Raise a PINT to Polkadot’s new index token: Six top projects sign up

Apr 15, 2021 | CoinTelegraph News | 0 comments

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Six of Polkadot’s top projects have already put their hands up to feature in the Polkadot Index Network Token and sit on its Constituent Council.

The source code for the upcoming Polkadot Index Network Token, or PINT, has been made public, with half a dozen projects putting their hand up to be included in the index.

The project has outlined a four-phase roadmap that it expects to culminate in mainnet launch within three months.

According to an April 14 announcement, six of Polkadot’s leading projects have already given “soft commitments” for inclusion in the index, including Acala Network, Equilibrium, HydraDX, Litentry, Moonbeam, and Plasm.

The PINT token seeks to offer investors balanced exposure to the emerging Polkadot ecosystem, hedging the volatility of individual projects against the broader performance of the sector. PINT will be available for trade on decentralized exchanges in future, and can be directly minted using DOT.

PINT’s developers are hoping to see the index adopted as a “treasury reserve asset” across the Polkadot ecosystem, offering an alternative to exclusively holding native tokens as treasury reserve without the complexities associated with active treasury management.

A council will be tasked with governing the token’s index, and a ‘Constituent Committee’ formed with representatives from each project included in the index. The six index hopefuls have committed to joining it.

The PINT Council will govern all aspects of the index and oversee a native treasury that is partially financed by collecting fees from staked assets contained within the index. However the Constituent Committee will have veto powers on the Council’s decisions.

The index is a collaborative effort between staking service provider, Stateless Money, and blockchain development team ChainSafe. Stateless Money will coordinate the project, while ChainSafe will serve as its primary development partner. Cross-chain DeFi DAO, StakerDAO, also voted in favor of PINT’s creation using treasury funds, and will receive a share of the fees generated by the index.

News Source from CoinTelegraph.com

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