Stateless Money, a staking service that manages $150 million worth of assets, announced it would launch an index token for Polkadot.

Polkadot is a fast-growing interoperable blockchain backed by the Web3 Foundation that has seen significant interest from developers and investors. There are hundreds of projects under development by teams worldwide on Polkadot and its canary network Kusama.

Instead of sifting through these projects, the Polkadot Index Network Token (PINT) will help investors make a general bet on the broader ecosystem. Called the Polkadot Index Network Token (PINT), the token will give holders exposure to the top projects in the Polkadot ecosystem.

Stateless Money said it would build PINT in collaboration with ChainSafe, its development partner for the project. The index token is being financed by StakerDao, a cross-chain decentralized autonomous organization.

PINT’s overall development will be overseen by a governing council that consists of Polychain Capital, Hypersphere Ventures, HashKey Capital, Acala, and Stateless Money.

We're excited to share that the @stakerdao community has approved our proposal to build the @polkadotindex (🍺PINT) with @ChainSafeth

Learn more 👇https://t.co/KKS8DpZE1K

— Stateless_Money (@MoneyStateless) April 8, 2021

According to the official proposal, PINT can also be used by Polkadot parachains looking to reduce their risks of holding a single native asset within their treasuries.

At the time of the proposal, Acala, Equilibrium, HydraDX, Litentry, Moonbeam, and Plasm have expressed interest in joining the index.

Anyone will be able to deposit their Polkadot-based tokens to mint PINT tokens in equal value. Because it’s an index, the tokens’ circulating supply will be based on the issuance, redemption, and burning of PINT.

On-chain governance of the index token will be achieved through PINT holders who will approve assets to include in the index.

Disclosure: The author does not hold the cryptocurrency mentioned in this article at the time of publication.

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