Published in


Advancing pNetwork: Launching the pTokens dApp v2 & introducing fee-earning pNetwork nodes

pNetwork is a cross-chain system focused on empowering the decentralized experience for users. It allows crypto assets, Non-Fungile-Tokens (NFTs) and data to move freely between blockchains through its two main functions: pTokens and pNetwork Portals.

pNetwork currently supports integrations with major blockchain, including Bitcoin, Ethereum, Binance Smart Chain and Dogecoin among others and enables thousands of holders to stay local on their blockchain of choice while thinking global.

Today, we are happy to introduce two major updates to pNetwork: version 2 of the pTokens dApp and fee-earning pNetwork Nodes.

pTokens dApp v2

As the pNetwork ecosystem continues to expand, the main development team is happy to release the pTokens dApp v2!

Version 2 of the dApp implements a new and simplified user interface designed to facilitate the user experience for crypto natives and DeFi enthusiasts alike.

The pTokens dApp is the main interface through which assets can be swapped and moved across blockchains. It features a simplified design and wording to make the pNetwork system accessible for anyone.

All cross-chain bridges powered by pNetwork are already integrated into the pTokens dApp. Version 2 is future compatible and features a fee calculator that will be activated as soon as fees are introduced in the system.

The new design makes it even easier for people to onboard their crypto liquidity into Uniswap, PancakeSwap, Curve or any other DeFi platform of choice.

Swapping assets cross-chain via pNetwork is fast and frictionless. Thanks to pNetwork’s pTokens dApp, anyone can easily get onboard the DeFi trend via Bitcoin, Litecoin, EOS, Dogecoin among other cryptocurrencies. Leveraging these crypto holdings, the pTokens dApp lets you tokenize your assets into their cross-chain compatible pTokens version maintaining a 1:1 peg with the underlying asset.

The pTokens dApp v2 is designed to be compatible with some new exciting features that will be introduced with pNetwork v2! Stay tuned for more on this to be shared in the coming weeks.

Get started moving assets cross-chain:

Fee-earning pNetwork Nodes

The pNetwork is an open, public and independent network with an inbuilt governance structure. pNetwork node operators are the backbone of it — they operate the key cross-chain infrastructure to ensure that smart contracts and dApp users across every blockchain have access to assets’ liquidity and data.

As the underlying architecture for the pTokens and pNetwork Portals, the pNetwork provides the foundation for a truly decentralized system and is, in fact, a realisation of its progressive decentralization aims.

As approved by the DAO, pNetwork nodes will start accruing fees on processed cross-chain operations starting with Epoch 18 (beginning on Tuesday, April 20th).

For the ecosystem to experience healthy growth, it is essential to align incentives for all participants. Introducing a fee on cross-chain operations processed via pNetwork creates an incentive for entities to spin up a pNetwork node and support the network. From the opposite point of view, a network of nodes contributes to a more stable and higher quality service, making pNetwork more attractive for new users.

When operating a pNetwork node, operators are eligible for DAO voting rewards (currently set at 42% APY, rewards distributed at the end of every epoch). However, a long-term incentive is needed for the node operation to be sustainable since DAO voting rewards are planned to stop at the end of the second year.

As approved by the pNetwork DAO, an additional incentive for node operators is being introduced to reflect their key role within the ecosystem.

Below, a breakdown of the approved fee structure:

As approved by the pNetwork DAO

The fee structure sees a 0% fee for peg-in operations and a 0.25% fee for peg-out operations. Further fees are added when leveraging additional features — specifically, the proposal sees an additional 0.05% fee when transferring metadata across blockchains (i.e. this additional fee is applied when using pNetwork Portals. An example is the wrapping and unwrapping of NFTs across chains), with a minimum fee. Should other features be incorporated within the pNetwork system in the future, similar logic would apply.

pNetwork currently supports integrations with 10 different blockchains, powering 45 pTokens bridges and NFTs cross-chain connections among two of the biggest ecosystems for crypto collectibles.

pNetwork stats and rewards for pNetwork nodes

Total Value Transacted (TVT): $ 92,333,921 over 30 days

Total Value Locked (TVL): $55,254,036

pNetwork nodes: 18

PNT locked: 35,579,999 PNT

Based on current figures, pNetwork node operators would benefit from an overall $ 92,284.33 on peg-out operations over a 30 days period. That is $ 5,126.90 per node.

Below, a chart showcasing the US Dollar countervalue of fees distributed to pNetwork nodes based on the cross-chain transactions volume processed over a 30 days period, where the second column indicates the current figures. The estimate considers an equal split among peg-in and peg-out operations (represented as pTokens fee) as well as metadata usage (represented as Portals fee) on 5% of the transactions.

The payment for the fees happens in terms of the asset users transfer cross-chain. As an example, while processing the tokenisation of Bitcoin on Ethereum, a peg-in fee would be collected by the system in BTC and distributed to pNetwork nodes.

The PNT token represents a key element of the system as it aligns incentives for all participants. In fact, PNT is leveraged internally by the pNetwork system to enable operations for both node operators and DAO members. The flywheel effect is triggered by the need for node operators and DAO members to hold and stake PNT tokens in order for them to perform their respective roles.

Prospective node operators need to stake an amount of PNT tokens (currently set at 200,000 PNT), which is then used to show their commitment and serves as a bond.

The recent launch of pNetwork Portals as well as the growth of cross-chain transactions through pTokens bridges will contribute to increasing cross-chain volumes that will be reflected in enhanced benefits for node operators.

Over the last 3 months, pNetwork’s TVL has experienced a significant increase, more than tripling the amount locked in the system. The integration of new blockchain protocols and major DeFi platforms such as PancakeSwap enabled the project to expand its user base and boost adoption.

Get started as a pNetwork node operator:

pNetwork stats for analysing prospective profitability:

About pNetwork

The pNetwork is the underlying architecture for pTokens, a cross-chain system enabling assets to move frictionlessly from one blockchain to another. Currently, pTokens enable the transparent interaction among major blockchain protocols, including Bitcoin, Ethereum, EOS and Dogecoin. pNetwork is the progressively decentralized governance layer operating the pTokens bridges and pNetwork Portals. It is home to the pNetwork DAO and the ecosystem’s governance token PNT.

Join pNetwork Community: Twitter || Telegram || Project



Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store