Major exchanges begin the listing of the PNT token: the first to list the evolution of EDO, the original Eidoo token, will be Binance, HitBTC and Bitfinex.
In recent days, when the rebranding of EDO was announced, the Swiss company had already anticipated that the exchanges ready to trade the new asset would soon be disclosed. Today, the first three have been confirmed.
What is the PNT token
PNT is the token that facilitates the governance of the pNetwork system, a network within DeFi that allows cross-chain interaction of pTokens.
PTokens allow different crypto assets to become compatible with other blockchains. An example is pBTC, which makes Bitcoin compatible with the Ethereum and EOS blockchains without the need to exchange the original BTC. This guarantees greater system liquidity.
PNT token holders will be able to vote within the pTokens system on developments and improvements. For example, the community will soon be invited to decide on the next “bridge” between blockchains, after the launch of pLTC that allows Litecoin to be used on Ethereum.
This system makes pNetwork a real DAO (Decentralized Autonomous Organization), among the largest existing ones, as PNT tokens will be distributed to about 7,000 blockchain addresses. Ultimately, everything will be in the hands of the community.
As Thomas Bertani, one of the founders of the pTokens project, explains:
“As one of the very few DeFi tokens to be listed on these major platforms, we believe PNT will help drive meaningful adoption of decentralized alternatives, establishing use cases for cryptocurrencies that extend beyond simple speculation,” says Thomas Bertani, founder of the pTokens project. As the foundation for an ambitious cross-chain project, we hope this DAO will unite many (if not all) blockchain communities, making DeFi truly universal”.
The conversion of EDO into PNT started on June 18th and will continue for a few more days. Users will not have to do anything, the swap will be automatic.
PNT was born from a collaboration between Eidoo and Provable Things. Before starting the conversion of EDO to PNT, the Swiss company burned 28 million EDO in their possession, about 80% of their supply, in order to make the governance of pNetwork effectively decentralized.
EDO token on the markets
The recent changes announced by Eidoo have affected the market and the price of the EDO token. In a short time, it doubled from 30 cents to 60 cents.
After this vertical growth, the price of EDO seems to follow the market’s slow pace and has been trading at $0.52 for days.