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.
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.