A Step-by-Step Approach to Participating in the pNetwork DAO With Eidoo Wallet
Updated: Sep 15, 2021
Eidoo is the most feature-packed DeFi wallet out there, as it comes with yield farming strategies, digital asset management, non-fungible token manager (NFTs), and the eidooCARD, among others. On top of everything, Eidoo users can also benefit from the pNetwork ecosystem.
pNetwork is a blockchain project that aims to bring cross-chain composability, i.e. make all blockchains directly communicate with each other through bridges. The network is gradually adopting full decentralization, and the key element to achieve this is the hosted Decentralized Autonomous Organization (DAO), which enables pNetwork users to take part in the governance process and help the project adapt to the ever-changing market conditions.
Everyone can get their voting power within the pNetwork DAO by staking an amount of pNetwork Token (PNT) — the ecosystem’s native token. On a side note, the benefit of staking PNT doesn’t come down to participating in the DAO only. Stakers can also become node operators and thus fulfill pNetwork’s decentralization target in another significant way.
All in all, the good news for Eidoo users is that they can participate in pNetwork DAO directly from the crypto wallet. DAO stakers generate 42% in the first year divided in 26 two-week epochs (ending in July 2021), and 21% in the second year, with the condition that they actively vote for DAO proposals. Moreover, all rewards are blocked for the first 12 months from the moment they are assigned.
So here is how you can participate in pNetwork DAO directly from the Eidoo wallet:
Log in into your wallet app or download it if you still don’t have it, and then log in;
Tap on “DAO Manager” — this is where you can stake, vote for proposals, and check your rewards.
On the DAO Manager page, you’ll see how much DAO voting power you have based on your PNT balance. To realize the benefit of staking at a full level, you should have no less than 1,000 PNT in your balance. If you have enough PNT, you can start the staking process by tapping on “Stake/Unstake” in DAO Manager. Note that you enter the pNetwork DAO by staking and can exit it by unstaking.
Next, press “stake” to start the staking process. You will be reminded that your PNT will be locked for a minimum of 7 days. If you agree, just tap on “Continue.”
On the transfer page, you have to insert the amount of PNT you want to stake, and the address to the staking contract will be filled in automatically. The benefits of staking increase if you stake more. After entering the PNT sum, tap on “Proceed” and confirm. This will automatically send your PNT to the staking contract.
That’s it! Now you’re part of pNetwork’s DAO community, and you can manage your activity directly from Eidoo. Check for daoPNT in your wallet — this is the token that gives you voting rights and rewards.
You can check all the rewards earned in the DAO Manager by clicking on the button "Voting & Rewards" and then in the Rewards section. Check how in our video tutorial below.
Taking part in pNetwork’s DAO through Eidoo is a great way to generate more profits and contribute to the cause of cross-chain composability and decentralization.
To start staking PNT for pNetwork DAO and earn generous rewards, download the Eidoo app right now!