Proposal 56: Deprecate legacy PowerPool products
Summary
Deprecate (1) PIPT (2) YETI (3) ASSY (4) YLA (5) PowerAgent v1
by executing the following steps:
-
Excluding deposit options and withdraw-only mode in PowerPool dApp UI for all mentioned Defi products and PowerAgent v1
-
switching off all automatic tx execution
-
moving mentioned products to the particular ‘Legacy’ section with UI warning and notifying the community about deprecation
Abstract
The main aim of this proposal is to deprecate PowerPool legacy Defi products and PowerAgent v1 to
(1) protect users from potential losses, (2) motivate withdrawals from these products, and (3) focus on delivering and using the PowerPool’s new products, powered by PowerAgent v2.
Motivation
PowerPool automated Defi products were created long ago, during the previous bull market. These products were pioneerimng, and part of our experience, but the investment strategies are no longer relevant for the market. We would like to focus attention only on the next wave of PowerVaults and PowerBaskets, without the distractions associated with maintaining legacy products
Legacy product TVL has been low for a long time, and some underlying protocols/assets have started collapsing or losing value. The recent siupport issue with $YLA, when ZAP was stuck due to another $USDN depeg/collapse forcing Yearn to close deposits, is a example of what can happen. Also, $YLA lost a share of its value due to another $USDN de-peg. It is just not worth it.
This proposal is aimed at preventing these distractions (and possible) losses by formally informing the Community to withdraw the rest of their funds still deposited in legacy products.
Regarding PowerAgent v1, it was used for automating products/TWAP oracles, and CVPMaker (xCVP automation tool) and it too will be deprecated if this Proposal is approved. Note that after this proposal is implemented, xCVP wouldn’t be deprecated; but it will be temporarily paused. There will be no need for PowerAgent v1 after the deprecation of all legacy products. PowerAgent v2 is already deployed (Flashbots ‘Gas Auction’ version) on the Ethereum mainnet and can automate any necessary tasks for PowerPool. Newer and even more advanced versions of PowerAgent v2 are also coming.
PowerPool’s new developments, such as PowerAgent v2 and new product ideas like $LUCY and $LSTETH basket, are much more relevant and will require substantial time and effort from all DAO members, to the exclusion of supporting legacy products.
Therefore, I propose to move forward and develop only the new products, deprecating all legacy products and setting them to be withdrawal-only allowed.
Specification
Deprecate the following products:
(1) PIPT (2) YETI (3) ASSY (4) YLA (5) PowerAgent v1
Deprecation means the following will be done:
- Deposits will be closed; only redemption/withdrawals will be allowed
- All these products will be moved to a particular ‘Legacy’ section with an Alert that these products are outdated, and deposits are closed.
- All automatic transaction execution necessary for product operation, particularly: ASSY rebalance, ZAP, TWAP Oracle, and CVPMaker (xCVP swapping job) would be paused. Note that xCVP after that would be temporarily paused.
- Notify the PowerPool community in all social channels that products will be deprecated and the main terms of depreciation if this proposal is approved.
- Notify PowerAgent v1 node keepers to withdraw CVP stakes from it
- Finally, users can withdraw their funds (CVP tokens for PowerAgent v1) from these products; deposits will be impossible, and current users will be notified in the UI/UX that they need to withdraw liquidity.
All actions and changes mentioned should be implemented within a week after the possible approval of this proposal.
Conclusion
Please vote affirmative/Yes to formally deprecate all legacy Defi products and PowerAgent v1 (and associated automation tasks) to protect users from possible losses and motivate DAO members to focus on development & adoption of PowerAgent v2 and associated PowerVaults and PowerBaskets with no need to devote very scarce resources to supporting legacy products.