The Swiss company Eidoo today completed a token burn that eliminated a third of the total supply of EDO tokens.
This choice has already been announced in recent days and is one of the necessary steps to upgrade the token. From June 18th, in fact, EDO tokens will become PNT and will be used in the pNetwork ecosystem.
With today’s operation, Eidoo has burned a total of 28 million tokens, about 80% of the EDO tokens held by the company. This is one of the most important and massive token burns in the history of cryptocurrencies.
As stated, from June 18th an upgrade will begin that will transform EDO tokens into PNT, usable within the pNetwork ecosystem, focused precisely on the use of pTokens.
This project was conceived by the company Provable Things. The purpose of Provable Things and the pNetwork is to facilitate the exchange of cryptocurrencies between different blockchains.
The first pToken launched was pBTC, which allows using Bitcoin on Ethereum and EOS within the DeFi ecosystem, without users having to exchange their BTC each time.
With the upgrade, which will be completed in a matter of days, users will not have to do anything: tokens in their possession will be automatically changed to PNT. At the moment, Eidoo and Provable Things have set the total supply of PNT at 60 million.
The upgrade will be supported by several exchanges that already list EDO, but more detailed announcements will be provided later.
PNT aims to become the hub of one of the largest DAOs within DeFi. Specifically, PNT will circulate on over 7,000 blockchain addresses, and governance will be in the hands of the community.
Users in possession of the token will be able to take part in the DAO pNetwork and vote on improvements and further developments. One of the first votes concerns the next “bridge” linking different blockchains. In fact, besides pBTC there is also pLTC. With many more to come.
In addition, a very interesting staking system has been designed to grow the community: all those who stake and vote using PNT tokens will receive an interest rate of 42% in the first year, which becomes 21% in the second year. As many as 28 million PNT tokens are already devoted towards this aim.
The token burn that makes Eidoo grow
When the upgrade becomes effective, EDO/PNT tokens will have a greater scope for use within the DeFi ecosystem.
This new feature adds to the success already achieved by the Eidoo Card, supported by Visa, and its crypto cashback program.
The EDO token
The news seems to be beneficial to the EDO token, protagonist of a genuine rally. After the excellent performance of recent days, following the launch of the Visa card, EDO continues to grow in value even today.
In the 24 hours period, in fact, the increase is around 13%, with the token worth about 60 cents. Its value has increased 10 times since the crypto market sank in mid-March, when it dropped to $0.05.
In short, it is a rosy period for the crypto that is now heading towards becoming a leading player in the DeFi sector.