Blockchain research and development firm ChainSafe said it would soon launch PINT, short for a Polkadot Index Network Token, in conjunction with PoS infrastructure provider Stateless Money, it said in a release yesterday.
“ChainSafe is excited to get the project underway together with Stateless Money, and help develop a new DeFi standard for the Polkadot ecosystem,” the firm said.
Piggybacking off of @MoneyStateless‘ announcement last week, we are STOKED to be helping @stakerdao & https://t.co/eLnydeEA8N build a new @Polkadot #DeFi standard called the Polkadot Index Network Token ($PINT)!
🍻
📔: Read the full announcement here:https://t.co/pUuzL3V0Hv pic.twitter.com/KztcxQ1Hao
— ChainSafe Systems (@ChainSafeth) April 13, 2021
Index funds allow investors to hold a variety of tradable assets (usually related and of the same sector) via a single financial instrument. These are a widely popular product among investors and have, so far, been largely absent from the crypto space. But PINT looks to change that.
Grab a Pint with Polkadot
PINT will be an on-chain decentralized finance (DeFi) index token that provides diversified exposure to the top projects within the Polkadot (DOT) ecosystem.
It was proposed in a StakerDAO governance proposal and was formally submitted by staking provider Stateless Money last month for ChainSafe to become the primary development partner.
The StakerDAO community approved the proposal earlier this money, majorly due to the many benefits it helps bring to the wider Polkadot ecosystem.
Parachains—independent blockchains that run on Polkadot—may also choose to allocate a portion of their tokens to PINT, giving them benefits like hedging a project’s token volatility while betting on the overall boom of the Polkadot ecosystem and gaining access to financing from the PINT treasury for expensive Parachain Lease Offerings (PLO).
As such, PINT will be split into four organizing partners:
- Stateless Money will be responsible for overall coordination efforts around PINT
- ChainSafe will be the primary development partner for PINT
- A PINT council made up of 7 Polkadot ecosystem experts will be governing the index including responsibilities such as referenda, the composition of the index, and selecting members of the Constituent Committee
- A Constituent Committee, made up of one representative from each project with assets in the index, will be responsible for evaluating — and possibly vetoing — council decisions
Traction and development
Six projects have given soft commitments to being included on the index and becoming representatives in the Constituent Committee, including—Acala, Equilibrium, HydraDX, Litentry, Moonbeam, and Plasm.
ChainSafe, on its part, will be responsible for the development of the PINT Substrate pallets and runtime.
The work will be separated out into four successive milestones to be completed over 3 months, starting with the development of the PINT pallets based on ChainSafe’s PINT Design Doc, implementation of additional XCMP dependent pallets, joining ChaChaCha and/or Rococo testnets, and finally, launch the mainnet.
The announcement comes as Polkadot sees increased adoption, market presence, and surging prices. DOT trades at $42 at press time, an increase of 6.2% in the past week.
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