Six top projects apply

The source code for the upcoming Polkadot Index Network Token, or PINT, has been made public, with half a dozen projects raising their hand to be included in the index.

The project outlined a four-phase roadmap that is expected to culminate in the launch of mainnet within three months.

According to an announcement on Wednesday, six of Polkadot’s lead projects have already made “soft pledges” for inclusion in the index, including Acala Network, Equilibrium, HydraDX, Litentry, Moonbeam and Plasm.

The PINT token aims to provide investors with a balanced exposure to the emerging Polkadot ecosystem and hedge the volatility of individual projects against the broader performance of the sector. PINT will be available for trading on decentralized exchanges in the future and can be struck instantly with Polkadot’s DOT.

The developers of PINT hope the index will be adopted as a “treasury reserve” throughout the Polkadot ecosystem, providing an alternative to holding native tokens exclusively as a treasury reserve, without the complexities associated with active treasury management.

A council will be tasked with managing the index of the token, and a “constituent committee” will be formed with representatives from each project included in the index. The six hopeful interested ones have agreed to join.

The PINT board will control all aspects of the index and oversee an indigenous treasury that is partially funded by collecting fees from assets included in the index. However, the constituent committee has the right of veto over the decisions of the council.

The index is a collaboration between strike service provider Stateless Money and blockchain development team ChainSafe. Stateless Money will coordinate the project, while ChainSafe will serve as its primary development partner. Cross-chain DeFi DAO StakerDAO also voted to establish PINT using treasury funds and will receive a portion of the fees generated by the index.