Update on PTBR-15
As many of you know PTBR-15 passed with a unanimous yes! Thank you to everyone who voted. We’re very excited to move forward with the improvements to V5.
We’ve made great progress on a number of fronts
- The new Vault code is going through the final stages of internal testing, and soon we’ll start testing against live yield sources.
- The migration app is largely complete, so we’ll be ready to help migrate V3, V4 and existing V5 users over as soon as we launch.
- We expect to launch a new testnet sometime this week (Feb 12). When it’s stable enough we’ll reach out to the PoolTime team to help them get up-to-speed with the new changes.
An audit with Code Arena has been scheduled for March 4. This audit will focus on the new vault code.
The audit will run for a week, after which I estimate we’ll have approximately two weeks to finalize the mitigations, if any. This means the first deployment will likely be during the last week of March.
This is a welcomed update, Brendan! Really thrilled with the positive updates. It was a turbulent couples of weeks, but the community and team came together on a unanimous agreement!
The migration app is great. I don’t think we’ve had anything similar in the past? I know we still have a lot of TVL in V3 and V4, not sure about exact amounts but I hear it’s significant!
Woohoo for the late March deployment! After that, you should put together that roadmap for V5! I’m keen on hearing your thoughts on where we go after mainnet launches. I do hope to see V5 propel to the heights of V3 and V4, it is certainly deserving of it.
Some questions, though!
We’re first launching on Optimism again? If so, how long until we deploy on another chain from there? Will it be an undetermined amount of time with a wait-and-see approach? If that’s the safest approach, I’m for it.
wETH as the prize asset right off the bat?
Will the Buyback and Burn be there on launch? This is critical because we really need to funding to run the protocol autonomously. I feel like the community and team has taken a laissez faire attitude towards the POOL token, perhaps well intentioned but we see where that got us.
With V5 we must capitalize on making the POOL token desirable and valuable. It will create the flywheel that @TheRealTuna and @Leighton have advocated for, both for the protocol’s TVL and its purse. We already have a great product, now we just need a sought after token. A strong POOL token will generate more attention, users and even potential investors to truly realize V5’s vision.
The bull is slowly coming back and I want us to be there in full-force. This really is our last attempt at this and we better make the most of it, and I’m confident we will, but we need to lean in on our token and not be afraid to make it worthwhile to hold. We’ve been too conservative with our token, and I feel like some here even have a, dare I say, disdain for it? A little odd given the space that you’re in. Well, we should champion it, it literally will determine the future of the protocol.
I want POOL to be able to fund development of V5 for years to come. We don’t need to be luddites when it comes to tokens. We can have the best of both worlds, a valuable token and a heckin’ amazing product. We’ll need to have a sizable treasury to be able to keep this protocol going and evolving over time.
Anyway, I think we’re in the best position to achieve all of this than we ever were before. The team and community have a unified vision of where we want to be and when we’ll get there. The various L2 deployments are what excite me the most. Perhaps we’ll gain a foothold in an unexpected L2! Exciting times.
The plan is to do rolling deployments to Optimism, Arbitrum, Ethereum, and Base spaced out by at least several weeks.
Yes it will.
There are a number of things I’m excited about!
- Being present on all chains will open up a ton of new partnership possibilities. Tim and Alex are working on partnership and adoption experiments to kick this into overdrive.
- We’re looking at direct prize injection to make it easier to bootstrap prize pools. This will allow us to bootstrap a grand prize and attract depositors in the most PoolTogether-y way possible. We have plenty of ETH in the treasury to make this happen.
- Burning POOL makes it much more feasible to run POOL liquidity mining campaign; whether short or long term. Getting POOL into more people’s hands will help adoption and liquidity.
There are many more things, but those are some highlights that come to mind.
Thanks for the update @Brendan - appreciate the work the G9 team has been doing, and the quality and consistency of the updates and responses!