Global exchanges Binance, HitBTC and Bitfinex have announced their respective listings of PNT, a new governance token which will be used to stake, vote and earn interest within the new pNetwork, the decentralized network powering cross-chain DeFi solution pTokens.
pTokens enable any crypto-asset to become compatible with any blockchain. This allows liquidity to flow cross-chain and enables users to explore entirely new DeFi ecosystems. The first of the pTokens series to launch was pBTC, which makes Bitcoin compatible with Ethereum and EOS, without requiring users to ever sell or trade their Bitcoin.
The pNetwork DAO will be the governance system for these pTokens, as anyone holding PNT will be able to vote on different improvement and development proposals. For example, members can vote on which new pTokens “bridges” should be developed next, such as pLTC on Ethereum.
More and more centralised exchanges are taking an active interest in DeFi tokens, which injects new liquidity into the space and creates new growth within the sector, helping DeFi projects to scale.
“As one of the very few DeFi tokens to be listed on these major platforms, we believe PNT will help drive meaningful adoption of decentralized alternatives, establishing use cases for cryptocurrencies that extend beyond simple speculation,” says Thomas Bertani, founder of the pTokens project.
“As the foundation for an ambitious cross-chain project, we hope this DAO will unite many (if not all) blockchain communities, making DeFi truly universal.”
PNT was formerly EDO token, the utility token which fueled the non-custodial Eidoo platform. This upgrade of the EDO token was a collaborative effort between Eidoo and Provable Things, whose main development team launched pTokens.
Upon its token launch, PNT has been distributed across more than 7000 blockchain addresses. In theory, this could make the pNetwork one of the largest DAOs in the DeFi industry. This equitable distribution means that majority control of the project will be in the hands of the community, achieving a truly decentralized governance system.