We’re super excited to announce that the pNetwork DAO is live, which means all Eidoo app users can participate in just a few simple steps!
The DAO is the first major step towards decentralising the pTokens system. Our teams hope that the DAO will encourage community-participation and ensure that governance over the pTokens project is as decentralized and democratic as possible.
In case you need to catch up, you can read all about the pNetwork DAO here.
The pNetwork DAO enables anyone holding $PNT to participate in the governance of the project by staking and voting on various proposals. This active participation will be rewarded, with voters earning interest on their PNT tokens at stake.
You’ll be able to stake, vote and earn rewards, directly via your Eidoo app.
This will be a seamless and straight forward experience for you, so watch our tutorial video below. Happy staking!
Step 1: Access the DAO manager
Open your Eidoo app and press the “DAO manager” banner on the home screen.
This is where you can stake your PNT, vote and check your rewards. It will also give you a snapshot of your PNT token balance, along with your tokens already at stake (daoPNT), and your voting power.
You can enter and exit the DAO by staking or unstaking your PNT.
Step 2: Stake your PNT
Press “stake” if you’d like to stake your PNT tokens.
The staking manager will remind you that your PNT will be locked for a minimum of 7 days in order to avoid abuse of the DAO. If you agree and wish to continue to stake, click “Continue.”
Step 3: Enter staking amount
On the transfer page, you can enter the amount of PNT you would like to stake. The address to the staking contract will be filled in automatically.
Enter how much you wish to stake and click “Proceed.” Remember, the more you stake, the higher your voting power and earning potential.
Note: IOS-users will be asked to open the Eidoo app again. Simply click continue to be redirected to the transfer page.
Confirming the transaction will send your PNT to the staking contract.
Step 4: Look for your DAOPNT
After staking PNT you will be issued daoPNT
This serves as a representation and receipt for your PNT stake. Your daoPNT — the token you need to unlock your voting rights and corresponding rewards – will now be visible inside your Eidoo wallet.
After the transaction gets confirmed by the blockchain you can check in the DAO Manager to see your stake. You can also see how much is unstakable, and review your voting power within the DAO.