Hey everyone!
During the recent month, we explored various options for future protocol development in the current situation.
However, after reading all the chats with many questions, we feel that we need to comment on the delisting itself first, and then move on to our ideas.
The Binance delisting happened despite:
- Delivering the original technology and protocol (which is not a fork of anything) with a clear value proposition and focus on core web3 values such as decentralization and robustness of operation.
- Running an official Learn-to-Earn Binance campaign just before delisting
- Doing marketing such as co-hosting a major event with participants such as EigenLayer, Scroll, Linea, StarkNet, and many other tier-1 protocols; as well as publishing articles in tier-1 media such as CoinDesk, Defiant
- Spending a lot of time and effort communicating with them, including providing very detailed reports on development, marketing, and community.
- Improving the narrative and value proposition (we remind the PowerPool 2.0 vision)
- Delivered on promised AI integrations. This was done immediately to achieve the goals of the new vision, and we even won a prestigious AI-focused hackathon using PowerPool technology. So, AI automation was not a buzzword; the technology was demonstrated to the AI space and won a hackathon prize.
- Making a lot of other dev and marketing activities benefiting the protocol and the community, such as delivering protocol to various rollups, onboarding Keeper nodes, providing grants, and all technical support and guidance for grantees. As a result, these grants were successfully completed and delivered by grantees.
The delisting resulted in a huge dump that ruined the token valuation and consequently all future plans. Unfortunately, any small project will lose a significant share of the market cap during such a delisting event from a #1 exchange in the world.
We hope this detailing provides a comprehensive answer to questions like âDid you try to communicate with Binance?â, âDid you do everything you could to avoid the delisting?â, âWhat did the team do?â. - We did a LOT of things besides our main responsibility, which is core technology development and its deployment; but all our actions (see above) were not successful.
Now, letâs move to other questions and community statements, including âWhat will happen with the project?â âWe want a token burnâ, âTeam should lock their tokens for 1 yearâ, and many more
Letâs start by reminding everyone what PowerPool is about.
The PowerPool project is a DAO/community-led project with no VCs or investors. Its primary goal is to develop and maintain the PowerAgent network, a keeper node network that automates transactions (including the execution of complex on-chain strategies) on behalf of users, protocols, and AI agents.
According to this definition, our core vision is to deliver a technology and a network mentioned in the 2024 Roadmap. So, it comes down to:
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Migrating PowerAgent network from the test version using tCVP tokens to stable mainnet version (with VRF included) using CVP tokens for staking on Ethereum, Gnosis, Arbitrum, Base, Linea*.
(note, that it includes a lot of dev work and testing to be sure that it works correctly, so it is a major task and milestone)
The result of this action: all community members will be able to use CVP tokens not only for governance, but also for running mainnet PowerAgent Keeper nodes and earn execution fees as intended. -
Bridging CVP tokens to Gnosis, Arbitrum, Base, Linea via collaboration with some reliable bridge protocol such as DeBridge to allow seamless token transfer across various networks.
The result of this action: it is technical procedure that need to be done to allow CVP to be staked in nodes across various networks -
Delivering the updated PowerScore points program to all these networks to reward node runners and users with bi-weekly CVP token airdrops. Our vision is that the majority of treasury tokens will be distributed to active users, who contributed to the network growth with their actions (node running, task creations, integrations). Also, it means that the legacy (currently running) points program will be closed and some rewards for it will be paid out.
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After delivering the mainnet PowerAgent with CVP staking on networks mentioned above, create all necessary documentation that will allow PowerPool community to deploy PowerAgent on any new networks, create any kind of custom forks, and expand operations there if necessary.
*Here, we present the list of networks where the PowerAgent mainnet/CVP staking version should be delivered. The list could be extended.
We plan to deliver these four points within six months; after that, the protocol will be ready for autonomous community-led operation.
So our vision is: to deliver the mainnet version of the technology that is the main goal of the projectâs existence, to enable the full utility function of the CVP token (staking in nodes), and to provide the community with all the necessary tools to use the protocol and extend it further if someone is interested in doing so.
Also, to increase community participation and allow active community members to gain significant CVP share in the protocol on a fair/transparent basis (an on-chain Points system that everyone can participate in on an equal basis), we propose to enable the Power Points system and distribute the majority of the treasury tokens to the community.
Our position regarding all proposals and ideas that were focused on CVP token.
1. Token listings and token price
Our understanding is that the $CVP token on the current protocol stage is primarily the networkâs utility token, allowing the community to coordinate around the protocol and run nodes, ensuring its correct operation.
The core dev team wasnât previously involved in token listings. So, $CVP was listed on exchanges by exchanges themselves or through promotions done by DAO members and supporters.
We are all PowerPool DAO and the core dev team is only a small part of it. Token holders/community members can take any action on their own; for example, if you want to list CVP token on some exchange, you can do it yourself and make a proposal to the DAO if some listing fees are required. However the core dev team will not be involved in any processes related to the token listings
2. Token burn/token lock
The idea of burning a share of supply (looks like that you refer to treasury or team tokens, since other tokens cannot be burnt without desire of their holders) is generally good.
Please propose what share of treasury tokens should be burnt.
Regarding the team tokens - we can burn 50% of team tokens, if you want. Maybe even more.
As you might know, the team did not sell $CVP tokens despite having all the options to do that. Note that all the fully unlocked tokens, according to the DAO-approved vesting schedule, could be sold legitimately. Still, the team chose not to sell to benefit the community (you can calculate the value of CVP team tokens before delisting yourself).
But we made our decision and you know it. This is why we can also burn team tokens partly or entirely (or lock them).
3. Replies to other posts
Moon_blow - you have provided a very good plan. It is very general and contains literally âeverythingâ that could be suggested to be done by any crypto project. Who will implement it, who will work on e.g. ambassador program, launch education campaigns, etc? Who will âfocus on innovationâ?
As we mentioned before, delivering the core technology in the mainnet version is already a full-time job for the next 6 months.
Kingman - we can lock team tokens for 1 yearâŚ
Freedom - marketing could be done better ofc, but was there any reason to spend money for aggressive marketing in 2022/2023 during the bear market when nobody pays attention to anything?
Conclusion
From the development side, we propose to finish the PowerPool roadmap - PowerAgent development, deploy the mainnet versions with $CVP staking to the list of rollups, and distribute the remaining treasury tokens to active users and supporters with the new points program. We estimate this will take 6 months, after which the technology will be fully delivered.
After that, protocol will operate autonomously. The token burn or team token lock could be an option; however, we need a certain number.
We feel that with the tech development we are doing a lot of core work for the success of the DAO since it is all centered around the PowerAgent tech. Regarding other actions that have been suggested - token listings, marketing, etc - the PowerPool is a DAO with many members; and we suggest that other DAO members focus on implementing all of these ideas.