Product safety and powerpool v1, v2

Product Questions
1

Hi everyone,

I have just discovered Power Pool and I strongly believe in the project: congratulation to the team! I am quite new in the DeFi space and I am slowly catching up with everything. Apologies if its dumb questions but I think it will be helpful for any “average joe” retail investors like me that will hear about Powerpool in the future as it gain more popularity and we see mass adoption of the DeFi.

My first question would be: how safe is the product? You can read on the main page that PowerPool has passed several public security audits but that we should use it at our own risk. I mean… I know this is early days DeFi but this really does not sound appealing to any retail investors that are just starting to get familiar with Cryptos. To better formulate the questions: any reasons to believe a hack such as the Harvest or the Yearn hack could happen here? It is probably a yes but I would like to understand any mitigants to this statement.

Second question: any difference between Powerpool v1 and v2? I feel like it’s the same but the interface is different between this link:

  • https://powerpool.finance/ (v1 ??)
  • and this one https://powerindex.io/#/mainnet/ (v2 ??)
    Second link interface looks more user friendly but I have only been able to find a link on an article from the MarketHodle, which is a bit odd and confusing (first version is directly accessible from Google)

Bonus question: It has been days now that I would like to invest into the project but I am frustrated with the gas fee, and I am definitely not the kind of investor that can burn 400 USD into a transaction. I have also tried on uniswap but I got the following message: not enough liquidity for swap. Do you have a solution? When do you think gas price will become cheaper (are they even going to go down?). This might really be an issue for the scalability of the product.

Many thanks for your help, apologies if English is not perfect.
Cheers

2

Hello and welcome! Glad to have you here mate. Powerpool is definitely an exciting project.
I’ll try to answer the questions as clearly as I can.

Question one:
The product has been on the mainnet since December 1st 2020, so over two months now with 3 indexes launched so far.
The message that you see “powerpool has passed several…” was added recently. I don’t think there is such a serious risk, I think it’s just a precaution to remind everyone this is defi afterall.

The product the team has delivered so far was tested before the mainnet launch and audited (you can find several audits on their github, and they do more audits as new features are created).

I can say this because I’ve been following the project for a while and you get a sense of when things are rushed and this isn’t that. They definently have taken alot of measures to ensure safety of funds and avoiding hacks etc. They are a very proactive team, for example the cover hack could have destroyed the yeti index (cover was part of yeti) but powerpool team was so quick to respond to this and it minimized impact on yeti holders, now the index is steadily doing better. The team learned from this and their new DAMM feature relasing in the next few days will not allow such hacks of other tokens to ruin our indexes. Technically gifted team and very committed to safety and doing it properly.

Second question:
https://powerpool.finance/ is the original website before the mainnet launched. It is used for voting but still can also be used to check what is happening on the mainnet too.

https://powerindex.io/#/mainnet/ is the mainnet website with a more friendly ui and I prefer to use that.

Powerpool v1 refers to just the original mainnet launch tech. And powerpool v2 is referring to the new tech features coming soon https://medium.com/powerpool/powerindex-v2-unlimited-etfs-automated-portfolio-strategies-6086917e6348.
So its not really referring to the website when we say powerpool v1 and v2. It’s about the underlying tech improvements.

Bonus question:
High transaction fees to enter are due to ethereum network congestion which is what determines the gwei price. Im sure u saw over the past 24 hours prices have gone crazy high. My recommendation, certainly do not join powerindex when gas prices are this high. Ideally it’s good if you can get it for 40 or 50 gwei, somewhere around there, about a week ago it was around there. But I’m not sure how long it will be until it goes back to that price again. If you can get a transaction in for 50 vs 100 gwei it will half the price right.

But yes it’s too much I would agree, nothing can really be done right now. @powerpoolAdmin with powerindex v2, will cheaper fees somehow be introduced?

I hope that answers ur questions. Make sure to join the official discord, that’s where the community is largely communicating and it’s where the team actively responds https://discord.com/channels/737711771699249226/737711771699249229

Hope you join the project and community soon!

1 Like
3

Thanks @Defly for your answers! Spot on!

Regarding the high fees, you can buy PIPT/YETI/ASSY from the secondary market to save on gas.

You can use an aggregator such as 1inch or go straight to the exchange:
PIPT/YETI - balancer (will be moved to Sushiswap soon)
ASSY - Sushiswap

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4

Thank you for your answer Defly

5

When PIPT was launched back in Dec 2020, it already passed audits. We never released unaudited indices!

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6

We are working on several features that will allow to save gas for our users. One of them is removing complex voting functionality from LP mining contracts. It will save a lot of gas for staking/unstaking PIPT/YETI/ASSY/CVP-ETH LP tokens, and claim CVP rewards.

The other feature that is under development is usage of special gas tokens for saving on gas fees (like CHI gas token invented by 1inch.exchange).

1 Like
7

@powerpoolAdmin I hope i didn’t say the team released unaudited code. If i did my mistake.

The reduced complexity and special gas tokens when implemented will be amazing, thanks so much guys for constantly innovating. Keep up the fantastic progress!

8

yeah, it looks like I read it in a wrong way. No problems:))