pNetwork DAO: Governance Milestones
It has been over seven months since the pNetwork DAO was launched. In those seven months, we, along with our community, have made great strides towards decentralization and democratizing the pNetwork system. The progress being made along our roadmap is both exciting and reassuring for us and our very involved community!
The establishment of the pNetwork DAO has given anyone holding PNT the opportunity to take part in the pNetwork project’s governance, thus removing any exclusive governance power from the main development team over time. This is at the heart of the blockchain community and true to the pNetwork team’s vision of collective governance rather than bureaucratic hierarchy.
“A diverse and collaborative user community is an essential component of any decentralized project. The pNetwork DAO is an important way for our project to honor its decentralized commitment, and ensure that the governance of the network as it grows is shaped and influenced directly by its everyday users,” affirmed Thomas Bertani, Project Lead at pNetwork
Those keen on participating in the staking and voting on various proposals put forward can get rewards on the PNT they have staked.
To give some background, the pNetwork DAO was created on Aragon and had three custom-made pNetwork applications — staking, voting, and rewarding applications, in that order! The DAO operations are totally automated, and the rules are locked in with smart contracts, so they are completely trustless — in line with the pNetwork ethos of decentralization mentioned above.
Your first step to join the pNetwork DAO and participate in its community governance is to stake your PNT tokens in it. This can be achieved in two ways:
- through the staking manager dApp on the Aragon platform or
- via the Eidoo app.
For a step-by-step guide on how to stake your PNT with Aragon, see our dedicated blog post. Or, watch this staking tutorial made by the Eidoo team on how to use the pNetwork DAO manager within the Eidoo app.
If you are using Eidoo, it is possible to access the voting mechanism in the pNetwork DAO via the Eidoo crypto wallet. So should you already have the wallet, you are one step closer to participating in the pNetwork DAO.
The system is set up so that the staking of PNT in the DAO enables engaged members of the community to earn rewards. The robust incentive mechanism of 42% APR rewards on the first year’s stake and 21% APR the following year has spurred participation in the DAO. Our community has the ability to participate in shaping the future of their favorite project.
An engaged community is a key to success and we’re thankful to each and every one of the pNetwork community contributors!
If you want to know more about other ways to get involved as a PNT holder, check out our previous blog post on pNetwork nodes.
Once staked, PNT takes on the form of daoPNT and is used to access voting rights. The amount of daoPNT that you have gives you a proportional amount of power in the vote.
In August 2020, whether or not providing pLTC liquidity on Ethereum should be incentivized was put forward to the DAO. This proposal allowed Litecoin holders to participate in incentives they are usually excluded from in the DeFi ecosystem. The community’s vote was overwhelmingly positive and the start of many to come.
It’s obvious, with approximately 50% of the total PNT token circulating supply being staked in the DAO, that there is an absolute commitment to its success and the pNetwork ecosystem’s sustainability overall.
This is phenomenal and places us firmly at number four in the Top 10 DAOs according to DeepDAO.
This makes us tremendously proud of what has been achieved over the last seven months. Our vision of decentralization is coming into fruition, and we look forward to growing and achieving more alongside our phenomenal community.
For more information on proposals and keep abreast of new DAO rewards or simply announcements on pNetwork’s latest cross-chain connections, follow us on Twitter and join our Telegram community.
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