Earlier this month we invited the Eidoo community to discover a new utility for PNT – voting, staking, and earning up to 42% interest APR within the pNetwork DAO.
Our first DAO vote was a great success!
With a staggering 98% in favour, the community passed the inaugural proposal to introduce pLTC to our yield farming program, Steroids. During Epoch 1, approximately 30.44 million daoPNT voted on the proposal and DAO members received over 550k PNT rewards.
Now a new proposal awaits your vote.
DAO members can review and vote on the proposal from the Eidoo app. For a summary along with a more detailed explanation, read on.
Not only does voting empower the community to govern the development of the pNetwork ecosystem; it also ensures that participants will be eligible to receive their PNT rewards as active members of the DAO.
Stake for your ticket to vote
Voting is open to those who have staked PNT and received daoPNT, the token issued by the staking manager to represent a contribution to the DAO. Through active voting, daoPNT holders become eligible for earning interest on their tokens at stake. Active members are defined as daoPNT holders that have voted on all proposals except one within an Epoch (approx. two-week period) – so be sure to keep up with open proposals and maintain your active status!
There is no minimum PNT to stake to be able to vote – and when voting via Eidoo, gas fees are waived!
This means, you can stake, vote, and earn within your Eidoo app without encountering the high fees associated with Ethereum network congestion.
Because the DAO is set up with a linear voting system, each daoPNT token represents one voting right, granting each holder a voting power proportional to the amount of tokens they have at stake. You can view your voting power on both the Aragon and Eidoo DAO Manager dashboards.
Review the open proposal(s)
DAO members can access the pNetwork’s latest proposal by navigating to the Voting & Rewards section on the Eidoo app or by visiting the Aragon platform. There you can review a summary along with a more detailed explanation available on IPFS.
Voting will be open for a limited time, closing before the end of Epoch 2 so that rewards can be distributed accordingly.
Proposal: Subsidizing Gas Costs
Should the DAO financially support DAO voting via Eidoo by subsidising voting/staking gas costs?
A vote in favour of this proposal would mean the DAO would subsidise all on-chain transaction fees for those members staking and voting via Eidoo, fully absorbing those costs paid to the Ethereum blockchain.
DAO staking and voting are essential components for any decentralised decision-making to happen. While network fees are currently subsidised for users of the Eidoo App who stake (partial subsidy) and vote (total subsidy) through it, this is a loss-making operation that the Eidoo project has decided to embark on with the purpose of growing its user-base.
The DAO fund aims to grow the pNetwork ecosystem. A way to achieve this goal is to be inclusive of the community within the project’s strategy and to boost the adoption of the Eidoo App. This proposal proposes to direct part of these PNT funds towards subsidising network fees on all voting transactions whose goal is to determine the path forward for the project and how to contribute to the overall decentralized ecosystem.
Introducing such a subsidy is aimed to increase active participation in the project without high gas prices becoming a burden for the users.
To review and vote on this proposal, navigate to the pNetwork DAO interface on the Aragon platform or visit the DAO Manager within your Eidoo app.
Only 2 days to vote!
Voting will be open for 2 days to those who have staked PNT and received daoPNT, the token issued by the staking manager to represent a contribution to the DAO. Through active voting, daoPNT holders become eligible for earning 42% interest on their tokens at stake. For more information on staking, within the DAO, see our staking guide or join our community channels below.
Join the discussion and vote in the DAO
In order to facilitate community discussion of these proposals, we welcome DAO members to two new spaces dedicated to pNetwork governance: the pNetwork forum and the pNetwork Discord server. We hope you join us, and other community members to assess open proposals, suggest new ones, and participate in the growth and development of the pNetwork.
For more information on Eidoo’s collaboration with pNetwork, the open-source architecture and governance layer for the cross-chain composability project pTokens – check out our previous announcements on the EDO to PNT token upgrade.