free page hit counter

PowerPool, a project exploring the usefulness of Ethereum-based governance tokens, has launched YETI – an index and “meta-governance” token for the ecosystem.

YETI was created by Messari’s Ryan Watkins, who created it proposal for a Yearn Finance ecosystem index token on PowerPool board forums on December 4th.

The Messari researcher noted that “despite the pooling of development and community resources” between the YFI Ecosystem Members, “The governance between these protocols remains separate.”

He wrote that the index would provide investors with “a passive vehicle for governance exposure to the Yearn ecosystem,” while allowing Yearn to formalize its recent mergers and “enhance the protocols’ treasury and management systems in its ecosystem. “to align.

As he suggested, the index is included of 35% YFI, 17% SUSHI and 8% CREAM, AKRO, COVER, KP3R, CVP and PICKLE. However, the composition of the index can be changed with successful governance proposals.

The meta-governance layer for PowerPool’s index tokens allows YETI holders to participate in the management of the Yearn ecosystem through a single interface, simplifying the user experience according to PowerPool and “providing an opportunity to reduce gas costs. save.”

YETI token holders can also become liquidity providers for all tokens in the index and earn returns from tokens pooled in the revenue generating vaults of the underlying protocol. They also receive proceeds from a 0.2% swap fee from token swaps that take place within the YETI pool.

Revenue farmers supplying tokens to the YETI index can earn a monthly share of 250,000 of PowerPool’s native CVP tokens for 10 weeks while 200,000 CVP is allocated to liquidity providers for Balancer’s YETI / ETH 80-20 pool.

YETI is currently trading up decentralized exchanges Uniswap and Balancer for about $ 1.10 each.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *