PINT 2022 Q1 update
A lot has been going on at Pub.Finance lately and we are excited to finally unveil some big changes!
1. What we’ve been working on:
Late 2021 PINT liquidity incentives in the form of protocol emissions finally came to an end and were cut to zero, leaving PINT with a max supply of 10,000,000 tokens. Current market liquidity is organically provided by market participants, though DAO funds could be used to backstop liquidity if desired (we are not anywhere near that becoming a necessity).
Transaction fee savings
Our development team reviewed PINT’s codebase and removed outdated contract calls (related to old transaction tax mechanisms that were since voted down to 0). With this upgrade, Ethereum gas fees for transferring PINT, adding or removing liquidity buying, selling, etc., have all been reduced by approximately 50%.
Work continued on WenRug to prepare it for the public beta launch. WenRug is a re-envisioning of the classic crypto crash game, fleshed out with a modern and visually appealing UI, achievement badges, hot streaks, and other gamification elements. Fees generated by play volume will be paid out to PINT stakers (vePINT coming soon!). We anticipate releasing an alpha (core functionality with test tokens) for the public to enjoy by the end of April. Keep an eye out for announcements regarding contests, prizes, and airdrops for alpha-testers!
2. What is going on now:
PINT is going multichain!
Working with LayerZero’s new crosschain messaging tech, our developers have created a portal on Pub.Finance to allow the community to move their PINT tokens from the Ethereum network over to the Avalanche network (and back!) at will. This frictionless transition takes only a couple clicks and will allow PINT supply and liquidity to flow between chains as community needs and demands shift. We are very excited to offer this new capability to the community, and are proud to be one of the first projects to go live with a LayerZero implementation. What the team at LayerZero have created is truly revolutionary and we fully expect this frictionless multichain capability to be the industry standard for every token by the end of the year.
Avalanche has grown into one of the most prominent EVM Layer1’s, and boasts cheap fees with impressive scaling abilities. Its user growth over the past year has been staggering and shows no signs of slowing down. Having PINT natively on Avalanche will allow you to take advantage of dramatically lower transaction fees, the development of inexpensive vePINT based staking systems, and will introduce PINT and WenRug to a whole new crowd of crypto-enthusiasts on Avalanche.
Thus far the team has been relatively hands off with the DAO treasury wallet, storing the project funds in USDC and avoiding expenditures. With inflation skyrocketing and PINT’s transition to a multichain protocol, it no longer makes sense to store the project funds exclusively in USD-denominated stablecoins. Going forward the team will take a somewhat more active treasury management approach to allow the treasury to retain it’s buying power and hold some exposure to those ecosystems integral to PINT’s success (i.e. ETH, AVAX, LayerZero).
3. What to look for next:
The team has been grinding to release the WenRug alpha for community testing, plus taking PINT multichain using LayerZero. Following the completion of these milestones our next focus is to roll out the PINT staking mechanism in preparation for live play on WenRug and value accrual by PINT stakers. We will be releasing a staking system modeled around vePINT, where “time staked” will be rewarded with a higher percentage of the payouts from WenRug income. For an idea of how this might work, check out Platypus and their vePTP system. We are grateful for the PTP team’s work pioneering innovative incentive structures and staking mechanics!
However, through this vePINT staking process PINT emissions will stay at zero with a 10,000,000 token static supply. Instead of diluting holders with additional supply, vePINT staking rewards will be paid out in ETH originating from WenRug user fees. With the DAO governance wallet holding a modest amount of PINT as well, this process will result in the warchest accumulating ETH which can be leveraged by the community to further development, (or to purchase additional PINT for staking and the creation of a growth flywheel). A separate paper breaking down the PINT economic flywheel into more detail will be released in the coming weeks.
Growing the Team
The PINT team is growing! Over the past couple of months we have been training a promising young programmer to help with the solidity side of PINT and WenRug development. In the next few weeks he is expected to step into a responsibility role with the team which will further speed up development in all aspects of the project. We are also looking for a talented graphic designer/digital artist, so if you know anybody with that skillset who is looking to start a career in web3, send them our way.