I only have less than 2k in PIPT and my vested CVP are getting to the point where cost in gas to claim and swap is close.
I would completely set and forget this investment if I knew the vested went straight to some sort of ibCVP
Make this happen.
2 Likes
And now guys, i have an additional idea how we can improve this even more!
We just released the ASSY Index and to boost your yield you need to stake CVP to boost all of this. And now imagine guys we use this XCVP Pool also for boosting the CVP Yield. Many more indexes will be launched and some kind of boost will be implemented for them aswell maybe.
Now all you have to do is to buy CVP and stake it into the XCVP contract or you simply buy one of the indexes and farm them. And on top of that you get the following things without using any additional gas costs:
- You earn part of the protocol fees
- You get boosted yield when the liquidity mining program allows that ON ALL INDEXES you are farming
- xCVP could be used as collateral on AAVE/CREAM etc.
- Yield from the underlaying tokens
- Voting rights on the underlaying tokens
- Constant buying pressure on the CVP Token
There would be no reason to have the CVP Token anywhere else than in this contract and i personally think that is one of the best tokenomics out there because there are so many advantages for the Powerpool Protocol AND the CVP Tokens holders.
I really hope you like those ideas and that the dev team will recognise it!
4 Likes
FOR this!
Great idea, thanks a lot for proposing!
FOR this as well…great idea. When proposal?
@powerpoolAdmin is this technically feasible? Is the team capable of doing it? If so, can you submit a proposal? Or we should do it?
Hey @Glow the PowerPool team sees benefit in the idea! If you check Proposal discussion: ASSY index creation. So we can infer that this is feasible 
And governance should be 100% retained even with xCVP.
Should it be time to draft the final version of this xCVP proposal for voting to get us going?
If @MichelVaillant or any others do not have addition suggestions on improvements, then I would say we are ready for the proposal. Does any of you have enough experience to draft a proposal, perhaps in close cooperation with @MichelVaillant as the author of the idea.
I have no idea how that is working, would be super awesome to get some help. I wont have access to a computer before monday anyway.
1 Like
Man let’s cooperate, I will hep you to finally draft a proposal. Let’s push it - xCVP is great idea!
3 Likes
So there will be two contracts right? One for cvp fees to be given to voters, and another contract that is for xCVP stakers.
What is the percentage of fees that goes to the voter reward contract and what percentage goes to the xCVP contract?
Since both the fees generated for both contract come from the same place we need to decide how they are split up right?
[EDITED]
Wouldn’t it be the best to say that fees rewards go only to xCVP stakers, who:
- are the only subjects entitled to vote,
- benefit from the fees rewards system, if they actively use their voting powers under point 1
As for CVP/xCVP holders we would not have to worry about 2 contracts and it would simplify the whole rewarding and voting mechanism. And on the other hand some fees rewards go index holders but that was anticipated in the previous concepts of the PP team along with the fees distribution between CVP holders and index holders.
And maybe to simplify it further… since the index holders will get the boost benefits from xCVP, we should cancel the index holders rights to 0,2% swap fee in exchange for the boosted APY they get for xCVP staking. Therefore all/part of swap fees would go only to xCVP stakers… and when I say part of it I mean that we might allocate part of Treasury income for Smart Fund Ecosystem financing… maybe even 30% of the fees coming to Treasury could be allocated to the fund, which will pay us for helping building up the PowerPool ecosystem… and that would have strong synergic effect!
@MichelVaillant and @vasilysumanov but also the others, can you please share your thoughts?
2 Likes
but how to distinguish those who voted, especially taking into account upcoming Snapshot votings (when it will be developed)?
“The idea of the PowerPool team is to reward those CVP holders who have locked their tokens using the VoteLock function and actively participate in voting on proposals.”
It’s from the article I mentioned before.
yes, vote.lock feature can be implemented in xCVP.
For xCVP we should decide:
-
How fees collected on this contract will be traded to CVP. Daily/Weekly basis? Team multi-sig execution or the contract that everyone can pull and execute swap?
If we will make it too frequently, gas costs will be crazy. Imagine trade of 15+ ERC20 tokens on 1inch, and redeeming PIPT/YETI/ASSY to CVP. It can cost >$1000-$1500, or even more -
Who will be eligible to receive these rewards? in xSUSHI or 1inch governance staking everyone receives a reward, even if he didn’t participate in voting.
For CVP we can probably distinguish people who voted and didn’t vote, but it will add a new level of complexity to the contract, and increase gas fees for deposit CVP or redeem xCVP.
Yeah, and all of it will work if PowerPool will be governed on-chain (as of now). But, due to huge gas fees we shifting all governance operations to Snapshot (which will account for PIPT YETI, their LP tokens, and CVP-ETH LP tokens for voting). So, no real on-chain governance for now. In the future, we expect to release an L2 solution that will work as on-chain voting but with almost zero gas fees [this solution is at the R&D stage].
We will release our vision to xCVP in the today’s team statement
Hi Michel,
I absolutely agree with your proposal. Was also great chatting with you on Discord a few days ago.
To expand the use cases of CVP, PIPT, YETI, ASSY, etc. and increase the stakers’ capital efficiency, we should have a look at what the Bancor team is doing with their Vortex proposal: https://www.youtube.com/watch?v=SbUqcbNqQ-Y
Basically, the xCVP/ xPIPT/ xYETI/ xASSY (xTOKEN) token is minted whenever a user stakes the respective token into one of the Powerindex pools. To unstake, the user must present the equivalent amount of xTOKEN in their wallet. Once the xTOKEN is minted, the user can then stake it in a xTOKEN/CVP pool to earn a yield, or swap it for any other ERC-20 crypto on the exchanges, etc.
This would increase the TVL of Powerindex pools, increase use cases for CVP/PIPT/YETI/ASSY/etc. as well as the APY, and reduce selling pressure on CVP by incentivizing holding it.
In a addition to this idea on top of that what if we replaced cvp farming rewards with xCVP rewards. If users deposit cvp they get xCVP as per usual. But the cvp they get for farming wont be from newly minted tokens it will be replaced by the cvp bought by the index. Totally cutting inflation which would hugely help cvp price.
And make it so that only those that stake x amount of cvp AND x amount of an index token can get these cvp rewards. That way they must contribute to tvl to get cvp rewards. Others who only stake just cvp by itself dont get will just get xCVP and no cvp rewards because they dont contribute to tvl.
Incentivizing people to contribute to tvl and cutting cvp inflation totally by staking programs
1 Like
However the original vision and intention of PowerPool team was to reward CVP/xCVP holders taking part in decision-making processes, so I think we should definitely keep and implement this idea.
But maybe CVP/xCVP holders could get some lesser portion from fees while CVP/xCVP holders who are also the index holders could get bigger portion of the fees - lets say 1/3 of fees to CVP/xCVP holders and 2/3 of fees to both CVP/xCVP and index holders.
1 Like
Absolutely, I kind of forgot the idea was to reward active voters so let’s incorporate that and additional cvp rewards for those that own index tokens as well together.
This will incentivise more governance participation, reduce inflation (since market bought cvp for both cases), as team says above they can create a smart contract that probably can distinguish non voters from voters.
Question arises, what about those that staked cvp for xCVP without buying index tokens and didnt participate in governance, should they get any cvp rewards? Probably not right?