Switzerland, 4th June 2020. Swiss-based crypto platform Eidoo is upgrading its native utility token into a governance token that will power a new cross-chain DAO. In a collaborative decision by Eidoo and pTokens, the $EDO token will be upgraded into $PNT later this month so that it can be used, staked and earn interest within the new pNetwork ecosystem – the decentralized network powering the pTokens solution.
The pTokens project enables cryptocurrency to “move” across different blockchains, which unlocks liquidity in the market to push DeFi beyond its current boundaries. The first of the pTokens series to launch was pBTC, making Bitcoin compatible with the Ethereum and EOS blockchains.
By transforming $EDO into $PNT tokens, this will extend its utility as it becomes fuel for a larger range of services within the pTokens (pNetwork) ecosystem. $PNT will still provide all the same benefits as the original $EDO token, giving access to industry-first features such as the Eidoo Card cashback program and an in-app Atomic Swap feature.
The token upgrade is supported by a number of exchanges which already list $EDO on their platforms, such as Binance and Bitfinex. All $EDO token holders will receive a 1:1 airdrop of the upgraded $PNT token directly into their accounts.
Burning 28 million EDO
In preparation for the token upgrade, and to mark the start of a new phase for the token economy, Eidoo will burn 28 million $EDO tokens held by the company – approximately 80% of their owned tokens. This burn of roughly 1/3rd of the total supply of $EDO means the upgraded $PNT token will launch with a total supply of just below 60 million tokens.
“While the pTokens solution was initially developed by the Provable Things team, a sister company of Eidoo, we want to hand over the control of the project to the community at large. This will achieve a truly decentralized governance system and distribution of token holdings. With Eidoo destroying their majority share of $EDO, all…