ChainSafe and Stateless Money have just announced that they will be working together to build PINT or the Polkadot Index Network Token.
Staking provider Stateless Money formally submitted a StakerDAO governance proposal on March 31st. The proposal pitched for ChainSafe to become the primary development partner for PINT. The StakerDAO community officially approved it in early April, making the company part of the wider Polkadot ecosystem.
Stateless Money took to Twitter to announce the news.
In an effort to provide investors exposure to a basket of underlying assets, both companies will build PINT as an on-chain DeFi index token. It will give diverse exposure to traders for the top projects within the Polkadot ecosystem.
Further, the project will allow parachains to assign a part of their tokens to PINT. This lets them hedge against a token’s volatility without active capital management. It also gives them access to financing from the PINT treasury for Parachain Lease Offerings (PLO).
The two companies also drew up an organizational game plan, splitting PINT into four organizing partners. Of that, Stateless Money will be in charge of overall coordination efforts around the project while ChainSafe will be the primary development partner.
Along with that, 7 Polkadot ecosystem experts will make up the PINT council that will govern the index. Lastly, a constituent committee will be created, made up of one representative from each project. These will be responsible for evaluating council decisions.
Following the announcement, 6 projects have already committed to joining the index and becoming representatives in the Constituent Committee. These include Acala, Equilibrium, HydraDX, Litentry, Moonbeam, and Pl.
This article was first published on coinquora.com
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Source: Cryptocurrency - investing.com
