ChainSafe Unveils Polkadot Index Network ‘PINT’ Token

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In Brief
  • Polkadot's first index token to be launched.

  • Six projects have already committed to PINT.

  • Index will help parachains diversify their treasuries.

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Blockchain development team ChainSafe has announced a new Polkadot index token to offer investors balanced exposure to the emerging Polkadot ecosystem.

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In an April 14 announcement, ChainSafe revealed that it will be building a Polkadot Index Network Token called PINT. The source code is now public on Github.

The latest crypto index is part of a collaboration between ChainSafe, staking services provider Stateless Money, and DeFi organization StakerDAO, which voted on its creation using funds from its treasury.

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Just like other decentralized finance (DeFi) and more recently launched NFT indexes, the new token will give investors a wider scope of exposure to projects and assets on the Polkadot network.

Raising a PINT

The all-encompassing Polkadot index token will also allow parachains to choose to allocate a portion of their tokens to PINT. This will effectively hedge a project’s token volatility while betting on the overall evolution of the Polkadot ecosystem, the blog post stated.

Supporting the index can also enable access to financing from its treasury for Parachain Lease Offerings (PLOs), which can work out to be expensive. StakerDAO explained the capital advantages PINT could bring to parachain projects:

“One complexity for parachains is deciding which assets to hold in their treasury reserve. If a parachain holds only their native token, the price volatility of that token may impact the long-term viability of their parachain slot or ability to finance ongoing development.”

It also added that PINT enables approved protocols to contribute a portion of their native asset treasury in return for the diversified index of assets within PINT.

Four part structure

The organization of PINT will be split into four parts;

  • ChainSafe primary developers
  • Stateless Money focusing coordination efforts
  • A council made up of seven Polkadot ecosystem experts for governance
  • A constituent committee made up of one representative from each project with assets in the index

Six Polkadot projects have already made commitments for inclusion in the index. These are the Acala Network, Equilibrium, HydraDX, Litentry, Moonbeam, and Plasm.

PINT will be available to trade on decentralized exchanges when released and can be minted using DOT. At the time of press, DOT was trading down 3.7% on the day at $42.74 according to CoinGecko.  

There was no mention of an official launch date. However, a four-phase roadmap indicates that the mainnet could be live within three months.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Martin has been covering the latest developments on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain and crypto industry since 2017.

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