During 2023, PowerPool made remarkable steps in developing, testing, and delivering a decentralized automation network to the market.
This article is a digest of what PowerPool was up to in 2023 and what’s planned for the following year.
The Vision
The PowerPool’s Vision published in 2023 is that web3 future is automated. More than 40% of transactions will be automated by 2026:
According to this vision, the PowerPool DAO strategically deprecated its legacy products and focused on automation.
Protocol Development
The following components PowerPool’s automation network were developed in 2023:
- Power Agent V2 RanDAO. It consists of core smart contracts that store information about created jobs, Keepers, Keeper assignments, and slashing: https://github.com/powerpool-finance/powerpool-agent-v2
- The Keeper Node software. It’s an off-chain software that runs to monitor active jobs and sends automated transactions when the transaction signing condition is met.
https://github.com/powerpool-finance/powerpool-agent-v2-node - The PowerAgent v2 dApp. It’s UI for PowerPool protocol, containing all the information regarding automation network and other ecosystem products and services.
https://app.powerpool.finance/ - The PowerAgent v2 Explorer. It is a special UI demonstrating network events and data, such as Keepers, Jobs, and Transactions. https://app.powerpool.finance/#/gnosis/explorer/
- The Subgraph. A backend (launched using The Graph indexing protocol) powers the Explorer and the dApp UI by indexing all the data and enabling rapid access.
https://github.com/powerpool-finance/powerpool-agent-v2-subgraph - The bridge implementation for Ethereum-BNB Chain bridging via DeBridge
https://github.com/powerpool-finance/cvp-bridge
The developed software has been continuously tested and improved over the last six months. PowerAgent v2 network is launched on Gnosis Chain, Ethereum, Sepolia (acts as a test environment), and Arbitrum is deployed and being prepared for the open mainnet launch.
Network Stats
By the end of 2023, the PowerAgent network on Gnosis consists of almost 200 registered Keepers, with 102 of them being active:
These Keepers have now facilitated the execution of over 42,000 Jobs on the Gnosis Chain:
The PowerAgent network has 11 Keepers on the recently launched Ethereum mainnet and four on Arbitrum, which is currently being tested.
We want to note specifically that the PowerPool team executed more than six months of deep software testers together with over 100 individual testers’ Keepers, executing over 2 million automation jobs and receiving almost 3,000 Sepolia ETH as gas compensations and automation fees on Sepolia testnet. Other networks have also been tested.
Ecosystem Growth
This summer, we introduced the PowerPool Builder Grants program, offering developers the opportunity to receive grants of up to $20,000 for building on top of PowerAgent V2.
We successfully onboarded our first three ecosystem partners:
- Daoism Systems for developing an automated yield strategy encompassing various components, such as automatically managed crvUSD borrowing against wstETH, liquidity provision into Aura.finance pools, and yield harvesting [1].
- Partitura for building the PowerAgentModule for Safe will enable the whitelisting of transactions through Safe for PowerAgent Keepers and facilitate Account Abstraction for PowerPool [2].
- Breadchain for integrating PowerAgent automation into their post-capitalist crowdstaking application, enabling automated yield fund disbursement, treasury management, and automated conversion of EigenLayer rewards into BREAD.
In addition to these ecosystem partners, PowerPool has teamed up with Balancer to provide grants to developers for creating a smart contract “factory” for limited orders within Balancer.
Partnerships
PowerPool made a number of partnerships in 2023. Here, we share the most strategic ones:
- DappNode, the decentralized node operators software that is used for more than 40% of validators nodes in Ethereum. The PowerPool’s package in DappNode allows to launch a Keeper for any DappNode user in just a few minutes
- deBridge — a decentralized bridge infrastructure for enabling cross-chain CVP token transfers. Currently, CVP can be transferred between Ethereum and the BNB chains.
- Gitcoin Grants Stack streamlined the process of managing PowerPool’s Builder Grants program. PowerPool provided
Conferences & hackathons
PowerPool participated in ETHCC, ETHArgentina, CCG2023, Korean Blockchain Week, TOKEN2049, and DappCon Berlin.
PowerPool sponsored the Gnosis section of ETHGlobal Istanbul 2023 by presenting the Automating DeFi challenge bounty. As a result, two projects won prizes: YieldNest for developing a DCA strategy built on top of PowerAgent and PieSlicer for integrating PowerPool automation into their profit-sharing platform for art collectives.
Furthermore, our participation in ETHIndia in Bengaluru was marked by the development of an automated strategy operated by the PowerPool network. It was named the “ETH believer” Starter pack for Arbitrum. This innovative solution aimed to maximize yields from ETH in an automated and user-friendly way.
Community Activity
PowerPool was able to host/co-host a substantial number of community AMA events on X (formerly Twitter), Discord, and Binance platforms. Overall, in 2023, PowerPool was part of 13 separate AMA sessions:
- 4 Community Call AMAs [3][4][5][6]
- 3 special AMA sessions with DappNode [7][8][9]
- Gitcoin Grants Stack AMA with PowerPool [10]
- PowerPool X Chainstack [11]
- NeonEVM Early Builder’s Program & PowerPool AMA[12]
- PowerPool X Gearbox [13]
- PowerPool X MellowProtocol [14]
- PowerPool AMA with @ETH_Daily [15]
PowerPool’s engagement on X (formerly Twitter) grew stably throughout the year:
Also, PowerPool had a solid presence on Twitter/Medium; additionally, we launched Binance Feed, DeBank, and Coinmarketcap accounts.
Academic Research
Over this year, the PowerPool team conducted research aimed at PowerAgent V2 design:
- Random Keeper Selection Mechanisms and stake-weighing functions. Our research focused on developing sophisticated algorithms to assign Jobs to Keepers according to their CVP stakes, fostering a balanced and equitable network[16].
- 128-Bit Logarithms. Normalizing Keepers’ stakes required us to delve into the complexities of 128-bit logarithms, being the first to develop Solidity code to calculate them gas-efficiently[17].
A correction about the $CVP token functions
We want to state to the crypto community that “privacy” is an entirely WRONG understanding of $CVP. The PowerPool’s native token never had any privacy functions, and the protocol has never had them.
The token functions of $CVP come down to DAO governance and (in the nearest future) — staking into PowerAgent Keeper nodes (to ensure the honest behavior of keepers) that execute transactions for network customers. These executions are done on-chain publicly, and Jobs/Keepers themselves are also public and don’t have any privacy or ability to hide themselves or the transactions they execute.
PowerPool is an infrastructure project that provides a decentralized and robust automation network for web3, run by the DAO and launched without VCs. PowerPool relies on token incentives and grants provided in $CVP tokens, and markets and liquidity play a crucial role in further protocol development through community contributions.
Conclusion
We are incredibly proud of our progress and achievements this year — the brand-new decentralized automation network was developed, tested, and deployed to several blockchains. As we look ahead to 2024, we have an ambitious roadmap that includes PowerAgent’s multi-chain deployment, expanding our ecosystem with new projects’ integrations, grants, and hackathons to build a diversified ecosystem of web3 projects using PowerPool automation.
We want to thank our community, supporters, and partners for their unwavering support throughout this journey. Your feedback, engagement, and enthusiasm have been invaluable to us, and we are committed to continuing to deliver and empower users within the web3 space.
As we approach the new year, we wish you all a happy and fulfilling journey ahead. We look forward to continuing this incredible journey, and we can’t wait to share more exciting developments with you in 2024. Thank you for being part of the PowerPool, and here’s to a prosperous and productive new year! See you then!
