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. Since then, thousands have followed the staking guide to interact with the DAO Manager right inside the Eidoo app.
Today we’re pleased to announce that voting is open!
You can now review the first pNetwork DAO voting proposal and vote within Eidoo’s DAO Manager.
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 first 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 1 so that rewards can be distributed accordingly.
Proposal: Incentivising pLTC liquidity
Should the DAO incentivise pLTC liquidity providing on Ethereum?
Liquidity mining initiatives are populating Ethereum’s DeFi. But while existing incentives are given to holders of Ethereum-based and Bitcoin-wrapped assets, Litecoin holders are currently excluded from the DeFi ecosystem. By creating new incentives for pLTC on ETH – which invites users to lock LTC within the pTokens system for it to be moved on Ethereum – we aim to fill this gap.
With the approval of the DAO, which aims to grow the pNetwork ecosystem and boost adoption of pTokens, this proposal will direct a part of the DAO funds towards a new liquidity mining initiative. Specifically, incentives would be awarded when providing liquidity for pLTC on ETH within a given liquidity pool.
The first trial of an incentives programme connected to the pNetwork ecosystem is currently running in the form of PNT on Steroids, a mechanism to increase liquidity in the PNT/USDT pool on the Uniswap decentralized exchange. If approved, this proposal would expand the Steroids programme to other assets, starting from pTokenised LTC.
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.
Join the discussion and vote in the DAO
With an estimated 60% of the Total Supply locked in, it’s clear that the DAO is growing stronger every day. And just as this initial proposal was submitted by community members, we anticipate that future epochs will reflect the ingenuity and vision of 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.
To get a live tutorial on staking and voting, join the pNetwork Community Call, Thursday Aug 27 at 5pm BST/12pm ET. Register here.