Proposal 61: Allocate CVP tokens to allow stuck CVP holders to withdraw their tokens from the BNB chain
Summary
After Binance deprecated its native bridge, CVP holders on the BNB chain faced the problem that their tokens became unusable and non-transferable back to Ethereum. These CVP are essentially “stuck” on BNB.
I propose to allocate 176,750 CVP to the Ethereum bridge contract. This will allow CVP holders who are stuck there after the legacy bridge deprecation to transfer them back to Ethereum and receive the original CVP with its full utility.
Abstract
I propose to allocate 176,750 CVP to the Ethereum contract of the Ethereum-BNB chain bridge contract. These tokens will allow all CVP holders facing issues to withdraw their tokens from the BNB chain which got stuck after the legacy bridge deprecation.
Motivation
As you may know, we have some users with CVP tokens stuck on the BNB chain. These tokens were bridged from Ethereum using the previous, already deprecated Binance bridge. Overall, there are almost 176,750 CVP (176745,00861236796 to be precise) on the BNB chain.
This is an unreasonable situation that we have to correct ASAP as it provides a level of complexity to PowerPool users holding unusable tokens.
By leveraging our partnership with deBridge, PowerPool has developed a decentralized bridge allowing secure and seamless CVP transfers between Ethereum and BNB networks.
However, in order for users to use this bridge, there must be sufficient CVP in stock in its contract on Ethereum. I propose to allocate 176,750 CVP to the Ethereum contract of the Ethereum-BNB chain bridge. This will allow CVP holders with stuck tokens to retrieve their CVP and freely manage their assets.
Specifications
Send 176,750 CVP from PowerPool’s treasury to the Ethereum-BNB chain bridge contract: 0x9D23d43FBe47aBCa7BA9F30d770f15E0A0deEB4B.
6 Likes
The proposal to allocate CVP to the Ethereum bridge contract is a positive step to allow stuck CVP holders on the BNB chain to withdraw their tokens and regain full utility on Ethereum.
3 Likes
Hello fellow community members and my degenz,
I would like to take a moment to express my wholehearted support for Proposal 61, which aims to allocate CVP tokens to allow stuck CVP holders to withdraw their tokens from the BNB chain.
This proposal is not just a technical solution to a pressing problem; it’s a testament to PowerPool’s commitment to its users and the broader community. The situation of CVP tokens becoming stuck on the BNB chain after Binance deprecated its native bridge is indeed a complex issue, and one that could have been easily overlooked. However, the prompt and thoughtful response embodied in this proposal shows a level of responsibility and care that is truly commendable.
By allocating 176,750 CVP to the Ethereum bridge contract, we are not only solving a technical problem but also sending a strong message: PowerPool stands by its users. We recognize the inconvenience and distress caused by the stuck tokens, and we are here to make it right.
Furthermore, this proposal leverages our partnership with deBridge, showcasing our ability to collaborate and innovate to create seamless solutions. It’s a clear demonstration of how PowerPool is at the forefront of decentralized technology, always striving to enhance user experience and security.
I believe that the community will respond positively to this proposal. It’s more than a fix; it’s a statement of goodwill, a promise of transparency, and a step towards a more inclusive and responsive ecosystem.
I urge all community members to join me in supporting Proposal 61. Let’s show that we are not only about innovation and growth but also about empathy, responsibility, and community engagement.
Thank you for considering my perspective, and I look forward to seeing this proposal come to fruition.
OG Degen
3 Likes
Hi PowerPool Team,
I am in favor of P61,It’s a sign of PowerPool’s dedication to its community. It is very important.
However, I’m curious about a few things:
May I ask about:
How did we arrive at the figure of 176,750 CVP?
What safeguards are there to ensure only genuine stuck tokens are accessed?
Could this create a pattern for handling similar issues in the future?
I’m supportive of the proposal’s intention but would like some more information on these aspects. Understanding these details will enhance our trust in this action.
Thank you very much.
In preparation for $CVP becoming multi (EVM) chain to support PowerAgent Keeper staking across multiple chains, this is a little preliminary housekeeping…
It was best to wait to implement a more generalised solution to this problem that will help us with most future cross-chain issues we might encounter…
1 Like
Hi all,
I’ve carefully reviewed Proposal 61 and wholeheartedly support your initiative to address the issue of CVP tokens stuck on the BNB chain. Allocating 176,750 CVP to the Ethereum bridge contract is a thoughtful and effective solution.
Your proactive approach not only demonstrates PowerPool’s dedication to its users but also reinforces the trust within our community. The partnership with deBridge and the creation of a decentralized bridge further solidifies our commitment to ensuring seamless transactions for our users.
I’m confident that with clear communication to guide affected users, this proposal will be a significant step forward in enhancing the user experience and upholding PowerPool’s reputation.
Thank you for your insightful proposal. I look forward to its successful implementation.
2 Likes
Hi every one. How can we not accept this proposal?) This would mean that we are simply allowing our community members to lose their money. Accepting this proposal is a logical, natural solution for a strong (PoWeR=)) project. This will be a precedent to show other people that PowerPool is a reliable project that cares about its members.
2 Likes
Hello, @alphamonk!
Thank you for your support for this proposal. I’m sorry for the delayed reply, here are the answers to your questions:
The figure of 176,750 CVP was calculated by subtracting the amount of CVP locked in binance hot wallets (which is NOT in circulation and is issued as a bridge reserve), the multi-sig address (where the bridge reserve is be kept) and the bridge contract from the total amount of tokens on BNB (100M). Information about CVP holders on BNB was taken from bscscan.
The majority of CVP on BNB chain (>99M) is locked in Binance Hot Wallets and will be transferred to the PowerPool multi-sig. No outside parties have access to these tokens and cannot use this bridge.
We don’t believe that similar issues will ever occur again as this issue arose from the deprecation of the Binance bridge. However, the PowerPool team will always support its community. If genuine CVP holders ever face any issues with accessing or using their tokens, PowerPool will do everything possible to help them.
2 Likes
I fully support this proposal, and I think it is inevitable, and this proposal should be expedited as soon as possible.