Governance tokens had become a big player within the Ethereum ecosystem in recent months with the DeFi-uptrend. The DeFi itself turned from an infant blockchain experiment into a billion-dollar industry. Recent Ethereum gas price rollercoaster brought tons of troubles to minority token-holders of governance tokens, making them pay enormous fees to participate within the governance of the protocols.
PowerPool is happy to announce an ongoing collaboration with Matic Network and proud to receive development grant of $10,000 in Matic tokens. This integration will support creation of the primary Second Layer DeFi lending protocol on a Layer2 blockchain like Matic.
The PowerPool is a protocol, offering a convenient solution for pooling governance tokens. It allows the token holders to lend, pool, borrow governance tokens, get income from that, and accumulate governance power in protocols supported Ethereum. The PowerPool’s mission is to expand the utility of governance tokens to the end-users and supply a replacement level of coordination of deciding within the DeFi ecosystem.
As a part of the collaboration, PowerPool will launch a protocol on top of the Matic second layer. it'll significantly decrease costs for the end-users. it'll even be beneficial for minority token holders who cannot participate in votes/use lending services thanks to extremely high gas costs in Ethereum mainnet. The main
PowerPool features:
Lending/borrowing/pooling governance tokens with almost zero network fees (compared to 20–50$ for one transaction with such sort of contracts in Ethereum mainnet)
PowerPool protocol governance at the second layer (the problem of high costs of participation in votes — solved)
Collective voting in protocols in Ethereum mainnet using pooled tokens in PowerPool
PowerPool will attract liquidity to Matic sidechain being pioneering second-layer DeFi solution, simplify experience and significantly decrease the value of using for users, interacting with DeFi protocols with governance tokens, like Compound, AAVE, YFI, etc.
In our vision, the longer term of DeFi is predicated on scalable products with close-to-zero gas costs. the present situation during which commission for interacting with DeFi protocol can cost dozens of USD is unacceptable and acts as a severe barrier to adoption. PowerPool is one among such fresh solutions, pioneering the second-layer DeFi space, and that we are happy to be a partner with them and convey this disruptive tool to the market.
Join PowerPool Discord: https://discord.gg/hYJXUBQ
Stay tuned: https://twitter.com/powerpoolcvp