The team publicly shared the ready xCVP code on the 8th of March, almost two months ago. Due to the auditors’ overhead, the current estimate to receive the audits is the second half of May despite the audit subscription proposal. We all know that it could take longer.
I suggest launching xCVP before receiving security audit details to allow risk-neutral users to start using this feature, while risk-averse users can wait for audit results.
Additionally, it is worth raising a time-lock question. So far, the proposed xCVP implementation allows to immediately unstake CVP and burn xCVP. In my opinion, to better align long-term goals, time-lock could be implemented.
The PowerPool team demonstrated its ability to develop and deploy groundbreaking tech, such as Dynamic AMM technology with automatic re-establishing weights by means of Power Agent and PowerOracle v2. It proved its ability to react to emergencies during the Cover exploit when the PowerPool team quickly acted and saved user’s funds intact quickly.
xCVP is a long-requested feature, drastically increasing CVP utility and allowing CVP holders to participate in cash flows collected by the protocol. Currently, the CVP community treasury holds around 1 million dollars in assets. It’s time to distribute it to CVP holders.
You can find the smart contract code here
If the proposal is accepted, that would mean the following steps are performed:
1. Add timelock function to xCVP smart-contract with following specifications:
Minimum lock period: 70 days
Maximum lock period: 360 days
To incentivise Long-term stakers and prevent system abuse, while allowing stakers access to capital in a case of emergency:
Set MAX long-term staking rewards multiplier: 300% (Linearly Increasing).
Set MAX super-early withdrawal penalty (before 70 days): 100% of all earned rewards. (Linearly Decreasing).
Set MAX early withdrawal penalty (Before set time-lock): 100% of bonus rewards.
*Penalized rewards are deposited back into the community treasury.
This will allow long-term stakers and supporters to enjoy higher rewards, while preventing users from choosing the longest time-lock and withdrawing early to game the system.
2. Deploy xCVP contract
3. Place a disclaimer on top of every page consisting of information regarding xCVP, that the code has not passed the external security audit yet, but will pass ASAP (May as an estimation)
4. Place a link to GitHub repository with xCVP code on top of every page consisting of information regarding xCVP near the disclaimer
5. Get audit results and proceed with insurance and adding xCVP to other DeFi platforms.
Non-binding poll to understand the sentiment
- Add Time-Lock & Deploy xCVP
- Add Time-Lock & Wait for security audits
- Against Time-Lock