Binance Smart Chain, Near Protocol, Avalanche, Polygon, Fantom, Solana
PowerPool products started with four Ethereum-based structured investment products — PIPT, YETI, ASSY, and YLA. However, the last eight months proved that the future of Defi is multichain.
PowerPool’s future is multichain.
During summer, we developed a new vision for the protocol. More details are in the PowerPool Wiki. It includes bullish/neutral/bearish pools harvesting rewards from underlying tokens built on top of various ecosystems.
The main goal is to deliver a token representing a concentrated bet on every chain (including staking rewards).
In this article, we will discuss all upcoming products on other chains, state of development, and implementation roadmap.
Binance Smart Chain
The first PowerPool product launched on non-Ethereum chains was BSCDEFI — Binance Smart Chain Defi index. It was launched in collaboration with BSC and PancakeSwap. BSCDEFI contains 11 Defi tokens:
One of PowerPool value propositions is automated harvesting yield using composite tokens staking. For BSCDEFI we assume around 42% APY from staking CAKE, MDX, and other tokens.
State of development:
- Staking using Wrapper+Router technology is developed and audited
- The “Window rebalancing” function: R&D is finished.
- Add staking function in the coming week, token-by-token
- Publish the “Window rebalancing” research report and starting its development. It is important to note that all “lego pieces” for this function are ready, including the dynamic weights changing model.
- Adding BSCDEFI as collateral at the lending platform and unlock new Defi strategies for BSCDEFI holders
- Creating an opportunity to short BSCDEFI via borrowing
The partnership between PowerPool and Near Protocol was announced yesterday.
We plan to develop Defi indices and structured investment products on top of Near using AuroraDAO EVM execution environment for contracts deployment. More details are here.
Our development roadmap on Near Protocol includes:
- R&D for NEARDEFI index composition
- Setting up Power Agent infrastructure and CVP staking, bridging CVP
- Creating and auditing staking strategies for NEARDEFI composite assets
- Working with AuroraDAO for code deployment
ETA for this product: December 2021.
Avalanche is a chain developing incredibly fast. It offers scalability, low usage cost, and a booming Defi ecosystem with substantial yield farming opportunities. While Avalanche is gaining more and more popularity in Defi community, it’s time to deliver the AVAXDEFI index and allow one-click investment&rewards harvesting from the Avalanche Defi ecosystem.
PowerPool team is talking with the Avalanche team regarding support the possible launch. We will use EVM compatibility and the existing codebase.
Our development roadmap for AVAXDEFI:
- Defining the composition of AVAXDEFI and yield-generating strategies. This work is already started, you can find details in Wiki.
- Launching Power Agent infrastructure on Avalanche, bridging CVP
- Creating and auditing staking strategies for AVAXDEFI composite assets
- Testing and finally launch the pool
We assume that (with the support of the Avalanche team) it can be done in late November — early December 2021.
PowerPool relationships with Polygon started in August 2020 when we deployed our first code on Matic. Now Polygon is one of Defi leaders by TVL metric, having a lot of significant projects operating on top of it, including AAVE, Balancer, and Sushiswap.
Polygon ecosystem is definitely worth creating an index. Balancer v2 deployed to Polygon. So, we can create a POLYDEFI product on top of Balancer and integrate it into the Balancer ecosystem.
We already did preliminary R&D for projects on Polygon, their liquidity, and other metrics. PowerPool team is in contact with Polygon, and now we plan to discuss composition and POLYDEFI launch with support from Polygon Defi projects.
- Finalizing R&D for token composition and yield options
- Upgrading existing tech for Balancer v2 (a lot of things are compatible by design since PowerPool pioneered asset managers tech)
- Launching Power Agent infrastructure on Polygon, bridging CVP
- Launch POLYDEFI on top of Balancer v2 (using “Window rebalancing” type of pool)
- Add POLYDEFI to lending sites and create the shorting option for it.
ETA: Q4 of 2021
Fantom demonstrated explosive growth of Defi metrics, especially TVL and transactions numbers. From our point of view, we think that the best time to deliver index for the Fantom Defi ecosystem is NOW.
Here are enough projects with a vast TVL and user base, and at the same time, users from other chains have a lot of interest in investing in Fantom. Since Fantom is an EVM-compatible network, we can quickly deploy all existing code and launch the index product. We have already started research on FTMDEFI composition and will publish all updates here.
- Complete R&D process for FTMDEFI, especially yield-generating strategies
- Adapt current tech for staking strategies for FTMDEFI composite tokens, make necessary audits
- Deploy all necessary infrastructure on Fantom and bridge CVP
- Launch FTMDEFI and add it to other protocols including lending sites
ETA: Around 7–10 days after finalizing FTMDEFI composition
Since Solana is not EVM compatible, we plan to use Neon Labs EVM execution environment when it will be ready (ETA: December 2021). Based on that, the launch of SOLADEFI can happen somewhere around January 2022.
New chains have rapidly developing Defi ecosystems and community interest. PowerPool will deliver an index that provides exposure to assets and their staking rewards on every chain from the list:
It means that Defi users would be able to buy and sell baskets of Defi tokens generating staking rewards at Near, Solana, or Fantom in one click. The DAO will manage these portfolios, updating capital allocations using on-chain metrics and harvesting rewards.
We can deploy PowerPool’s tech on EVM-compatible chains (or chains with EVM execution environments like Near and Solana). Now, for the majority of chains, we are in the R&D phase of pool composition research. However, the tech was tested in Ethereum and Binance Smart Chain and did not require many updates. It means that we will be able to launch all these pools in the coming months. For some of them, we already got official partnerships and support.