- Poof.cash is a protocol for decentralized, private transactions on Celo. It is the only native privacy tool that exists on Celo today.
- POOF is a token that governs the Poof protocol and the rCELO token.
- Users can mine POOF by depositing rCELO into the Poof protocol.
- Poof, Celo, and Tornado users were airdropped vPOOF tokens which can be redeemed 1:1 for POOF tokens.
Thanks to the Poof.cash community, the contracts for the POOF token, governance, mining, and airdrop have all been deployed. Everything will go live on July 8th, 2021 (1625745600 seconds from epoch).
Here are the details you need to know 👇
POOF and Governance
POOF is a governance token that can be used to create and vote on proposals. A proposal is a list of on-chain actions for governance to perform. Examples include:
- Allocating token bounties to community contributors
- Adding new currencies and denominations to the protocol
- Enacting fees to the protocol
- …and more!
Anyone holding POOF tokens can participate. There is no need to lock tokens in order to vote — voting power is snapshotted at the proposal creation time. Votes can also be delegated which means you can give your voting power to a trusted delegate or you can collect voting power from the community.
More details on governance coming soon.
Anyone can mine POOF by depositing rCELO into the Poof protocol. Users deposit rCELO to earn Anonymity Points (AP) which can then be used for redeeming POOF. Here’s an example:
- Deposit rCELO on the
Depositpage to start earning AP on your note
- Withdraw your rCELO on the
Withdrawpage when you would like to claim your AP. Your note will stop earning AP once withdrawn.
- Create a Poof account. A Poof account holds your AP through a hidden balance. NOTE: It is not necessary to create a new account for each note.
- Claim AP on the
Minepage by providing your note. AP will be credited to your Poof account
- Swap AP for POOF on the
Redeempage. AP and POOF swaps at a variable rate depending on the demand for POOF. The greater the demand for POOF, the more AP is needed to redeem for POOF.
The AP rates are as follows:
6,500 rCELO: 2 AP/block
65,000 rCELO: 20 AP/block
650,000 rCELO: 200 AP/block
6,500,000 rCELO: 3000 AP/blockNOTE: Blocks occur approximately every 5 seconds
The reason POOF is not automatically distributed upon withdrawal is because doing so would leak a user’s privacy. Using AP, users can preserve their privacy while earning rewards for their deposit.
vPOOF is a non-transferrable token that can be exchanged 1:1 for POOF. vPOOF can only be redeemed within 6 months after the voucher airdropped. To redeem your vPOOF for POOF, visit the
Airdrop tab of the Poof interface (NOTE: the interface will open up at launch). The airdrop criteria and distribution are as follows:
1. Addresses that have deposited into Poof.cash: 10 vPOOF
2. Addresses that have locked CELO in the past: 5 vPOOF
3. Addresses that have deposited into Tornado.cash: 4 vPOOF
A full list of airdropped addresses can be found here.
The POOF token distribution is as follows:
- Celo Reserve: These tokens are intended to help the Celo reserve diversify its assets
- Airdrop: These tokens are distributed to potentially contributing users of the Poof protocol
- Liquidity: These tokens are allocated to seed initial liquidity on Ubeswap
- Early supporters: These tokens are allocated to early supporters of the Poof protocol
- Protocol contributors: These tokens are allocated to past and future contributors of the Poof protocol
- Projects + Partnerships: These tokens are allocated to fund future Celo projects and ecosystem collaborations. Only governance can distribute these tokens
- Mining Reserve: These tokens are distributed to the Poof mining program. Mining lasts for 3 years and rewards halve every 6 months