PT Inc Development Update

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PT Inc Development Update

PT Inc has been working hard on some new contributions to the protocol! The work is summarized below.

Prize API

The Prize API has been completed and is now being integrated into the app. The prizes will be much, much faster to load as the prizes will be pre-computed.

Whales have had some issues claiming prizes due to the amount of computation required for their large deposits. The Prize API pre-computes their prizes so it’s as simple as loading a JSON blob.

Chainlink VRF 2.0

Chainlink will be rolling out a new version of the VRF by end of Q1, 2022. We’ve completed the integration on our end, so we’ll be ready when it launches. At that time we’ll set up a gov proposal for the switch-over.

Chainlink VRF 2.0

Developer Tooling

We now have production packages that make it easy for developers to interact with PoolTogether. These packages are now integrated into the production system and are ready for use!

JS Libraries

App Updates

The app has received a number of updates, including:

  • APR display
  • Hindi translation (thanks @jengajojo.eth)
  • Turkish translation (thanks @insidetrader)
  • Ticket delegation

Decentralization R&D

We’ve been researching:

  • Governance-controlled DNS (via ENS link)
  • IPFS deployments

We now have IPFS fallbacks for the apps, and we’re exploring ways to optimize performance to make them the primary deployments.

Multi-Delegation

We’ve started the multi-delegation contract! Yesterday we did the first multi-delegation and it worked nicely! The audit is scheduled for February 22 with C4, so the smart contract will be ready shortly after.

Shout out to @TangFeng for putting together an RFP for the PT Grants committee. Thanks for the work you did! Originally this was going to be a community project but we decided to pivot away from gPOOL and tackle MD instead.

Draw Percentage Rate

Work has begun on the DPR Module. The math has been laid out in Solidity, and it’s going to be a game-changer for PoolTogether. We’ll be able to have prizes with arbitrary frequency, which opens up the design spaces for prizes significantly.

gPOOL

We began the gPOOL contract, but as we dug deeper we realized it create some serious problems. The project has been put on hold for the time being, and I’ll go deeper into why in another post.

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If gpool is shelved for now we should consider this (Tuna's POOL Stimulus Plan) as a temporary placeholder until we can get voting to L2’s. L2 is the only place we can be successful and we need to give reason for holding POOL on L2. I have seen some pretty cool ideas around governance on other platforms. At the SuperUman DAO we’ve just successfully set up voting on snapshot via NFT. L2 is where we can be successful and while the product (prize pools) is working great, the POOL token is not working well. Currently if I’m a newcomer and want to get involved I would have to pay $160-200 in gas to get into the POOL pool and pay it again if I ever decide to leave. I can earn some rewards but it would take months to get to break even unless I am a whale. Perhaps we can get the 80+% that don’t vote in POOL pool to migrate over to a vesting pool.

I appreciate all the hard work the dev team is putting in, the USDC prize pool is an amazing product that keeps getting better. Just would like to see some action taken to give POOL some use on L2 and make holding this governance token fun.

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Agreed; we need to engage POOL holders on L2s.

However, we shouldn’t rush this. It’s not worth putting out band-aids just for the sake of getting something out there. We’re already in goblin town; let’s strategize and make sure the next move is solid. We’ll have less wasted effort, less technical debt, and a clearer value prop in the end.

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Some very exciting development happening!

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