Proposal 55. Shutdown ppTORN Vault

Proposals
1

Proposal 55. Shutdown ppTORN Vault

TLDR: ppTORN Vault don’t have any relations to privacy functions of Tornado.cash and was interacting only with $TORN token. It was launched as an example of an automated product without any relation to privacy functions and considerations that tornado.cash project can be sanctioned.

Summary

According to the U.S. sanctions against Tornado.cash I propose to shutdown ppTORN Vault and make it open only to withdrawals to protect PowerPool DAO from any future risks

Note: TORN contract address isn’t in a sanctions list yet, so ppTORN product isn’t illegal yet. However it possibly can appear there at any time in the future, so I propose to take preliminary action at this point.

Motivation

Yesterday Tornado.cash got sanctioned. It is important to note that sanctions cover only privacy pools’ operations and don’t sanction usage of $TORN token. So, technically $TORN token isn’t illegal yet.

Some time ago PowerPool DAO community voted launch of ppTORN automated re-staking/compounding Vault operated by PowerAgent v1 network.

I see certain legal risks for PowerPool DAO in case of future operation of ppTORN product. In order to mitigate this risk, I propose to deprecate this product and remove it from PowerPool interface.

Specifications

I propose to deprecate ppTORN Vault in several stages:

  1. Disable an option to deposit in ppTORN Vault in PowerPool interface right after community will make a decision in Snapshot vote. Make an announcement in Twitter and Discord, and add notice in ppTORN interface about necessity to withdraw $TORN

  2. Next week [a Week for withdrawals] compounding will work, and users can withdraw $TORN through PowerPool UI/UX.

  3. After week offered for withdrawals, we will disable automatic compounding, remove task from PowerAgent v1 task list, and finally remove ppTORN from PowerPool UI/UX. Note, that withdwarals will be available after removal of ppTORN from UI/UX by direct interaction with the smart contract.

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2

I support this proposal, we need to secure PowerPool DAO from any future risks.

3

I support this proposal. Those who follow me on Twitter know that the involvement of North Korea makes the TornadoCash community much more vulnerable to sanctions, and we need to be aware that $TORN token involvement currently carries risks that offset any potential rewards. This was a great opportunity to test and audit our new vault code, but until the situation is clearer it is best not to accept any more deposits.

2 Likes