5 Things You Need to Know About pNetwork

pNetwork Team
Apr 21 · 3 min read
5 Things You Need to Know About pNetwork

pNetwork is the progressively decentralized platform that brings blockchains together. The goal of pNetwork is to establish cross-chain composability. This enables blockchains to communicate with each other easily, allowing the end-user to play in any environment effortlessly.

pNetwork is an innovative project whose solution might seem unusual for entities that interact with the industry for the first time. We’re about to discuss the key things you should know about our network to get more familiar with the ecosystem and the solutions expected to transform the blockchain space.

In a nutshell, the pNetwork is run by a decentralized network of node operators, governed by a Decentralized Autonomous Organization (DAO), and is fueled by PNT — the native token. DAO members earn rewards for voting in an open-governance model, while node operators are incentivized for their effort based on the peg-out fees.

The peg-in and peg-out processes are the core of everything that’s happening on pNetwork. They represent the primary mechanism in which tokens are transferred from the native blockchain to a host blockchain with a 1:1 peg.

That being said, here are the five things you should know as a pNetwork user and potential investor:

1. Active DAO Members Earn Generous Returns

pNetwork aims to become a fully decentralized ecosystem both in terms of operations and governance. In that sense, DAO members have the decision-making power on the things that are put to the vote. The good news is that everyone can become a DAO member by staking PNT. Active DAO voters generate a 42% annual percentage rate (APR) in the first year and 21% in the second year.

2. Node Operators Support pNetwork

While DAO members are responsible for the governance, one type of node operators, also known as validators, have to guarantee the security of cross-chain processes, while others contribute to the validation of pNetwork-powered operations (like asset movement across chains). Node operators can also become active DAO members, and most of them do. Thus, they can have two streams of rewards — the APR for participating in the voting process and another source from the peg-out fees distributed fairly among validators based on their stake. Everyone can become a node operator by staking PNT and setting up a server running a so-called Trusted Execution Environment (TEE).

3. pTokens Have 1:1 Peg with Underlying Cryptocurrency

pTokens are cross-chain bridges between blockchains and the foundation of the pNetwork ecosystem. Using the pTokens dApp, anyone can securely mint their own pTokens on the blockchain they aim for. For example, one can create a Bitcoin representation on Ethereum, which is done through the pBTC on ETH bridge. The pTokens have a 1:1 peg with the underlying cryptocurrency, such BTC, ETH, EOS, LTC, and LINK, among many others. Currently, pNetwork supports 45 bridges that blockchains achieve either unidirectional or bidirectional communication.

4. Integration with Eidoo

Users and potential investors can directly buy PNT on major exchanges, DEX aggregators, and wallets ecosystems, such as Bitfinex, Binance, 1inch, Uniswap, Gate.io, Argent, Bancor, Loopring, MyEtherWallet, Kyber Network, Paraswap, and Trust Wallet. However, the easiest way to access it is through the Eidoo wallet, which is our reference DeFi wallet.

Eidoo is promoted as a wallet service, but it’s a multifunctional, one-stop solution for storing crypto funds, implementing yield farming and crypto asset management strategies, trading on a built-in DEX, and spending crypto with eidooCARD.

5. Yield Farming Opportunities

Besides unleashing the full DeFi potential through cross-chain bridges, pNetwork also lets users maximize DeFi incentives via pToken liquidity pools. pNetwork users can access yield farming opportunities through several platforms, such as Steroids.finance, Curve, DeFiBox, and PancakeSwap.

pNetwork is revolutionizing the DeFi space and welcomes everyone to unleash cross-chain composability.

Are you ready to join us?

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🦜 Want to join our flock? Connect with us on Twitter and join the conversation in our pNetwork Telegram.

💡 For a more technical deep dive into pTokens infrastructure, read our technical paper or check out the summary on our website.

🔗 For any blockchain project looking to integrate pTokens into their infrastructure, we have also built a pTokens JS library.

💌 Excited about pNetwork? Sign up for our newsletter and be the first to know which blockchain pTokens will make their home in next.

pNetwork

Enabling cross-chain DeFi composability

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