PoolTogether V5 Goes Live On OP Mainnet

The upgrade introduces immutability, permissionless vaults, and automatic yield-to-prize conversion.

PoolTogether V5 Goes Live On OP Mainnet

Quick Take

  • Yearn Finance introduces veYFI.
  • PoolTogether V5 goes live.
  • Polygon proposes a Protocol Council.
  • EigenLayer announces a fellowship program.

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PoolTogether V5 Goes Live On OP Mainnet
The fifth iteration of the PoolTogether prize savings protocol is now live on OP Mainnet for all users. The upgrade introduces immutability, permissionless vaults, and automatic yield-to-prize conversion. Initial pools for WETH, USDC, and DAI are available, which leverage Aave V3 on OP Mainnet as a yield source. Notably, this upgrade eliminates the need for manual prize claims, transforming the protocol into a permissionless prize-savings hyperstructure where anyone can deploy a prize vault backed by ERC-4626 compatible tokens. It replaces governance with automation and incentivized auctions. Two initial front ends, Pooltime.app, and Cabana.fi support the V5 release.

Yearn Finance Introduces veYFI

Yearn Finance, a yield aggregation protocol, introduced veYFI, a non-transferrable vote-escrowed version of its governance token. Users can lock their YFI tokens in exchange for veYFI, which allows them to partake in governance, cast votes on vault gauges, and earn dYFI rewards. The locking period for tokens can vary from one week to four years, with more rewards granted to long-term lockers. Users can exit their lock early but will incur a penalty. dYFI is an ERC-20 token that allows holders to redeem YFI at a discounted rate. dYFI serves as a reward mechanism for active users. The rewards originate from a Yearn buyback initiative executed in 2021. Approximately 1,700 YFI tokens have already been locked.

Polygon Protocol Council (PIP-29)

Polygon introduced PIP-29 proposing a 13-member Protocol Council to oversee upgrades to system smart contracts. This Council will manage changes to the POL Migration Contract and Emission Manager Contract. Regular changes will need 7/13 signatures and emergency changes need 10/13 signatures. Council members include Jordi Baylina, Mudit Gupta, Viktor Bunin, Justin Drake, Gauntlet, L2Beat, Zaki Manian, and ZachXBT. The proposal aims to balance decentralization with efficiency in preparation for the networkโ€™s transition to Polygon 2.0.

EigenLayer Research Fellowship (ERF)

EigenLayer announced a research fellowship where restaking enthusiasts can apply to be one of 5 fellows in a 3-month program. Fellows will have access to the EigenLayer research team, technical support, a trip to Devconnect, and EigenLayer co-working spaces. Users who apply before October 27th will be prioritized.

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