pNetwork Monthly Update: April

Hello pNetwork community,

Welcome to the first pNetwork Monthly Update! Here, the pNetwork Community Association will share comprehensive updates, diving into the latest developments and insights on a monthly basis. For those who seek more frequent insights, Periodic Updates will continue to be published on the Association's website, in a simpler and more technical form, ensuring you stay informed about all our ongoing progress.

The past month has been quite intense on several fronts, but also filled with significant developments and active engagement across our community 🔥

Let's get to the heart of what has been happening 🔛

…but first, farewell to Binance 👋🏻

While pNetwork does not rely on Binance for its operations, the delisting of PNT was a setback that negatively impacted the PNT price.It caught us off guard and, frankly, it's a disappointing turn of events for us and for the whole pNetwork community.

We're not standing still.We've been open about our position and the strategic steps we're taking to address the situation.

Despite the negative price impact, it's important to note that our TVL has remained stable at around $40-$45M, as has our relationship with our partners, both of which are even showing signs of improvement!

In addition, our protocol volumes have been consistently strong since February, generating revenue that has been distributed to our node operators.For a closer look at our statistics, please visit pNetwork Watch 👀

Looking at the bigger picture, this situation has highlighted a critical dependency of decentralised projects like pNetwork on CEXs, even though the operations are completely unrelated to these platforms. This dependence on centralised entities, which have the power to significantly influence a project's fate, represents a failure to stand independently as DeFi projects should.

But now, let’s start with the updates!

Strategic pivot on pNetwork v3

In response to the new circumstances, the pNetwork Community Association has taken decisive action with our first major move: a strategic pivot in the roadmap towards pNetwork v3. This shift transforms pNetwork v3 into a leaner, more cost-effective cross-chain protocol, while preserving its core fundamental goal of full decentralization throughout the whole architecture and among its actors.

This iteration builds on the foundation of delegate token ownership, utilising concepts such as xERC and OFT, and steering towards a more general purpose. Our goal is to seamlessly integrate with third-party solutions while maintaining the utility of the PNT token.

By reusing parts of the code base from the first v3 BETA, we ensure that the new version is easier and cheaper to audit, optimising both functionality and security 🔐

Launch of Multiproof Labs 🧪

The second pillar of the Association's response to recent challenges is the launch of Multiproof Labs, marking our bold leap into the future. While the pivot of pNetwork v3 represents a progressive innovation to preserve and enhance the value of pNetwork, Multiproof Labs aims for something even more ambitious. Multiproof Labs aims to bring disruptive innovation to interoperability through recent developed cutting-edge technologies such as coprocessors, light clients, zero-knowledge proofs, and TEE (Trusted Execution Environments).

This new brand marks a commitment to a community builder-centric approach, ready to rapidly release a series of continuous proofs of concepts (PoCs) 🔩

By targeting first-mover advantages on non-EVM and exotic chains, Multiproof Labs aims to facilitate new partnerships and grant applications, leveraging our in-house expertise. This initiative is designed to generate and return value directly to pNetwork DAO and PNT token holders, reinforcing our commitment to growth and sustainability 📈

The pivot of pNetwork v3, the launch of Multiproof Labs and more changes are part of what we have called pNetwork Unchained, you can read the full plan here.

We also held our first Community Call, which was a success with lively participation and discussion. If you missed it or would like to revisit it, here is the summary of the conversations and pitch deck presented during the call 🙋🏻‍♂️

Uniswap v3 LP incentives 💰

Ensuring liquidity for PNT has become a priority, especially now that Binance doesn't support PNT anymore. Fortunately, pNetwork doesn't need to rely on centralised exchanges, but has the power of decentralisation on its side 🎯

In February, the DAO approved and launched incentives of 30,000 PNT per week for the PNT-ETH liquidity pool on Uniswap v3.

These incentives, distributed in a non-custodial manner in collaboration with the Merkl protocol, aim to increase liquidity and promote the adoption of PNT within the Ethereum ecosystem. With one month to go, we invite the pNetwork community to participate and earn >160% APY 📊

Wondering where else you can buy PNT? Check out the Pancakeswap v3 pool!

On the pNetwork forum, community-led discussions are underway to launch new incentive LP initiatives on other chains, some in collaboration with pNetwork partners such as Join the conversation on the forum to add your perspective.

That's all for this first pNetwork Monthly Update! Let us know your feedback so we can improve on future articles.

To discuss these and other topics with the team, join our next Community Call on Tuesday 16th April at 6pm CET.

The pNetwork Community Association is a Swiss association led by community members who are long-term supporters of pNetwork as a technology, token and protocol. It aims to contribute to the development, growth and education of anything pNetwork related.

pNetwork is a protocol that enables cross-chain operations, such as transferring assets from one blockchain to another. It is designed to provide interoperability between different blockchain networks, allowing users to take advantage of the unique features and capabilities of each network while still being able to access and use their assets on other networks.

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