Eidoo to Burn 80% of Company’s Token Holdings to Kickstart One of the Biggest Daos in Defi

Eidoo to Burn 80% of Company’s Token Holdings to Kickstart One of the Biggest Daos in Defi

Switzerland, 4th June 2020. Swiss-based crypto platform Eidoo is upgrading its native utility token right into a governance token that can energy a brand new cross-chain DAO. In a collaborative determination by Eidoo and pTokens, the $EDO token will likely be upgraded into $PNT later this month in order that it may be used, staked and earn curiosity inside the new pNetwork ecosystem – the decentralized community powering the pTokens answer.

The pTokens venture allows cryptocurrency to “transfer” throughout completely different blockchains, which unlocks liquidity available in the market to push DeFi past its present boundaries. The first of the pTokens sequence to launch was pBTC, making Bitcoin appropriate with the Ethereum and EOS blockchains.

By remodeling $EDO into $PNT tokens, this can prolong its utility because it turns into gasoline for a bigger vary of companies inside the pTokens (pNetwork) ecosystem. $PNT will nonetheless present all the identical advantages as the unique $EDO token, giving entry to industry-first options such because the Eidoo Card cashback program and an in-app Atomic Swap characteristic.

The token improve is supported by plenty of exchanges which already record $EDO on their platforms, akin to Binance and Bitfinex. All $EDO token holders will obtain a 1:1 airdrop of the upgraded $PNT token immediately into their accounts.

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Burning 28 million EDO

In preparation for the token improve, and to mark the beginning of a brand new part for the token financial system, Eidoo will burn 28 million $EDO tokens held by the corporate – roughly 80% of their owned tokens. This burn of roughly 1/third of the full provide of $EDO means the upgraded $PNT token will launch with a complete provide of slightly below 60 million tokens.

“While the pTokens answer was initially developed by the Provable Things group, a sister firm of Eidoo, we wish to hand over the management of the venture to the group at giant. This will obtain a really decentralized governance system and distribution of token holdings. With Eidoo destroying their majority share of $EDO, all selections voted upon by the longer term pNetwork DAO will turn out to be actually democtratic,” says Thomas Bertani, CEO of Eidoo and member of the principle growth group behind the pTokens venture.

The pNetworkDAO

When launched as a governance token, the circulating provide of approx. 60 million $PNT will likely be distributed throughout greater than 7000 blockchain addresses. This will make it one of the crucial strong and largest DAOs within the DeFi area.

Anyone holding $PNT will have the ability to be part of the pNetwork DAO and play a job within the governance of this pTokens system. $PNT holders can vote on completely different enchancment and growth proposals. For instance, members can vote on which new pTokens “bridges” must be developed subsequent, akin to pLTC on Ethereum.

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During the primary phases of the pNetwork, an financial incentive can be launched to the system to encourage customers to actively take part inside the DAO. In these first two years, all those that stake PNT will see their tokens develop due to an general rate of interest of 63% over two years. Up to 28,350,000 PNT tokens are devoted to this initiative, that are generated via an inflation mechanism.

For anybody wanting to affix the pNetwork as a validator (node), a stake of 200Okay PNT tokens is required. This not solely demonstrates dedication and serves as a bond, however creates a possible financial profit for all validators who’re rewarded for his or her work with the pTokens system’s peg-in and peg-out charges. Validators are additionally eligible for the 63% curiosity over two years on the tokens they stake.

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About pTokens

pTokens is a cross-chain answer which allows Decentralized Financial DApps to be appropriate with any crypto asset. pBTC was the primary pTokens to be launched, a 1:1 pegged ERC777 Bitcoin illustration on Ethereum. designed to maneuver any asset into any blockchain. The primary growth group behind the pTokens options is Provable Things, based in 2016 in London. Provable makes use of cutting-edge decentralized and Trusted Computing applied sciences to offer companies for contemporary DApps. The first Provable product to launch has turn out to be the longest-running blockchain oracle service industry-wide.

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About Eidoo

Eidoo is your gateway to the thrilling new world of decentralized finance (DeFi). As an app for cellular and desktop units, it’s the simplest and most safe option to take part within the blockchain financial system. A Swiss-based firm based in 2017, the Eidoo ICO raised greater than $20 million and was one of many few initiatives to launch with an already current product. Eidoo is a part of Poseidon Group, a blockchain innovation chief in Switzerland, Italy and throughout Europe. Poseidon’s group is made up of world-renowned consultants, legal professionals and executives with backgrounds in Big four enterprise, asset administration and rising applied sciences.

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