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Six of Polkadot’s top ventures have already shown interest in participating in the Polkadot Index Network Token and serving on its Constituent Council.
The source code for the forthcoming Polkadot Index Network Token, or PINT, has been made public, with a half-dozen projects vying for inclusion in the index.
The project has outlined a four-phase plan that will culminate in the introduction of the mainnet 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 aims to provide investors with a healthy exposure to the evolving Polkadot ecosystem, hedging the vulnerability of individual ventures against the sector’s overall results. In the future, PINT will be eligible for trading on decentralised markets and can be directly minted using DOT.
The index’s creators hope to see it embraced as a “treasury reserve asset” around the Polkadot ecosystem, providing an alternative to keeping native tokens as treasury reserve without the complications involved with aggressive treasury management.
A council will be formed to govern the token’s index, and a ‘Constituent Committee’ of members from each initiative listed in the index will be formed. Six index contenders have agreed to participate.
The PINT Council will administer a native treasury that will be partly funded by fees collected from staked funds found within the index. The Constituent Committee, on the other hand, would have veto authority over Council decisions.
The index is the product of a collaboration between the staking service provider Stateless Money and the blockchain creation team ChainSafe. The project will be coordinated by Stateless Money, with ChainSafe serving as its primary development partner. StakerDAO, a cross-chain DeFi DAO, also voted in favour of PINT’s establishment with treasury funds and will collect a portion of the index’s fees.