The EDO to PNT upgrade – what you need to know [updated]

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    UPDATE, 19th JUNE:

    The transition to the pNetwork Token (PNT) is now complete. The EDO token is no longer in use – its value and utility have been transferred to PNT.

     


     

    We recently announced that the EDO token was being upgraded into PNT. This will effectively transfer the inherent utility and value from EDO to PNT. 

    PNT offers extended functionality and utility as a new governance token powering the pNetwork. 

    For details on why we’re doing this, check out this article

     

    When is the upgrade happening? 

    The token upgrade will begin on Thursday, June 18th and will take a few hours to complete. We will be constantly updating this article with the latest upgrade status, so please refer back to this blog for latest information.

    You can also see the countdown to the exact block we’ve chosen for the snapshot here.

    First published June 16th

    Updated June 16th: 

    09:30 CEST: Bitfinex users will not be able to deposit EDO tokens shortly before the upgrade, with withdrawals and deposits closing on the day of the upgrade at 8:00 AM UTC. More details below.

    09:30 CEST: HitBTC will stop deposits/withdrawals on their exchange at 7am UTC time. Please note that when HitBTC enables trading, the p.Network token will be listed as XPNT.

    Updated June 17th:

    09:30 CEST: Binance deposits and withdrawals of EDO will be suspended starting from 2020/06/18 2:00 AM (UTC), at which point Binance will begin the token upgrade. More details below.

    Updated June 18th:

    10:00 CEST: EDO trading is temporarily disabled on Kyber Network in preparation for the upgrade. PNT trading will be enabled after the upgrade.

    14:30 CEST: Eidoo Card have now been temporarily disabled as planned, they will be reopened after the upgrade happens.

    20:45 CEST: The PNT distribution is in process. A majority of users have received their PNT, and the team is working to distribute the remaining PNT by tomorrow. Deposits and withdrawals on exchanges are currently closed and will be opened per the timelines shared by each exchange.

    21:30 CEST: Bitfinex trading is active for PNT.

    22:30 CEST: Please note that once HitBTC enables trading, the p.Network token will be listed as XPNT. We are not associated with Penta Network tokens.

    Updated 19th June: 

    10:00 CEST: The new PNT address has been confirmed – https://etherscan.io/token/0x89ab32156e46f46d02ade3fecbe5fc4243b9aaed

    11:00 CEST: $PNT is now open for trading on Loopring with the PNT/USDT pair – https://loopring.io/trade/PNT-USDT

    12:00 CEST: PNT distribution on Binance is now complete. Please refer to their announcement below for next steps and timeline. 

    19:30 CEST: HitBTC has now completed PNT distribution for their users.

    PNT distribution is now 100% complete. ????

     

    How will the upgrade work?

    The first step is for us to take a snapshot of Block #10289700 with the balances of all Ethereum addresses holding EDO tokens. This will happen on June 18th around 11am UTC time.

    It’s most likely that no action is required from you, however please read the section below to see if this applies to you.

    Please note that all transfers of EDO tokens (that are not made on exchanges) sent after the Eidoo snapshot is taken will be invalid and the distribution of the upgraded PNT token will not be reflected.

    As for the Eidoo services leveraging EDO as fuel, they will also be adapted for the upgraded PNT token to be included. This operation might take up to a few days for some services. Once the services are updated to include the PNT token, they will keep operating as usual. The Eidoo channels will be used to keep the community up to date on that front.

     

    I hold EDO – should I do anything?

    In most cases, EDO token holders will not have to do anything. We are working hard to ensure the upgrade is seamless, however some minor exceptions apply, so please keep reading.

    If you’re unsure which category you fall into, please contact one of our support team who can help guide you – [email protected] or Telegram.

     

    If you hold EDO tokens on an exchange, EDO deposits and withdrawals will be stopped on exchanges a few hours before the Eidoo snapshot time. However trading of EDO may continue until the new PNT token pairs get listed, depending on the specific preferences of the exchange. Please refer to individual details for exchanges below, and refer to their official communication for any clarification. 

     

    For Binance – deposits and withdrawals of EDO will be suspended starting from 2020/06/18 2:00 AM (UTC), at which point Binance will begin the token upgrade.

    Please ensure that you leave sufficient time for your EDO deposits to be fully processed prior to this time. If deposited after this time, the tokens will not be credited to your account.

    Trading will be halted in all EDO trading pairs at 2020/06/18 4:00 AM (UTC) and the trading pairs will also subsequently be delisted from the exchange. Binance will take an immediate snapshot of all EDO balances at the block height of 10,289,700 (approx. 2020/06/18 11:00 AM UTC), and begin the distribution of PNT to all eligible users at a ratio of 1 EDO = 1 PNT.

    Trading will open for the new PNT/BTC and PNT/USDT trading pairs at 2020/06/22 4:00 AM (UTC). Deposits and withdrawals for PNT will also be opened at this time.

    Refer to the Binance official announcement for further details.

     

    For Bitfinex – users will not be able to deposit EDO tokens shortly before the upgrade, with withdrawals and deposits closing on the day of the upgrade at 8:00 AM UTC. Once the upgrade is complete, $EDO tokens will be renamed as $PNT tokens. Customers holding $EDO will have their balances updated to $PNT.

    You can also refer to Bitfinex’ official communication.

     

    For HitBTC – HitBTC will stop deposits/withdrawals on their exchange at 7am UTC time. At the time of its opening, the token will be listed as XPNT. We are not associated with Penta Network tokens. Please refer to their official post on Twitter, and follow their channel for more details.

    Update 19th June 19:30 CEST: HitBTC has now completed PNT distribution for their users. 

     

    For Kyber – EDO trading is temporarily disabled on Kyber Network in preparation for the upgrade. PNT trading will be enabled after the upgrade.

     

    If you hold EDO tokens on an exchange, the process will happen automatically and you will see your new PNT tokens appear, replacing your previous EDO holdings – this happens in real time and the Eidoo snapshot time will not affect your withdrawals or deposits. These exchanges will announce their support for the upgrade and listing of PNT on their respective channels, along with more details on their specific timelines.

     

    If you hold EDO tokens in a crypto wallet, there is nothing further you need to do. You will see the upgraded PNT token appear in your accounts or wallets soon after the upgrade starts. Note that the entire upgrade procedure will take some hours. All EDO holders will then receive the new PNT token according to their EDO balance at the Eidoo snapshot time. Technically speaking, this will be a 1:1 airdrop of PNT. PNT effectively replaces the old EDO token, which has no use after the upgrade. 

     

    If you hold EDO tokens at stake within the Eidoo ecosystem, such as staking for the Eidoo Card VIP or Black, or EDO Staking Account opened in December 2019 – no action is needed.

    Update 18th June 14:30 CEST: Eidoo Card have now been temporarily disabled as planned, they will be reopened after the upgrade happens

     

    Exceptions:

     

    If (at the snapshot time) you hold EDO on exchanges who don’t support the upgrade, such as OKEx exchange, please get in touch with us.

     

    If (at the snapshot time) you hold EDO in custom smart contracts, it may not be safe for PNT to be sent to these custom contracts. Please get in touch with us and we will send you PNT manually. Generally speaking smart contract based wallets such as Argent do NOT fall into this category. 

     

    If you need help with any of the above, please contact someone from our support team or email [email protected]. Please note we will NEVER contact you first. Anyone contacting you first via email, Telegram or any other channel is a scam impersonator. We will never ask for your private key or seed phrase. 

     

    What will happen to the token supply? 

    Upon launch, PNT will have a total supply of just below 60 million tokens, thanks to the June 11th burn of 28.35 million EDO tokens.

    The main goal of this 28+ million EDO token burn is to achieve a more decentralized governance system, as it is done in preparation for the upgrade of the token and its new role within the pNetwork and its DAO. 

    The exact PNT initial supply will be matching the total supply of EDO at the Eidoo snapshot time.

     

    What does PNT “do”? 

    For a deeper dive, read this blog post

    PNT will still provide all the same benefits you’re used to, giving you access to industry-first features, like the Eidoo Card cashback program and our in-app Atomic Swap feature.

    This PNT token will also power an industry-first DAO, and can be used to stake, vote and earn interest via the new pNetwork ecosystem – the decentralized network powering the pTokens solution.