for 6 months and vested for additional 18 months.
It means that tokens are completely locked for 6 months and after that will be released linearly block-by-block within 18 months. The lock-up and vesting countdown start today, from the block of the contract deployment.
Additionally, the PowerPool team invented a new concept which comes down to gradually releasing the voting power of vested tokens. We named it “vesting of voting power”. It is applied to Beta/Gamma tokens in the following way:
The voting power of Beta/Gamma tokens gradually releases within 12 months block-by-block.
We decided to start calculating the vesting of voting power from the date of Proposal 6 approval to grant some voting power to Beta/Gamma testers from the contract deployment date. The main motivation for that is to involve Beta/Gamma testers in governance without serious diluting of CVP token holders voting power at the same time.
So, each Beta/Gamma tester will receive 7k of votes from the contract deployment date. It means that the total number of Beta/Gamma votes since contract deployment is 1,385,108.
Totally, there are 192 Beta/Gamma testers as some of them didn’t complete tasks or missed the round. The remaining 8 allocations (400k CVP in total) will be transferred to the Community Pool.
Voting using Beta and Gamma vested tokens
As it was mentioned before, Beta/Gamma tokens are locked for 6 months and vested for 18 months. It means that they will be available for transfer in May 2021. However, Beta/Gamma testers can use their locked tokens for participating in voting. The initial voting balance is ~7k CVP votes. It will be continually released up to Oct 2021.
For using your Beta/Gamma vesting tokens for voting you need to access https://app.powerpool.finance/#/mainnet/vesting and authorize there using your wallet from the testing round.
It means that you need to create your votes if you want to vote.
Seems that there will be voting soon. Hurry up to create your votes (you need to make a simple transaction using your Beta/Gamma wallet address at the page mentioned above).