Idle Finance governance unveiled

The Idle Finance team has released all the updates about the protocol governance through their IDLE token, explaining how it will be distributed: 

Before going into governance, let’s remember that this platform, from the Italian heart, allows to maximize yield farming based on the underlying protocols that we find on the Ethereum blockchain, and all those who provide a lending system in various pools, such as Compound, Aave and others, and the same provide an interesting and very convenient APY to deposit funds and get interest on our cryptocurrency (a detailed analysis on this protocol is in the book Mastering DeFi).

The team has focused on governance and wants to move it from private and centralized to decentralized and public so that the community itself will decide about the protocol and all the updates to be made, with the transition from the end of October to the beginning of November.

IDLE, the governance token of Idle Finance 

Obviously, to have such governance you need a token, which in this case is an ERC20, which takes the name of IDLE, and will be distributed, in 2-3 years, directly to users of the protocol, also divided among previous investors, for a total of 13 million IDLE tokens.

The distribution will be done in the following way: 

  • 38% to the liquidity provider fund;
  • 2% to the fund of the initial liquidity providers;
  • 11% to the ecosystem fund;
  • 28.05% to the current and future team;
  • 5.95% to pre-seed investors;
  • 15% to seed investors.

As we said, the token will be distributed in that way and no token ICO/IDO will be made. In addition, the distribution of tokens will also be made to all users who have used the platform in the past, already active in August 2019, and therefore we will have a retroactive system for the distribution of 200 thousand tokens.

Through this governance token, users will be able:

  • adjust fees;
  • add more tokens and other protocols;
  • integrate different strategies and more. 

It is in practice a vision left in the hands of users.




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Eidoo and pNetwork launch their DAO

pNetwork has launched its DAO (Decentralized Autonomous Organization) to gradually become an increasingly decentralized platform.

To encourage participation in this DAO, users will be able to use their PNT tokens for voting and staking.

In this case, there is an APR of up to 42% and users will be able to comfortably use the Eidoo ecosystem to take advantage of their tokens and then vote and participate in the governance of pNetwork.

From the second year, the APR will become 21%.

The whole system is based on Aragon, a platform that hosts the management of communities specifically to manage the DAOs. 

It will consist of 3 main elements:

  • A staking app for the tokens;
  • A voting app to vote on the various proposals;
  • A reward app to receive all the compensation.

In addition, almost half of the PNT tokens will be staked. These tokens come from the team, from the Eidoo card’s staking program.

The circulation supply can be used by the various users to participate in the whole ecosystem.

The token will be PNT, and can be used to enter and exit the DAO.

When staking, daoPNT will be generated that will be used to vote and, to prevent abuse, there will be a lock period of 7 days.

The daoPNT tokens will also be used to receive interest earned over time by actively participating in the DAO.

The relationship between Eidoo and pNetwork

A few months ago, Eidoo announced a change in its token economy, integrating pNetwork and changing the ticker of the EDO token to PNT, the crypto at the basis of the pNetwork ecosystem.

pNetwork is a system created by Provable Things, an English company that belongs to the holding company Poseidon, of which Eidoo is also part.

In fact, who held EDO tokens ended up owning PNT, with an exchange rate of 1 to 1.


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KyberDAO: first proposal put to the vote

Today, July 14th, 2020, at 7:00 AM UTC, the first proposal on KyberDAO was put to the vote

On July 7th the update of the Katalyst protocol was successfully launched, and over 50 million KNC tokens were locked during the first week to take part in the vote. 

Katalyst is an important technical update to meet the liquidity needs of the DeFi space, and KyberDAO serves to decentralize the governance of Kyber Network, align incentives among interested parties and empower the community with the possibility to directly contribute to the development of the network. 

During the first 24 hours of staking, more than 10 million KNC tokens were locked, followed by an additional 25 million KNC from 3,100 unique addresses, representing more than 12% of the circulating supply. 

After the launch of staking on Binance, more than 50 million KNC were staked, equal to 20% of the circulating supply. 

KNC holders who staked their tokens in the Genesis Epoch (Epoch 0) can now vote on KyberDAO’s first Epoch 1 proposal to decide how network fees will be allocated in the next Epoch, and in particular what percentage is allocated to Burns, Voting Rewards, or Reserve Rebates. 

An epoch lasts 2 weeks. 

In this first vote, voters will be given 4 options, one of which would maintain the status quo of 5% to Burns, 65% to Voting Rewards, and 30% to Reserve Rebates, while the other 3 options would make changes to it. 

KNC holders who are unable to vote can still earn rewards by delegating their tokens and voting power to KyberDAO pool operators, such as xTokens. 

Other operators will be enabled in the coming weeks, such as Staked.US, Stake Capital, StakeWith.Us, RockX and Hyperblocks, while crypto wallets such as Trust, Enjin, Status, Coinbase mobile, imToken, Alpha Wallet and others with built-in dApp browsers can already be used to access the web app.

Kyber Network claims to be the leading liquidity provider in the DeFi space, with over 100 dApps integrated with its open source and permissionless protocol. 

The KNC token debuted in the crypto markets in September 2017 at around $1.8, while now, after an all-time high of over $5.7 in early 2018 and an all-time low of $0.1 at the end of 2018, it oscillates around $1.5. 

Since the beginning of 2020, however, its value has grown by over 700%, particularly with two spikes in early June and early July. 

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