Ecosystem Report #6: September 2022
Hello pNetwork Fam!
We’re back again for pNetwork Ecosystem Report #6. September has been a busy month for us as we had 2 AMAs, 1 Educational Event, PNT Staking in Huobi, new ways to interact with the DAO as well as 3 PIP improvements to further enhance the pNetwork Ecosystem. For those that weren’t aware of all these, here’s a quick recap.
AMAs and educational event
pNetwork had the honour of being in 2 AMAs and one educational event in September. The first AMA was with Huobi Global and pNetwork’s project leadThomas Bertani as a guest, while the second featured Matteo Carbone speaking with Ore Network. Both AMAs had cool giveaways to get the Twitter community excited which eventually led to amazing attendance as well as engagement by the community.
Wombat’s Wisdom Uni featured pNetwork’s business developer Matteo as a guest, who discussed all-things NFT interoperability and how to use the pWOMBAT bridge.We’re hyped and always looking forward to more AMAs and other inspiring events in the future!
PNT Staking in Huobi
At the end of August, PNT was listed on Huobi Exchange and, in its wake, we further collaborate with the Huobi team running exclusive initiatives during the whole month of September, such as the
PNT Staking campaign on the Huobi Exchange, where users got up to 300% APY for the duration of the campaign.
Taking feedback from other community members is a top priority for the pNetwork team.
For this reason, two new DAO interfaces are now live to enable users to easily interact with the pNetwork DAO, vote on DAO proposals, stake PNT and get an overview of the whole pNetwork DAO.
Stay tuned as more features are implemented!
The two new DAO interfaces include:
A) the DAO Web App — supported by browsers on desktop and mobile platforms
B) the brand new pNetwork Widget — which is integrated within the Eidoo App v2
With these new interfaces, the community can now enjoy easy access to the DAO as well and interact with it whenever a new proposal is up for voting.
(Read HERE to know more)
In September, 3 PIPs were approved by the DAO to further improve the pNetwork ecosystem.
Here are the advancements each of them brought:
The approval of PIP-17 represents a pivotal point for pNetwork, since the DAO approved to replenish its Treasury ,by changing the 3rd Year of PNT inflation to 10%.
This newly established strategic reserve for the DAO to fund the further growth of the protocol gives more power to DAO voters and the DAO itself.
The pNetwork DAO having its own Treasury is a key element for the DAO to have more influence on the future of the project, specifically accounting for two main outcomes:
- Empowering DAO voters to be part of the decision-making process regarding funds allocation and project evolution
- Opening up the path to improve and evolve the project to more transparency and accountability
Since its inception, the pNetwork DAO has evolved itself into a tool that gives more and more responsibility to the community (i.e. community-sponsored DAO proposals, access from multiple blockchains, lower entry barrier to becoming a node, …). The outcome of PIP-17 continues in the same direction by giving the DAO financial independence to influence the resource allocation of the project itself.
Following its implementation, the DAO Treasury has received a boost in finances of 8.8 Million PNT tokens. Currently out of circulation, these tokens are under the control of the DAO which is able to independently manage its Treasury and decide how to allocate the budget.
Thanks to its new Treasury, the DAO is now able to:
1) Create a strategic reserve that enables to provide for pNetwork’s future and aims at advancing pNetwork as a world’s leading cross-chain protocol
2) Decentralise the decision-making on DAO Treasury funding via DAO proposals
3) Incentivize new contributors and retain existing contributors for the further development of the protocol
4) Add security-oriented practices that benefit users in their decentralised journey
5) Grow the ecosystem and incentivise pNetwork active users
(Click HERE to dive deeper into PIP-17)
Note: The implementation of PIP-17 caused the PNT Total Supply to increase to 96.8M PNT. It is important to stress that the newly emitted tokens won’t be in circulation until the DAO approves their destination.
PIP-18 is all about using the DAO treasury to provide funds for pNetwork’s liquidity incentives, specifically 15.000 PNT/week for PNT/ETH Uniswap pool and 15.000 PNT/week for pBTC Curve metapool, for a period of 6 months.
The approval and implementation of PIP-18 ensures that:
a) the PNT/ETH Uniswap liquidity pool maintains an amount of PNT liquidity in the decentralised exchange that is sufficient for people to smoothly trade PNT in a decentralised way. While PNT is supported by leading CEXs such as Binance and Huobi, the PNT/ETH Uniswap pair gives users the chance to rely on a non-custodial and decentralised solution.
b) the pBTC Curve metapool makes the pBTC cross-chain solution more appealing on the market. Plus, the upcoming pNetwork v2 host-to-host direct token bridge paves the way for the further development of peculiar cross-chain features specific to assets with various representations such as BTC or USD. Incentives on the pBTC Curve pool help maintain a level of liquidity adequate to build on top of it.
(Click HERE to dive deeper into PIP-18)
With the approval of PIP-19, a budget was granted to the core team for a 4-months period with the scope of further developing and growing the pNetwork protocol.
A number of major projects have token amounts set aside for operations and protocol improvements. This allows them to remain exposed to the project’s journey while being able to cover running costs. The budget allocated by PIP-19 was already put to use and it funded the development costs for the month of September.
As shared above in this ecosystem report, these resources were used to achieve important advancements for the pNetwork DAO, making it financially independent and improving its governance powers while creating greater accessibility to it via the new DAO interfaces.
On top of that, the core team worked on less visible yet very important code updates for pNetwork to support the recent consensus upgrades on Ethereum (The Merge), EOS, Algorand and Telos. These enabled the protocol to continue smoothly processing cross-chain transactions while these blockchains underwent significant changes.
Finally, the team worked on the upcoming new pTokens.js library and pNetwork dApp (with added support for pTokens to pTokens bridges). This adds new functionalities to the dApp, enabling it to leverage the full power of pNetwork v2.
(If you want to know more about PIP-19 and what the team is building for the next few months, please click HERE)
What is work without some fun? Some of the team members (the non-lazy ones) meet up to hike Mount San Salvatore, in Lugano, Switzerland, to keep physically and mentally fit.
From the left: Matteo, Mauro, Thomas, Alain.
Overall, September was a pivotal month that had 3 PIPs approved to advance the growth of pNetwork, its DAO and the ecosystem as well as a strong brand and community outreach with 3 online events with Huobi Global, Wombat and Ore Network. Let’s continue building together!
Catch you on the next ecosystem report!
The pNetwork is the underlying architecture for pTokens, a cross-chain system enabling assets to move frictionlessly from one blockchain to another, and pNetwork Portals, powering cross-chain interoperability between smart contracts. Currently, pNetwork enables transparent interaction among major blockchain protocols, including Bitcoin, Ethereum, Binance Smart Chain, and Dogecoin. pNetwork is the progressively decentralised governance layer operating the pTokens bridges and pNetwork Portals. It is home to the pNetwork DAO and the ecosystem’s governance token PNT.
Link to pTokens dApp: https://dapp.ptokens.io/