Popcorn Rebrands to VaultCraft

Innovating DeFi through Automated, No-Code Solutions

Alzo

Published in

VaultCraft

5 min readNov 14, 2023

Summary

With the upcoming launch of VCX, veTokenomics, bribe markets, and a new UI, PopcornDAO has decided to sunset the ‘Popcorn’ brand to focus exclusively on VaultCraft. Additionally, all software will be managed in a fully decentralized manner through multisigs controlled by proven, tenured contributors to the DAO.

Background

Since its inception in 2021, PopcornDAO has grown into a strong community built around the mission of developing cutting-edge technology while creating positive global impact. Today, the “why?” of the protocol remains the same, but the “how?” has a slightly new vision. Rather than being a pure-play yield aggregator, the protocol is entering a new era that will serve the following use cases:

Universal DeFi composability
Yield Aggregation & Automation
Liquidity Layer
Treasury Management
Middleware
Option liquidity mining (read more here https://medium.com/vaultcraft/pop-is-being-converted-to-vcx-56a1e7bb44d2)

And that’s just VaultCraft v1. VaultCraft v2 will introduce auto-rebalancing multi-strategy vaults, meaning users will be able to create and deploy automated DeFi products using multiple strategies across DeFi that auto-rebalance to continuously optimize your yield without you ever touching your deposit. v2 will completely abstract away from the complexity of DeFi while introducing the flexibility to create your own non-custodial Smart Vault permissionlessly.

VaultCraft will revolutionize yield generation like Uniswap did for AMMs!

Over the past year, as the protocol has developed and incubated the VaultCraft product suite, it has become clear that the branding should be consolidated under one identity. These are good growing pains, as various projects have similarly rebranded to indicate their expansion into new markets and product categories (See Twitter, HTX, Summer.fi, OKX, Trust).

Ultimately, the rebrand is an opportunity for PopcornDAO to reintroduce itself to the world, backed by an ever-consistent community and a whole new suite of products. This is not the end of Popcorn, it is just the start of a new age, the Age of VaultCraft…

Branding

To alleviate confusion when referring to the protocol as ‘Popcorn’, ‘PopcornDAO’, ‘VaultCraft/Popcorn’ or ‘VaultCraft by Popcorn’, the protocol and DAO will simply be referred to as VaultCraft. All publicly branded websites (Twitter, Discord, Immunefi, Magic Store, etc) will be adjusted accordingly. Brand Assets will remain largely unaffected, besides changing “Popcorn” to “VaultCraft” on lettertype logos.

Vault products will remain branded as Smart Vaults, the no-code vault creation tool will remain branded as the VaultCraft Interface or VCI for short, and the SDK will be the VaultCraft SDK.

Decentralization

The upcoming launch will not only improve the protocol’s external messaging but also its internal operations and commitment to decentralization. Specifically, how key contracts and assets are controlled.

Treasury management

After the POP-VCX conversion contract is live, the DAO will convert the entirety of the POP treasury it has accumulated into VCX. As outlined in the VCX tokenomics, approximately 400M VCX will be held in the DAO’s multi-sig for the following purposes: burn matching (100M), fundraising (125M), partner incentives (100M), and liquidity (75M). Since disbursements for each of these categories is not an automated process, it is necessary to place these assets under the control of a multisig governed by proven, tenured contributors to the DAO. Disbursements will be made strictly in accordance with the published tokenomics or subsequent updates via DAO governance amendments. Initially, the multisig will be a 3/8 with the following signers:

0x28DABB7213A5338d99ab4A052a9c704a259f49A6
0x68075427AaBAadf3cEf1B4919b6eAC5C81509375
0xE9a17C00cC84fBF243B723d49A2Fd986AA598A51
0xD560005C85221ddd8446807CcBda4a44493a59e6
0xA5aEf04E03789AD15405D153a82D0b128c36988b
0x08A18882c04c2383043eC9C7007FbFDFBd0E5b28
0x7b6f5707BAE87d80c45d71C9128A3F63aa0f134a
0x49872B809d27baf36ad3c86720f3d40d45C7F859

Contract management

All smart contracts will have their ownership permissions migrated to a multisig regardless of whether they were initially launched by an EOA. Similar to the treasury management multisig, a 3/8 contract controller multisig will be created with the following signers:

0x28DABB7213A5338d99ab4A052a9c704a259f49A6
0x68075427AaBAadf3cEf1B4919b6eAC5C81509375
0xE9a17C00cC84fBF243B723d49A2Fd986AA598A51
0xD560005C85221ddd8446807CcBda4a44493a59e6
0xA5aEf04E03789AD15405D153a82D0b128c36988b
0x08A18882c04c2383043eC9C7007FbFDFBd0E5b28
0x7b6f5707BAE87d80c45d71C9128A3F63aa0f134a
0x49872B809d27baf36ad3c86720f3d40d45C7F859

oVCX minting

In order to ensure a non-inflationary total supply tokenomic model, oVCX can only be minted and distributed in two circumstances: normal veTokenomic emissions through gauges, or by the DAO multisig when for the purpose of pre-approved activities (partnerships/fundraising) AND when the treasury holds sufficient VCX to fund the corresponding oVCX redemption.

oVCX emission contract

Similarly, the tokenomic model outlines an oVCX emission schedule through normal veTokenomic activities with a maximum budget of 100M. Since the max total supply of VCX will be minted from inception, the corresponding VCX to fulfill this 100M oVCX in veTokenomic distributions will be minted and immediately funded into the oVCX redemption contract.

What about my POP?

POP is being migrated to VCX. You can read about the migration here: https://medium.com/vaultcraft/pop-is-being-converted-to-vcx-56a1e7bb44d2

We will be posting the migration page soon where you will simply be able to migrate your POP to VCX. All POP that is used to migrate to VCX will effectively be burned.

IMPORTANT:

The VCX migration contract will only be on Ethereum mainnet so be sure to bridge your L2 POP to convert
The migration contract will be live until January 31, 2024. You will not be able to convert your POP afterward

You can also visit our docs to learn more about VCX: https://docs.vaultcraft.io/tokenomics/vcx

Conclusion

The rebranding of PopcornDAO to VaultCraft signifies a pivotal moment in the organization’s evolution, marking not just a change in name, but a significant expansion in capabilities and vision. The shift from a yield aggregator to a more versatile and dynamic protocol with VaultCraft underscores a strategic alignment with the changing landscape of DeFi. The introduction of VCX, veTokenomics, bribe markets, and a new user interface represents a substantial leap forward, demonstrating VaultCraft’s commitment to innovation and its dedication to meeting the needs of its users.

By placing control of software and assets in the hands of trusted, experienced members of the DAO via multisigs, VaultCraft is also reinforcing its commitment to decentralization, a core principle of the DeFi movement. This move enhances both transparency and security, ensuring that the protocol’s operations are in the hands of those who are deeply invested in its success.

In conclusion, the rebrand and upcoming launch of VaultCraft v1 and the upcoming v2 are more than just a new chapter for the former PopcornDAO; they represent a significant stride towards realizing the full potential of decentralized finance. With a strong community, innovative products, and a clear vision, VaultCraft is poised to be a key player in shaping the future of DeFi, just as Uniswap did for AMMs. The Age of VaultCraft is not just a new beginning; it’s a bold step forward in the evolution of decentralized finance, one that promises to bring revolutionary changes to the way we think about and interact with financial protocols.