Can we agree, at this point, that the idea of any decentralization of this project is complete an utter joke? We can debate as much as we want, the decision to engage FalconX was a foregone conclusion…
I work for a MM, the 2m transfer is excessive…you are transferring 20% of the free float…and for what? To increase some subjective perception of liquidity…massive mistake! How is FalconX being evaluated, which exchanges will they operate on? what are the terms of the loan?
This together with the newly elected “management board” are very strong signs of the impending demise of Powerpool
I think if you work for a MM you definitely can share some alternatives and suggest KPIs. Moreover, the proposal is going to be resubmitted with clearer loan terms.
As a side note, I think such a controversial proposal and very close results for management board/PowerHouse proposal is a good sign of decentralization. People are free to vote as they wish and we’ve seen it.
How we can improve it? Refuse MM and be without MM and exposure to coinbase etc in the future?
Management board wouldn’t centralize anything. All important questions will be voted by the community.
Board just will help us to avoid votings for 100CVP payment for translators or something like that + promote the project and build new products. They wouldn’t decide - you will decide, they will work.
Just read the v2 of the market making proposal:
“The loan will be returned in 1 year, in March 2022 in CVP tokens or in DAI/USDT/USDC equivalent based on the price at the moment of transferring 2m CVP to FalconX.” https://snapshot.powerpool.finance/#/powerpool/proposal/QmTnsDzBbCsyyV1eAXUZuqcYcdBXV7XAucqt32HLbi7Hv2
Congratulations people, you just gave away a call option for 2m CVP to a randomly selected (without a transparent and fair open-to-competive-bids auction)…if CVP doubles in a year the community will only get 50% of the CVP donated (and I can’t stress enough the word “donated”)…there are no metrics to evaluate the performance of the mm, no checks and balances to control if they selling the token in the open…nothing … slow clap to FalconX…dream deal
As a member of PowerPool Management Board, I can say that these 2m CVP weren’t sent yet to FalconX. I don’t know exactly what it is based on (why there is a delay), but this deal isn’t executed yet.
Can the MB/team address this comment before transferring tokens to FalconX? If needed I’m sure the community would be willing to vote on another proposal with any necessary amendments.
Right, but put yourself in the market maker’s shoes. They do not want to have to hedge the price of CVP as well while market making for Powerindex as it would eat away at their profit margins and incur extra risk for their operation. Maybe a fairer agreement is for the loan to be returned 10%-50% in CVP and the rest in stablecoins?