Pillar Summer GM Highlights: DeFi Wallet, Liquidity Mining, Community Governance

Pillar Summer GM Highlights: DeFi Wallet, Liquidity Mining, Community Governance

Written by

Romana Basilaris

July 22, 2020

During our Summer General Meeting, we looked back on the progress made the past six months, and updated our community on everything we have in the works for the next half-year.

he past six months, we’ve been focused on the launch of our Smart Wallet, the introduction of new DeFi features, our Liquidity Mining program kickoff, a tokenomics overhaul, and a complete rebranding. Looking forward to the next half-year, we’re adding even more DeFi integrations, enhancing security and recovery options, and implementing in-app DAO governance.

Check out highlights from our Summer General Meeting 2020 below, or watch the full recording here.

The DeFi Smart Wallet Launch

We kicked 2020 off with the launch of our DeFi Smart Wallet, in conjunction with the launch of the Pillar Payment Network.

Within 72 hours, we had 9000+ new users, and 5000+ Pillar Smart Wallets were opened, thanks to our Referral Campaign. Currently, we have over 78 000 downloads.

The Smart Wallet upgrade opened up a world of new possibilities – among which the implementation of a decentralized key manager and the ability to set spending limits. It also paves the way for the Recovery Portal scheduled to release in the upcoming months.

Next up, we integrated new features to make it easier for anyone, anywhere, to benefit from DeFi services. Through these integrations, users can:

  • Earn interest on their crypto assets using Aave
  • Participate in no-loss lotteries with PoolTogether
  • Use BTC to interact with Ethereum’s DeFi services thanks to WBTC Cafe
  • Send crypto to contact names instead of difficult public keys through ENS
  • Access their favorite dapps without hassle using WalletConnect Mobile

Simultaneously, the Pillar Payment Network is a Layer 2 solution that allows users to make instant, free and private transactions. This further creates a frictionless user experience and improves overall privacy.

In addition, we opened the first PLR/ETH liquidity pools on UniSwap and Kyber, which enabled us to launch reward programs for liquidity providers at the end of the second quarter of 2020.

Liquidity Mining program kick-off

A few weeks ago, we announced the launch of our Liquidity Mining program. To encourage participation, the Pillar Foundation provided a 1:1 match campaign for Early Participants.

Within the first 24 hours, we reached $100 000 total liquidity. Currently, PLR has over $538 000 total liquidity,  and 10M PLR + 1000 ETH in the pool.

This newly implemented rewards program and the increase in liquidity of the PLR token will also help bring attention to our recently introduced Balboa tokenomics upgrade…

The first community-run Smart Wallet

One of the major initiatives we’ve been working on the last couple of months is the implementation of Pillar Balboa: A complete tokenomics and governance overhaul that will turn Pillar into the first community-run Smart Wallet.

Through in-app DAO governance,  token holders will be able to dictate the future of the project. At the same time, it allows them to directly benefit from wallet adoption: All fees earned by the Pillar wallet will be distributed and managed by the community DAO, to direct as they see fit. This reflects the community-driven nature that Pillar has had since day one.

Our Liquidity Mining and Balboa Programs are designed to work together to grow the number of participants, grow PLR liquidity, and grow market action around Pillar. Through the Liquidity  Mining program, participants can earn PLR tokens. These tokens allow individuals, teams, or companies to suggest partner integrations or feature functionality updates… which is made possible through Pillar Balboa.

A brand new brand

You’ve most likely already noticed… Pillar has gone through a complete rebranding process!

The goal of the rebrand was to create a system of visual communication to reflect Pillar’s updated product vision and target new audiences. We’ve received a lot of positive feedback on the rebrand and we’re excited to reveal more of it in the near future. Be on the lookout for the guide to our brand, media kit  and our new website.

Looking ahead: The Gateway to Financial Freedom

We have a lot of exciting things planned for Q3 & Q4 of 2020, with a heavy focus on governance, more DeFi integrations, better UX and improved security.

To that end, we’ll be releasing our Web Wallet and Recovery Portal in the upcoming months. 

Additionally, more DeFi integrations like Sablier and TokenSets are on the horizon, as well as Nexus Mutual, which will greatly enhance user security through insurance against smart contract failure.

Simultaneously, we’re working on the Balboa implementation with the ultimate goal of handing over the reigns of the project to our community.

All of these initiatives put us on the right track to building the gateway to financial freedom –  to enable people to access networks, markets and services of the future by giving them control of their data, assets and connections. 

Thank you so much for embarking on this journey with us. Onwards!


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