30-day warning before fading out deposits and prizes while supporting withdrawals
prize claims to be supported 60 days past the last day of prize generation
With V5 live it’s time to sunset the V4 protocol. The Pooltime team proposes collaborating on an actionable plan to sunset the PoolTogether V4 pools and infrastructure. Instead of maintaining the V4 infrastructure, we suggest focusing on creating the best possible prize experience for V5 users.
Maintenance of V4 costs money. The treasury has to pay for the RNG costs, bridge, and transaction fees, as well as for the ongoing work for the Exec Team & Generation Software.
In addition, PoolTogether V4 locks up valuable prize liquidity:
Promote ways to migrate to V5 (withdraw & use Cabana or Pooltime, Uniswap liquidity, portals.fi)
After a 30-day warning, execute new DPR parameters to set the effective prize rate to zero
Turn off the ability to deposit in the app
Set balanceCap to zero to avoid new deposits
Withdraw prize liquidity (60 days after deposits were turned off on UI)
(Replace the app with a migration page)
This proposal does not entail any onchain actions on the PoolTogether governor. Instead, the Exec Team holds responsibility for executing all necessary onchain transactions. A Snapshot vote is most appropriate, as it includes POOL holders on Optimism.
By voting for this proposal, the community instructs the Exec Team to execute the abovementioned steps. We’d like to extend an ask to Generation Software to provide the necessary development work to help alter the V4 app accordingly.
Please review our suggestions and share any feedback in this thread.
yes, it doesn’t make sense to maintain v4 for much longer.
I’d include a short description of the benefits of v5 (or link to an article) both in the 30-days warning and the migration to v5 promotion, if that’s not planned anyway.
One thing that is important to highlight is, that sunsetting V4 should in no way cause discomfort or irritation to its users. No one should feel “rugged”.
We want the users of PoolTogether V4 to feel that they were made whole and had a good ride with the fourth version of the protocol. Migrating to PoolTogether V5 should feel like an upgrade - the most logical step to take.
During yesterday’s council meeting, we worked on potential strategies to help with the migration to PoolTogether V5.
The migration should be
Simple: It should be easy to do and without friction
Free: It should not cost anything
Efficient: After migration your balance should have the same value
One idea we came up with is a migration tool. This tool would facilitate direct swaps from V4 tokens to V5 tokens. This tool would abstract the gas fees to be paid through an additional gas contract, so users could enjoy a gasless migration.
We’ll keep collaborating on a strategy to have it laid out for when this proposal goes to vote.
These are good points! I totally agree that any sunsetting should go along with education about why the new PoolTogether V5 is better. @alxx and I worked on some collateral to support just that.
Let’s grow prizes and make it worth everyone’s while!
I don’t want to belabor the process, but I do think a 60 day (rather than 30 day) notice would best prevent any sense of being “rugged”, and for this reason: v4 requires users to interact every 60 days to guarantee they claim prizes before those prizes revert to the pool. Providing a 60-day notice honors this cadence, giving active users of v4 the best chance to move funds before those funds cease to be “productive” in the protocol.
This also provides a narrative bridge to talk about the merits of v5 (like no need to worry about claiming!)