pNetwork token PNT: The next DeFi highflyer?

2020年7月25日

The pNetworktoken PNT is the successor-Token of Eidoo. Since the beginning of the listing of PNT at Binance on June 22nd, the price has already risen by 100% (see monthly chart below). But given the hype surrounding DeFi, this could be just the beginning. Now pNetwork has announced a yield farming program called Steroids. This program is to run for one month and bring up to 10% return in the form of PNT. The program aims to attract new users, increase liquidity and fuel adoption of the entire pNetwork-ecosystem. Yield farming is a relatively new concept in the DeFi-area. This involves optimizing the use of capital by using different DeFi-products, so that the highest possible return is achieved. Given the low market capitalization of currently 42 million dollars, the increasing interest could very quickly translate into significantly rising prices. The main exchange of PNT is Binance, where the token is traded against BTC and USDT. At Bitfinex, PNT is also traded directly against the dollar, but the market there is slightly less liquid and the spreads are therefore larger. According to Coinmarketcap, the daily turnover was around 10 million dollars. By the way: The pNetwork-token PNT should not be confused with Penta, which have the same abbreviation with PNT.
Eidoo (EDO) has been trading on Bitfinex since autumn 2017. After the big price increase at the beginning of 2018, the price has been falling further and further in recent years, the token of the Swiss project has fallen back into insignificance. With the transition from Eidoo to pNetwork-token (PNT), this has completely changed. The value and use of Eidoo has been transferred to pNetwork and a new governance-token has been presented with PNT. So PNT is not a new token, but an upgrade version of EDO. This upgrade is the result of a collaboration between Eidoo and Provable Things, pTokens' main development team. In connection with the upgrade to PNT, there was a token burn of 28 million EDO, which is about one third of the total. As a result, about 80% of the tokens held by the Eidoo-project have been destroyed, leaving the majority of control in the hands of the community. At launch, 60 million PNT were distributed across more than 7,000 blockchain addresses. The pNetwork could become one of the largest DAOs (Decentralized Autonomous Organization) in the DeFi-area. The pNetwork DAO will be the governance system for pTokens. These pTokens serve as bridges between completely different cryptocurrencies. The goal is to unite a lot of, if not all blockchain communities.