Deploy PowerPool on Harmony and launch ONEDEFI blue chip index

Funding Proposals Grants
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Name of Project

PowerPool

Proposal overview

PowerPool is a DAO manager of decentralized protocol offering structured DeFi products operating on top of a native PowerAgent on-chain automation network.

The protocol offers non-custodial and permissionless structured DeFi products such as ETF-like indices, smart yield aggregators, and vaults. Examples of products are presented in the “current state of development” section.

PowerPool products offer additional yield functionality based on the automatic execution of on-chain strategies. Agents from the autonomous and permissionless PowerAgent network execute smart contract calls according to pre-defined strategy.

PowerPool proposes launching structured DeFi products based on-chain strategies in Harmony ecosystem. The first step is deploying PowerAgent on top of the Harmony network. It will act as an essential layer for launching vaults, indices, and yield aggregators. After launching PowerAgent, we aim to launch vaults and Harmony ecosystem index (smart basket of Harmony blue-chip assets) with ticker ONEDEFI.

Interaction with protocol & governance

Users can deploy capital into PowerPool products by directly minting LP tokens (tokens, representing users’ capital inside the product) or by using smart contracts or buying these tokens on secondary DEX markets such as Uniswap/Sushiswap.

The organization structure of the protocol is DAO governed by PowerPool governance (CVP) token holders. New products and significant protocol updates are proposed and approved by the PowerPool community through governance proposals.

CVP token holders also secure the PowerAgent automation network by staking and can receive a share of protocol fees.

The current state of development:

At the moment PowerPool offers four products built on top of Ethereum and one on top of Binance Smart Chain with a total TVL of $18m:

  1. PIPT - Ethereum DeFi blue-chip index, launched based on Delphi Digital governance proposal
  2. YETI - Yearn ecosystem token index, proposed by Ryan Watkins from Messari
  3. ASSY - AAVE SUSHI SNX YFI basket with staking underlying assets, proposed by Mark Zeller from AAVE
  4. YLA (Yearn Lazy Ape) - a smart basket of Yearn Vaults, updating its composition based on vaults on-chain metrics. This product was proposed by milkyklim, core Yearn dev. Yearn treasury deployed capital into this product.
  5. BSCDEFI - Binance DeFi blue-chip index launched in collaboration with PancakeSwap team and Binance Smart Chain team.

PowerPool metrics

  • PowePool TVL - $18M
  • PowePool treasury (consists of collected protocol fees) is ~$700k at the moment.
  • PowerPool DAO members voted on 48 DAO proposals so far.
  • The statistics of product usage include >10,000 unique wallets using PowerPool products in the Ethereum network.

Now PowerPool expands its operations to new EVM-compatible chains such as Harmony, Aurora (Near Protocol EVM execution chain), Avalanche, Fantom, and Polygon.

Proposal ask

We are requesting $300K in equity-free contribution: $50K after launching a feature-complete PowerAgent network on testnet, $50K after mainnet launch, $100K after launching first products based on on-chain automation such as vaults and/or Harmony ecosystem index (ONEDEFI), and $100K after 10K unique wallets interacted with PowerPool contracts.

As well as funding, we are looking for Harmony’s help with product development and fundraising: (1) allocation of a certain amount of rewards for product bootstrapping (2) marketing and Twitter support (3).

Metrics for success

  • in 4 weeks: launch of PowerAgent network on Harmony testnet
  • in 6 weeks: launch of PowerAgent network on Harmony mainnet with staking game powered by Harmony rewards
  • in 8 weeks: launch first structured DeFi product on top of Harmony using PowerAgent network
  • in 10 weeks: $10m TVL in PowerPool DeFi products
  • in 3 months: 10k unique wallets interacted with PowerPool smart contracts

External links

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Thank you for submitting a proposal to Harmony’s $300M Ecosystem Fund

We are in the process of reviewing your proposal. We would also love :blue_heart: to have the Harmony community participate to ask questions and provide feedbacks.

If you have more details to add, please do so by replying to this thread.

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Hi @VasilySumanov , if you could please post a links to where these metrics are coming from?

4

1. DAO fees.

Note that since fees are collected in protocol tokens, their value is lesser now than at the moment of publishing the proposal here (since the market is going down). Now it is about $589k:

Dune Dashboard: Dune Analytics

Smart contracts where all tokens are stored: 0xD132973EaEbBd6d7ca7b88e9170f2CCA058de430 and 0x8c22e596e66B98eC1D2EA45b40D879C705E5e047

FYI: xCVP is a contract that allows to stake CVP and receive a part of protocol fees, so part of treasury holdings is converted to CVP and sent to this contract on schedule.

2. DAO proposals (48 up to date):

You can see proposals 21-48 here: Snapshot

Before Proposal #21 it was not a snapshot but on-chain governance, you can see proposals 1-21 here:

I will add a couple of posts with other info since here is a limit of 4 links in the post

1 Like
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Also you can see the history of discussions on Community Forum: Proposals - PowerPool

Some notable proposals creators:

→ @ivangbi (LobsterDAO chat founder, Proposal #1):

→ Medio Demarco (Co-founder and Head of Research, Delphi Digital, Proposal #6):

→ Ryan Watkins (Researcher, Messari, Proposal #12):

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→ Marc Zeller (AAVE):

→ Milkyklim (Core dev of Yearn.Finance):

3. 10K of unique wallets interacted with PowerPool contracts:
Here you can see statistics of products usage: Dune Analytics

→ PIPT (Ethereum Defi index): 2,281 unique wallets

→ YETI (Yearn Ecosystem Token Index): 5,020 wallets

→ ASSY (AAVE SNX SUSHI YFI Index): 1,014 wallets

Total: 8,315 wallets

And also we have YLA (Yearn Lazy Ape Index) product that contains remain unique wallets number, we will add it to YLA dashboard soon.

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Hi @VasilySumanov , thank you for your detailed reply.
Upon further review and discussion with the grant committee, we’ve found the Proposal ask quoted below to be high, especially since the milestones closely resemble the Launch grant milestones.

Here’s a quick overview of the Launch grant milestones in comparison:

$10K after launching a feature-complete product on our testnet
$10K after forming a DAO with 5-out-of-9 multisig with our DAOs
$10K after launching on our mainnet with audit
$10K after 1K daily active users (with launch video, full PR promotion)
$10K after 10k daily active users (with a detailed roadmap, governance process)

Given that you already have a DAO, below’s an option of a revised proposal.
Would you consider a grant with the following milestones?

$10K after launching a feature-complete product on our testnet
$10K after launching on our mainnet with audit
$20K after launching first products based on on-chain automation such as vaults and/or Harmony ecosystem index (ONEDEFI)
$10K after 10K unique wallets interacted with PowerPool contracts on Harmony.

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Since we haven’t heard back, we will pause this proposal for the time being.

This proposal does not fit a Port grant based on the guidelines at Apply for Grants or DAO for the following reasons:

Harmony serves as a cross-chain platform by porting exisiting applications from Ethereum, Polygon, Polkadot, Cosmos and other chains. As mentioned above, projects of “100 Ports” will receive $50K-250K each, totaling $20M in grant amount. We target the top 25% projects across chains with most tractions and highest potential: DeFi apps should have at least $20M total locked value or 20% sustained yields; NFT mints or games 10K daily active users; DAO $100K payouts. Highly vibrant and engaged communities usually have social metrics of 50K Twitter followers, 10K Discord members, 5000 active wallets, and 1000 Telegram daily online.

Meanwhile, if you do decide to still launch on Harmony to expand your reach, it’s a permission-less platform which you are free to use. Majority of the DeFi platforms on Harmony have done so without our help.

Thank you for choosing Harmony