Stake in the pNetwork DAO
Today we’re excited to launch the pNetwork DAO, the first major step towards decentralising the pTokens system. We hope through this DAO we can encourage community-participation and ensure that governance over the pTokens project is as decentralized and democratic as possible.
In case you need to catch up, you can read all about the pNetwork DAO here.
The pNetwork DAO enables anyone holding $PNT to participate in the governance of the project by staking and voting on various proposals. This active participation will be rewarded, with voters earning interest on their PNT tokens at stake.
The DAO has been created using Aragon. It comprises of three main components; a staking app, a voting app and a rewards app. These apps interconnect and communicate with each other via the Aragon platform.
The first app you will interact with is the Staking Manger. It’s the gateway for interacting with the DAO, allowing you to enter and exit by staking or unstaking your PNT.
Below is a guide to staking your PNT in the pNetwork DAO, and exploring the DAO dashboard.
1.Open the pNetwork DAO on Aragon. Connect your Ethereum wallet by pressing the “Connect account” button in the top right corner. You can explore the DAO’s various apps located on the left menu. To stake, press on “Staking Manager”.
2.The Staking Manager app is where you will stake your PNT. It also gives you an overview of how many PNT is locked in the system, including your own stake. When you stake PNT you will be issued with daoPNT — the token you need to unlock your voting rights and corresponding rewards.
Remember, the more you stake, the higher your voting power and earning potential. Press the blue “Stake” button in the top right corner.
3.Enter how much PNT you would like to stake. The wallet address you connected to the DAO will automatically be assigned as the receiver.
When using the advanced features, you can choose to stake tokens on behalf of an Ethereum address different from the one you are sending the transaction from. This effectively transfers the ownership of the tokens to the receiving address. So, when withdrawing your staked tokens from the DAO, these will be sent to that nominated address.
You can select a time lock for your PNT, with 7 days being the minimum amount. You can choose to lock your tokens for longer, such as for one year, to correspond with the yearly interest reward of 42% APR.
Press “stake”.
If using MetaMask, note that staking your PNT requires two transactions, both of which need to be signed/confirmed. Press “Create transaction”
4.You will be prompted to confirm your transaction. You can change the transaction (gas) fee by clicking on the “Edit“ option above the calculated fee. Once you’ve set your preferred gas price, press confirm. You may be prompted a second time to confirm the transaction — make sure you set the same gas price if you adjusted it.
5.Transaction signed! Depending on the network status, your transaction should take a few minutes to confirm.
You will be notified of your transaction process with the little bell icon in the top right corner. You can also check the status of your transaction on Etherescan, or via your wallet (usually).
6.Once your PNT is successfully staked, you will be issued with daoPNT and this balance will be reflected.
Congrats! You’ve just staked in the coolest DAO in DeFi :P
Soon it will be time to vote, so keep an eye out for our announcements on when the first proposal will be made.
Once you start voting, you can check on your earned interest by going to the “rewards” app. Remember, you must vote on every proposal except one in a two week period (epoch) to unlock your rewards.
🦜 Want to join our flock? Connect with us on Twitter and join the conversation in our pNetwork Telegram and Discord.
💡 For a more technical deep dive into pTokens infrastructure, read our technical paper or check out the summary on our website.
🔋 Learn more about the pNetwork, the decentralized system and DAO powering pTokens.
🔗 For any blockchain project looking to integrate pTokens into their infrastructure, we have also built a pTokens JS library.
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