pTokens Launches pNetwork DAO with PNT Staking
pTokens – a trustless bridge for interoperability – has summoned its DAO to handle all protocol governance using PNT tokens.
📣 It’s official! The #pNetwork DAO has launched!🚀 Join the next-level community of $PNT🦜 holders! Stake, vote, and earn up to 42% APR in staking rewards💥 https://t.co/PBxZO9Jam4 pic.twitter.com/vk7HDf42Am — pTokens 🦜 (@pTokens_io) July 31, 2020
Built by Provable Things, pNetwork offers a platform to port assets to and from Ethereum using wrappers called pTokens. The most popular version of these wrappers is pBTC – an Ethereum-based version of Bitcoin similar to renBTC. Underpinning the pNetwork is a set of decentralized validators who post a bond in PNT governance tokens to operate a node on the network. Whereas this aspect was a great way for validators to have skin in the game, it’s largely limited to a technical audience.
Today, PNT rewards can be earned by any user by joining the newly launched pNetwork DAO and participating in governance. Built on Aragon, users stake PNT for governance-wrapped tokens called daoPNT. To encourage users to participate in voting, pNetwork is allocating up to 28.35M PNT (47.25% of the total supply) via governance reward inflation.
Similar to other governance-based rewards like KyberDAO and Nexus Mutual, PNT is only rewarded to active contributors. As illustrated in the DAO interworking post:
“A DAO member is considered active and only becomes eligible for rewards if they are daoPNT holders and the check confirms that they have voted on at least all proposals except one within the two week period.”
The rewards are projected to provide 42% APR in the first year followed by 21% in the second year. Stated another way, if you stake your PNT via the pNetwork DAO and vote on every proposal, you will earn a 42% return on your initial PNT contribution (denominated in PNT).
The pNetwork DAO features a 7 day cooldown period and is expected to kick off it’s genesis governance polls in the coming weeks!
DeFi DAOs Heat Up
The launch of the pNetwork DAO comes in tandem with a suite of other DeFi DAOs from projects like Kyber, Aave, Curve and bZx.
While Curve will also be built on Aragon, it’s interesting to recognize that many DeFi projects have opted in to building their own framework instead of using an out of the box solution like Aragon. Still, Aragon-based tooling offers much more flexibility in the future upgradability of these DAOs, and is quickly becoming the leading platform for large organizations to field future governance.
Backed by the recent ANT liquidity program, Aragon will also look to ship a native chain this year, allowing DAOs to port their governance to a low cost, real-time transaction relayer which harnesses all the benefits of Aragon in a scalable fashion.
Over the next few months, it will be super interesting to see the different levels of engagement each of these DAOs receives. While using liquidity mining to incentivize participation is a step in the right direction, the bigger conversation is around making governance interesting enough that tokenholders would participate with no rewards in mind.
If nothing else, it’s great to see governance taking center stage and is a trend that we at DeFi Rate are extremely excited to watch unfold.
To stay up with pTokens for all DAO related events, be sure to follow them on Twitter or join the conversation on Discord!
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pTokens project launches pNetwork DAO with staking rewards of 42% APR interest – Press release Bitcoin News
pTokens project launches pNetwork DAO with staking rewards of 42% APR interest
London, Friday 31st July 2020 – The pTokens project has today launched the pNetwork DAO, giving holders of the governance token $PNT the opportunity to help govern and influence the future of the DeFi cross-chain solution. pTokens make every cryptocurrency compatible with every blockchain, such as pBTC, which enables Bitcoin holders to explore Ethereum and EOS DeFi without having to sell or trade their crypto. The community-run pNetwork DAO is the first major step towards decentralising the system.
PNT holders who stake their tokens in the DAO will be able to vote on different proposals regarding the development of the pTokens solution and make key governance decisions as a community. Active voters receive competitive interest rates for their participation, receiving 42% APR interest on their stake during the first year, and 21% APR interest the following year. This reward incentive is designed to give back to the founding community and help the pNetwork grow while in its initial stages. Up to 28,350,000 $PNT tokens are dedicated to this initiative, which are generated through an inflation mechanism.
The PNT governance token is already held by more than 7,500 blockchain addresses, establishing a broad and diverse community of token holders. In June, the main development team proactively reduced their token share by burning over 28 million company-managed tokens. This was to ensure that majority control of the project would be distributed among the wider community upon launch, rather than in the hands of the team.
“A diverse and collaborative user community is an essential component of any decentralized project. The pNetwork DAO is an important way for our project to honour its decentralized commitment, and ensure that the governance of the network as it grows is shaped and influenced directly by its everyday users,” says Bertani.
pTokens recently announced the launch of its new yield farming programme, Steroids. The programme will coincide with the launch of the DAO and run for a period of one month. It enables all PNT token holders to receive rewards by adding liquidity to the Uniswap V2 PNT/USDT liquidity pool. Holders will receive up to 10% monthly interest as a reward. Users can increase their earning potential based on how much, and for how long they supply liquidity for. As Steroids can also function as an app within the pNetwork DAO, this also enables the UniV2 pool tokens to be staked directly within the DAO, combining the Steroids rewards with pNetwork DAO voting rights.
The total supply for $PNT is just below 60 million, with almost 30 million already locked within the pNetwork DAO, reducing the circulating supply by half. This includes the company treasury and team-owned tokens, as well as the reserve dedicated to the Eidoo Card cashback program.
The $PNT community has already staked approximately 5 million tokens through the Eidoo Card program and Eidoo Staking Accounts initiative of December 2019. These hundreds of early supporters will serve as the pNetwork’s inaugural community base, and now have the possibility to gain extra rewards on their initial stake by voting in the DAO.
Learn more about how you can join the pNetwork DAO here.
About pNetwork
As the underlying architecture for pTokens, the interoperability solution for decentralized finance, the pNetwork provides the foundation for a truly decentralized system. Secured by Multi Party Computations and Trusted Computing, anyone is invited to join as a pNetwork validator to help secure and shape the future of pTokens project.The pNetwork DAO is run by a transparent governance process and is open for anyone to join. The main development team behind the pNetwork is Provable Things, founded in 2016 in London. Provable uses cutting-edge decentralized technologies to provide services for modern DApps. The first Provable product to launch has become the longest-running blockchain oracle service industry-wide.
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Eidoo Burns 28 Million $EDO in Preparation for Governance Token Upgrade on June 18th – Press release Bitcoin News
Eidoo Burns 28 Million $EDO in Preparation for Governance Token Upgrade on June 18th
Switzerland, 11th June 2020. Swiss-based crypto platform Eidoo has today burned almost one third (1/3rd) of the total supply of utility token $EDO as they prepare for its June 18th token upgrade, in collaboration with sister company Provable Things. In one of the largest-scale token burns in the history of cryptocurrency, this burn of 28 million $EDO will see the Eidoo project remove approximately 80% of their company-owned tokens.
The upgraded $EDO token will be relabelled as $PNT and upon launch will have a total supply of just below 60 million tokens.This $PNT token will power an industry-first DAO, and can be used to stake, vote and earn interest via the new pNetwork ecosystem – the decentralized network powering the pTokens solution.
Provable Things are the main development team behind the pTokens solution, which enables cryptocurrency to “move” across different blockchains. The first of the pTokens series to launch was pBTC, making Bitcoin compatible with Ethereum and EOS DeFi ecosystems, without users having to sell or trade their Bitcoin.
The upgraded $PNT token extends the utility of $EDO, providing access to services within the pNetwork (pTokens) ecosystem, as well as continuing to power Eidoo’s industry-leading features such as the Eidoo Card cashback program.
The token upgrade will begin on June 18th and will take a few days to complete.The first step is to take a snapshot of Block #10289700 with all Ethereum addresses holding EDO tokens. This will happen on June 18th around 11am UTC time. For more technical details on how this works please refer to the Eidoo blog.
The upgrade is supported by a number of exchanges which already list $EDO on their platforms, to be announced shortly. All $EDO token holders will see the upgraded $PNT token appear in their accounts soon after the upgrade.
“We’re excited to kickstart a new token economy which allows different DeFi communities to unite, demonstrating the potential of a truly democratic DAO” says Thomas Bertani, CEO of Eidoo and founder of the pTokens project.
The pNetwork
When launched as a governance token, the circulating supply of approx. 60 million $PNT will be distributed across more than 7000 blockchain addresses. This will make it one of the largest DAOs in the DeFi space when launched in the coming weeks; majority control of the project will be in the hands of the community, achieving a truly decentralized governance system.
Anyone holding $PNT will be able to join the pNetwork DAO, and can vote on different improvement and development proposals. For example, members can vote on which new pTokens “bridges” should be developed next, such as pLTC on Ethereum.
All those who stake and actively vote using their $PNT will receive an interest rate of 42% in the first year, and 21% in the second year. This reward incentive is designed to give back to the community and grow the network in its initial stages. Up to 28,350,000 $PNT tokens are dedicated to this initiative, which are generated through an inflation mechanism.
Learn more at p.network and pTokens.io
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Savannah Lee
About pTokens
pTokens is a cross-chain solution which enables Decentralized Financial DApps to be compatible with any crypto asset. pBTC was the first pTokens to be released, a 1:1 pegged ERC777 Bitcoin representation on Ethereum. designed to move any asset into any blockchain. The main development team behind the pTokens solutions is Provable Things, founded in 2016 in London. Provable uses cutting-edge decentralized and Trusted Computing technologies to provide services for modern DApps. The first Provable product to launch has become the longest-running blockchain oracle service industry-wide.
About Eidoo
Eidoo is your gateway to the exciting new world of decentralized finance (DeFi). As an app for mobile and desktop devices, it’s the easiest and most secure way to participate in the blockchain economy. A Swiss-based company founded in 2017, the Eidoo ICO raised more than $20 million and was one of the few projects to launch with an already existing product. Eidoo is part of Poseidon Group, a blockchain innovation leader in Switzerland, Italy and across Europe. Poseidon’s team is made up of world-renowned consultants, lawyers and executives with backgrounds in Big 4 business, asset management and emerging technologies.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Image Credits: Shutterstock, Pixabay, Wiki Commons