}
PowerPool sent out a tweet on Apr. 27 2021 announcing that
- $xCVP development was finished a while ago
- Current status — audit in progress. Approx date of delivery — 2nd half of May
What is PowerPool i.e. PowerIndex?
PowerIndex is an ecosystem product of PowerPool. The main feature of Power Index is a possibility to create special pools with unique governance and pool design. A must-read for everyone that wants to put his/her stablecoins to work (see sources for a link).
What is xCVP?
In short: xCVP = “LP token” of the solo CVP-pool. Meaning that CVP holders will acquire protocol fees using the xCVP token. Powerpool states that there is ~1M USD of collected fees in the CVP treasury as of now.
"xCVP is a treasury contract and ERC20 token, allowing to stake CVP, participate in governance, and earn protocol fees. This contract collects fee stream from PowerPool products and automatically purchases CVP from the open market, adding it to the overall CVP pool and therefore increase the value of xCVP."
You can access the contract here:
PermanentVotingPowerV1 | 0xd132973eaebbd6d7ca7b88e9170f2cca058de430 (etherscan.io)
What will xCVP used for?
In short: the xCVP token will use fees collected to buy CVP (on the market) and add it to tokens on the above mentioned contract. The APY is based on these collected fees and corresponding CVP price.
What is the CVP token?
"The CVP token is a Governance token that governs the PowerPool protocol. CVP holders vote to approve protocol upgrades, new indices, portfolio strategies, treasury management, and usage of meta-governance power. Power Agent maintainers use CVP as a deposit and get reward in CVP. In addition, protocol fees are distributed to holders staking CVP to xCVP (coming soon)."
sources:
[1] Team statement: Proposal 20 and xCVP initiative | by PowerPool | PowerPool | Medium
[2] https://medium.com/powerpool/faq-yearn-lazy-ape-yla-5cb420e6d8b3
[3] E0F1l4sXoAY5qN5 (2048×1119) (twimg.com)
[4] Ez-ip3JWEAIDY8N (2828×1418) (twimg.com)
[5] https://messari.io/asset/powerpool
[6] https://powerindex.io/